Although this guy makes money selling how to make money advice (oldest trick in the book), on this one, I couldn't agree more...
Booms, Busts, and Where Opportunities Occur
"Is there a real estate bubble?" That's the question I'm asked repeatedly. When I reply honestly -- "I hope so" -- my questioners' fear occasionally turns into anger.
"You want the market to crash?" asked one young man incredulously, an attendee at the Learning Annex's Real Estate Wealth Expo in Dallas, where I was a featured speaker.
"Yes," I replied. "I love market crashes."
Over the years, I have read several books on the subject of booms and busts. Almost all of them cover the Tulip Mania in Holland, the South Seas Bubble, and, of course, the Great Depression.
One of the better books -- "Can It Happen Again?" -- was written in 1982 by Nobel Laureate Hyman Minsky. In this book, he described the seven stages of a financial bubble. They are:
Stage 1: A financial shock wave
Stage 2: Acceleration
Stage 3: Euphoria
Stage 4: Financial distress
Stage 5: The market reverses, and the boom turns into a bust
Stage 6: The panic begins
Stage 7: The White Knight rides in
April 04, 2006
Robert Kiyosaki: "I love market crashes"
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59 comments:
homebuyers/homesellers were still in denial !!!
Condo buyers are going into insane asylums
http://abclocal.go.com/wpvi/story?section=bizarre&id=4048937
The last slump only lasted 10 years. That is a crapload of operating capital!
Kiyosaki is a fraud, but a lovable one.
"I love market crashes" Yeah right. If it were easy to identify peaks and valleys in investments, everyone would make money. Next he'll write a book about how his rich dad told him "Buy low, Sell high". Great advice, you're a freaking guru.
Take stocks: Everyone is trying to second guess each other. For the most part, everyone is privy to the same information. It's tricky to beat market averages. Dumb luck sometimes.
Houses are different than stocks. And yes, keith, they are different than cars too. Houses are dual purpose investments: "put roof over your head" + "payoff house over long run". Unless you live with your parents, you'll have to pay rent. Do you want to pay your mortgage or your landlords' every month?
The type of second guessing that goes on with housing is based on the local economy/jobs picture. As long as the metropolitan area is growing and the demand for jobs is outpacing housing starts, it remains a strong market.
So if the local real estate market crashes, its because a lot of folks just lost their jobs. This Kiyosaki jackass apparently "loves market crashes" and folks losing their jobs. Nice going, Jerkoff. Can't wait to buy his next book.
Those retarded blue state idiots running the prices up in Californicate and Taxachussetts will get their arse whoopin soon enough. It's all Bu$hco's fault though. He should be promoting the rent society where everyone pays rent to the few stupid wealthy landowners
anyone think I should delete osman's spam here?
No for deleting Osman. He makes more sense than you do.
he's spamming like viagra ads though. make your point, but don't pump your damn blog or real estate business on this site.
osman's post with his links deleted. he can repost with his point, but without the real estate ads.
i delete any spam on this site, for the readers' sake. osman included.
Keith;
I want a pair of official HP safety glasses to protect my eyes from all the finger pointing that will be going on when the housing bubble deflates.
Leave Osman's post. He is right about buying in post-bubble markets. Which, should be about all of them by next year or so.
As far as the psychological effects are concerned, what do you think is going to happen when a house or two in million dollar neighborhoods start selling for 500K.
Kiyosaki is great. He has pointed out to millions that the the defined benefit paradigm is now a defined contribution paradigm and they will need to take care of themselves instead of trusting in institutions. He's also right about cash flow real estate being the best long term investment. Once real estate starts to cash flow in areas where I would want to live, I will buy again. For now I'm watching the crash from my rental.
Don't shoot down the message because you don't like the messenger. Because he's in real estate, people assume he's the second incarnation of Charles Ponzi. Not so. He could be like the other hucksters on yahoo finance and recommend flipping, Google, and REITs. Is that why you guys don't like what he says?
I for one don't care about the man's history. I totally agree with the basics of what he says. All along, he has preached an honest message that the greater fools need to hear these days. Live within your means and don't take debt on liabilities (duh!). Don't invest in momentum(greater fool), mix your asset classes (why he's recommending commodities instead of most RE now), and try to invest to get paid NOW (cash flowing investments.)
I read Kiyosaki's book about the downfall of the defined benefit plans, and the coming crash.
Spot-on. After I read that book, one by one the DBP's started falling. GM falling the hardest, the airlines, etc.
Next up is the big crash.
I agree the guy makes $$$ telling people how to make $$$, but he's got some good points.
Like all sources, take what you can, leave the crap behind. This blog included. And then make up your own mind.
Obviously, neither of you bothered to read the article, much less follow up all the links, references, and annotations. You are responding exactly as other True Believers the author has encountered. I've seen the same reaction from political fanatics when challenged.
Kiyosaki invented his "rich dad."
Kiyoski invented his education.
Kiyosaki invented his military history.
Kiyoski invented his "conversion" to pacifism (this yarn is really galling and involves a little child).
Kiyosaki invented his AWOL status.
Kiyosaki lies about companies he supposedly started.
Kiyosaki lies aboute real estate he supposedly owns.
Kiyosaki lies about going bankrupt and making a comeback.
Kiyosaki lies about his wealth (presumably the most money he's ever made came from recently selling his home in Phoenix at the height of the bubble there). There is no evidence that he has even a fraction of money he claims.
Kiyosaki knows nothing about taxes, and falsely advises readers.
Kiyosaki knows nothing about investing, and falsely advises readers.
Kiyosaki knows nothing about corporate law, and falsely advises readers.
He's a phony.
He's a braggart.
He's a con-artist.
Get the picture?
Silverstreak said . . .
"I for one don't care about the man's history. I totally agree with the basics of what he says. All along, he has preached an honest message that the greater fools need to hear these days. Live within your means and don't take debt on liabilities (duh!). Don't invest in momentum(greater fool), mix your asset classes (why he's recommending commodities instead of most RE now), and try to invest to get paid NOW (cash flowing investments.)"
You need to go back and read both books gain, because you are imagining what you think he says: another phenomenon noted in the article (that you didn't read). The truth is, he doesn't say anything; he talks in circles; he plays to both sides of the room. He doesn't know how to make money, because he's never actually made any, except from selling books, and running how to get rich seminars for suckers (physician heal thyself).
If water seeks it own level, and it does, your attraction to, and defense of, Kiyosaki, a con-artist, does not bode well.
Kiyosaki has become a brand, quite an accomplishment and the easiest way to financial freedom these days in our twisted, self-delusional culture. He doesn't care what you think, because he made it and you didn't. Remember, it ain't braggin' if you can do it.
Wow. I am truely amazed that so many people actually do not recognize a fraud when they see one.
I have read chapters of this guys books while hanging out at Barnes and Nobles. His tax/investment advice is flat out wrong in parts and will get you audited.
My favorite gem is that you pay no capital gains on rental properties when you sell them. Yeah right. You have to roll the proceeds into the next investment property. You have to live in them 2 of the last 5 years, otherwise it's 25%, which is higher than the long term capital gain rate. His blanket statements could get a lot regular folks into big trouble with the IRS.
Any ass can give bad advice. Why do you think this Kiyosaki guy is so special? Who the hell would buy this guys books?
He wasn't selling any books till he started pushing them at Amway conventions, where greed and the desire for quick-money-for-nothing is the norm.
His second book contradicts his first book, and later interviews contradict both books.
"He doesn't care what you think, because he made it and you didn't. Remember, it ain't braggin' if you can do it."
No, actually, he didn't make it, he's faked it, and he did not do it, and cannot do it. It's a put-on for suckers. And it most certainly IS bragging. I've met many Kiyosakis, all pathological liars, in my lifetime. They are all devoid of scruples and conscience, but definitely full of crap.
If you want to hang around with nutters like that, join any multi-level scheme, the NAR, or the Church of Scientology. You'll go broke almost as fast.
Robert Kiyosaki is my hero.
I started investing in precious metals, commodities and oil/energy since 2002. I just sold all my properties last October 2005 for huge profit. I also sold my other business last January for handsome profit (out of cycle business and going to the next cycle)
I've also cashed out all my RRSP's or 401k's investments. No more mutual funds for 8 years
I'm investing most of my money by starting and investing on local businessess....mostly recession proof businesses...and I'll be waiting for the busts to come and then buy residential and commercial real estates (3 years time....RE is very sticky...it will take few years to bottom down)
FYI...Kiyosaki predicted that oil, precious metals and Commodities were the way to go....and Real Estate will boom and busts in a few years....all information were way back 2002.
After reading all his books....I went to study and read economics and other investments books....I study them and realized that Kiyosaki was correct.
Kiyosaki did not tell me exactly what to do...but he changed my vision and way of looking things.
I was very skeptical about Kiyosaki (four years ago) but like I said his writing has inspired me and changed things around for the better.
I'm now a millionaire and I'm looking forward to be DECA-MILLIONAIRE in a few years.
NOTE: I have never bought any of his books and CD's...I just borrowed most of them from the Library and few of my rich friends.
Like what Kiyosaki's saying: "It doesn't take money to make any money"
I have leveraged most of my businesses and investments dealings since 2002 and made tons of money doing it....of course leveraging at this particular economic stage will be suicidal.
I'm very excited to the upcoming "REAL ESTATE BLOWOUT SALE!" Goodluck to all!
CASH is king!
he sure was right on defined benefit plans. what else is he right about?
pleasant_guy said...
"Robert Kiyosaki is my hero.
"I started investing in precious metals, commodities and oil/energy since 2002. I just sold all my properties last October 2005 for huge profit. I also sold my other business last January for handsome profit (out of cycle business and going to the next cycle)
?
"I've also cashed out all my RRSP's or 401k's investments. No more mutual funds for 8 years
"I'm investing most of my money by starting and investing on local businessess....mostly recession proof businesses...and I'll be waiting for the busts to come and then buy residential and commercial real estates (3 years time....RE is very sticky...it will take few years to bottom down)
"FYI...Kiyosaki predicted that oil, precious metals and Commodities were the way to go....and Real Estate will boom and busts in a few years....all information were way back 2002.
"After reading all his books....I went to study and read economics and other investments books....I study them and realized that Kiyosaki was correct.
"Kiyosaki did not tell me exactly what to do...but he changed my vision and way of looking things.
"I was very skeptical about Kiyosaki (four years ago) but like I said his writing has inspired me and changed things around for the better.
"I'm now a millionaire and I'm looking forward to be DECA-MILLIONAIRE in a few years.
"NOTE: I have never bought any of his books and CD's...I just borrowed most of them from the Library and few of my rich friends.
"Like what Kiyosaki's saying: "It doesn't take money to make any money"
"I have leveraged most of my businesses and investments dealings since 2002 and made tons of money doing it....of course leveraging at this particular economic stage will be suicidal."
What an amazing load of crap, Bet your real name is Kiyosaki, or how about Larry Shine (of Herbalife infamy)?
Anybody who falls for this deserves the bad karma sure to follow.
"I'm very excited to the upcoming 'REAL ESTATE BLOWOUT SALE!' Goodluck to all!
"CASH is king!"
I think the word is "blowjob," not "blowout," and the king in question is the fast food burger company represented by "Dr. Cheezy."
You sound like an illiterate scumbag WITH NO MONEY, just like Kiyosaki. Odd how everyone who writes nice stuff about him is identically ungrammatical.
Enjoy your b-jobs. I mean the ones you'll be giving later, when you're back at work flipping burgers or kissing ass.
"I think the word is "blowjob," not "blowout," and the king in question is the fast food burger company represented by "Dr. Cheezy."
You sound like an illiterate scumbag WITH NO MONEY, just like Kiyosaki. Odd how everyone who writes nice stuff about him is identically ungrammatical.
Enjoy your b-jobs. I mean the ones you'll be giving later, when you're back at work flipping burgers or kissing ass. "
English is my second language......I feel sorry for you.
You seem very BITTER. Goodluck, I just hope that you will learn to open your eyes and mind.
No one going to hand in it for you. It's up to you to search and do it.
You're right I might be flipping burger because that's my next venture....MY OWN FASTFOOD CHAINS.
Americans are depressed so they will eat comfort foods....see you at the counter.
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pleasant_guy said...
"English is my second language......I feel sorry for you.
"You seem very BITTER. Goodluck, I just hope that you will learn to open your eyes and mind.
"No one going to hand in it for you. It's up to you to search and do it.
"You're right I might be flipping burger because that's my next venture....MY OWN FASTFOOD CHAINS."
English isn't your second language, TRUTH is. Your fake broken English is no more convincing than your regular illiterate English.
Anybody who thinks becoming a multi-millionaire is important is an idiot, and anyone who celebrates greed is an idiot, so you are an idiot squared.
I'm not bitter, I'm appalled. Hucksters belong in jail, not giving seminars.
Did you sell any more books today to Amway distributors?
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If you bought Yamana gold at $0.10 before it listed on AMEX(AUY), you'd be pretty happy at $11. RK describes the "Peter" in Rich Dad's Guide to Investing. "Yamana" is RK's mother's maiden name.
Rich Dad's hotels:
http://www.sand-seaside.com/index.aspx
Check your facts.
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I wonder how much real estate Kiyosaki was making money on back in 1980's and 90's. Easy to make money in real estate when you have millions in book royalties...
Kiyosaki is lovable. But what did he really do before the Rich Dad gravy train started? I just read a new book, Powerful Steps. It seems the author, Brian J. Bieler was a big time radio marketing and sales executive sent to Honolulu in 1980 to manage a radio station that had no ratings. Kiyosaki was already in Honolulu with a once high flying nylon surfer wallet business that blew up because of Kiyosaki and his partners lack of business experience. But according to Rich Dad, Before You Quit Your Job, Kiyosaki talks a lot about his rock marketing ideas and his great success and how his business got started up again on a radio promotion. Kiyosaki left out a few details. Like who helped him get his business going again and whose marketing ideas were those? According to Bieler, he found Kiyosaki in a failing business and brought him into the radio business. Sounds like Bieler gave Kiyosaki a free ride on his radio station marketing ideas and Kiyosaki took all the credit. Check www.powersteps.com and see the chapter “excerpt.” You’ll see inconsistencies in Kiyosaki’s Rich Dad, Before You Quit Your Job marketing success in Honolulu.
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I am really fond of Robert kiyosaki as his books are instrumental in changing my mindset of an E & S quadrant to a mindset of B & I quadrant. He had led me to explore new opportunities thru which i could build a huge network.
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Kiyosaki is great. He has got millions of fans around the globe.
Koli
www.robertkiyosakiblog.com
Whatever, you guys are fools to think you wouldn't need any help. If you aren't now then maybe you will find a solution, system or technique someday... hmmm You think I would take advice from YOU! Are you rich and financially independent? I didn't think so. I took the rich dad poor dad course 100%, spent the cash, made the money back from my first deal, had a mentor who is a expert in a particular field of real estate investing who might I add basically holds your hand through your first deals until you are comfortable enough to do it on your own and teach you the 20 different strategies to make any deal a good deal. Period! I will retire when I want to which could be now if I choose thanks to a man who happens to be one of Donald Trumps best friends and rubs elbows with Warren Buffett. Scam? You decide. I decide everyday if I want to be rich or poor because you working middle class will soon be gone. Its your life, your choice. You either choose to be rich or poor. Mahalos Bob
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