There has been a lot of controversy over the last few days about Robert Kiyosaki’s legal problems in the USA. It subsequently fell into disrepair, disputes and disuse.Property Investor’s School CD Set This 10 CD set is a live recording of the 2-day event Dolf teaches. It contains over 10 hours of audio learning and an interactive 100 page workbook to be used in conjunction with the audio allowing you to work along with Dolf as he takes you through individual investment processes.
They directly helped create and run massive tours that filled places like Madison square garden for financial lectures – that holds up to 20,000 people. It had a very substantial US promoter, The Learning Annex, who promoted him and the Rich Dad brand in the USA, right at the start of the “Rich Dad” adventure.The owner, Bill Zanker and his company, were instrumental in not only getting Robert on the USA and international stage, he co-wrote books with Robert, he was the person who put together the books and speaking tours with Donald Trump, and helped Robert get on the Oprah Winfrey show. A company he owns is going into receivership, after a court case went bad, and had a judgement levelled against it that is greater than the company’s net worth.The long and the short of it is that one of the companies he owns, Rich Global LLC ( a US version of Pty Ltd company, where liability for debts is limited ), was Robert’s original primary trading company for the Rich Dad brand,( many more have since been created to run different parts of the empire since).
His conservative net worth is currently placed at over $80,000,000.00 currently. Paying the bill would not wipe Robert Kiyosaki out by any means. However – that is not the same thing as a moral argument.The thing is – there is both a legal and moral weight to Bill Zanker asking to be paid for helping make the Rich Dad brand the international success that it is today. Given how crazy US litigation can be, it is not an unheard of kind of legal firewall, that the well-heeled use to protect themselves from spurious legal claims against them and their assets. Promoters work on a percentage of profits created – and a signed agreement took place between Robert and Bill, and their respective companies before they started working together.A New York civil court has held that Robert, and his company did not pay up the percentages owed to Bill Zanker and his company, The Learning Annex, and have awarded a costs and punitive damages bill just short of $24,000,000.00.Rather than pay the bill, Robert has chosen to use the legal dodge of seeking Chapter 7 bankruptcy protection – which is the same as declaring a company insolvent and putting it in the hands of a receiver in Australia, to sell up and pay out any creditors a few cents in the dollar.What he is doing is legal.
At the same time- I think there is more to it than this alone.Robert has always enjoyed creating publicity and controversy, by putting the boot into other people. There is also a lot of truth to say that the higher profile you have, the more detractors you will normally have. Envy, sloth, a poisonous attitude to money, and to those who have it, are not uncommon. ” Rich Dad, Bankrupt Dad” was one of the completely misleading headlines… There is justification to say that there are a lot of people who would rather tear others down, than get off their own duff and build themselves up. I think that a virulent strain of schadenfruede, or delight in the misery of others runs through this. Certainly, a judge and a jury of Robert’s Peers thought so in New York late last week.It would appear that quite a few people have been quick to crow about this situation, suggesting it was a personal bankruptcy, and misreporting what has been happening.
At the same time – the way that Robert’s family, friends and strongest supporters over many years have been treated, is the real “elephant in the room” that people avoid talking about. I feel that much of the criticism levelled at these commentators by Robert Kiyosaki has been justified. Just don’t expect the commentators who have cost people billions from following their advice, that are still drawing salaries in mainstream media, and have their TV spots sponsored by organisations like JP Morgan Chase and the AMP society, to admit that any time soon. As it turns out, with the events of 2008 forward, most of what Robert said in his books for years about what was coming, has proven to be right. There are many other financial commentators, both overseas and here in Australia, who share similar beefs with Robert. Not in the least would be people like Suze Orman, a financial commentator in the USA who is publicly scathing of Robert after his accusing her of being a shill of Wall Street bankers, insurance companies and Mutual funds.
Real Dads do not vanish in a puff of smoke during a relationship breakdown, and then pretend their children don’t exist in public afterwards.The second major supporter who appears to have been used, abused and discarded, would be the co-author of the book “ Rich Dad, Poor Dad”, Sharon Lechter.Sharon Lechter, who co-authored “Rich Dad Poor Dad” and other similarly branded books with Robert Kiyosaki, resigned from the company they created together, and stated that her ex-business partner and his wife were enriching themselves at the company’s expense, diverting assets and wasting money in a business that she helped build from scratch. This does not sit well with a personal brand image of being a father. From the early 1990s to this day, Robert Kiyosaki seems to have pretended those kids do not exist – nor did the first wife. She and the children are acknowledged in the first book Robert wrote, which was “ If you want to be rich and happy – Don’t go to school?” , however, from what records I could lay my hands on, that is the last time that appears to have happened. They appear to have married in the 1970s, and divorced in the 1980s, when Robert went bankrupt for the first time – which from what records are available, was both a business and a personal bankruptcy.
According to Sharon, Robert Kiyosaki ‘s “volatile temper, spurious accusations, foul language and inappropriate behaviour” created a hostile work environment for her. Kiyosaki once told staff members she was the only “indispensable” person on the team. While Robert has been the face of the company and appeared on TV programs, she was the one who “refined and created” the original book. Management wanted to live the high life on the company dime, rather than put the company first.)Success from the original book catapulted their joint venture, commonly known as the Rich Dad Co., into a multimillion-dollar operation. It took him down into bankruptcy with it, when personal guarantees were called in.
Dolf now seems to have been dropped like a hot potato. Dr Dolf De Roos, a Kiwi, was Robert’s fair haired ‘Property Guy” for some years. All of the books she co-authored under the Rich Dad umbrella are now being published in subsequent print runs minus her being credited for her work.Having followed Robert as a fan now for twenty years, owning nearly every book he has ever written, and most of his products, there are a number of “Rich Dad Advisors” that seem to have come and gone, too. Eventually, the case was settled, however, the fall out was pretty bitter. As a result, she applied to the court to dissolve the partnership, put in receivers, and have the assets of the company divided by percentages of ownership and contribution.
Yet it would be hard to justify the change, based on how many people in Australia and New Zealand Dolf has managed to help become successful property investors over the years.From the beginning, the Rich Dad company has reached out through the fan network outside the USA. Robert now has another chap, Ken McElroy teaching real estate. I have a number of friends who credit his coaching with having a large part in helping them become financially independent through investing in real estate.
I was particularly proud of being the founder of one of the first clubs in Australia, and that members of my club were written up in the book “Rich Dad success stories” from their own efforts at applying what they had learned.After relying on these clubs to effectively fill seminar rooms for years, with considerable heavy handedness there was first an attempted indoctrination process of these clubs. I was as much an evangelist as anyone, as someone who ran a Cashflow club for the better part of eleven years. From the very beginning, grass roots word of mouth selling was the primary means of selling the “Rich Dad” message – particularly in Australia.
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