Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud ?

[Cestbon]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

Many people know what to do to become rich. But they cannot maintain it or have discipline.
SAVE and INVEST.

Sinkie who earn less than $10k buying car is stupid unless in sale need to go few place in one day.
To maintain a saloon car need about $2k/month base on current price ( included installment,insurance/parking/tax/fuel/maintenance....)
So blowing $2k a month for monthly salary $5k is even more stupid take up 40% of the salary.
Imagine if take public transport (mix bus/MRT/taxi) about $500/month. The person can save $1500/month.
One year $18k and if invest in good and safe fund can earn average 5%/annual. Consider if he save for 10 year and compounded interest of 5%.
He will save $250k in 10 in year.

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

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Bro , you are in business , we are , just need to package

ourselves , and tell people what they already know ,

but did not have the time , or opportunity , to


work on it

 

[Scrooball (clone)]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

So many fresh grads earning $3k, buying a car. How is that even feasible? Everyday eat bread?

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

So many fresh grads earning $3k, buying a car. How is that even feasible? Everyday eat bread?

Earn S$3k pm = credit card / credit line gear-up to = S$30k


, later gear-up to S$60k then S$90K = thats what R K is saying ...

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

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http://www.johntreed.com/Kiyosaki.html









Summary


Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred.

Kiyosaki is a salesman and a motivational speaker. He has no financial expertise and won’t disclose his supposed real estate or other investment success.

Rich Dad, Poor Dad contains much wrong advice, much bad advice, some dangerous advice, and virtually no good advice.

 

[Leongsam]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

Consider if he save for 10 year and compounded interest of 5%.
He will save $250k in 10 in year.

Saving and investing will result in a nice tidy savings account. However, it's not going to make you rich.

$1 million in savings isn't sufficient for achieving financial independence in this day and age. With an average 5% return after taxes, you're talking about living on $50,000 a year which is not going to change your life.

In order to live a life of comfort with money to spare for hobbies, travelling and the inevitable rainy day, you'll need at least $5 million in the bank. You then have $250,000 a year to spend without touching the principle sum. You can then live it up without worrying about running out of money.

It is very difficult to save $5 million. You need to create your own wealth in order to achieve this figure. You do that by adding value to your own enterprise to the point where it is worth a lot to someone else.

 

[tonychat]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

It wasn't that I didn't know. I just wasn't thinking about it.

I was earning good money. I was enjoying the perks of employment eg club memberships, business class travel, company car etc so my mindset was one of letting others take the risks while I enjoyed what I considered to be an excellent "stable income".

After reading his book however, it made me realise that employment wasn't as risk free as I first thought. It had lots of downsides without the upsides of self employment.

What made the biggest impact on me was the chapter about taxes. When you're an employee, the tax man has the first bite of your income. You can only spend what's left over after taxes have been deducted.

However, when you're self employed, you get the first bite and the govt only gets what's left over after all "business expenses" have been deducted.

When I finished the book, I put it down and realised that from the next day onwards, I was going to live my life with a new set of rules. The rest, as they say, is history.

Don't read the book if you're looking for a proven formula for making millions. You won't find it. Everyone is different and you need to choose a field which suits your own strengths. What the book does do is make you dissatisfied with your pathetic life as an employee and dissatisfaction is the stepping stone towards better things.

only sinkie look for formula to making millions, that is why they are sinkie-minded. that is what you expect from sinkie.

 

[Leongsam]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

only sinkie look for formula to making millions, that is why they are sinkie-minded. that is what you expect from sinkie.

This desire for some magic potion for achieving wealth isn't confined to sinkies. It exists the world over.

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

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after a few days in Singapore , Robert Kiyosaki, is laughing to the


banks : at least S$0.25 Million richer

 

[rectmobile]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

Saving and investing will result in a nice tidy savings account. However, it's not going to make you rich.

$1 million in savings isn't sufficient for achieving financial independence in this day and age. With an average 5% return after taxes, you're talking about living on $50,000 a year which is not going to change your life.

In order to live a life of comfort with money to spare for hobbies, travelling and the inevitable rainy day, you'll need at least $5 million in the bank. You then have $250,000 a year to spend without touching the principle sum. You can then live it up without worrying about running out of money.

It is very difficult to save $5 million. You need to create your own wealth in order to achieve this figure. You do that by adding value to your own enterprise to the point where it is worth a lot to someone else.

Alright, i am aiming for $5 million asset from now onwards... this is my new aim..

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

Sam is worth at least US$5.00 M ...

 

[I_Hate_Pappies]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

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after a few days in Singapore , Robert Kiyosaki, is laughing to the


banks : at least S$0.25 Million richer

I think it's fine. Even he is able to get people to pay him without doing anything and not breaking the law by doing so, it's ok. Not everyone can do so. All he needs to do is to "create" a single millionaire out of the lot, he would have increased the "returns" by 4 folds. Don't be surprised by the attendance of millionaires too.

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

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Agreed . The Power of Salesmanship and Showmanship ...


No upfront capital involved .


No horse-run : One Horse Race - all the way ....

 

[drifter]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

It wasn't that I didn't know. I just wasn't thinking about it.

I was earning good money. I was enjoying the perks of employment eg club memberships, business class travel, company car etc so my mindset was one of letting others take the risks while I enjoyed what I considered to be an excellent "stable income".

After reading his book however, it made me realise that employment wasn't as risk free as I first thought. It had lots of downsides without the upsides of self employment.

What made the biggest impact on me was the chapter about taxes. When you're an employee, the tax man has the first bite of your income. You can only spend what's left over after taxes have been deducted.

However, when you're self employed, you get the first bite and the govt only gets what's left over after all "business expenses" have been deducted.

When I finished the book, I put it down and realised that from the next day onwards, I was going to live my life with a new set of rules. The rest, as they say, is history.

Don't read the book if you're looking for a proven formula for making millions. You won't find it. Everyone is different and you need to choose a field which suits your own strengths. What the book does do is make you dissatisfied with your pathetic life as an employee and dissatisfaction is the stepping stone towards better things.

i think theres no book in the whole world that have proven formula for making billions ..all is just theory ...and most of them are just motivation book . its good that you get out of your comfort zone ...not alot of singaporean can do that . for me , i dont have any comfort zone ...its either do or die i got nothing to lose if i fail .

 

[I_Hate_Pappies]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

.


Agreed . The Power of Salesmanship and Showmanship ...


No upfront capital involved .


No horse-run : One Horse Race - all the way ....

Yes, the capital is he himself.

 

[Leongsam]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

i think theres no book in the whole world that have proven formula for making billions ..all is just theory ...and most of them are just motivation book . its good that you get out of your comfort zone ...not alot of singaporean can do that . for me , i dont have any comfort zone ...its either do or die i got nothing to lose if i fail .

Of course there isn't. If such a book existed, welfare would be a thing of the past. All governments would need to do would be to distribute books to all those losers and the poor would be millionaires overnight.

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

i think theres no book in the whole world that have proven formula for making billions ..all is just theory ...and most of them are just motivation book . its good that you get out of your comfort zone ...not alot of singaporean can do that . for me , i dont have any comfort zone ...its either do or die i got nothing to lose if i fail .

Same Same for Robert Kiyosaki , Nothing to lose but everything to gain ...

 

[jw5]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

If he really knew the formula, he would be doing it and not simply talking about it.
Or perhaps talking about it is simply his way of doing it.

 

[drifter]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

how to motivate yourself


write down the list of 10 riches businessman in the world on a piece of paper and stick it above your bed ...everyday when you wake up you did not see your name on that list ....you lan lan go to work

 

[Mdm Tang]

Re: Robert Kiyosaki, author of "Rich Dad Poor Dad" was in Town - Is He A Fraud

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My best friends have a list of all the Richest Men in Choa Chu Kang Cementary



heading the list :


a) Ng Teng Fong , Far East Org

b) Kwek Hong Png , Hong Leong Group

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!
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?) Tang Choon Keng , C K Tang Dept Store