Tuesday, October 30, 2007
Robert Kiyosaki and Amway: Birds of a Feather
In my research of Amway and Quixtar, I have learned a lot about financial self-help author Robert Kiyosaki--best known for the Rich Dad, Poor Dad book series. What I have learned is not pretty. John T. Reed, a real estate investor who rates real estate and financial gurus on his web site, has done painstaking research on Kiyosaki and has found that the emperor wears no clothes: Kiyosaki is a fraud and is "primarily a creature of Amway."
In agonizing detail, Reed exposes the following: how Kiyosaki's approach to financial matters is hazardous to your pocketbook; Kiyosaki's phony backstory about his two dads; how Kiyosaki was propped up by his association with Amway; and Kiyosaki's fictional past.Furthermore, on Reed's site, it is explained how Kiyosaki got his first big break when his Rich Dad, Poor Dad book began being used as part of the tools scheme by an Amway kingpin distributor.
Certainly, one huge strike against Kiyosaki as a financial adviser is that he has appeared at Amway rallies and endorsed the Amway business "opportunity." That alone is enough for sane people concerned about their financial affairs to put as much distance between themselves and Kiyosaki. This is horrendous advice that has been responsible for many people losing their shirts.
What makes Kiyosaki frightening is that the initial boost in book sales he received by the Amway masses encouraged non-Amway people to embrace him. This has helped to give him mainstream credibility. For instance, Kiyosaki has plugged his books on Oprah Winfrey's show. I think it's ironic that Oprah has taken great pains to denounce the fictionalized biography of author James Frey when she has accorded legitimacy to another author with a fictional biography who also gives terrible financial advice that can have real, negative consequences for those who follow his advice.
In addition, the Corporation for Public Broadcasting has given Kiyosaki legitimacy. Kiyosaki has appeared on PBS during their pledge drives touting the philosophy of this Rich Dad, Poor Dad series. PBS's ombudsman is Michael Getler. I don't have much confidence in Getler (Getler was ombudsman for the Washington Post when I and others informed him about journalistic misconduct committed by one of his reporters and Getler did nothing about it). However, to Getler's credit, he has addressed controversies surrounding Kiyosaki.
Anyway, it's worth a try. Click here to register your concerns about Kiyosaki to Getler.
Posted by Scoobie Davis at 1:25 AM