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American finance author and investor From Wikipedia, the free encyclopedia
Robert Toru Kiyosaki (born April 8, 1947) is an American businessman and author, known for the Rich Dad Poor Dad series of personal finance books. He is the founder of the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos, and Rich Global LLC, which filed for bankruptcy in 2012.[1]
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Robert Kiyosaki | |
|---|---|
Kiyosaki in 2023 | |
| Born | Robert Toru Kiyosaki April 8, 1947 Hilo, Territory of Hawaii, U.S. |
| Occupation | Businessman, author |
| Subject | Personal finance, business investing |
| Years active | 1973–1994 1997–present |
| Notable works | Rich Dad Poor Dad |
| Spouse |
Kim Meyer
(m. 1986; div. 2017) |
| Relatives | Emi Kiyosaki (sister) Beth Kiyosaki (sister) John Kiyosaki (brother) |
| Website | |
| www | |
Since 2010, Kiyosaki was the subject of a class action suit filed by people who attended his seminars,[2][3] and the subject of investigative documentaries by CBC,[4] WTAE-TV.[5][6]
Kiyosaki was born in 1947 in Hilo, in the American Territory of Hawaii, into a family of Japanese descent.[7] His father was an academic and educator; his mother, a nurse, [3] and his father's name was Ralph H. Kiyosaki (1919-1991).[8]
He worked at Standard Oil Company after being trained in the Merchant Marine, to be able to travel the world and explore emerging markets. He served in the Vietnam War as a Navy officer and helicopter pilot, where he studied troop leadership.[9] Following this, he worked at Xerox in 1977 to learn about sales.[8] He is married to Kim Kiyosaki and since 1994 they reside in Phoenix, Arizona.[10]
In 1977, Kiyosaki started a company called "Rippers" that marketed nylon and Velcro wallets.[11] The company eventually went bankrupt and he took a job as a sales associate for Xerox until June 1978.[11]
In 1993, Kiyosaki published his first book, If You Want to Be Rich and Happy, Don't Go To School. In his book, he encouraged parents not to send their children to college and instead to enter the real estate business.[12]
In 1997, Kiyosaki launched Cashflow Technologies, Inc., a holding company that owns and operates the Rich Dad and Cashflow brands.[11][13][14] Kiyosaki created the Cashflow board and software games to educate adults and children about business and financial concepts.[15]
Kiyosaki's earlier two businesses (for surfing bags with Velcro fasteners and T-shirts) went bankrupt.[16]
Kiyosaki operates through a number of companies that he owns fully or in part, and through franchisee arrangements with other companies authorized to use his name for a fee.[17] This includes Rich Dad LLC, Whitney Information Network, Rich Dad Education and Rich Dad Academy.[18] The company's main revenues come from franchisees of the Rich Dad seminars that are conducted by independent individuals using Kiyosaki's brand name.[19]
In 2012, Kiyosaki's company "Rich Global LLC" filed for bankruptcy and was ordered to pay nearly $24 million to The Learning Annex and its founder.[20][21]
Kiyosaki has authored more than 26 books including Rich Dad Poor Dad, which has been translated into 51 languages and sold over 41 million copies worldwide.[citation needed] In an interview with CBC, Kiyosaki described his books as an advertisement for his higher-priced seminars.[3]
Kiyosaki's financial and business teachings claims that financial independence can be achieved through passive income.[22][23] He also claims that wealth cannot be achieved from going to school and obtaining a traditional job.[24]
He has been known to advocate for using what he calls "good debt" as leverage to buy financial assets like real estate.[25] Additionally, he is a strong proponent of buying gold and silver, often referring to them as "God's money."[26]
Kiyosaki married his wife Kimberly "Kim" Kiyosaki (née Meyer) in 1986.[27] The couple amicably divorced in 2017.[28]
Kiyosaki is said to have a net worth of around $100 million, primarily derived from his investments and his "Rich Dad Poor Dad" brand.[29] When asked about his net worth, he claimed to be more than $1 billion in debt.[30]
Kiyosaki endorsed and supported Republican candidate Donald Trump for the 2016 presidential elections.[31] Kiyosaki had previously co-authored two books with Trump.[32]
Kiyosaki's advice has been criticized for emphasizing anecdotes and containing nothing in the way of concrete advice on how readers should proceed or work.[33]
In 2006 and 2007, Kiyosaki's Rich Dad seminars continued to promote real estate as a sound investment, just before their prices came crashing down.[34]
In 2010, the Canadian Broadcasting Corporation did an exposé on scams that were being perpetuated by Kiyosaki's company in Canada in the guise of seminars.[4] Upon tracking the success claims of "Rich Dad" seminar organizers, they discovered that these claims were not true. Investments in trailers and trailer parks, which were being propagated as "successful" by seminar teachers, were found to actually be barren pieces of land that no one was using. Their Marketplace exposé on his seminars in Canada showed what occurred in $450 seminars through a hidden camera, including Kiyosaki's response to them.[15]
Also in 2010, Allan Roth of CBS News documented what occurred when he attended one of Rich Dad's free seminars and dissected some of the tactics employed.[35]
WTAE-TV, the ABC television station in Pittsburgh, Pennsylvania, produced another critical segment about him in 2013.[5]
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