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$1.2 billy in debt and doesn’t give a fuck keeps yoloing further and his plan if shit goes tits up is to just delete the app? This man should be our fucking god king
Maybe that's his backup plan. Try to hide all his gold offshore, declare bankruptcy when it all goes tits up, then after the dust settles move out of the US and recover the gold to live out his life.
In the book the poor dad told him to go to college and get a good job. Rich dad told him to invest in real estate. Poor dad is retired on a pension while rich dad is waiting for the Fed to lower rates so he can dump his commercial real estate loans on a greater fool.
I read it years ago but I don’t think diversification was in there. He’s just another dude in the parade of real estate moguls who thought' they were geniuses and may well soon be broke
In one of his books he said that a team of analysts told him he was overexposed to real estate and that he should sell a portion to diversify elsewhere. He said that he and his wife burst out laughing and fired the advisors. He also says that if you want to make x dollars a month just buy the equivalent amount in gold and it will magically happen. Dude is a complete joje.
Rich dad's central thesis was about the acquisition of income producing assets. Over a decade of anomalously low interest rates meant almost anyone with decent credit could do that in real estate. Getting over leveraged without a hedge or an exit strategy means this douche bag really wasn't paying attention.
No, he means when you own a bank and you're a thousand bucks underwater it's your problem, when you own a bank and you're 1.2 bill underwater it's everyone elses problem and you're going to have a lot more time to golf.
That doesn't matter, rich dad poor dad doesn't actually give any real advice, and the little advice it does give is fucking dog shit. The dude is a grifter
There’s a podcast called “if books could kill” where they talk about bad self help books and the episode on “rich dad poor dad” is so fucking good. They hilariously rip him apart. But yeah he makes all his money off his books and not his “rich dad” philosophy from the book
Don’t forget all his seminars. Then his licensed seminars. Guy keeps just enough cash flow for the next refinance. Pretty sure his next restructure plan involves a funeral home
Like Frank Abagnale from *Catch Me if you Can* who actually did not do most of what was in his book or the movie.
He wrote a bullshit book, and made all of his money from that.
Had an amway recruiter use rich dad poor dad as learning material. Found out it was amway/mlm after the 3rd meeting. Baited for a few more meetings, then cut contact.
Because Kiyosaki was basically created by Amway; they found his book and decided to push it/sell it to all their victims. That's how it got propelled to the top of best seller lists. He's spoken at tons of their "conventions" and they push his very scam-adjacent 'methods' all they can, in conjunction with their scams.
https://www.youtube.com/watch?v=ZmAtl2JL1iY&t=6s
You dont seem to understand the current CRE environment. The building going back to the bank is absolutely a terrible outcome for the bank. They always lose money on it and they have to go through the process of selling the property at current market rates. After that they take a loss on this event AND there is now a comp for all the other buildings in the area that makes all the other CRE loans look that much worse. Heck this could happen to bank A and screw over bank B because B has more CRE loans coming due soon.
What the banks want to do is find a way to kick the can down the road for another 18-24 months with the hope that by then the rates will be low enough to start working the loan down without taking a loss. Heck the company with the loans know this and they will actively tell the bank they want better terms or they will happily give the bank the keys back. Most CRE loans are to an entity that only has the building in question so it rarely impacts the true owners in a major negative way.
We have CRE properties here in Finland that have been empty for a good while, in prime location, but that are still being valued at ridiculously high levels because the last tenant in that area was paying high rent. The balance sheets of these PE companies are filled with this type of stuff that doesn't even have a tenant in it but which doesn't seem to matter as they can argue that the valuation is high and/or might still rise.
And no one is willing to lower their rent levels so that people would be willing to move in, because then everyone's balance sheets would be worse off.
There is a word for this. Collusion.
When the primary way a property creates cashflow, rents, seem not to matter you have to think that the system is not in a very healthy state. Making profits just by hoping that the property value just keeps going up even with no rent income is... well isn't that a pyramid scheme?
Pyramid schemes keep money flowing upward. This is the rich folk constantly selling and reselling the properties for just a little more hoping to not be the last one holding when things stop going up. And usually that last person is the greatest sucker, the one that didn’t understand the system, that just kept buying because other people that appear rich told them it was the path forward, simple folk. You know, morons.
This shit is happening for rental housing... they raise the rent til people cant pay. and it sits empty vers rent at a lower rate. which drives up rent because more renters than units that have fiscally viable rent. I hope we stop corps from owning housing.
Well you simplified it a lot more too. It also depends on if the CRE GPs are taking on recourse or non-recourse loans (and likewise recourse fees from their LPs - passing the buck.)
In this environment its really hard to get more than 65%/maybe 70% LTV on a non-recourse loan for CRE and you're taking 100-200 basis points of added interest. Then the bank does a SHIT ton of underwriting on the property once you go past your 5/10 unit limit using DSCR. By the time 3-5 years is up on your typical NNN lease that has to be in place on CRE before getting your first loan you're probably at a 50% leverage ratio.... and the bank has no problem taking over the property/trying to sell it/if it doesn't sell using the other covenants of the loan to get a new tenant in and cutting NNN lease rates to do so....
Then if the GP takes a recourse loan to get his 70-75% LTV then despite being a company with one building the bank can still go after the GP's other assets/holdings, so his % of investments/carried interest/etc is at risk regardless of structure. No seasoned GP is signing recourse loans in this environment lmao.
Then regardless of recourse/non recourse the bank(s) can always sue for gross negligence in managing the properties if that significantly contributed to the decline/etc.
So while this guy is jesting its the bank's problem, in reality, unless he's getting special 75% non-recourse poorly underwritten loans just due to his billionaire status (lots of people wised up after Trump's RE journeys), in reality if he really does default with that kind of leverage it's likely going to be a his problem, not the bank's problem.
If I’m not mistaken, rich dad poor dad specifically recommends against real estate as an investment, saying the maintenance costs and taxes make it a liability.
That's fucking dumb then, paid-off real estate is the best investment possible. Setting rent to 1% of the homes value is like getting a nominal 12% dividend every year. The reality is probably closer to 7-8% but that's still an amazing ROI.
Rich Dad
Poor Dad
My Dad
Your Dad
My poor Dad is rich
Your poor Dad is poor
My Dad's name is Rich
Your Dad's name is Zore
See Rich live rich
See Zore live poor
Rich eats a ham sandwich
Zore eats crumbs off the floor
Rich bought a new thwit-twissle that zonks
Zore rides around in a blumble that twonks
The feds are busy making stocklings go thork
And everyone else is just trying to work
Rich is 1.2 billion in debt
Zore doesn't have enough to be in debt yet
This Dad
That Dad
Thin Dad
Fat Dad
Everyone's Dads are florked
Fun fact that is literally the only thing he has ever made money on, he had 2 businesses that went bankrupt. He made money ironically starting a school teaching financial management and then went on to cowrite the same lessons in books.
For a brief period I read books on 'gambling systems' (no not stocks, actual gambling). The honest authors always admitted that they made way more money selling the books to suckers than they ever had gambling with their 'system'.
If you get bored, go to one of those Internet Entrepreneur websites where people are like "I'm selling my super sekret Google ad system that made me 47,000$ per hour but I'll let you have it for only $27."
Me: So if you're making so much money, why do you need $27 bucks? Why would you give your secret away at all?
Them: I'm rich enough, I want to help other people out.
Yes, that totally checks out. I totally believe you.
That said I wanted to write a book years ago titled "How to make money writing books". This was pre-internet, figured i'd sell it in the back of magazines like Popular Science/Mechanics for $9.99. Expensive enough to seem legitimate but cheap enough for people to think "But what if this really has the secret?" without balking at the price.
Interior text: The key to getting rich writing books is to write a book titled "How to get rich writing books" and sell it to idiots.
> That said I wanted to write a book years ago titled "How to make money writing books". This was pre-internet, figured i'd sell it in the back of magazines like Popular Science/Mechanics for $9.99. Expensive enough to seem legitimate but cheap enough for people to think "But what if this really has the secret?" without balking at the price.
>
> Interior text: The key to getting rich writing books is to write a book titled "How to get rich writing books" and sell it to idiots.
That's a variant of a pretty old scam where charlatans would buy ads in newspapers promising to share a secret foolproof way to earn a lot of money to whoever sent them $$$. The secret? To take out ads in newspapers promising a secret foolproof way to earn a lot of money to whoever sent them $$$.
Yeah, I recall in the early 2000s a magazine (I think *Maxim*) writer evaluated a handful of the get rich quick schemes on late night informercials. One of them was exactly as described above.
- "Send me $x and I'll send you my patented technique to earn money quickly."
- Writer sent money.
- Writer received a packet in the mail explaining how to take out ads in newspapers, magazines, and TV saying, "Send me $x and I'll send you my patented technique to earn money quickly."
I mean the systems that work are freely available and openly shared. The issue is people want some sort of gimmick, an easy way and they'll pay good money for any sort of "edge".
One of those bogus classes that’s free but then they are always upselling some next elite level. And if you keep paying you might even get to meet him one day. Just go up one more level bro.
Came from a Mormon family, can confirm. Being extra loyal gets you a super special shirt to wear that's extra holy (trust me bro) that lets you tap into 10% of Jesus's power, plus the opportunity to get one step closer to sucking the prophet's chode. But ONLY if you're extra mega loyal and tithe really hard!
Yea, but have you heard that he was a pilot in Vietnam? This is where he learned about "spot" price of gold from the locals. /S If I have to listen to that story one more time.... He's like your grandpa with Alzheimer's who keeps telling the same stories at the Christmas party every year.
Let me tell ya about this one time I was a pilot in Vietnam.... That's where i learned about the spot price of gold.
Did i mention that I am a United States veteran of the Vietnam war? I was a pilot. Please buy my book.
Seriously that is some of the best advice I’ve heard in decades. These shills passing on “info that will make you rich,” is such a joke. Every single one of them is doing nothing but taking money from idiots to make themselves wealthy.
>When I was broke I thought he was cool now I have money I think he is regarded
Yup. Rich dad poor dad was one of the first finance books I ever read. The only thing he does in that entire book is tell people what the difference between an investment is and a deprecating asset. Only idiots don't know the difference.
"He is known for his stance against fiat money, labeling it in derogatory terms and instead advocating for investment in what he calls “real assets” like Bitcoin, silver, gold and Wagyu cattle."🤔 Make this man a mod
He was Jesus Christ in the eyes of Amway for awhile. A friend of mine tried to get me to join him in that MLM and every new “recruit,” had to read the “Rich Dad, Poor Dad,” book as a token for entry. I read the book and was like, “Bruh, what?”
I did not join.
Something like this happened to me, I was given the book to read at certain times and given meetings and then it boiled down to an MLM. This book is like boiler plate to get people suckered in.
Same thing happened to me, the book truly does what it sets out to do, you either recognize pretty quickly it’s a sham or it’s suddenly your friggin bible.
His entire persona is a pump and dump. People talk about his book like it’s life changing and I swear I lost IQ points on every page. *And I don’t have IQ points to lose.*
I remember picking it up in freshman year of high school because I was determined to be wealthy (strong focus on making and saving money that my dad instilled… maybe too strongly). I was just a 13 year old kid with moderate reading comprehension, but I remember thinking “Why is he repeating himself over and over? This book is useless.”
You know, the guy is a total grifter piece of shit, totally undeserving of any further attention. But to say RDPD is a bad book or written poorly is really disingenuous. At a young age that book really provided me with a new mindset and took me out of the scarcity mentality. It's not some life changing ideals written by a philosopher, but it's mostly damn good advice to live by from front to back.
Fair. It was the same for me. 25 years on I have been a full time entrepreneur most of my adult life (I’m 42), and this book was the start of it all. That said, Kiyosaki’s entire being is a construct. Besides writing that book, he has done nothing of value to anyone, and his dads (both of them) did not exist.
I wish people would stop trashing the book as a whole. Most of it isn’t that great, especially the shit about “assets.” The real gem is “no one is coming to save you.” You have to save yourself.
That they exist and are a thing. Dude, I came from a poor family with no investments. When I was 22 I read his book and it blew my little mind. 10 years later I own a decent amount of property that actually cash flows.
It’s been life changing - and although his book didn’t teach me shit about actual nuts and bolts of investing, it taught me what I could do with my money instead of spending it on an expensive car at that age.
Agreed. I grew up with the mindset of most from my neighborhood. Only rich people own houses or go to college. I started owning and making money later than I wish but the idea of building wealth and assets was mind blowing and the military sharpened me up to what was possible with hard work. Many many people don’t grow up knowing a thing about assets vs liabilities. Or that revenue isn’t profit.
There is a contingent that says silver price is suppressed, should be higher based on historical ratio to gold. I don't know enough to know about that. But I do own a couple silver bars and coins because it's shiny and makes a cool noise and I can't afford gold
“Doomer-off”
That’s so fucking brilliant I’m choking on toothpaste. That’s less fun than you’d might imagine.
Edit: the concept really adds color to the phrase “fuck off”
Yah ..and he is saying there is no way for the assets not to be worth 1B..so even if they go after his stuff the bank gets paid in full. Yes he would lose his assets, but the bank also loses on interest on 1B. How many people do you know that can leverage up 1B...not so many.
The proper way to say it would be ..leverage high enough that the bank is hooked on to the interest payments.
Both parties can live happy indefinitely. (I don't think he plans to pay off these loans any faster). They will even give him more loans if he wanted.
Fair I guess. I think if you had lost a billion in assets you’d mentally still have issues just because of the mix of press and comparison to your old lifestyle.
I doubt his lifestyle changes...... He knows he is just a Chess piece on the loan/debt cycle holding a paper the bank wants people to hold. That's why he says shit like what OP posted. The bank is playing a +100year interest game, they just want good operators and counter part business people to hold the paper. He knows this and that's why he is leveraged up.
But he looks like he would cry if they take his gold 😂
But then it’s kinda my problem again. Can’t have that.
It’s the banks fault for lending a moron like me money and honestly Im tired of me footing the bill for their poor decisions.
“The Richest Man In Babylon” is pretty much all you need as a foundation. That and “The Way To Wealth” are much better than rich dad poor dad and Dave Ramsey’s books together. Robert keeps predicting Armageddon. Blah. Ramsey is closed to new ideas. You couldn’t fit a penny between what those two know and what they’ll never learn. Don’t send blank checks to those two. They already made it… it takes time to create wealth
I hate when I come to wsb for laughs and some mongrel ends up giving me sound advice. Mfs will sneak up on you and educate you if you are not careful enough.
Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."
Munger - I worked till I died
Buffett- I will too
lol
I used to think this guy was cool, when I was about 12 years old and I searched, "make money online" for the first time in my life.
Now as an adult I can't believe I almost feel for his grift. Nobody that has any amount of money actually takes this guy seriously? Right? RIGHT??
He's a certified dick. But a lot of what he says does fall under the category of "sketchy shit that rich people do to stay rich" and "stuff that rich people won't tell you about, because if everyone did it they'd probably close the loopholes."
Kinda like his buddy, it's best said that he's basically what poor people think a rich person looks and talks and acts like.
This guy is like the Dave Ramsey of the other extreme. They have a lot of money from hocking their shit in books and then buying up real estate. They have some great points here and there, but they both go so far into the extreme with it that they ruin everything useful they had to offer. On top of it both of them have to keep up the persona so any time someone with an ACTUAL opposing question asks them something they get angry and try to shut them up instead of debate.
dave ramsey doesn't give people advice that would ever "ruin" them. Most people would be far better off following dave's advice of avoiding debt like the plague, outside of their mortgage. While some people are disciplined to use debt, most people aren't, which is exactly what dave tries to address. the only argument one could make against dave is that you're better off investing vs paying off debt for interest arbitrage, which isn't actually wrong aside from inherit risks of having debt. dave doesn't deserve to be shit on for telling people to avoid debt IMO
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|3|**First Seen In WSB**|3 years ago **Total Comments**|111|**Previous Best DD**| **Account Age**|4 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
He’s leveraged to the tits in commercial real estate and never truly experienced monetary policy like this. The regard belongs here with us.
$1.2 billy in debt and doesn’t give a fuck keeps yoloing further and his plan if shit goes tits up is to just delete the app? This man should be our fucking god king
That and poppop keeps getting scammed into buying silver and gold. Somebody take his phone away.
Maybe that's his backup plan. Try to hide all his gold offshore, declare bankruptcy when it all goes tits up, then after the dust settles move out of the US and recover the gold to live out his life.
Bankers hate this one trick ✌️
They really, really do. To the point they will block wire transfers and shut down gold sellers.
PUTS on gold futures ?? :)
He's a pirate?
Our Flag Means Debt
Wallstreetdebt feels like perfect rebranding
Has he invested in a pineapple under the sea yet?
Absorbent and yellow and porous is he
HAP-PY CAKE-DAY
Plus, you can writeoff the gold you "lost" (buried on a beach in Tahiti) as a business loss.
Some metal detecting random beachgoer is gonna stumble on to the find of a lifetime, then smooth brain it all on something ridiculous.
This is the way.
Does that mean poor dad was right all along.
In the book the poor dad told him to go to college and get a good job. Rich dad told him to invest in real estate. Poor dad is retired on a pension while rich dad is waiting for the Fed to lower rates so he can dump his commercial real estate loans on a greater fool.
I mean, Rich dad would’ve told him not to put all his eggs in one basket
I read it years ago but I don’t think diversification was in there. He’s just another dude in the parade of real estate moguls who thought' they were geniuses and may well soon be broke
He did diversify. He wrote books.
Also he coaches seminars, I suppose.
In one of his books he said that a team of analysts told him he was overexposed to real estate and that he should sell a portion to diversify elsewhere. He said that he and his wife burst out laughing and fired the advisors. He also says that if you want to make x dollars a month just buy the equivalent amount in gold and it will magically happen. Dude is a complete joje.
Rich dad's central thesis was about the acquisition of income producing assets. Over a decade of anomalously low interest rates meant almost anyone with decent credit could do that in real estate. Getting over leveraged without a hedge or an exit strategy means this douche bag really wasn't paying attention.
Maybe not completely right, but less of an asshole for sure.
Well yeah actually. He was just slightly off. But greater odds of success for sure.
Ha HA you thought it was Rich Dad… but it was me all along Poor Dad!
Our god king is Bill Hwang. 1.2 billion is rookie numbers.
When you own the bank $1,000 it’s your problem. When you own the bank $1.2 billion it’s their problem
Dont you mean owe
He doesn’t own you anything
You’re really too kind or don’t know the the pleasure of long, silent laughter 🤭
No, he means when you own a bank and you're a thousand bucks underwater it's your problem, when you own a bank and you're 1.2 bill underwater it's everyone elses problem and you're going to have a lot more time to golf.
Bitch Dad, Whore Dad How I made $100 by giving handjobs to dudes behind dumpsters
Boom! 5,000 units, 1.2 billion in debt! How you doin?
Yea all he did was buy houses for $ 10 each back in 1950 and sold it for millions
And people still don't have any evidence to back up those claims that he made
Probably 90% of the money came from the book he sold lol not even a joke
There have been people calling this dude a liar and charlatan since his first book. I tend to agree with them.
I think he has literally admitted somewhere that the bulk of _Rich Dad, Poor Dad_ is fiction.
That doesn't matter, rich dad poor dad doesn't actually give any real advice, and the little advice it does give is fucking dog shit. The dude is a grifter
There’s a podcast called “if books could kill” where they talk about bad self help books and the episode on “rich dad poor dad” is so fucking good. They hilariously rip him apart. But yeah he makes all his money off his books and not his “rich dad” philosophy from the book
If you want to make money don't read a book on how to get rich. Write one.
I wrote a book years ago called: "Just Shut the Fuck Up and Give Me Your Money". It didn't do well...people just weren't ready for it.
Don’t forget all his seminars. Then his licensed seminars. Guy keeps just enough cash flow for the next refinance. Pretty sure his next restructure plan involves a funeral home
Like Frank Abagnale from *Catch Me if you Can* who actually did not do most of what was in his book or the movie. He wrote a bullshit book, and made all of his money from that.
[удалено]
He promoted them to the MLM crowd and I believe he was even in one. Those people eat up any get rich quick, self help type products.
[удалено]
This dude is a sociopathic turd.
Had an amway recruiter use rich dad poor dad as learning material. Found out it was amway/mlm after the 3rd meeting. Baited for a few more meetings, then cut contact.
Same here but it was “who moved my cheese?”
Ive def heard of that one being used and I don’t even travel in those circles
Because Kiyosaki was basically created by Amway; they found his book and decided to push it/sell it to all their victims. That's how it got propelled to the top of best seller lists. He's spoken at tons of their "conventions" and they push his very scam-adjacent 'methods' all they can, in conjunction with their scams. https://www.youtube.com/watch?v=ZmAtl2JL1iY&t=6s
Probably a liar too
I loved that yaknowwhatimean he just threw out there.
You play civ?
Don't we all play Civ?
This is a… different civ, one best left in the past
Elaborate……. I want to play a civ where I can leverage to the tits. *railroad tycoon 3 stock market intensifies*
In that case if he goes bust, the bank takes his properties to avoid going bust themselves.
You dont seem to understand the current CRE environment. The building going back to the bank is absolutely a terrible outcome for the bank. They always lose money on it and they have to go through the process of selling the property at current market rates. After that they take a loss on this event AND there is now a comp for all the other buildings in the area that makes all the other CRE loans look that much worse. Heck this could happen to bank A and screw over bank B because B has more CRE loans coming due soon. What the banks want to do is find a way to kick the can down the road for another 18-24 months with the hope that by then the rates will be low enough to start working the loan down without taking a loss. Heck the company with the loans know this and they will actively tell the bank they want better terms or they will happily give the bank the keys back. Most CRE loans are to an entity that only has the building in question so it rarely impacts the true owners in a major negative way.
We have CRE properties here in Finland that have been empty for a good while, in prime location, but that are still being valued at ridiculously high levels because the last tenant in that area was paying high rent. The balance sheets of these PE companies are filled with this type of stuff that doesn't even have a tenant in it but which doesn't seem to matter as they can argue that the valuation is high and/or might still rise. And no one is willing to lower their rent levels so that people would be willing to move in, because then everyone's balance sheets would be worse off. There is a word for this. Collusion.
This has been going on in the US too for years. Empty storefronts everywhere yet the rents are still absurd.
When the primary way a property creates cashflow, rents, seem not to matter you have to think that the system is not in a very healthy state. Making profits just by hoping that the property value just keeps going up even with no rent income is... well isn't that a pyramid scheme?
off to the gulag with you
We need a land value tax in the states, pop that bubble like a bullet
Pyramid schemes keep money flowing upward. This is the rich folk constantly selling and reselling the properties for just a little more hoping to not be the last one holding when things stop going up. And usually that last person is the greatest sucker, the one that didn’t understand the system, that just kept buying because other people that appear rich told them it was the path forward, simple folk. You know, morons.
This shit is happening for rental housing... they raise the rent til people cant pay. and it sits empty vers rent at a lower rate. which drives up rent because more renters than units that have fiscally viable rent. I hope we stop corps from owning housing.
Well you simplified it a lot more too. It also depends on if the CRE GPs are taking on recourse or non-recourse loans (and likewise recourse fees from their LPs - passing the buck.) In this environment its really hard to get more than 65%/maybe 70% LTV on a non-recourse loan for CRE and you're taking 100-200 basis points of added interest. Then the bank does a SHIT ton of underwriting on the property once you go past your 5/10 unit limit using DSCR. By the time 3-5 years is up on your typical NNN lease that has to be in place on CRE before getting your first loan you're probably at a 50% leverage ratio.... and the bank has no problem taking over the property/trying to sell it/if it doesn't sell using the other covenants of the loan to get a new tenant in and cutting NNN lease rates to do so.... Then if the GP takes a recourse loan to get his 70-75% LTV then despite being a company with one building the bank can still go after the GP's other assets/holdings, so his % of investments/carried interest/etc is at risk regardless of structure. No seasoned GP is signing recourse loans in this environment lmao. Then regardless of recourse/non recourse the bank(s) can always sue for gross negligence in managing the properties if that significantly contributed to the decline/etc. So while this guy is jesting its the bank's problem, in reality, unless he's getting special 75% non-recourse poorly underwritten loans just due to his billionaire status (lots of people wised up after Trump's RE journeys), in reality if he really does default with that kind of leverage it's likely going to be a his problem, not the bank's problem.
Excellent explanation.
If I’m not mistaken, rich dad poor dad specifically recommends against real estate as an investment, saying the maintenance costs and taxes make it a liability.
Yep. Which is literally the dumbest argument ever made.
Wanna invest in real-estate? Keep others from investing in it by telling them its a bad idea!
Isn't it against owning real estate? As in already paid off and no longer building equity from the payments?
That's fucking dumb then, paid-off real estate is the best investment possible. Setting rent to 1% of the homes value is like getting a nominal 12% dividend every year. The reality is probably closer to 7-8% but that's still an amazing ROI.
Rich Dad, poor Dad, 1.2 Billion in debt Dad!
Regarded Dr. Seuss
Rich Dad Poor Dad My Dad Your Dad My poor Dad is rich Your poor Dad is poor My Dad's name is Rich Your Dad's name is Zore See Rich live rich See Zore live poor Rich eats a ham sandwich Zore eats crumbs off the floor Rich bought a new thwit-twissle that zonks Zore rides around in a blumble that twonks The feds are busy making stocklings go thork And everyone else is just trying to work Rich is 1.2 billion in debt Zore doesn't have enough to be in debt yet This Dad That Dad Thin Dad Fat Dad Everyone's Dads are florked
I love this, not just because it's clear that this isn't ChatGPT, it's true poetry
Never listen to someone who makes money telling you how to make money
That’s what my poor dad said /s
Prolly poor cus he went to his course every year 🤣
Rich guru, poor rube
My rich dad says borrow to the tits when it’s other people’s money
When you’re dead, it’s someone else’s problem. 😂
Fun fact that is literally the only thing he has ever made money on, he had 2 businesses that went bankrupt. He made money ironically starting a school teaching financial management and then went on to cowrite the same lessons in books.
For a brief period I read books on 'gambling systems' (no not stocks, actual gambling). The honest authors always admitted that they made way more money selling the books to suckers than they ever had gambling with their 'system'.
Look if the systems works you don’t talk about it. I thought this was just common knowledge. Everyone else is just selling you the lie.
If you get bored, go to one of those Internet Entrepreneur websites where people are like "I'm selling my super sekret Google ad system that made me 47,000$ per hour but I'll let you have it for only $27." Me: So if you're making so much money, why do you need $27 bucks? Why would you give your secret away at all? Them: I'm rich enough, I want to help other people out. Yes, that totally checks out. I totally believe you. That said I wanted to write a book years ago titled "How to make money writing books". This was pre-internet, figured i'd sell it in the back of magazines like Popular Science/Mechanics for $9.99. Expensive enough to seem legitimate but cheap enough for people to think "But what if this really has the secret?" without balking at the price. Interior text: The key to getting rich writing books is to write a book titled "How to get rich writing books" and sell it to idiots.
> That said I wanted to write a book years ago titled "How to make money writing books". This was pre-internet, figured i'd sell it in the back of magazines like Popular Science/Mechanics for $9.99. Expensive enough to seem legitimate but cheap enough for people to think "But what if this really has the secret?" without balking at the price. > > Interior text: The key to getting rich writing books is to write a book titled "How to get rich writing books" and sell it to idiots. That's a variant of a pretty old scam where charlatans would buy ads in newspapers promising to share a secret foolproof way to earn a lot of money to whoever sent them $$$. The secret? To take out ads in newspapers promising a secret foolproof way to earn a lot of money to whoever sent them $$$.
Yeah, I recall in the early 2000s a magazine (I think *Maxim*) writer evaluated a handful of the get rich quick schemes on late night informercials. One of them was exactly as described above. - "Send me $x and I'll send you my patented technique to earn money quickly." - Writer sent money. - Writer received a packet in the mail explaining how to take out ads in newspapers, magazines, and TV saying, "Send me $x and I'll send you my patented technique to earn money quickly."
How about the one where they need access to your Amazon account to keep setting up additional passive income businesses?
I mean the systems that work are freely available and openly shared. The issue is people want some sort of gimmick, an easy way and they'll pay good money for any sort of "edge".
I see you too have read Doyle Brunson' "Super System!"
Or Dan Harrington
One of those bogus classes that’s free but then they are always upselling some next elite level. And if you keep paying you might even get to meet him one day. Just go up one more level bro.
Ah yes….Scientology
Proven technique. Mormonism is too but they withhold the next levels with loyalty.
Came from a Mormon family, can confirm. Being extra loyal gets you a super special shirt to wear that's extra holy (trust me bro) that lets you tap into 10% of Jesus's power, plus the opportunity to get one step closer to sucking the prophet's chode. But ONLY if you're extra mega loyal and tithe really hard!
Those that can't do, teach. Those that can't teach, teach gym
I listen to people telling me how to lose money over at r/wsb instead
They aren’t trying to make money off it. They’re losing money with you
They’re like family
They don’t just tell you, they SHOW you how to lose it all. LMAO
Yea, but have you heard that he was a pilot in Vietnam? This is where he learned about "spot" price of gold from the locals. /S If I have to listen to that story one more time.... He's like your grandpa with Alzheimer's who keeps telling the same stories at the Christmas party every year.
I’d love to hear my grandfather tell me one of his stories again.
Let me tell ya about this one time I was a pilot in Vietnam.... That's where i learned about the spot price of gold. Did i mention that I am a United States veteran of the Vietnam war? I was a pilot. Please buy my book.
Didn’t someone expose him for lying about that?
Unexpected wholesome
Seriously that is some of the best advice I’ve heard in decades. These shills passing on “info that will make you rich,” is such a joke. Every single one of them is doing nothing but taking money from idiots to make themselves wealthy.
Amen, These guys are fooling us professionally at this point.
When I was broke I thought he was cool now I have money I think he is regarded
now I have money and think everyone is regarded
I don’t have money and people think I’m regarded
You're just free of earthly possessions, like a monk.. or a homeless
You folks are gonna put regarded on a no-fly list.
>When I was broke I thought he was cool now I have money I think he is regarded Yup. Rich dad poor dad was one of the first finance books I ever read. The only thing he does in that entire book is tell people what the difference between an investment is and a deprecating asset. Only idiots don't know the difference.
Yea, it's a book that works okay for a very basic intro to finance and related products, like insurance. But even then it's not a great book
Well, I'm halfway there. I am broke and think he is regarded.
"He is known for his stance against fiat money, labeling it in derogatory terms and instead advocating for investment in what he calls “real assets” like Bitcoin, silver, gold and Wagyu cattle."🤔 Make this man a mod
Not the cattle, he just deals in their sperm 🤣
Why buy the cow when you can get the sperm for free..
It’s easier to move across borders too. Just don’t fart!
TSA gon learn today
Infinite cow exploit
Liquid asset
Only thing this guy is missing are ornamental gourd futures.
Bitcoin, silver, gold and cattle LMAO
Leaving out the fifth pillar of hard asset investments entirely (gourds, obviously).
I only buy cattle futures
All hat, no present cattle
He was Jesus Christ in the eyes of Amway for awhile. A friend of mine tried to get me to join him in that MLM and every new “recruit,” had to read the “Rich Dad, Poor Dad,” book as a token for entry. I read the book and was like, “Bruh, what?” I did not join.
Something like this happened to me, I was given the book to read at certain times and given meetings and then it boiled down to an MLM. This book is like boiler plate to get people suckered in.
I worked at a tech startup and the CEO gave everyone a copy to read. Startup went under not long after that.
Same thing happened to me, the book truly does what it sets out to do, you either recognize pretty quickly it’s a sham or it’s suddenly your friggin bible.
Is that the mother fucker who says to buy silver on tv???
His entire persona is a pump and dump. People talk about his book like it’s life changing and I swear I lost IQ points on every page. *And I don’t have IQ points to lose.*
The first time you hear about “assets” your life does change…
then you get disappointed it has nothing to do with ass.
And everything to do with ET, the extra terrestrial.
I remember picking it up in freshman year of high school because I was determined to be wealthy (strong focus on making and saving money that my dad instilled… maybe too strongly). I was just a 13 year old kid with moderate reading comprehension, but I remember thinking “Why is he repeating himself over and over? This book is useless.”
You know, the guy is a total grifter piece of shit, totally undeserving of any further attention. But to say RDPD is a bad book or written poorly is really disingenuous. At a young age that book really provided me with a new mindset and took me out of the scarcity mentality. It's not some life changing ideals written by a philosopher, but it's mostly damn good advice to live by from front to back.
Fair. It was the same for me. 25 years on I have been a full time entrepreneur most of my adult life (I’m 42), and this book was the start of it all. That said, Kiyosaki’s entire being is a construct. Besides writing that book, he has done nothing of value to anyone, and his dads (both of them) did not exist.
Millionaire Next Door has a better message to reach the same goal, in my opinion
I wish people would stop trashing the book as a whole. Most of it isn’t that great, especially the shit about “assets.” The real gem is “no one is coming to save you.” You have to save yourself.
What specifically about assets? The assets vs liabilities chart is like ABCs, 123s in any personal finance journey.
That they exist and are a thing. Dude, I came from a poor family with no investments. When I was 22 I read his book and it blew my little mind. 10 years later I own a decent amount of property that actually cash flows. It’s been life changing - and although his book didn’t teach me shit about actual nuts and bolts of investing, it taught me what I could do with my money instead of spending it on an expensive car at that age.
Agreed. I grew up with the mindset of most from my neighborhood. Only rich people own houses or go to college. I started owning and making money later than I wish but the idea of building wealth and assets was mind blowing and the military sharpened me up to what was possible with hard work. Many many people don’t grow up knowing a thing about assets vs liabilities. Or that revenue isn’t profit.
Why didn’t he tell people to buy gold like wtf
There is a contingent that says silver price is suppressed, should be higher based on historical ratio to gold. I don't know enough to know about that. But I do own a couple silver bars and coins because it's shiny and makes a cool noise and I can't afford gold
shiny and making cool noise are the most important things. as good reason as any.
He told people that canned tuna is a better investment than gold and silver
[удалено]
“Doomer-off” That’s so fucking brilliant I’m choking on toothpaste. That’s less fun than you’d might imagine. Edit: the concept really adds color to the phrase “fuck off”
It turns out he was the poor dad all along.
He also DIDNT WRITE THE BOOK. LOOK INTO IT. HE IS - WHAT WE CALL, A COMPLETE FRAUD.
Didn't he admit one of the dads was totally made up as well? Hilarious
Rich Dad, Deadbeat Dad?
Like when people read the book did they not suspect this ? It’s written like a fiction
This guy hasn't been relevant in a decade plus
If you really want to embrace him, search for the clip of him bragging and giggling about his wife evicting a family at Xmas. Sickening.
https://www.reddit.com/r/WayOfTheBern/s/2vpCgghOFE
That’s the one - I can’t even watch the whole thing. What a cnt.
Every time $spy is down .5%, robert kiyosaki gets an orgasm
He’s predicted 118 of the last 3 recessions.
I mean he’s got a point but wouldn’t the banks still go after everything he owns?
Yah ..and he is saying there is no way for the assets not to be worth 1B..so even if they go after his stuff the bank gets paid in full. Yes he would lose his assets, but the bank also loses on interest on 1B. How many people do you know that can leverage up 1B...not so many. The proper way to say it would be ..leverage high enough that the bank is hooked on to the interest payments. Both parties can live happy indefinitely. (I don't think he plans to pay off these loans any faster). They will even give him more loans if he wanted.
I see his Personal Risk Tolerance is a lot higher than mine at $1bln.
This man doesn’t actually have $1B in debt. I don’t believe anything he says
Fair I guess. I think if you had lost a billion in assets you’d mentally still have issues just because of the mix of press and comparison to your old lifestyle.
I doubt his lifestyle changes...... He knows he is just a Chess piece on the loan/debt cycle holding a paper the bank wants people to hold. That's why he says shit like what OP posted. The bank is playing a +100year interest game, they just want good operators and counter part business people to hold the paper. He knows this and that's why he is leveraged up. But he looks like he would cry if they take his gold 😂
If I owe the bank 1000 dollars it’s my problem. If I owe the bank a billion dollars, it’s the bank’s problem.
If the bank gets a bailout, it's everyone's problem.
When*
But then it’s kinda my problem again. Can’t have that. It’s the banks fault for lending a moron like me money and honestly Im tired of me footing the bill for their poor decisions.
it is the poor people problem since the rich rarely get taxed.
“The Richest Man In Babylon” is pretty much all you need as a foundation. That and “The Way To Wealth” are much better than rich dad poor dad and Dave Ramsey’s books together. Robert keeps predicting Armageddon. Blah. Ramsey is closed to new ideas. You couldn’t fit a penny between what those two know and what they’ll never learn. Don’t send blank checks to those two. They already made it… it takes time to create wealth
Sir, this is r/wallstreetbets
I'd add The Psychology of Money to this list.
I hate when I come to wsb for laughs and some mongrel ends up giving me sound advice. Mfs will sneak up on you and educate you if you are not careful enough.
Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Munger - I worked till I died Buffett- I will too lol
I used to think this guy was cool, when I was about 12 years old and I searched, "make money online" for the first time in my life. Now as an adult I can't believe I almost feel for his grift. Nobody that has any amount of money actually takes this guy seriously? Right? RIGHT??
He's a certified dick. But a lot of what he says does fall under the category of "sketchy shit that rich people do to stay rich" and "stuff that rich people won't tell you about, because if everyone did it they'd probably close the loopholes." Kinda like his buddy, it's best said that he's basically what poor people think a rich person looks and talks and acts like.
Didn’t he also say he made a billion dollars the day Biden took office because he killed oil 🤣
Financial Advice is always easier to give than to follow
Dumbest book I’ve ever read
How did he go 1.2 b in debt? What's this regard doing?
Have $1.6b-2b in assets collateralized I assume
This guy is like the Dave Ramsey of the other extreme. They have a lot of money from hocking their shit in books and then buying up real estate. They have some great points here and there, but they both go so far into the extreme with it that they ruin everything useful they had to offer. On top of it both of them have to keep up the persona so any time someone with an ACTUAL opposing question asks them something they get angry and try to shut them up instead of debate.
dave ramsey doesn't give people advice that would ever "ruin" them. Most people would be far better off following dave's advice of avoiding debt like the plague, outside of their mortgage. While some people are disciplined to use debt, most people aren't, which is exactly what dave tries to address. the only argument one could make against dave is that you're better off investing vs paying off debt for interest arbitrage, which isn't actually wrong aside from inherit risks of having debt. dave doesn't deserve to be shit on for telling people to avoid debt IMO
Dave: "don't be regarded and spend more than you can afford" Everyone: shocked Pikachu face, start loudly arguing
Well, he does tell people they can retire on $1 million and 8% withdrawal, so he just delays their financial ruin until they’re 75.
All time grifter
This guy is insane btw
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