Rich Dad Training?

[N/A N/A]

Hey I have a chance to attend one of those "FREE" Rich Dad training classes tomorrow. Now I know that they will undoubtedly try to sell me some ridiculously high priced package, but was wondering if anyone has attended these before? and if so was it just a waste of time?

Thanks,

[Tom C]

I just finished listening to his book on CD, I came away with the feeling of wanting to know much more and not very satisfied. He wasted a lot of time telling me who his teacher was and not enough about the details of how to get it done. I expected to learn something that I didn't already know, it didn't happen.

Don't tell me that I should purchase luxury item's through my business, tell me how!! Details Details Details.. If anyone has any recommendations on a good book that really explains the insider secrets to running a business, please recommend it here. I really don't want to have to go back for my MBA.

[Dan Miller]

So I did sign up for the $495 3-day Rich Dad Education seminar in the DC area back in August. It was probably the most expensive impulse buy of my life, but I wanted to start taking action as a newbie in RE investing.

I did learn some good things at the 3-day course, and I still refer to the notes I took as I look to begin wholesaling. That being said, I was very disappointed with how "salesy" the seminar was. It felt like everything (and I mean everything) was geared towards the upsell at the end--the advanced training. As a result, I began to question and distrust the instructor and her helpers. While I'm sure some of their intent is genuine, it just became too blurred with their own sales agenda to differentiate what was legit educational advice and what was merely part of the sales pitch.

Things they did that I didn't like:
1) establish a rule of no networking until the end of the last day (this rules makes no sense, so my guess was that it was either an attempt to avoid naysayers persuading others on the fence of the advanced training not to do it; or an attempt to avoid forming partnerships to split the advanced training fees.

2) ask questions to which you can only answer yes (this is a classic sales technique). "Don't you want to be a right-sided thinker?" referring to Kiyosaki's cash flow quadrant. "Who wouldn't like that type of deal?" after showing some of her successful deals.

3) say upfront that anyone who is against their teachings/sales pitches is a cynic and doesn't really want to get out of the rat race. Basically shooting down any differential opinions before they even come up.

4) they flew through the slides, almost in a way that was so fast, you can hardly write down the lesson.

5) had us write in the prices to the advanced training courses, and of course those prices "were only good until the end of the seminar." Writing in prices is another technique to overcome psychological barriers of the big prices.

6) request credit line increases on day 1 to boost our seed capital (which later felt like it was merely a way of enabling the students to buy the courses if they didn't have the money.

7) One of the aides told me that he was learning to be the course facilitator, but wasn't ready yet until he had it just right. That tells me that the course is designed precisely, minute by minute, to maximize the # of advanced training sales. Otherwise, why would you need to "have it just right."

8) Lastly and most importantly, the teacher took NO questions. She had us write questions down and later ask the helpers in the back of the room, who were no help at all. What kind of teacher discourages questions?

Overall, while I got some value from this (and I'd say it was worth my $495 given the basic knowledge), I did leave very frustrated with the approach and seriously question the ethics of the company and its instructors. I am extremely distrustful of the company's motives and would not do further business with them as a result.

Feel free to email me if you want more info. [email protected]

[Alex Aronson]

I did the free session twice and the 3 day coarse once. My first free session was back in Nov 07. I went their with my wife and with a couple who were friends of my brother (he had already did the three day coarse). My wife wanted me to sign up right then and there for the three day coarse. However, I was not ready and the timing was bad. I decided to wait and do some preliminary reading and studing so that I could absorb the three day class better.

In February 08, they came around for the second free session. I only went to get the discount to sign up for the three day class.

In March 08, I took the 3 day coarse. I found the value was good since it opened my eyes and expanded my thought process. It helped me get off the fence and buy my first property. However, I was not happy with all the up selling they were doing.

I would recommend the 3 day coarse if it gives you the confidence to get off the fence. However, save the money and do not attend the advance sessions. Use your funds to help you with your first deal. You can learn pleanty from the libaray or from your local REIA.

[James Blakeley]

Originally posted by Anne *:
Went to the free session. Got suckered into signing up for the 3 day seminar for $495 that took place this past weekend. .....
Mad at myself for falling prey, but glad I made it out with only $495 spent. I have no problem paying for a great seminar or course, but I felt that it was one big sucker-sell-a-thon. Just my personal opinion, take it for what it's worth.

Add to that... if you find out when the paid workshop will be held. They will let you walk in for free at the door.
It is a 3 day sales presentation. Great material, if it was free.
Wait it was, except for those that paid for it.

[Rachel H.]

I think for a lot of folks who have had less than desirable results with the "Rich Dad Training" sessions that it's more a quality control issue.

I saw an investigation on this very topic which depicted the "Rich Dad Training" sessions in a negative light. And, they interviewed Kiyosaki himself - he was very upset and embarrassed.

As Kiyosaki was questioned, he informed the reporter that these were deals made with and by his business partner(s) in which they allowed other training companies to use and license the "Rich Dad" name. However, in the interview Kiyosaki informed the reporter that he was not aware how far things had gone.

This is an example of what happens with "franchise" types of businesses. It must be carefully monitored - quality control is a very common problem with franchise types of businesses. That is why some companies choose not to franchise (such as Starbucks) because they do not want to lose control of the image the business worked so hard to build.

Hope that helps!

[James Hiddle]

I see the same thing happening to Trump. I've heard people complaining about Trump's REI school. Considering the fact that he has one of the biggest brands in the realm of RE, you would think he would take more quality control over it.

But let boobs that don't know jack take over and watch your rep go down hill like a toilet.

[Dale Osborn]

We are talking about the world of the Big Boys here. For Robert Kiyosaki - he is looking for an extra income stream. Russ Whitney's group ran into some trouble and faded into the wood work. Now many of the traveling Rich Dad seminars are Russ Whitney people doing what they used to do under their old company but now they are operating under the "franchise" of Rich Dad. As long as the income flows, he does not care as a Canadian broadcasting company expose on the rip off of Canadians by the Rich Dad franchise. Paying $10K to $65K for "training packages" is really a bit much. Most of what is put out is info that is available for free!

[Silver A.]

I have no experience with Kiyosaki's mentoring programs (fortunately, it seems :)), but he has created one brilliant thing - The Cashflow Game.

At first read the book - "Rich Dad, Poor Dad" and then try to find a Cashflow Club near you. They usually charge a small fee for a game event. (10USD or so to cover the room rent). Go there 10 times and play all 10 steps. These games are a great networking opportunity and there are bound to be other people who are looking to start investing in RE. Great value.

(I spent 5 years going to Cashflow games, since it came out. I don't regret the first 2, but the game became repetitive after that and I stayed around only for networking. Had I put the information I had in use and started RE investing then I would be much further ahead now. But playing the game over and over again has helped me to truly understand doing smaller deals. After that real life is just the same game.)

Cashflow can be played online too, but playing against real people is the best way to learn. Small business lessons from the game such as trading deal cards between players etc will come handy in real life later.

As far as Russ Whitney goes, I have never even looked into attending his seminars.

His book "Building Wealth: From Rags to Riches Through Real Estate" has IMHO all the information that a beginner in real estate could ever use.

[EMon Mitchell]

I attended a seminar where we are at $199 for the three day training. It was useful and got us into the game of starting to wholesale and knowing the basics of doing a lease option. The trainer, Lee Escobar, encouraged us to google info on Rich Dad and made sure the company kept its promises as far as what it covered. It was a worthwhile experience. Didn't take the advanced training and found a mentor locally through seeing his truck that said "I Buy Houses" But I believe that the experience was time & money well spent.