On the Canadian Money Forum (started by fellow Canadian PF Bloggers Million Dollar Journey and Canadian Capitalist), I saw a post that mentioned CBC Marketplace aired a hidden-camera investigation of the Rich Dad Poor Dad “Get Rich Quick” Education Seminars, titled “Road to Rich Dad, Who’s Getting Rich off Rich Dad?” on Friday January 29.
I read Rich Dad Poor Dad by Robert J. Kiyosaki and thought it was pretty good, inspirational, very anecdotal, but didn’t like the sales pitch (selling his “CASH FLOW” board game). Robert Kiyosaki is a good storyteller.
I have seen the free one day seminars in the local paper (they offer it about a few times per year here), and have often contemplated going (hey, free lunch and a free USB stick/ CD, why not?) But after seeing this video, I’m going to stay the hell away from these free seminars.
They even have PAID seminars, costing $500 a pop for a three day workshop, where they basically try to pressure you into spending $45,000 on further real estate “training”. One of the hidden camera revelations that absolutely SHOCKED me was that they blatantly TOLD people attending the seminar to INCREASE THEIR CREDIT LIMIT TO $100,000!!! (you have GOT to be kidding me!) They gave people SCRIPTS to say to their credit card companies and took time out during the seminar to allow people to call their credit card companies RIGHT NOW to ask for the increase to $100,000. What was the motivation to ask people to increase to the $100,000 limit?
In the video, the presenter in the seminar claims that you can’t make money with your own money, that you’d need charge renovations etc. to your credit card in order to “make money off real estate”. Hence the increase to $100,000 limit on your card.
The real reason is likely because they are selling $45,000 real estate training classes and want to pressure you enough to impulse buy that on your credit card. The “Get Rich Quick” Seminar is basically a long drawn out sales pitch.
I seriously can’t believe that these things go on! Poor Canadians and Americans are being duped into spending their savings on bogus seminars!
In the $500 three day workshop, the same presenter goes on to talk about how he made $32 million from a mobile home park in a rural place in Saskatchewan. CBC Marketplace went to check out his real estate millions and found that it was actually nothing- completely made up, barren, and no mobile home park existed. No $32 million.
Host Erica Johnson went on to talk to Robert Kiyosaki himself (he made a rare public appearance in Vancouver of all places!) and said that he is aware that this company (which is not his company but a license of his “brand”- Rich Dad Poor Dad, he claims) has had many complaints and unhappy customers.
Robert Kiyosaki then acted like he was innocent in all of this, used a scapegoat “partner” to blame it on, and then proceeded to say that he was very unhappy with the company using his name brand Rich Dad Poor Dad and giving it a bad reputation. Robert, tsk tsk, you should know better than to lie blatantly to the camera!
Don’t let those $&)#*@ trick you from your hard earned $$$. Do your research and be wary of any “free” seminars! Don’t let that $500 or $45,000 go to these “Get Rich Quick” scammers! The only people getting rich quick is them, from YOUR money!
What do you think? Have you read Rich Dad Poor Dad or attended any of the “Get Rich Quick” seminars? Judging from the video, do you think there is a bias from CBC Marketplace or do you think that Robert Kiyosaki really was a victim (which he claims) in all of this?
Tags: Get Rich Quick, rich dad poor dad, Scam, Seminars
Thanks for the mention. It is criminal to invest with a loan on a credit card.
Thanks for stopping by Canadian Capitalist. I just can’t believe that they actually got away with this for so many years… it concerns me that our Public Watchdog is just CBC marketplace (they do a great job, but where’s our government when you need them? (uh oh am i getting political?))
Even though many successful ppl do this…. I was saddened to hear he hires a ghost blogger to run Facebook and Twitter. Kind of takes the personal touch away.
I think he is may have a hand in these presentations. *shame*
Money Funk´s last blog ..Menu Plan Monday
No doubt he had a hand in the presentations (He gets money from them anyway), it was pretty sad to see his “mock” astonished face that he put on in front of the cameras to show that he is sincere and innocent. Lol, maybe we can get that “Lie To Me” series to check his facial expressions out =)
I didn’t know he had a ghost blogger on Facebook and twitter. That does take the personal touch away… wonder what he does with his time then? =)
Are you telling me that I spent $50,000 on my credit card for nothing?
Just kidding. I dont take any seminars seriously. A crash course will guide you in the right direction but it wont solve all of your problems. Just my opinion.
MD @ Studenomics´s last blog ..How My Friend Made $2,100 From Tutoring
haha, you seriously almost got me. My eyes widened as I finished reading the first sentence.
I liked the book (it was the first PF book I ever read!), but I don’t think I would ever pay to go to one of those seminars. They really are all scams. The “free” part is an extended sales pitch and the people who put them on are crooks. Literally, if you search any of them, you will find that they’ve had all sorts of legal trouble, been bankrupt at least once and probably aren’t the best people to take your money advice from.
me in millions´s last blog ..Snowpocolypse Version 2.0
You’re right about having the mentality that all seminars are scams. I think if you go in to the seminars with a mindset of “they’re not going to scam me and take my money- I’m only here for the free USB and free lunch” then it’s fun to be humoured with the information they have. But then again, that’s a waste of a perfectly good day off!
Maybe I’ve just gotten too jaded by the ripe old age of 27, but this doesn’t really surprise me. I’m just hoping not too many people got ripped off by these seminars.
The Amateur Financier´s last blog ..Financial Samurai’s Alexa Challenge
@ The Amateur Financier, Hmm sounds like they already have been, otherwise, these seminars wouldn’t exist, I would think! (They need capital to finance the free lunches, hotel bookings, etc. right?).
@young and thrifty: We can only hope that took their own (stupid) advice, over-leveraged their whole operation, and depend on a huge crowd just to pay back all their creditors. This is the perfect situation for karma to make an appearance.
The Amateur Financier´s last blog ..Financial Samurai’s Alexa Challenge
He is a genius at getting maximum dollar for sure from people.
His first book was fine. Everything after that is what made him so rich.
Buyer beware, as always!
Financial Samurai´s last blog ..How To Get Your Super Motivated Boyfriend to Marry You
@Financial Samurai, yah, I have “Cash Flow Quadrant” and haven’t read that yet. Hope he doesn’t try to upsell the seminars or his $200 board game in that one again.
If you get a chance, check out John T. Reed website about him… just google “rich dad reed”.
If you haven’t read it, it’s very interesting!
Sorry for being so late to comment on this!
You’ll definitely see me swinging by more often!
Money Reasons´s last blog ..Wealth Tip #4: Invest Money Saved on Food and Other Products
Well, at first I thought that it is just an interesting topic, but then hey, what happened to one of the most respected people that I have learned a lot from?
Honestly, I own a CashFlow boardgame and it has inspired me to start getting out of the rat race. I even got some of his other books.
But I think that I’m lucky enough to not attend any of those seminars.
Benjie @ Zordane´s last blog ..Managing Your Own Website
@Benjie Thanks for visiting. Yeah, I think it’s primarily the seminars that is the concern… he claims not to be affiliated to them though. Thanks for visiting!
[...] Kiyosaki, A Man I Respect March 15, 2010 No comments After reading an article “Rich Dad Poor Dad Seminars a Scam?” at Young And Thrifty, I was quite surprised that free seminars or even paid seminars were [...]
Hey, his stock investment courses are a scam also. After $10,000 and 9 mo. they say they have on record that I paid. Therefore, no more online training.
@mike mc- Thanks for sharing- I didn’t know he actually had a stock investment course as well! Ouch $10K? Sorry to hear you had to go through that. I’m surprised his company’s business practices hasn’t been shut down yet.
I know it is possible to get ripped off but really are you who are blogging wealthy?
Maybe you should really try something from the free seminar and stop walking in fear and blameshifting.
Just a thought…
@Alan- Thanks for commenting. I would be interested in trying the free seminar, just to see what it’s all about. I am actually just spreading the word about the documentary with the undercover camera, so am basing my opinion from that. I’ll let you know when I go, they come by quite often to Vancouver.
I sat through a free seminar today just to watch these snake oil salesman work the crowd. There were fools in there who bought the course in the first 5 minutes. Of course, one has to wonder how many were “plants” working for the seminar. I walked out after an hour, it was so bad.
@Matt- Wow, really? That is really scary to know that there might be fakers in the crowd who were hired to sound enthusiastic. They must be making a ton of money on this otherwise they wouldn’t have the money to hire people like this. I’m actually quite curious now and am going to sign up for the next one that comes in my city for a first hand experience. From what you say though, it sounds horrid!
hmmmm interesting considering he says in his book there is no way to get rich quick and i noticed there was no link posted to this supposed video with undercover cameras
@jennifer- thanks for visiting. The link to the video with an undercover camera is the bolded link. It was done by CBC marketplace, it’s about 30 minutes long, from what I recall. =)