Robert Kiyosaki is a popular figure in the world of personal finance. Kiyosaki is the author of “Rich Dad Poor Dad,” a book he self-published back in 1997 that went on to spend more than six years on the New York Times bestseller list. In the book, Kiyosaki argues that it’s extremely difficult to build wealth from a paycheck, and the best way to become rich is by owning real estate and other assets that generate passive income.
Some of Kiyosaki’s practical personal finance advice is sound, if not particularly original. For example, he argues that building wealth is more about how much money you spend than how much money you earn.
Kiyosaki is a self-proclaimed finance guru, but his financial track record prior to “Rich Dad Poor Dad” isn’t particularly impressive. The Hawaii native has a Bachelor of Science degree from the U.S. Merchant Marine Academy but failed to complete an MBA program at the University of Hawaii at Hilo. Several companies he founded have gone bankrupt, and Kiyosaki was reportedly living out of his car during the worst of his financial struggles.
Beyond his questionable resume, some critics have also blasted Kiyosaki for dangerous and illegal advice he has given during speaking appearances, including advocating for insider stock trading, recommending investors buy stocks on margin in unfunded brokerage accounts and advising people to buy multiple real estate properties with little or no money down.
Over the years, Kiyosaki has not been shy on weighing in on…
