RichDad seminars

[Sniper]

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Robert Kiyosaki is having a seminar tour which I believe is mid-way at this point. There is a weekend seminar expo in NYC October 22-23 and I believe I will be attending. It's only like $125 for weekend passes to all seminars for ClassB tickets and includes 70 seminars to choose from over a 22 hour period.

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This Real Estate Wealth expo was setup thru the learning annex, you can pick up tickets for $99, here...
http://www.learningannex.com/default...Y05EX&cat=

[TGoldman]

Here's an excerpt from one of Kiyosaki's books, "Rich Dad's Who Took my Money? Why Slow Investors Lose and Fast Money Wins!" that is IMO an example of classic Kiyosaki. What he says seems to make sense and sounds good, but it’s really just meaningless nonsense.

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Words of Wisdom from a Gambler

"Don't count your money while you're sitting at the table." Those are priceless words of wisdom followed by professional gamblers. Along those lines, having your money sitting in a standard retirement plan violates three very important rules that professional gamblers and investors follow. They are:

1. As long as your money is on the table, it is not your money. As long as your money is in the game, the money belongs to the game, not you.

2. The game is more important than counting money. While gambling in Las Vegas I was winning the game of craps as long as I was focusing on the game. The moment I began to win, I took my mind off the game and began counting my money. When I was up $3,000 money became more important than the game. This is one of the reasons I lost. Counting money became more important than the game.

3. The object of the game is to get your money off the table and still remain in the game. A professional gambler or professional investor ultimately wants to play the game with OPM, other people's money. That is the object of the game. The moment I left all my money on the table, I lost sight of the object of the game.

A professional gambler wants to be playing the game with house money as soon as possible. While in Las Vegas, if I had put my money back in my pocket and only played with my winnings that would have been an example of playing with house money. The moment I began betting everything, I lost the game because I lost sight of my goal, which is to stay in the game but to play with other people's money... not my own money.

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[eastbay]

Wow, that is truly pathetic. It really goes to show how senseless the book market is, that this guy's books are front and center in every bookstore in America.

eastbay

[Sniper]

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Wow, that is truly pathetic. It really goes to show how senseless the book market is, that this guy's books are front and center in every bookstore in America.


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Qouted out of context, this may seem strange to you, but his concept is sound... play with "Other People's Money", not the money you need to live on!

Its also worth noting that when he is talking about "gambling" (as in mortgaging your house and putting all your life savings on the spin of a roulette wheel), he's not talking about grinding out +EV at the poker table.

Rich Dad Poor Dad, should be required reading in high school.

[eastbay]

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[ QUOTE ]
Wow, that is truly pathetic. It really goes to show how senseless the book market is, that this guy's books are front and center in every bookstore in America.


[/ QUOTE ]

Qouted out of context, this may seem strange to you, but his concept is sound... play with "Other People's Money", not the money you need to live on!

Its also worth noting that when he is talking about "gambling" (as in mortgaging your house and putting all your life savings on the spin of a roulette wheel), he's not talking about grinding out +EV at the poker table.

Rich Dad Poor Dad, should be required reading in high school.

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I'm sorry, but I've read Rich Dad, Poor Dad, and it is confused, rambling, and 99% pointless tripe.

"The game is more important than counting money. While gambling in Las Vegas I was winning the game of craps as long as I was focusing on the game. The moment I began to win, I took my mind off the game and began counting my money. When I was up $3,000 money became more important than the game. This is one of the reasons I lost. Counting money became more important than the game."

If that is quality personal finance advice to you, you are in big trouble.

eastbay

[Sniper]

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If that is quality personal finance advice to you, you are in big trouble.

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His point is... he got himself in trouble by thinking, wow I'm up 3 grand, if I just play some more I'll walk outa here a millionaire... instead of saying, wow I got real lucky, lets go home before my luck runs out.

In other words, pushing your luck in a -EV situation is bad, don't delude yourself just because you are on a +variance run.

What exactly do you find wrong with that advice?

[eastbay]

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If that is quality personal finance advice to you, you are in big trouble.

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His point is... he got himself in trouble by thinking, wow I'm up 3 grand, if I just play some more I'll walk outa here a millionaire... instead of saying, wow I got real lucky, lets go home before my luck runs out.

In other words, pushing your luck in a -EV situation is bad, don't delude yourself just because you are on a +variance run.

What exactly do you find wrong with that advice?

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First of all, that's not what he said. What he said is that his concentration was helping him win the game of craps, but when his concentration faltered due to his money counting, he started to lose.

I don't think I have to explain to you why this attempted analogy is atrocious.

I THINK his point was that it's better to focus on process than results. Ok, fine, but his exposition trying to make that point is just plain terrible. Counting money during a craps game is just a stupid way to try to make that point, if that's even the point he was trying to make.

That we don't even agree on what his point was is revealing.

eastbay

[TGoldman]

I chose that quote because 2+2 is composed of many professional and semi-professional gamblers. Taken within context of the entire chapter, Kiyosaki was trying to relate his little experience in Las Vegas to the real estate industry. He was trying to draw an analogy between gambling with "house money" to using bank's money in the form of a mortgage in order to leverage investments. Using leverage is good advice as long as the money is put towards a good investment, but his analogy to playing with house money in Las Vegas is way off base. In defence of Robert T. Kiyosaki, his books are rather enjoyable and easy to read. Although I'm critical of him, I obviously have read his books to be able to quote from them. Remember to please take what he writes with a healthy dose of skepticism (As you should any self proclaimed personal finanace guru).

[TStoneMBD]

i actually remembering reading that paragraph tgoldman and i remember thinking how absurd and flawed kiyosakis thinking is there. this was even before i was introduced to gambling and poker. the guy isnt a craps player, hes a real estate investor. hes also not a logician. i think hes entitled to make logical mistakes on activities outside of real estate when writing books. i just dont understand why he didnt have an editor, or an intelligent reader to point out how dumb that statement was.