'Rich Dad, Poor Dad' author files for corporate bankruptcy

Geriatrix

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http://www.azfamily.com/news/Rich-Dad-Poor-Dad-author-files-for-corporate-bankruptcy-173639861.html
PHOENIX -- Robert Kiyosaki made himself a mogul with four little words -- Rich Dad, Poor Dad. The book, aimed to educate the masses with the goal of making them rich, captured the country's attention, including Donald Trump.

But even Trump might not be able to help him with a new financial blunder -- going bankrupt. One of his corporations -- Rich Global LLC -- has filed for bankruptcy, after an order to pay nearly $24 million to one of his biggest backers.

"We built up his brand, made it a big brand, and it was time to pay, and he said no!" said Bill Zanker, founder and chairman of The Learning Annex.

The Learning Annex produces and promotes many of the country's leading self-help experts. Zanker took Kiyosaki to court for not sharing the profits he pledged, and Zanker won. But now with the corporate bankruptcy, his wait for the money will continue.

"He's not doing what's supposed to be done," Zanker said. "He's not being an honest man. Now decide if you want to take his advice."

Speaking for the Rich Dad Corporation is CEO Mike Sullivan, who gave a quote to the New York Post.

"We got hit for what we think is a completely outlandish figure," said Sullivan, speaking about the judge's order. "I am not surprised the Learning Annex is upset and angry. The money doesn't exisit in that company, and we can't bring money out of the group."

The Learning Annex could have even more trouble collecting what the judge said it's owed. The company will have to go through bankruptcy court to see what it can get. Calls and emails to the Rich Dad Company have not been returned.
 
I was waiting for this to happen.

It reminds me of the authors of "The Rules" who both got divorced.

You're in no position to give advice !
 
I was waiting for this to happen.

It reminds me of the authors of "The Rules" who both got divorced.

You're in no position to give advice !

But he got sued ? Also its the company that's bankrupt not him.

The whole rich dad thing is about separating your liability from your assets and not paying for things you don't want to pay for.... so sounds like it caught up with him.

I wonder if he "had all his eggs in one basket"
 
But he got sued ? Also its the company that's bankrupt not him.

The whole rich dad thing is about separating your liability from your assets and not paying for things you don't want to pay for.... so sounds like it caught up with him.

If it's his company, he must take responsibility!
 
Remember, many rich men/entrepreneurs go bankrupt a couple of times in their lives.
 
But he got sued ? Also its the company that's bankrupt not him.

The whole rich dad thing is about separating your liability from your assets and not paying for things you don't want to pay for.... so sounds like it caught up with him.

I wonder if he "had all his eggs in one basket"

Busy reading his book and if he is doing that then he's certainly not practicing what he preaches.
 
Rich dad, Poor Dad, Bankrupt Dad.

Only one of his companies is going bankrupt, that is due to him not wanting to pay out the $24 million from a company that only has a few million.

His personal net wealth is estimated at $80 Million and that isnt getting touched. Not that I agree with his advice, alot of it is pretty shady and illegal but I guess that how the rich get ahead. No morals.
 
If it's his company, he must take responsibility!

You would think hey ?


One of the things suggested by Rich dad poor dad is to use other peoples money to purchase stuff. He is the guy who was promoting this thing where you buy a house with a trust and avoid liability. If something goes wrong the trust takes the knock... not the individual.

Trust me... this dudes real cash is far away.
 
I never trusted that book much. It was all sucked out of his thumb. While some of the principles where good overall it gets a few basic things wrong. Rather look at books that have statistics backing them like "The Millionaire Next Door".
 
I never trusted that book much. It was all sucked out of his thumb. While some of the principles where good overall it gets a few basic things wrong. Rather look at books that have statistics backing them like "The Millionaire Next Door".

Yeah the first part of the book is based on conversation he had with his 'rich dad'. I think it's important to get as many views on the matter as possible. Never the less, I WIIISH I had read this book when I was younger and had still had disposable money to do wiser things with.
 
He has admitted that the whole rich dad was fabricated out of his imagination.
 
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