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! When it comes to making money in real estate don’t try to cut corners. Learn the difference between a fixed and variable mortgage interest rate and educate yourself from the countless number of free or very cheap resources out there – don’t max out your credit cards!!!
Readers: 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?