Consumerism Commentary - Latest Comments in Stupid Investment of the Week: Rich Dad Academy

Re: Stupid Investment of the Week: Rich Dad Academy

Claudia Schlimgen — Tue, 11 May 2010 09:30:36 -0000

I too have been duped by Rich Dad! We signed up last Sept. for a 3 day conference, when they told us the up coming date we were unable to attend, but we were reassured to pay the reduced rate that night and it guaranteed us the spot for the next one in our area. (Which would be soon) They assured us we would be kept notified, we were not. I have had to continually call and check, it is May and nothing is coming up for our area. I have notified them and requested a refund they say I according to the contract I had 3 days and I'm not allowed a refund. They have no seminar as they promised and I'm not allowed a refund. If any one out there can tell me who I turn this company into for unsound business practices please let me know.

Re: Stupid Investment of the Week: Rich Dad Academy

Eric — Fri, 05 Feb 2010 20:53:49 -0000

This post is in reference to the Rich Dad Stock/Option Investing seminar.

I attended the free intro session, and found it interesting enough to attend the three-day, $495 seminar. I am not a professional trader, but I have taken investing classes, used on-line brokerage accounts (for stocks), and have a mixed portfolio of stocks, mutual funds, IRAs, 401Ks, etc. While I dissappointed with the limited amount of solid investing information provided, I felt the seminar was worth the time and money I invested in it for the following reasons:

1. I learned about the "technical" approach to identifying and assessing potential stock/option purchases (using the EduTrader/MachTrader software). Previously I was familiar only with the "fundamentals" approach (assessing a companies management, available cash, P/E, etc.)
2. I was exposed to the various types of options available to the investor (put/call, straddle, strangle, bi-directional, etc). It wasn't a lot of information, but the instructor explained well enough that I could understand the differences (I left with 25-30 pages of notes, in addition to written comments in the workbook)
3. The EduTrader software and Intro to Options CDs have been very useful
4. I received the Course Catalog for their Advanced Training. I won't be taking the Advanced Training, but the catalog provides enough information about the topics that you can use it to order books about the topics

I also have to agree with several of the previous posts. You will not learn everything you need to know to start making millions of dollars in stocks/options. This seminar is a sales pitch for you to take additional advanced courses, and pay from $9,500-$39,500. They will recommend you do what ever it takes to pay for the advanced training (max out your credit cards, home equity loan, etc).

If you are generally familiar with investing, would like to receive a guide for a more structure approach to learning, and have a degree of self-discipline to study on your own, this can be a positive experience. Just be prepared for the hard-core salesmanship.

Re: Stupid Investment of the Week: Rich Dad Academy

Angie — Thu, 07 Jan 2010 22:28:28 -0000

Did you get to cancel your purchase wiht full refund and/or no charges? After reading this post I want to cancel my purchase of the three day seminar. Please let me know.

Re: Stupid Investment of the Week: Rich Dad Academy

Scallywag 33 — Thu, 07 Jan 2010 14:49:30 -0000

Why don't you give your rent to me. What kind of idiot uses his rent on an impulse buy?

Re: Stupid Investment of the Week: Rich Dad Academy

Scallywag 33 — Thu, 07 Jan 2010 14:47:35 -0000

It is what it is. But The courses are 2 for 1 at $500. I went splits with someone at the seminar. In the package were 3 books and an instruction manual for the course. Plus a richdad gym bag. You also get a reduced subscription to esignal a savings of $20 bones per month for life. I don't want to be a guru, I just want to make informed decisions and be able to talk the talk to know I'm not being bull-shitted. Thus far it has taught me much. The stock trading seminar seems to be a good start for a novice.

Re: Stupid Investment of the Week: Rich Dad Academy

Vernon — Sat, 07 Nov 2009 08:00:29 -0000

I went to the one day free seminar in Toronto Canada. Like everyone else here I got sucked in and I used my rent money to get in on the ground floor. I was so excited and decided that I was taking a chance and risk on my future finances. Well They gave me a bag with videos Audio and books to read as a bonus for signing up. Then when I got home and I was talking with my wife about it I started to have second thoughts. I promptly bounced that check and then I got a call telling me the check bounced. I acted surprised. And then they asked if I still wanted to go to the 3 days seminar. I said well I don't have any money right now then the lady said they would send me a return Fedex package and I was to return all of the books and stuff. My wife said that they made me pay $500 for the books and were probably going to try and sell me more at the 3 day work shop. Now that I am reading all of these comments online. I am glad I got wise before it was too late!

Re: Stupid Investment of the Week: Rich Dad Academy

Satisfied in Pennsylvania — Sun, 01 Nov 2009 22:41:36 -0000

Today I finished my 3 day seminar on Launch Your Business. I knew going in there would be the promotion of more education. I found the three days to be very beneficial and loaded with a great deal of information about business building and, yes, real estate investment ideas! No, i did not sign up for more education. Yes, they promoted furthering your financial education strongly but no undo pressure at the end when I said "no thank you"!

I found the presenter to be personable, capable and genuinely interested in the betterment of all those attending the class--she even recommended to a few in the class that they needed to work on some areas of their life and finances and not consider taking any classes at this time.

I recommend you do your due diligence about your own motives and expectations of this seminar "before" attending. Don't blame them if you thought you were going to become a business success with only a three day $495 investment--won't happen for you and hasn't happened for anyone else! Success in all areas of life demands much more from us!

Re: Stupid Investment of the Week: Rich Dad Academy

Matt-San Antonio, TX — Fri, 16 Oct 2009 03:01:16 -0000

Yes, I went to the free seminar Rich Dad Stock Success System, I came across this site and also
http://www.ripoffreport.com...

after paying the $495, I called my CC company MasterCard they said I have to wait for the charge to be posted on the account before I can dispute it.

1. Question, disputing the $495 with your CC company did this also include the

currently billing of $39.95 for the software? Or you have to wait for the changes for the month

billing of $39.95 and then call up your CC company again and deal with this a second time?

2. How did yall find out the fax#?

Next Texas city coming up after San Antonio is Austin I heard the guy say in class today not

sure if that is true.

Re: Stupid Investment of the Week: Rich Dad Academy

McLovin' — Sat, 03 Oct 2009 21:07:38 -0000

Well said.

Re: Stupid Investment of the Week: Rich Dad Academy

McLovin' — Sat, 03 Oct 2009 21:04:43 -0000

You're not going to be able to track his real property holdings. He holds his real property and other investments under other legal entities like Trusts, LLCs and Corporations. I've heard of people trying to debunk Kiyosaki on that issue, but it doesn't hold water. He's doing what he recommends everyone else to do, which is find the deals, get them under contract, and work them however you see fit, and do it through a legal entity to protect your assets while using the tax benefits to grow your holdings. In addition, you don't have to know everything (that's what your team is for), just how to make and structure the deal, which takes some education, which need not be obtained through the workshops, although they may be good for the right people. The reason the workshops are held, is that people want them. The trouble is, those same people aren't going to do anything with what they learn, because they have no spine to begin with. They want to be rich, but are not willing to do the WORK it takes to make it happen. If they change their thinking and actually work smart, minimize their risk, expect to fail, and learn from their mistakes as well as their successes, they'll really have nothing to worry about. They're not succeeding because of a bigger issue, and that's themselves getting in their own way. Robert's key message is financial education, and he never says that you will get rich quick, but that real estate is the best way to get rich (which is true) and is as simple (not easy, SIMPLE) as he says. If more people had a better financial education, we wouldn't have had so many subject to foreclosure. All of those who are whining about not succeeding after reading his books and taking his seminars made bad bets, while using their home as an ATM instead of doing it the right way. All that said, it's not like launching rockets, people, but if you want to get rich, you're better off playing the lottery.

Re: Stupid Investment of the Week: Rich Dad Academy

Parker — Tue, 22 Sep 2009 13:29:14 -0000

I had attended the free seminar since I am huge fan of RK. Got into their sales pitch and signed up for 3 day seminar. Started researching and talking to couple of friends, found out that it is pretty much a scam. I could read the material and learn instead of taking up the class. The next day i called them up. after few rounds, i faxed the cancellation form. They kept saying someone would call me to get the material back and work for canceling the class. No one called, no emails send. Thanks to Amex, I disputed and got my money back. I still have the material. Dont know what would happen since it has been more than 25 days of my cancellation. One thing I learned from this is. RK is good inspiration for "Why to" but very poor at "How to" and I think he keeps stressing the point that his audios are for Why to and he does not teach How to. So my suggestion just stick with his RDPD books but do not get into these programs of How to. You are smart enough to find out How to.
Hope this helps.

Re: Stupid Investment of the Week: Rich Dad Academy

Houston, TX...ye-haw! just a — Wed, 16 Sep 2009 02:01:45 -0000

I did receive a full refund. The full amount of the charge, all of it was removed from my American Express Credit Card by the Rich Dad Company without me having to dispute it with Amex. Alls well ends well. For future reference I do not recommend anyone having anything to do with this rich dad company.

Consider yourselves warned

Re: Stupid Investment of the Week: Rich Dad Academy

Houston, TX...ye-haw! Tort La — Thu, 06 Aug 2009 18:49:00 -0000

Yep they got me too, but praise God I woke up fast...We all need to discipline our greed.

Attended the free seminar in Houston, TX on Aug 4, 2009 got suckered into purchasing the 3-day training class. The next day Aug. 5, 2009 I began cancelling the three day training course. Sent in the cancellation notice by certified mail, called RD two days later and they pitched me the "You need to fax us the student contract" I knew that was the beginning of the run-arounds.

Good thing I put it on my AmEx Credit Card, so many people were paying with cash. I've talked wtih AmEx twice already and they told me they are not releasing any funds to that company and a billing inquiry will take place in three days. Tort laws are in place to protect citizens from thigs like this. Dave Ramsey is still my all time favorite he would never run schemes like this.

When in doubt..DOUBT!!! or at least us a credit card that can, and will be disputed in your favor.

Re: Stupid Investment of the Week: Rich Dad Academy

Kim — Mon, 06 Jul 2009 13:02:42 -0000

I attended both the "free" 2 hour seminar as well as the discounted $495 seminar. I am a licensed Realtor, who has been licensed for 10 years. I've either worked in general real estate or for a builder for all but 1 of those 10 years. While I'm not a big fan of the "up sell", I knew it was coming, and gleaned what I could from what was presented. I can honestly say that I learned a tremendous amount in the $495 seminar - and the information was definitely NOT vague. Specific examples, actions, regulations, strategies, scripts were used throughout the 3 days.

For anyone who says it was vague, it sounds to me like it may have been a difference in instructors? My instructor's name was Damien, who seemed to be very experienced, knowledgeable, and "real". Perhaps I was simply duped, but I don't think so. When I went to him with a couple of questions on break, he had real practical answers to my questions (didn't seem like he put me off or was vague in any way). I not only learned some very valuable information for me personally, I've already helped 2 of my clients and 1 friend (going through a foreclosure) with a couple of minor things - which I would have not known about if not attending.

I was (and continue to be) interested in continuing education to make my dream a reality. Let me further say, I have always wanted to invest in real estate for a living - since getting my license 10 years ago, actually. I have simply never taken the time, actions, and commitment to make it happen - because it just seemed like a dream. For me, I think the advanced trainings could be the kick in the pants some people need to make their dream a reality. However, if it isn't your dream - or someone has made you think it "might" be a good dream - you probably will fail miserably because you won't have the commitment in place to make it happen. It isn't get rich quick and it isn't for someone who isn't genuinely interested in real estate. It's something you have to be passionate about!

All that being said, I signed up for the advanced training. 4 courses, a mentor, charged to credit cards for around $26,000. Sounds nuts, right? :) Yeah, to me too. Even though I am extremely pumped and motivated to make my dream a reality, I felt I needed to step back and reevaluate my next actions/spending to make the best decision for me right now.

So I read all these posts thinking that it would be a living NIGHTMARE to cancel. SO FAR, I AM WRONG.

Now, everything has not been processed yet, but I at least have information for you Floridians who took the course. The phone number on my Notice of Cancellation was correct: 800-570-2020. I spoke w/ James at extension 3537 who gave me the proper fax number to send the notice of cancellation to. The fax number is 801-269-5178 - he said to fax it to Attn: Student Resolution. He said it would take up to 10 days to process the refund. Once they receive my cancellation, they will email me the mailing label to use. When I asked, he said the information for which products should be returned would be included - however, he didn't sound confident of that, so we'll have to wait and see. He confirmed my email address without me asking him. I will make sure I set my fax machine to print a confirmation page - and suggest anyone else do the same just in case.

The bottom line is that while I am cancelling the advanced education right now, there's a chance I may sign up later. Or not. The point is that I came away from the 3-day training totally motivated to make this work, and I'll do my own research to find the best educational resources for me personally. I saw another poster say that he took 12-15 pages of notes - I did the same. I've gone back to review them and still feel there was tremendous value (certainly the $495 that I paid) in what was taught.

Like most everything else, the training is not black or white, good or bad. It's some combination and you must decide for yourself if it is a value to YOU. A value to me may not be a value to you. BY ALL MEANS, don't let negative comments on this program or any another allow you to give up on your dream, if that's what you want to do. Don't let it scare you or stop you in your tracks and do nothing! FIND what's best for you and you'll be the winner every time! (...sorry for the rambling...I know many have had bad experiences and I understand that...I would just hate to see someone's dreams dashed simply because of individual opinions and/or negativity...)

Re: Stupid Investment of the Week: Rich Dad Academy

MichiganMac — Thu, 21 May 2009 08:30:39 -0000

I am writing this while day 3 of the stock trading seminar I paid for is going on. I found the first two days one huge sales pitch for the advance training with a small sprinkle of stock trading ideas mixed in. The package they "recommend" is too the tune of $30,000. Amazingly I would guess close to 80+% of the folks in the class appeared to be all in. If nothing else these people are great salesmen!!!

I am not disappointed about my $500 though. I like the Edutrader software...for now until I figure fundemental stock analysis out on my own. I also picked up some basic options trading ideas that I was unaware of. However, a little research shows that this strategies can be learned from the internet for FREE. Thats what I am going to do.

Beware if you are planning to attend one of these 3-day seminars, you learn just enough to be dangerous and your credit cards are at risk to some very good salesmen!!!!

Re: Stupid Investment of the Week: Rich Dad Academy

Greg London — Fri, 08 May 2009 15:34:36 -0000

I am considering purchasing the edutrader services. I found out about EduTrader at one of Robert Kiosayki's investing seminars. This article kind of helps me be a little more critical towards the software.

Re: Stupid Investment of the Week: Rich Dad Academy

GSR — Mon, 27 Apr 2009 00:12:56 -0000

Hey are u going to the Stock and trading seminar I am attending that one to

Re: Stupid Investment of the Week: Rich Dad Academy

Happy — Thu, 09 Apr 2009 10:35:28 -0000

Well I just read the bad reviews listed... WOW... I must say I'm not too " happy " about just purchasing our $ 495.00 package deal from RK's free seminar on April 7, 2009. My husband and I are scheduled to attend the 3 day class on May 1,2 & 3. I want to have an open mind about this investment and apply what we learn.I have followed RK's teaming up with Donald Trump.
I just went to a Donald Trump " free " seminar last night... The sign up fee for 3 day seminar was ( $ 1495.00 ).
Basely the same things were talked about last night in this meeting... So I have to give this seminar a try...

Thank you for letting us know about the credit card scam. We are not taking the cards... Ha!

Oh, my husband has been listening to RK cd's and he's excited about the knowledge so far.

We will send updated info after the class.

Re: Stupid Investment of the Week: Rich Dad Academy

Erik — Sun, 05 Apr 2009 00:36:18 -0000

Just completed day 2 of the 3 day seminar. I agree with the comments above... this event was one big sales pitch and very misleading. A complete waste of time.

I am more upset about the 20+ hours I have wasted over the past 2 days then the $500 I spent on the course. Trying to debate whether or not I sit through the third day in hopes of picking up a few more ideas.

I would have some respect for them if they just spent 1-day giving us the important information and explaining the courses with pricing VERSUS making us sit there for 3-days and wasting our time on a sales pitch that was literally making me shake in my chair with frustration over the time I was wasting and sleaziness of the whole thing. They could have definitely given us the 3-day course in 1-day.

The funny thing... if they were open about their intentions and did not waste days of my life, I would probably have purchased some of the $5K classes. I see the value in investing in education. I can say that I will DEFINITELY NOT buy any of the advanced training b/c of their approach to this whole thing.

Re: Stupid Investment of the Week: Rich Dad Academy

John — Thu, 12 Mar 2009 23:09:57 -0000

Ok first off, Robert Kiyosaki in no way dismisses education and calls it stupid. He has a college degree, and he knows the importance of education. He does, however, feel that schools now a days need to have a financial literacy class. Judging by today's economy, it would be wise for teens to learn how to manage their money correctly. Now will Kiyosaki's methods work for everyone? NO! That's why Robert encourages everyone to educate themselves with every bit of various information they can find. I attended a free seminar and liked what the speaker presented, but I knew that he was going to be sellings those $420 classes and I also knew that I wasn't going to purchase those classes so I avoided it, it's called being smart and aware of your weekly schedule. I have college classes at 8 in the morning. I'll find what the classes are going to teach in the library. If I'm going to pay for classes, I'm going to make sure that Robert Kiyosaki is there teaching so I could ask him a lot of unanswered questions after the seminar. I mean it is my money that i'm giving to the guy after all.

So in conclusion, there is nothing wrong with learning how to invest from Robert Kiyosaki, Warren Buffet, Wall Street Journal and other bits and pieces of information you can find. Just take from it, analyze it, if you feel good about it, try it, and after a little while, come up with your own methods and reasons, if you don't feel good about the information you read, seek other things. Oh and Robert Kiyosaki does not like "get rich quick" schemes. It says so in back of "Rich Dad's Guide To Investing" and his seminars do not preach how to get rich quick.

Re: Stupid Investment of the Week: Rich Dad Academy

sadie — Sun, 08 Mar 2009 13:00:09 -0000

I am not on the dole for Robert Kiyosaki and I am not ignorant! We didn't sign up for the advanced courses and didn't feel pressured to do so! I learned a lot from the 3 day seminar that I am going to be using. Seems we have issues today in this society with succcessful people from unsuccessful people! To me one lacks understanding (but are not ignorant) to believe that a $495, 3 day workshop is going to be all you need to be successful in real estate. I don't believe anybody is ignorant that attends one of these seminars or moves forward to the advanced level but are people looking for what will work for them and a better way to invest and earn income. I actually ended up signing up for coaching with another company because of price and I am very happy with the coaching so far but I cannot cut down the Kiyosaki coaching when I haven't tried it! You get what you expect from these things. If you expect to be scammed you will miss a lot of good information! If you expect to leave with more knowledge than you came with and with a few new acquaintances, then you will leave with more than you came with!

Re: Stupid Investment of the Week: Rich Dad Academy

Larz Carlson — Fri, 06 Mar 2009 14:52:28 -0000

Anyone who has something 'good' to say about these Rich Dad seminars is obiviously ignorant about economics entirely or is on the dole from these slick operators! These $495 seminar are nothing more than a high pressured commercial for the advanced and more expensive courses! These guys are nothig more than 'no-account' motivational speakers with little substance to show. In other words: a bunch of thieving bastards!

Re: Stupid Investment of the Week: Rich Dad Academy

sadie — Sun, 15 Feb 2009 20:41:19 -0000

Completed the final day of the weekend training and had a great time! Picked up some more great nuggets and played the Cash Flow game with some other great people at our table! Yes there is the pitching going on but this is a business and I expect that in business! Businesses do not make money if they are not selling! However, I do believe the education you get with this program would be worth the money! I don't have anything negative to say about this weekend. I got more than my money's worth ($495).

I know a couple of the people who did buy the advanced packages so I will be able to followup with them and see how things go! I am excited for those who were able to move forward and wish them much success! The low point for me was walking away without being able to move forward today! I take away from this experience a much higher Financial IQ, learned some things that will help me and my husband as we continue to build our business. I know there is so much more I need to know and can't wait to get that education!

Re: Stupid Investment of the Week: Rich Dad Academy

sadie — Sat, 14 Feb 2009 21:33:04 -0000

I just finished Day 2 of the $495 seminar (my husband attended with me). It is definitely worth the money as it included CD's books, etc. and the 3 day seminar for 2. I definitely think it would be worth it to move forward to the advanced training but at this time my husband and I just cannot commit. However, we do plan to followup!

Before we attended the seminar I had read the books and listened to some of the CD's and had already started putting into practice our surplus budget and working with our financial statement correctly. I definitely increased my financial IQ just from reading the materials and listening to the DVD's and CD's which came with the $495 and that was before even attending the seminar. I was amazed at how much more we could do with our budget and how I found more money to work with just by following a few suggestions in his books and I thought we actually were pretty good with our budget but WOW I was shocked that I wasn't utlizing what we kept or that we could keep more just by making a few changes.

I am a lot more creative about how to utliize our income! For my family it was money well spent and I am grateful for the opportunity to have had this experience and being reintroduced to RK's books, etc. (I had read Rich Dad Poor Dad about 7 years ago but my radar wasn't up so I missed some very important information). I am excited about going back tomorrow and playing the Cash Flow game and enjoying the great people who are also attending the seminar. It has motivated me to take action on some other things I have procrastinated about for far too long and I am very excited about getting that kick in the rear to be proactive on these goals. That kick alone was worth the money!

I think you get out of things what you expect. I knew for $500 I would not walk away from 3 days knowing how to do real estate! I got what I expected and I was in tune to that so I picked up a lot of nuggets to utlize! For me I got far more than my money's worth! No regrets here!

Re: Stupid Investment of the Week: Rich Dad Academy

Randrich — Fri, 06 Feb 2009 11:53:13 -0000

I purchased the Wealth Intelligence Academy Real Estate Success Software software a few weeks ago and it seems to work fine so far. I'm don't beleive it's the same software complained about above. This one helps do valuations , comps, find foreclosures , pre-foreclosures and also has legal documents you can use for deals. (and nice google map features)

My concern is the lack of online forums, blogs, equimine support page, etc.
I've had all kinds of trouble trying to get onto the richdad discussion boards or the very similar WIA forums. I understand why they need to keep the negative chatter, especially from competitors , but I just want to discuss and compare notes with other users of this software. The manual is a good start, but as a long time IT person, I need my online resources and to be able to interact with them.