- Report: #298177
Report - Rebuttal - Arbitrate
Complaint Review: Rich Dad Education
Rich Dad Education1612 E. Cape Coral Parkway Cape Coral, Florida U.S.A.
Rich Dad Education Cash Flow Technologies Robert Kiyosaki Scam, Learn to be Rich (Rich Dad) 3-day class is a scam and ripoff Cape Coral Florida
*REBUTTAL Individual responds: Rich Dad Workshiop for RE Investors San Diego
*General Comment: Rich Dad Poor Dad
*Consumer Comment: No Doubt Financial Freedom Costs More Than a $500 Investment
*Consumer Comment: Getting Your Money Back
*Consumer Comment: RICH DAD EDUCATION BEING SUED BY FORMER PARTNER & CORPORATE ATTORNEY SHARON LECTOR!!!
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The speaker seemed to have good experience, and got us, including me, very excited about getting more involved in the RE market.
Mainly, though, he focused on getting us to sign up for a 3-day seminar and offered "special" one-time only pricing of $495 for this class. His description of the 3-day class was that it is intensive training and would cover all areas the Real Estate market, including some of the tax laws.
Well, that sounds like it's worth $495, doesn't it? So, I signed up for a class in Scottsdale AZ for Jan. 4-6. Let me tell you, it's NOT worth it either from a time or cost perspective. It is a rip-off.
The speaker was introduced as the BEST teacher that Rich Dad Education has. He was far from it, and more likely one of the worst trainers I have ever listened to. We were told he was a very successful investor. I don't believe he is, and I will explain that in a second.
Anyway, the first several hours were spent with just talking about the RE market and how great it is. This was to get people excited about it, but why was I there unless I already knew this?! So, that wasted a half-day. Next, the speaker wanted to show people how great his investments were. Hah! Let me tell you, his claim to fame was a picture that he kept showing on the screen of himself standing in front of a Las Vegas 4-plex in the mid 1980's that he bought. Wow! So, I was thinking to myself, "if this guy is so successful, then why can't he show us recent wins in the market, and if he's so rich, why is he teaching this class?"
By the way, numerous people tried to ask questions, but he would push them off and say it had to wait, and when they did ask a question, he had a weak answer. he also complained that people were interrupting him. And, he kept saying if you want to know the "why", then it's because he said so. Now, does that sound like someone who's interested in helping you learn something new or get better at it?
On the afternoon of Day 1, the instructor asked everyone in the audience (about 130 people) to go home that night, call American Express and apply for a Amex Blue card. This was so you get some available credit for real estate investments. He also said everyone should call their credit card companies and raise their credit limits!! After a little prodding, he finally admitted that this was not only to create "good" available debt, but also to have money to pay for their "Advanced" classes, which you would need to get any real knowledge!
Day 2 started out with spending about an hour or more, on having people line up tell how they got more credit. This was really pissing me off, as I signed up for a real estate investment and strategy class, not a CREDIT BASICS class! Now, let me say, I understand the difference between good and bad debt, and using other people's money (such as credit card companies) to your advantage. But, what I don't like is that that many of these people are getting credit after listening to the instructor and will end up using this for bad debt as usual and end up in further financial trouble.
In the afternoon of Day 2, the instructor played a DVD of Russell Whitney (who I now know is a partner of Robert Kiyosaki's), about Land acquisitions. Again, this only spoke about how great land development opportunities are, not about the strategies to go after this market. Also, Mr. Whitney and the instructor talked about how you can get involved in this "exciting" opportunity to invest in a resort in Costa Rica. I hear that this is a property that Robert Kiyosaki and others, including Mr. Whitney have purchased and are trying to get investors for. And, you only have to fly down to Costa Rica for 5 days to get the hard sell! Wow.
Around 3 or so on Day 2, the instructor decided to spend the remainder of the time talking in detail about the locations and costs for the "Advanced" classes, that you will need if you are "serious" about making money. OK, let me tell you, just to jump start with that is $9,000 (and travel costs perhaps), or up to $44,000 for many classes. And, they don't give you any real details about the class. Well, after listening to costs in gory detail, me and my family left. We just couldn't take the hard sell that was going on. Remember, we signed up for a Real Estate Investment Class, at least that's what we were promised. We weren't the only people angry, there were lots of others showing frustration from not receiving any valuable information.
Needless to say, we didn't return for another pummeling on Day 3. Just suffice it to say, I'm attempting to get my money back from Rich Dad or Cash Flow Technologies, or WIA, or whatever. Save yourself some time and major frustration. Don't sign up for this 3-day class. A better investment of your time is to read Kiyosai's books, or other well-known RE authors, or read the wealth of information available on the Net. Or, better yet, spend that $495 on a good real estate or stock investment. If you're like me, you're not afraid to spend money as long as you get what you're promised. Take care.
This report was posted on Ripoff Report on 01/08/2008 03:23 PM and is a permanent record located here: http://www.ripoffreport.com/r/Rich-Dad-Education/Cape-Coral-Florida/Rich-Dad-Education-Cash-Flow-Technologies-Robert-Kiyosaki-Scam-Learn-to-be-Rich-Rich-Dad-298177. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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