In 2010, Allan Roth of CBS News documented what occurred when he attended one of Rich Dad's free seminars and dissected some of the tactics employed.
In 20, Kiyosaki's Rich Dad seminars continued to promote real estate as a sound investment, just before their prices came crashing down. Kiyosaki's advice has been criticized for emphasizing anecdotes and containing nothing in the way of concrete advice on how readers should proceed or work. Investments in trailers and trailer parks, which were being propagated as "successful" by seminar teachers, were found to actually be barren pieces of land that no one was using. Upon tracking the success claims of "Rich Dad" seminar organizers, they discovered that these claims were not true. In 2010, the Canadian Broadcasting Corporation did an exposé on scams that were being perpetuated by Kiyosaki's company in Canada in the guise of seminars. Kiyosaki also co-authored two books with Trump.
Kiyosaki endorsed and supported Republican candidate Donald Trump for the 2016 presidential elections. He stresses the importance of building up an asset first to fund one's liabilities instead of saving cash or relying on a salary from a traditional job. Kiyosaki uses the term " assets" for things that put money in one's pocket. Kiyosaki's financial and business teachings focus on what he calls "financial education": generating passive income by focusing on business and investment opportunities, such as real estate investments, businesses, stocks and commodities, with the goal of being able to support oneself by such investments alone and thus achieving true financial independence. This includes Rich Dad LLC, Whitney Information Network, Rich Dad Education and Rich Dad Academy. Kiyosaki operates through a number of companies that he owns fully or in part, and through franchisee arrangements with other companies authorized to use his name for a fee.
Main articles: Rich Dad and Rich Dad Poor Dad In 2012, Kiyosaki's company "Rich Global LLC" filed for bankruptcy and was ordered to pay nearly $24 million to The Learning Annex and its founder. In an interview with CBC, Kiyosaki described his books as an advertisement for his higher-priced seminars. Kiyosaki's earlier two businesses (for surfing bags with Velcro fasteners and T-shirts) went bankrupt. In 1997, Kiyosaki launched Cashflow Technologies, Inc., a business and financial education company that owns and operates the Rich Dad and Cashflow brands. In his book, he encouraged parents not to send their children to college and instead to enter the real estate business. In 1993, Kiyosaki published his first book, If You Want to Be Rich and Happy, Don't Go To School. Kiyosaki took a job as a sales associate for Xerox until June 1978. In 1977, he started a company called "Rippers". In 1974, Kiyosaki attended the Erhard EST seminars, which he says changed his life. Kiyosaki was born in 1947 in Hilo, in the American Territory of Hawaii, into a family of Japanese descent. Kiyosaki's company, Rich Global LLC, filed for bankruptcy in 2012. Kiyosaki is the subject of a class action suit filed by people who attended his seminars and has been the subject of two investigative documentaries by CBC Canada and WTAE USA.
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Kiyosaki is the author of more than 26 books, including the international self-published personal finance Rich Dad Poor Dad series of books which has been translated into 51 languages and sold over 41 million copies worldwide.
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He is also the creator of the Cashflow board and software games to educate adults and children about business and financial concepts. The company's main revenues come from franchisees of the Rich Dad seminars that are conducted by independent individuals using Kiyosaki's brand name. Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos. Robert Toru Kiyosaki (born April 8, 1947) is an American entrepreneur, businessman and author.
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