CBC's Marketplace takes a long look at Robert Kiyosaki, the bestselling "Rich Dad, Poor Dad" author whose seminar series is traveling around Canada making tons of money -- and offering little of value to consumers in return.
Using a hidden camera investigation, CBC found that a $500 get rich in real estate workshop, which is not presented by Kiyosaki himself but rather by a Kiyosaki-branded coach, consists largely of a sales pitch for "advanced courses" that cost $12,000 to $45,000.
Then there's dubious advice like "Try to get your credit card limit raised to $100,000 so you can invest in real estate" -- or, conveniently, in more Robert Kiyosaki courses.
They confront Kiyosaki about the allegations, and his replies are somewhat less than helpful. Kiyosaki's defense is that he doesn't run the seminars -- he merely licenses his brand to Whitney Information Network, a company founded by Russ Whitney, a convicted felon with a history of regulatory run-ins. He says he's concerned by the conduct of the seminar leaders and will look into it.
But if your name is on something and you're profiting from it, shouldn't you take a little responsibility?
John T. Reed, the real estate guru's guru, has wonderful trashings of Kiyosaki and Whitney, located here and here, respectively.
Chuck Jaffe has also trashed the Kiyosaki seminars, as have I, and as will most people who shell out $500 for them.
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