Maybe you can figure out what Kiyosaki is trying to say in this article about bad financial advice
Basically, he bashes traditional financial advice, which tells us to ride out the waves of the stock market and continue investing in tax-deferred retirement accounts and mutual funds with strong track records. He starts talking about how investing in real estate made him wealthy, and he depends on his businesses and investments to live. But, then he goes on to say that his advice isn’t for everyone and it’s not for those who work for commission and a paycheck. And he says that he’s not recommending gold, silver, and real estate as good investments right now.
Okay Robert, if you’re warning us against bad financial advice, then what is your financial advice? You consider yourself an expert, right? This article was so wishy-washy, and he never took a position about anything. I’m starting to wonder if he wrote it or one of his little interns wrote it. There are plenty of people who become wealthy the old way, and advising people without the financial means to start investing in real estate is so risky that it’s the kind of risk that will make you go bankrupt. He says in the article that he got started in real estate investing with some “creative financing”. Creative financing is another term for getting financing when you can’t afford the loan. He was persistent and probably didn’t sleep until he had a renter in every one of his properties.
This article just bothered me on many levels, and I wanted to see what you all thought about it. The comments on Yahoo Finance were full of Kiyosaki lovers and haters, and not many people in the middle about his advice. What do you think? Do you think it’s bad advice to tell people to continue developing their “paycheck” career and invest in a mix of stocks and real estate with cash?