“Rich Dad, Poor Dad” Author’s Company Files for Bankruptcy

MSNBC - ‘Rich Dad, Poor Dad’ author files for bankruptcy:

Robert Kiyosaki, author of the bestselling “Rich Dad, Poor Dad” series, has filed for Chapter 7 bankruptcy protection after losing a nearly $24 million court judgment to The Learning Annex, The New York Post reports.

As one of Kiyosaki’s earliest backers, The Learning Annex was responsible for arranging the speaking engagements and platform that led to his massive success.

But apparently the fame went to his head because according to court papers obtained by the Post, Kiyosaki, who published his first “Rich Dad” book in 1994, never paid the Annex its rightful share. Said founder and chairman Bill Zanker: “Oprah believed in him, and Will Smith believed in him, but he didn’t keep his promise to us.”

John T. Reed has been warning people about Kiyosaki’s dubious claims and shady business practices for years. The Kiyosaki entry in Reed’s real estate guru ratings is worth a read.

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One Response to “Rich Dad, Poor Dad” Author’s Company Files for Bankruptcy

  1. Mike S says:

    I can only hope his ugly purple books disappear from bookstore shelves at some point. I’m glad to have found Reed’s ratings page back in the 90′s and that it saved me from ever reading Kiyosaki’s gibberish.

    Although, some years ago Kiyosaki read The Creature From Jekyll Island and had his eyes opened to the realities of the Federal Reserve and our monetary system. He was writing a column on Yahoo Finance, and would have occasional nuggets of truth among his senseless platitudes, which just made his writings all the more dangerous and confusing.