Complaint Review: Rich Dad education
I wish I would have read the Ripoff Report before I even attended the "Free" seminar, but I did not or I would have certainly have made a different decision. So, I am taking the time to write this to hopefully help you from losing your money!
It all started with an ad on the radio...Rich Dad coming to Baltimore. Learn about about foreclosures, short sales, tax liens etc. etc. Free Seminar! And then a quick disclosure at the end of the ad...other items, services will be available for purchase. I was thinking about different books and DVD's, I did not know that Rich Dad had courses. So, since I was recently downsized, I figured...why not go and learn something new. I already have a few properties in real estate...maybe I can learn something. I was so wrong!
I went to the "Free Seminar" which does not "teach" you anything. A man got in the front of the room and talked about how successful he has become in real estate. He showed us water front properties that he said he picked up for less than 60K and just how easy it was to do this...I'm a skeptic...I know that nothing is that easy, but he went on and on about a lot of different topics that I was interested in learning. Then, came the pitch...for ONLY 199.00 you can learn how to buy these types of properties...For only 199.00, you can learn how to benefit from all of the short sales and foreclosures..for ONLY 199.00 you can purchase a 3 day workshop. Ok, For 199.00, I will learn something in a 3 day period. Especially since the workshops are from 9-7 Friday and Saturday and until 5 on Sunday. I did not expect to be an expert, but certainly I will learn something in 3 days... I was so WRONG.
I attended the November 9, 10 and 11th training in Baltimore and Ann Sanfelippo was the trainer. On Day 1, you will learn NOTHING. The entire first day was nothing more than scare tactics. I come from a highly regulated industry and I was shocked that a company could say whatever they wanted to say with no proof that any of it was going to happen. Could it happen...yes...Will it happen...who knows...let me give you examples:
1. Ann talked about how we are heading towards a world crises. She painted a grim future and said this is how things were going to happen. First, the President would get on TV and say we are in a world crises. He would explain that over the next week or two everything would be shut down and then the TV would go fuzzy and eventually cut out. It would take 3 weeks to 3 months to switch the currency. The first thing everyone would do is run to the bank to with draw their money, but the banks would be closed! Then, we would all run to the store to buy food, but the shelves would be bare! There will be looting going on all around us.
2. Then she talked about the 5 G's. Ground, Grub, Gold/Gems and Guns. It is important to have food that would last up to 15 years like seeds and dehydrated items. Ground to grow it on and guns because of the world we will live in. (she is not worried about any of this though because she is prepared...like the panic room (my analogy) she can press 1 button and have all of the hurricane shutters come down and she will be secured and locked inside her house (with I suppose all of the seeds and dehydrated food). The world will be in shambles EXCEPT FOR those who own hard assets...like real estate.
3. Because the world will be in crises, it will be less expensive for the government to pay for people's housing then to build shelters. Therefore, those who own hard assets will still be compensated, and while the value of the dollar goes to nothing you will still have your assets...All of us 'middle class birds" who are saving money will see it is worth nothing.
I can go on and on about the different pictures she painted over the first 10 hours, but all sound very much like above. From 9-7, she continued to describe what we could expect because it wasn't a matter of if it was going to happen, the question is WHEN?
Ok...Maybe this is the future or maybe not, but I signed up to learn about real estate. Acknowledging that she did not teach us anything the first day, she said that she had to spend the day rewiring us, so we didn't think like "birds" any longer, but more like "eagles" She had to take the time to get all of the "bad bugs" out of us, so we could be more open minded. BUT, she would definitely cover content tomorrow. Our home work assignment: Pull our credit score on a specific site. It HAD to be that exact site since they are more familiar with that site and how they pull credit scores. Also, complete a financial statement which shows how much money you have in your 401K, savings and other assets.
Also, investigate how much return you are making in your 401k and how much of a penalty it would be to pull it out. You may ask why would you pull it out? Because it probably will be worth nothing once we go into world crises she stated. A man in our class actually went home and researched his 401K and came back in the next day reporting that he would lose almost 40% of his money if he pulled it out. Ann's response "Well that's a choice you must make, you can keep it in there and lose it all or you can take the penalty and manage to keep some of it. I was so furious to hear her give this type of advice. I actually do not know how she can say things like this...All I keep thinking is this poor man taking her advice because "she's rich" and he isn't...therefore, she must know something...and taking all of his money out of the his 401K and losing nearly 1/2 of it in penalties and probably the other half on the training!
Everyone gets 10 minutes with the coaches to discuss your situation and how they can help you be successful (in 10 minutes). You take your financial sheet with you along with your credit score written in the top right hand side and head back for your one on ones...Their advice to help you become more successful is recommending different classes you may need to be rich. Since I have savings, a 401 k and equity in my investment properties and a high credit score with a platinum credit card, I was told I should take at least 6 classes that would benefit me. At this time, the coaches will not discuss price with you. When I asked how much the classes cost, I was told Ann would be reviewing the different packages a little later on.
We did cover a little more content on Day 2, but nothing you can't google or pay 15.99 for from a book on Amazon. One thing we did cover was "Money Movement". Since we were going to be starting a business, we should have 6 credit cards. Our goal is to have at least 10k on each credit card. She gave us an example on how we could use the checks that credit cards give to gain cash and then deposit that cash in the bank and use it to pay off the credit card each month as we move the money from credit card to credit card to avoid interest.
Although, she made it seem innocent at the time as though she was just explaining on how to buy a cheap short sale...it was really a method of planting a "seed" for later. She also explained how you could call up the credit card company and get an increase on your card, but explaining that you were a consultant and needed to buy inventory...not 100% untrue since we were buying houses and that was our inventory...but if you really filter through all of this, it is just tactics to give you ideas on how to obtain money for the 36,000 training that she was about to spring on us!
Let me also add, that during the first 2 days, all she keeps talking about is this 2 year plan she is going to help you map out to help you build your business. Later, you will learn this 2 year plan can only be used if you purchase the 36,000 training package with a mentor. Although the training packages start at 10,990, this is basic and it is just so typical of the "middle class" to always want to buy the cheapest thing. This is why we will continue to punch a time clock and not be rich like she is. If you take this course, be prepared to hear over and over again just how rich she is...the 1% (woman and rich).
She goes over all of the training packages at the end of the day. They range from 10,990 to 66,990. Of course they are all discounted for us because they are usually much more expensive. We need to think about taking responsibility for our future and stop being "birds" and soar like "eagles. Take tonight to think about it and come in tomorrow at 8:00 to sign up.
On thing, I forgot to mention is on the first day, she explains that we are not permitted to network with one another or pass along class rosters due to "competition" who may be sitting in the room. Also, during breaks, if they see you talking to others in the class, they will say things like..."Birds of a feather flock together." "Why are you talking to each other when none of you are rich? You should be taking this opportunity to speak to myself and the coaches not to each other" This is just another tactic to keep you isolated from each other and having you talk to them so you can continue to be brainwashed. I mean what if you told the others to go onto RIPOFF REPORT and read all about Ann and this company...This would probably result in less sign ups for advance training.
By the end of day 2 when I had learned nothing but sat through 16 hours of hearing the same few things over and over and over again. I did not want to go to day 3. BUT, like they set it up...you are hopeful that MAYBE you will learn something...I was hoping that I would learn something for my 199.00. But the truth is, I paid 199.00 to sit in a 3 day sales pitch. It is actually a brilliant strategy on their part because if you did not pay 199.00, you would never sit there long enough for someone to sell you a training package over 10,000...so you stay. You pay to hear a sales pitch for 3 days.
I forgot to mention that during day 2, Ann said something like, you can not expect to leave this course and successfully execute any of these methods. You need to have the advance training and more importantly a mentor (the 36,000 package). This is the OPPOSITE of what the first guy said during the "free session". He said, "if you want to learn how to obtain properties like this (the beautiful water front condo)...pay 199.00...just 199.00.
On Day 3, Ann gave us all another chance to go to the back of the room and sign up for the advance courses. When no one got up...she said ok...like she didn't care...like it was our lose, but then she sat down and talked for an hour and 15 minutes about how she maxed out all of her credit cards... all 17 of them to sign up for these courses, because she wanted to take charge of her own future. We had to make a decision today...punch a time clock forever or be rich...by 10:30 I left since I realized the rest of the day would be like the last 2 days...maybe worse if they weren't hitting their quota. I did not want to sit in the room and be brainwashed any longer.
On the first day, Ann prepared everyone for people like myself...she said a lot of us would not be comfortable with what she was going to tell us...the world crises thing...that she would offend some of us because it would be going against our beliefs...This is not why I left. I'm willing to accept that there is a lot that I don't know about the world and where this country is heading, but what I do know is that I purchased a 3 day training package and I was ripped off! I paid 199.00 and I am no better off today than I was 3 days ago...I just lost time and money. I can not believe that Robert Kiyosaki would allow his name to be on such an operation! I feel most horrible for those who were not able to filter through all of this. Those who may pull their money out of their 401K with no plan to properly invest it else where but this training course or those who will max out their credit cards and spend a life time paying off the debt because I suspect that since they did not offer any statistics or testimonials of those who have signed up and succeeded...Ann might very well be the only one...if she is rich...who knows.
I emailed the company explaining how unhappy I was with the training. No one ever responded. I lost 199.00, I hope you read this before you spend 1 penny. Buy a book and save yourself 180.00.
This report was posted on Ripoff Report on 11/13/2012 12:31 PM and is a permanent record located here: http://www.ripoffreport.com/reports/rich-dad-education/internet/rich-dad-education-tigrent-learning-academy-beware-of-free-seminar-3-day-financial-edu-968583. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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