I no longer have any respect for PBS. I cannot believe they are showing this Kiyosaki infomercial crap, especially during their fundraising, not only showing his show, but using his products to generate fund raising dollars. PBS is basically helping him sell his crap with this “exclusive for public television” deal. They keep flashing his products on the screen such as his DVD/VHS (free with $100 donation to PBS), his book package (free with a $300 donation to PBS), and his “Teach to be Rich” book (free with a $150 donation to PBS). The two PBS hosts are just drooling all over this quack saying things like “all this enrichment and enlightenment Robert Kiyosaki has shed in the financial area tonight,” “this is excellent advice,” “this is such a wonderful program,” “this next bit is one of my favourites,” “this is really incredible,” “count on PBS to provide proper role models [referring to Robert and his wife],” “we learned a lot from Robert Kiyosaki tonight.”
Kiyosaki, the Benny Hinn of financial self-help, is even more ridiculous on TV then he is in the articles he writes online. When I first turned the TV on, he was in the middle of explaining how “working hard” is an out-of-date concept. When did this happen? He says that starting in 1943 “working hard” is no longer an option (to be successful and become “rich” I guess) because starting then, the US government starting collecting income taxes even more (the withholding tax on wages was introduced) and working hard only puts you in a higher tax bracket meaning you will be taxed even more. He said he invests and takes advantage of “loopholes” so he pays zero tax legally. Next he explained how “saving” no longer works. According to him “saving” stopped working since 1971 when “cash became a currency.” Then he starts giving a series of examples that do not lead to any real point. He draws a graph showing that cash has lost 50% of its value in since 2000 but gold has gone from $250 to $500. How his dad’s house has gone from a few tens of thousands of dollars to $1.5 million. Oil prices have gone from $20 to $50/barrel. There was no real point to all of this babbling.
The next thing I remember him talking about was how “control” = “no risk.” He then explained how people and their financial advisors who invest in a diversified portfolio of mutual funds have no control. It was all quackery at its fines.
The rest of the show provided nothing useful. It only provided some amazing quotes:
“Acquiring wealth is fun for me, I love investing, it’s not frightening, it’s controlled.”
“I had a classmate who was considered a genius in school. This guy could do quantum physics and all that when he was in kindergarten. The trouble was he couldn’t tie his shoelaces.”
“I did not know when I was 9 years old playing monopoly that I was seeing the future. When I played monopoly I saw that I can become a rich man.”
“I flunked out of school twice because I could not write. And I do not read that well yet. No, it’s true. I flunked when I was 15 and I flunked out when I was 17. And today I have one of the top 3 books in the history of the New York Times.”