Saturday, January 30, 2010

Who's getting rich off rich dad?

Marketplace has a special on Rich Dad Poor Dad seminars going on in Canada. It shows for a $500 fee the course just exploits people's insecurities about not being wealthy to sign up for more expensive courses of up to $45,000. The instructor pushed his class to raise their credit card limits immediately because they are going to need the "cash" for real estate "investing". Conveniently, as one student points out, they will also be able to charge these courses with the high limits as well. Rich Dad author Robert Kiyosaki was confronted about this and admits he is not happy with Whitney Information Network, the company which licenses his brand. Of course his disgust doesn't change the fact he is still getting rich off them.

Marketplace also followed up with one of the example the instructors used, a trailer court in Saskatchewan that ended up being bogus and also with some unhappy customers.

Watch the video here


BearClaw said...

Here is a consumer report's blog regarding affiliates of the Whitney Information Network for a get rich quick stock trading program.

BearClaw said...

SEC charges

squidly77 said...

yeah, you have to really watch for the scammers they are a dime a dozen

sometimes there clients do become better off temporarily but their personality type denotes certain failure in the end

like a house buyer in 2003 thought that he was an economic genius in 2006 and HELOCED his home to the max and temporarily enjoyed the high roller role

or the guy that rents a $3,000 suit and the omega watch and wears it like its all his own

no such beast as free money

a fool and his money are soon parted

Carioca Canuck said...

Robert Kiosaki is a fraud as well.

Carioca Canuck said...

Robert Kiosaki is a fraud as well.

Radley77 said...

Looks like sales rate is very low on a seasonally adjusted basis for January. In January 2009, sales (besides the credit crisis (LIBOR freakout) have not been this low since the beginning of last decade (2001).

The seasonally adjusted sales to new listings ratio of 53% is indicative of a stable market price wise (50% sales to new listings ratio is indicative of a completely flat market). This tells me that due to the low sales rate, it would take barely ANY additional new listings to push the market back into a declining price environment.

Short term speculators are very much at risk right now due to the low sales rate.

I expect that sales rate will be at or less than historical averages for some time.