Despite Rich Dad, Poor Dad fame, Robert Kiyosaki has experienced several bankruptcies and plenty of criticism over his financial philosophy. The author and seminar brand leader hasn’t always been entirely forthcoming about how he makes money. Now, he claims to know how Americans can protect their assets. Is Kiyosaki a financial guru or fraudster? Here's what we know.
Kiyosaki, who was born in 1947, has become well-known by many in the financial world thanks to his controversial book Rich Dad, Poor Dad. In the book, he compares two fathers, one that becomes wealthy and the other who wastes his life by getting an education. Kiyosaki uses Rich Dad, Poor Dad as a brand and continues to give financial advice.
Kiyosaki has been sued for scamming customers.
Kiyosaki positions himself as someone who is smart with money and can teach others how to become wealthy. However, the business practices and investing models he recommends in his books and seminars often come across as shady or even illegal. His claims often seem controversial, such as the belief that the U.S. dollar has no real value.
Criticisms of Kiyosaki include claims that his seminars, even those that come with high ticket prices, don’t provide any tangible advice. He may have been involved in multi-level marketing schemes as well.
In 2012, following a number of class-action lawsuits accusing his company of providing no real value in its pricey seminars, Kiyosaki’s company went bankrupt.
Despite his financial problems, Kiyosaki still speaks publicly on financial topics.
In spite of his bankruptcies, Kiyosaki still has a visible platform on social media where he promotes his beliefs about financial markets and best ways to invest. He has said that in 2008 he made a lot of money on “real estate bargains” and that it was a “great time to get rich.”
Kiyosaki predicted a major crash in 2013, and recently tweeted, “THAT CRASH is HERE. Millions will be wiped out.”
How does Robert Kiyosaki feel about crypto investing?
The author and entrepreneur has promoted investing in precious metals for years and currently prefers silver to gold because it's an “industrial precious metal.” He also recommends buying silver directly, rather than investing in precious metal ETFs.
According to Bitcoin.com, Kiyosaki recently encouraged his followers to “invest in real money,” which he defines as gold, silver, and bitcoin (though he's said that it's all crashing too). He has tweeted “2022 is your time to get richer” and said that true entrepreneurs are always creating their own jobs and assets.
Kiyosaki co-authored two books with Donald Trump and has a large net worth.
Kiyosaki has written other books, including If You Want To Be Rich and Happy, Don’t Go To School. He co-wrote Why We Want You to Be Rich as well as Midas Touch: Why Some Entrepreneurs Get Rich—and Why Most Don’t with Donald Trump.
Thanks to his impressive book sales and the seminars promoting the Rich Dad, Poor Dad philosophy, Kiyosaki has an estimated $100 million net worth, according to Celebrity Net Worth. Critics often claim that Kiyosaki has made his money by selling himself and his brand, rather than by smart investments.