It starts with a "free" seminari on becoming financially independent based on Robert Kiyosaki's "Rich Dad Poor Dad" book series. The free seminar is a hook to get you to sign up for their 3 day Real Estate investing seminar for $199. (Turns out I am one of the lucky ones, the semimar was sold for as much as $500 in some areas.) I just finished day 2 of the three day training, which is, in fact, a sales pitch for their "Advanced Education" ranging in cost from $10,990 to $66,990 depending on how wealthy you wish to become. I googled Rich Dad education & Tigrent and found serious complaints dating back to at least 2006 including warnings from the BBB, a Wall Strreet Journal article and an investigation by the CBC. Yet they are still operating with impunity.
I knew it was coming, but was still shocked when they actually suggested people cash in IRAs, 401(k)s, max out credit cards, borrow from family, home equity etc. to pay for this education. There are dozens of reviews on the web saying people didnt get what was promised, software was bogus, 3 day cancellation period wasnt honored, people had no recourse, etc. Yet people are still flocking to sign up. I actually brought information about a class action lawsuit to the training today and people refused to read it, because I was being negative.... Im not a winner. I am going to try to get some contact info. tomorrow so I can follow up with these people and find out how the feel about their investment in 3-6 mos.
What upsets me off more than anything is how the instructor, Alan Swails, keeps saying he was called by God to help people by giving them this training. He keeps saying hes a multi-millionaire and he is not making a dime on any of these courses. REALLY? He continuously implies that people who work at jobs are losers, and that college is useless and for fools. If you dont buy in youre just part of the ignorant masses. You just want to keep on with your losing ways because youre too afraid to become successful. Well, this loser will be keeping her IRA, thank you very much.
Why does this ongoing scam get no publicity? If these people were really making millions in Real Estate why would they need to pour so much effort into selling tens of thousands of dollars worth of training? These people are not investors, they are glorified snake oil salesmen.