Reply: 2.1.1
From: Mark Laszczuk
Jye,
I certainly did do that. Let me tell you what has happened in the last twelve months: I learnt about property investment. Back then (yes, I can admit it), I thought I knew it all. I'd read Kiyosaki's nonsense (oops, I mean books) and thought it was the be all and end all of property investing. I thought he was a great man, making investing seem so simple and easy. Interestingly, though, at the time I also played Cashflow a few times, but ended up selling it cause it wasn't teaching me anything I didn't know already, even back then. Personally, I think (like his books and tapes) it's very risky, cause it gives people the impression that investing is really easy. Wanna exit the rat race? No probs! Just buy positive geared property! Wanna make money in the share market? No worries! Just buy stocks when they are undervalued! How can ya lose?!
Well, twelve months later and many, many, many hours spent reading on this and other forums, books, talking to people (read: seasoned property investors), asking questions, listening, listening, listening, I realise (actually, I began to realise it about eight or ten months ago now) that I know VERY LITTLE about investing, and I have absolutely no problem admitting that.
Some people out there are no doubt now saying 'So why does he post so much, if he knows so little?' Well, I believe in my opinion, and my right to express it. If I give 'advice' (and I use that word in it's loosest terms) I make it very clear that I am not a professional. Anyway, I'm getting off the track here.
So, about six months ago, questions started sprouting in my head. I began to see inconsistencies in Kiyosaki's work, and the more I thought about them, the more I began to be quite suspect of the guy. I mean, it's not that difficult to find the conflicting stuff in RDPD and his other books.
So I had basically turned off the guy ALL BY MYSELF before I rediscovered Reed's site. It was not Reed that did it for me, I did it on my own, doing my own analysis. Reed just happened to put it all down on paper(?) for me. Now, let me tell ya, reading his article for the second time, it was like I'd never seen it at all.
It amazed me just how much I'd glossed over the first time, cause quite frankly, I didn't want to know. But reading it, he does something that is extremely rare in any situation these days. He goes through everything he feels is wrong, and backs it up with EVIDENCE. I'm not talking personal opinion, I'm talking actual real estate techniques, how returns are determined in the real world and even actual laws.
Amazingly, emotion doesn't even come into it. It doesn't need to, cause there's so much damning evidence there to make Kiyosaki look like a shyster, it's not funny. Look, I'm the first one to admit that sites like Reed's need to be taken with a pinch of salt, but if you look at the article objectively, it's really really really difficult to pick any faults with it. Basically, cause there are none.
I'm surprised that more people haven't picked up on him, or questioned where he is coming from. There was a link to an interview with him (Kiyosaki) in the article (the interview is recent, early this year, I believe), and he says some of the scariest things you would ever hear. What's scary about them is that so many people believe and follow him.
My favourite, that really sticks out was his statement that his net worth goes from between 50 million and 100 million, depending on the day. He actually said that. If you want the link, I'll find it for you and post it. Now that is goddamn scary.
If that doesn't convince people he knows little to nothing about investing, I don't know what would. Kiyosaki is his own worst enemy, cause one of these days he's gonna say something so unbelieveably stupid, he's gonna get caught out and his whole world is gonna come crashing down.
Oh, and if you want a laugh, check out the bit where Kiyosaki's supporters have emailed Reed defending him. Some actually ACKNOWLEDGE that Kiyosaki lies in his books, but they are okay with that. How dumb can ya get, seriously?
The saddest part for me, is remembering that I was one of them, if only for a few months, I still shake my head in disbelief at how naive I was then. Just for the record, I am no cynic today.
In fact, I strongly believe that I am more positive today than I have ever been in my whole life. I have a new direction in life, clear, concise goals that I am continually working on and towards, the most wonderful girlfriend a guy could ever hope for, I'm constantly meeting new and exciting people and making a lot of great new friends, my employment prospects are beginning to change tack, everything is great!
So there's my answer for you Jye, hope it didn't put you to sleep!
Mark
'no hat, some cattle'