Undoubtedly, «Rich Dad, Poor Dad» has marked a before and after in Kiyosaki’s life, since thanks to this work he was able to make himself known and share the lessons he had learned with the creation of his first companies, which failed to reach a significant success in the market.
Today, at 73 years old, Kiyosaki has established himself as a world-renowned entrepreneur and author; His nearly 30 books have sold a combined 40 million copies, although this has not escaped harsh criticism due to his methods and political affiliation.
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A short biography of Robert Kiyosaki
Who is Robert Kiyosaki? Author and businessman, Robert Turo Kiyosaki was born on April 8, 1947 in Hilo, Hawaii, United States, into a family of Japanese descent. He is the eldest son of the family consisting of Ralph H. Kiyosaki and Marjorie O. Kiyosaki, who in life served as teacher and nurse, respectively; he has three siblings: Emi, Beth and John.
Much of what is known about Kiyosaki today comes from the talks he has given and the books he has written.
It is known that he attended Hilo High School, from which he graduated in 1965. Of the events that occurred in his adult life, little is known, although it has been Kiyosaki himself who has spoken about passages of his life in lectures that he has given and in the books that he has written.
In one of his talks, he claimed to have received congressional nominations from Senator Daniel K. Inouye for the United States Naval Academy and the U.S. Merchant Marine Academy.
As for his academic training, Kiyosaki attended the latter institution, located in New York, from where he graduated in 1969 with the degree of deck officer; subsequently, he was commissioned as a lieutenant in the Marine Corps.
After graduation from the U.S. Merchant Marine Academy, Kiyosaki got a job as a third officer with the Standard Oil company; However, despite the prestige that this meant, he decided to resign to join the Marine Corps.
There, he served as a helicopter fighter pilot in the Vietnam War; for his remarkable performance, he earned recognition from the air force.
Kiyosaki also assures that, even though he was in the army, he decided to enroll in the University of Hawaii in 1973; however, a year later the Marine Corps honorably discharged him.
1974 was a year of important changes for Kiyosaki, and there was one event in particular that forever changed the course of his life: attending the EST (Ehrad Seminars Training) seminar, which was intended to transform people’s ability to cope with life situations that you had always wanted to change or that you had put off for a long time.
Taking into account the teachings of the seminar, and prioritizing the achievement of the goals that he had set for himself, Kiyosayi was venturing into the business field, and in just three years he managed to start his own company, which he called Rippers.
Although the founding of his company was a big step in his career, and he managed to appear in major magazines such as Playboy and Newsweek, the company ended up going bankrupt.
A year after this event, the businessman accepted a job with the Xerox company, while working on his second venture: a retail store for rock band-inspired T-shirts, hats, bags and purses; a few months later, the company went bankrupt.
The following five years were of great business growth for Kiyosaki, as he decided to take a new route to undertake; this time, through educational seminars and workshops with a focus on finance.
Thus, in 1985 the Excellerated Learning Institute was born, a company dedicated to financial and business education whose main objective was to guide new generations to make successful investments and recognize their role as agents of change within society.
Following his own advice, the businessman decided to start investing in some properties in the city of Phoenix, backed by the success of his new company, which he managed to sell in 1994.
Thanks to the learnings achieved, in 1992 he published his first book, entitled If You Want to Be Rich and Happy, Don’t Go To School, where he decided to address the young public and their parents, making them see that the decision to sending young people to college could be an unsuccessful investment; Instead, in his book he shared the idea of using the money earmarked for the children’s college to buy property.
Currently, most of Kiyosaki’s earnings come from talks he has given around the world with his ‘Rich Dad’ seminar franchise.
Financial approach and philosophy
Despite the failures he has had as an entrepreneur, Kiyosaki is a man who did not give up in his attempt to enter the market and position himself as a benchmark in financial education.
For some people, his advice and procedures have not been well received, although this has not prevented his books from being positioned as a reference for reading in the world of finance.
In addition, as an entrepreneur, he has managed to reinvent himself to operate several companies and offer his own franchises, through which other people can share the content of his seminars independently.
Among the companies operating under him are Rich Dad LLC, Whitney Information Network, Rich Dad Education and Rich Dad Academy.
His financial philosophy has been revealed in nearly 30 books published by him; In it, he highlights the importance of generating passive income by focusing efforts on business and investment opportunities, highlighting real estate, businesses, stocks and profits.
The foregoing establishes as a goal that this income allows generating sufficient funds both to invest and to achieve financial independence; In this regard, he has also chosen to invite experts on the subject, whom he has called ‘Rich Dad Advisors’ or ‘Rich Dad Advisors’, who share the basic knowledge of investment in real estate and financial planning, among others.
Also, within his teaching approach, he differentiates “assets” from “liabilities”; The former focus on things that can generate income, such as dividends from stocks and income from investing in property. On the other hand, «liabilities» are those things that contribute to spending money, such as credits, car loans, credit card payments and student loans.
So what does it take to be rich? According to Kiyosaki’s teachings, financial influence is a fundamental element for a person to become rich despite the risks.
Most important books
- Title: Rich Dad Poor Dad – What the Rich Teach Their Kids About Money – That the Poor and Middle Class Do Not! Year of publication: 1997.
- Title: Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom; Year of publication: 2000
- Title: Rich Dad’s Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not !; Year of publication: 2000
- Title: The Business School for People Who Like Helping People; Publication year: 2001
- Title: Rich Dad’s Rich Kid, Smart Kid: Giving Your Children a Financial Headstart; Year: 2001
Title: Dad’s Retire Young, Retire Rich; Publication year: 2002
- Title: Rich Dad’s Prophecy: Why the Biggest Stock Market Crash in History Is Still Coming… and How You Can Prepare Yourself and Profit from It! ; Publication year: 2002
- Title: Rich Dad’s The Business School: For People Who Like Helping People; Year 2003
- Title: Rich Dad’s Who Took My Money ?: Why Slow Investors Lose and Fast Money Wins !; Publication year: 2004
- Title: Rich Dad, Poor Dad for Teens: The Secrets About Money – That You Don’t Learn in School !; Publication year: 2004
- Title: Rich Dad’s Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business; Publication year: 2005
- Title: Why We Want You to Be Rich: Two Men, One Message; Year of publication: 2006. Co-authored with Donald Trump
- Title: Rich Dad’s Increase Your Financial IQ: Get Smarter with Your Money; Publication year: 2008
- Title: Rich Dad’s Conspiracy of the Rich: The 8 New Rules of Money; Publication year: 2009
- Title: The Real Book of Real Estate: Real Experts. Real Stories. Real Life .; Publication year: 2009
- Title: An Unfair Advantage: The Power of Financial Education; Publication year: 2011
- Title: Midas Touch: Why Some Entrepreneurs Get Rich And Why Most Don’t; Publication year: 2011
- Title: Why ‘A’ Students Work for ‘C’ Students and Why ‘B’ Students Work for the Government: Rich Dad’s Guide to Financial Education for Parents; Publication year: 2013
- Title: The Business of the 21st Century; Year of publication: 2010, co-authored with John Fleming and Kim Kiyosaki
- Title: Second Chance: for Your Money, Your Life and Our World; Publication year: 2015
- Title: 8 Lessons in Military Leadership for Entrepreneurs: How Military Values and Experience Can Shape Business and Life; Publication year: 2015
- Title: Why the Rich Are Getting Richer; Publication year: 2017
- Title: FAKE: Fake Money, Fake Teachers, Fake Assets: How Lies Are Making the Poor and Middle Class Poorer; Publication year: 2019
Personal life and legacy
Robert Kiyosaki’s personal life has not been without criticism; on many occasions, his actions, statements and political affiliations have put him in the spotlight.
In fact, the financial advice he’s shared on his books has gotten him into legal trouble: In 2007, the Ohio division of Real Estate and Professional Licensing issued a statement that they said was primarily intended to issue a warning to all who might. have some affinity with the teachings that Kiyosaki had shared in his books and seminars, many of which were considered illegal.
Three years later, in 2010, a new scandal arrived for the author, as the CBC of Canada carried out a report in which they aimed to expose the fraudulent methods and deceptions that Kiyosaki’s company had perpetuated in Canada when giving its seminars.
In the book «Rich Dad», Kiyosaki shared some alleged success stories, but the Canadian Broadcasting Corporation report found that these had turned out to be a hoax.
After constant criticism, kiyosaki has declared to the media that his intention has never been to deceive the public into believing that they will become rich overnight, emphasizing the fact that «Rich Dad» is only a character. fictional.
On the other hand, his political affiliations have also come under harsh criticism; In 2016, he stood out as one of the figures who most supported the candidacy of Donald Trump for the presidency of the United States, although this fact was not surprising to anyone, since a few years before Kiyosaki and Trump worked together to publish the book Why We Want You to Be Rich: Two Men, One Message, published 2006.
In addition to the scandal to which he was subjected in 2010, when the CBC made a report in which he exposed some lies that Kiyosaki had used to write his books and give his seminars, the Canadian television network did not give up in its attempt to expose once more to the employer.
In 2010, journalist Allan Roth took on the task of attending one of the seminars known as ‘Rich Dad’ or ‘Rich Dad’; This was priced at $ 450, and Roth assisted with a hidden camera with which he was able to record certain key moments of the talks and decipher certain tactics used.
One of the key moments in Kiyosaki’s success came with the publication of his book «Rich Dad, Poor Dad.» This has sold more than 30 million copies, and a fact that stands out is that it was he himself who financed the edition of it, which turned out to be one of his best decisions, since the book was finally bought by the most important publishing houses .
«Rich Dad, Poor Dad» made the New York Times best-seller list for more than six years, during which time he was interviewed by Oprah Winfrey.
After his interview with Winfrey, sales of the book soared, setting Kiyosaki’s career on the road to success, not only personal, but also financial.
On a personal level, Kiyosaki has been remarried since 1986 to Kim Kiyosaki, with whom he resides in Phoenix, Arizona. Little is known of his private life, but there are no reports that Kiyosaki had any offspring.
Robert Kiyosaki is one of the most recognized authors in the world of finance, despite the fact that certain media have pointed to his practices as illegal or unethical; To this day, the businessman continues to emphasize the fact that the best decision for people who want to be rich is to invest in real estate, favoring investment over even a university education.
Is Kiyosaki a billionaire?
After many misadventures in his endeavors, Robert Kiyosaki found a true source of income and ‘assets’ in his various seminars and in the publication of his books, which together have sold more than 40 copies worldwide.
Today, having established himself as an author, entrepreneur, investor, fighter pilot and lecturer, Kiyosaki’s net worth is valued at $ 100 million. In this sense, it could not be said that the businessman is a billionaire, but ultimately he has managed to position himself as one of the most successful entrepreneurs, since he has managed to make his own path from his books and seminars.
What is Robert Kiyosaki’s net worth?
As of the last report in 2021, Robert Kiyosaki’s net worth was $ 100 million.
Rich dad, poor dad, is this a true story?
No. After some accusations against him, Kiyosaki had to go out and clarify that the basis of his most successful book is not centered on a real character.
After many years of success, and after ‘Rich Dad, Poor Dad’ served as the spearhead for the businessman to establish himself as one of the most recognized financial gurus, various media began to report certain inconsistencies in his main story. .
The central rationale for his book is that «Rich Dad» owns a lot of real estate in Waikiki Beach, which, in theory, makes him one of the richest men in all of Hawaii. However, this caused great curiosity among readers, who began to wonder if, indeed, this character existed. Thus, many of them decided to investigate on their own to determine if there was any record of the purchase of real estate by this character, concluding that the person in question never existed.
This was admitted by Kiyosaki himself later, emphasizing that although he was a fictional character, his intention was never to mislead the public, but to offer a useful tool for readers to make sound financial decisions that allowed them to change their positive way your life.
What happened to Robert Kiyosaki?
Robert Kiyosaki’s reputation has been hit hard in recent years, when it was discovered that his most successful book is simply a fictional story, and that many of the teachings the entrepreneur has shared have no real foundation.
As recently as February 2021, Kiyosaki’s company declared bankruptcy; this, because he did not make the payment corresponding to the royalties of his seminars, losing the case in court.
The fact that the company has been forced to declare bankruptcy in order not to pay a sum considered ‘minimal’ has been seen as a bad omen for Kiyosaki’s future ventures, since its name has been directly related to the generation capital for many years.
Despite this, he has a large following on his social networks, and his books continue to be available in the most important stores in the United States and the world.
The life of Robert Kiyosaki is fascinating to some, while to others it is an example of how the public can be misled in their attempt to generate income.
However, although a good part of his success has been clouded by various controversies, such as his support for Donald Trump, or the admission that his best-known character was fictional, the teachings he shared in its pages have remained in the memory of people around the world, especially those who have taken his financial advice to continue growing their capital through “assets” and “liabilities,” two terms that have supposedly guided Kiyosaki’s own decision-making.
The controversy, however, continues to haunt his life and his work, as some of his financial tools have been classified as illegal and, in the least of cases, as impractical or not very achievable for the majority of the population. population.
At 73, Kiyosaki continues to share passages from his life and promote his books through his social networks.