Author Topic: Robert Kiyosaki - says ETFs are bad  (Read 3058 times)

bob999

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Robert Kiyosaki - says ETFs are bad
« on: February 05, 2018, 07:04:32 PM »
Hi all

Just paraphrasing Robert K. but it seems like he thinks ETFs and 'buy-and-hold' is for dumb people.

https://www.youtube.com/watch?v=YFrx9q1gycU

I don't fully trust him but found his books to be great for learning the basics. What I find strange is that he doesn't recommend index ETFs which is widely regarded as a 'good investment strategy'. I wonder what MMM would say about this video.

nereo

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #1 on: February 06, 2018, 01:29:04 PM »
Hi all

Just paraphrasing Robert K. but it seems like he thinks ETFs and 'buy-and-hold' is for dumb people.

https://www.youtube.com/watch?v=YFrx9q1gycU

I don't fully trust him but found his books to be great for learning the basics. What I find strange is that he doesn't recommend index ETFs which is widely regarded as a 'good investment strategy'. I wonder what MMM would say about this video.

I would not trust Robert Kiyosaki at all.  He is a huckster and a charlatan.  His Rich Dad Poor Dad book is fun reading, and can be motivational for someone just starting out, but it's certainly not the factual account he made it out to be.  His motivational seminars are money making shams, and as you noted his distain for ETFs and buy-and-hold investing is well documented and (IMO) a dangerous message to market to people just learning about personal finance.
"Do not confuse complexity with superiority"

caracarn

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #2 on: February 06, 2018, 01:56:55 PM »
I'd agree.  I read Rich Dad Poor Dad at one point and found it entertaining.  Even signed up for his e-mail messages, but found them full of the junk you get from any of those hucksters.  The only way to make money in finance is to make it seem complicated and selling people on scenarios that increase complexity.  Watching an index portfolio slowly rise is not exciting and therefore people feel there has to be a faster way so people like him find a way to sell snake oil and make money.

LennStar

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #3 on: February 13, 2018, 07:56:36 AM »
Hi all

Just paraphrasing Robert K. but it seems like he thinks ETFs and 'buy-and-hold' is for dumb people.


Well, it's true. It is a technique that gives average results (in fact better then average if you look at managed fonds) for nearly no effort at all.

It is like rice cooking for dumb people: Take the rice cooker, put in rice and water, press the switch and wait until it's done.
Can you make better rice? Sure. Is it worth for you to train for years making better rice by hand? Not for 99% of people.

caracarn

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #4 on: February 13, 2018, 09:43:00 AM »
Hi all

Just paraphrasing Robert K. but it seems like he thinks ETFs and 'buy-and-hold' is for dumb people.


Well, it's true. It is a technique that gives average results (in fact better then average if you look at managed fonds) for nearly no effort at all.

It is like rice cooking for dumb people: Take the rice cooker, put in rice and water, press the switch and wait until it's done.
Can you make better rice? Sure. Is it worth for you to train for years making better rice by hand? Not for 99% of people.
I like that!  Well put.  Maybe send that to Robert.  You might give him and idea for his next book "Rice Dad Potato Dad"

libertarian4321

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #5 on: February 14, 2018, 04:14:37 AM »
I think it's important to remember that Robert Kiyosaki was a broke-ass bankrupt failure until he figured out how to sell "get rich" schemes to suckers.

He didn't get rich investing.

He didn't get rich in real estate.

He got rich selling the dream (in the form of books, tapes, seminars).  Just like every other "get rich" huckster.

He's just another in a long line of "get rich" hucksters who mixes a little truth, a lot of BS/liesexaggerations and high energy presentation to suck fools into thinking he's an expert on money.

I wouldn't trust this clown to walk my dogs, let alone give me financial advice.

Because I love my dogs.  And I actually like making money.



nereo

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #6 on: February 14, 2018, 05:30:29 AM »
I think it's important to remember that Robert Kiyosaki was a broke-ass bankrupt failure until he figured out how to sell "get rich" schemes to suckers.

He didn't get rich investing.

He didn't get rich in real estate.

He got rich selling the dream (in the form of books, tapes, seminars).  Just like every other "get rich" huckster.

He's just another in a long line of "get rich" hucksters who mixes a little truth, a lot of BS/liesexaggerations and high energy presentation to suck fools into thinking he's an expert on money.

I wouldn't trust this clown to walk my dogs, let alone give me financial advice.

Because I love my dogs.  And I actually like making money.
I've never thought about it in this way before, but that's one of the reasons I like this forum.  Unlike so many "get rich" huckters Pete gained FI early through his engineering job and the simple act of saving.  He onyl started blogging about it after, and he didn't start writing about it to gain fantastic wealth - the blog income was almost accidental and never the point.
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actionjackson

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #7 on: February 15, 2018, 11:49:17 PM »
Yeah there was another property guy about a decade ago that had a website all about how RK was a scam. Now there are a few sites that detail his statements vs. research.

I started out on these books when I was about 15/16. At 21/22 I was more onto Buffet/Graham etc. I had the benefit from learning from my father, as he went through the financial learning curve and eventually realized that RK was FOS.

The MMM, if it was a lifestyle scam, would be a pretty average one. It's pretty hard to sell the minimalist lifestyle. You don't see photos on the MMM site with ferrari's and lavish mansions. Like that young kid on youtube that does shit like those handheld videos where he has expensive cars or bookshelves behind him and he craps on about how he reads 100s of books a year, blah blah blah.

TheGrimSqueaker

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #8 on: February 22, 2018, 04:47:23 PM »
Yeah there was another property guy about a decade ago that had a website all about how RK was a scam. Now there are a few sites that detail his statements vs. research.

John T. Reed has a Web site where he rates real estate investment authors, and he came down pretty hard on Kiyosaki. Maybe he's the one you're talking about. Reed has some good ideas and I own some of his books, but he went off the rails on the hyperinflation issue. I wouldn't call him an all-out doomsday prepper but he's a bit of an extremist that way and also doesn't think very highly of females. I've met him in person and although his real estate advice is rock-solid I have to admit he's not someone I'd invite over for dinner.
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actionjackson

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #9 on: February 23, 2018, 09:37:40 PM »
Yeah, that's the guy.

I got the impression he was pretty intense. I mean, you have to be a pretty strong personality whereby someone's actions frustrate you enough that you'll build an entire website dedicated to them.

Timodeus

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #10 on: March 05, 2018, 09:37:09 AM »
I certainly agree that Kiyosaki is in general a get rich quick salesman but I have to give credit where it is due. Rich Dad Poor Dad helped motivate me to start saving and investing. His explanation of assets (things that give you money), liabilities (things that take money away from you), and cash flow while simplistic was an eye opener way back when I didn't have two nickels to rub together. I still to a degree use that explanation to help prevent me from purchasing things that I think are good financially when in fact are terrible for my financial well being. As others here have said, this book is only good for beginners to get motivated, beyond that it's worthless as in general Kiyosaki is. In the future I'd recommend The Richest Man in Babylon.

gobius

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #11 on: March 07, 2018, 11:12:34 AM »
If he says ETFs are bad, it's probably because he's getting paid to advertise something else.  I don't usually call someone who disagrees with me a paid shill, but I suspect it's true for him.

nereo

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #12 on: March 07, 2018, 11:55:43 AM »
If he says ETFs are bad, it's probably because he's getting paid to advertise something else.  I don't usually call someone who disagrees with me a paid shill, but I suspect it's true for him.

He's against investing in the market, and talks about how its for suckers and chumps and other machismo insults. That's where I find his advice from what is an asset and what is a liability takes a hard turn into conspiracy-world. He's talked about a complete "melt-down" of the markets due to baby-boomers pulling their savings out as they retire, and has predicted it for at least the last 8 years.  He doesn't seem to understand basic market principles, as he says people with money in 401(k)s will get destroyed while those who can "go long" should be ok... as if markets would tank just 401(k) holdings but not more active, individual trading.
mostly what he promotes buying real-estate with "other people's money" (debt-leveraged).
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clarkfan1979

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #13 on: April 15, 2018, 05:02:58 PM »
His book helped me, but I read it was I was 20. I quickly graduated from his ideas after that.

asosharp

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Re: Robert Kiyosaki - says ETFs are bad
« Reply #14 on: April 15, 2018, 09:48:36 PM »
And don't forget, he wasn't the kid in the rich dad poor dad. He screwed over his business partner who was the real person from it.