Best-selling author Kiyosaki warns of technology changes from left field
February 21, 2015 12:00 AM
Author Robert Kiyosaki
By Tim Grant / Pittsburgh Post-Gazette
Just as the horse and carriage was replaced by the automobile during the industrial age, humans in the information age are being pushed aside by something they often cannot see coming — technology, said best-selling author Robert Kiyosaki in his new book, “Second Chance: For Your Money, Your Life and Our World.”
“The loss of jobs will continue as the information age marches on,” Mr. Kiyosaki said. “The problem is people will not see the technology that is replacing them, nor will they see that technology coming. Millions will be happily employed today and suddenly out of work tomorrow, run over by the invisible.”
“Second Chance” is the latest in a series of personal finance books from the Scottsdale, Ariz.-based Rich Dad Co. founded by Mr. Kiyosaki following the success of his 1997 book “Rich Dad, Poor Dad,” which he says has sold 33 million copies worldwide to date.
With millions of Americans on food stamps, the middle class in decline, and recent college graduates saddled with debt and no jobs, Mr. Kiyosaki said a growing number of people need a second chance. As he sees it, the beauty of second chances is there are no limits on how many someone can have.
“This book is probably the reason I wrote ‘Rich Dad, Poor Dad.’ It was the cart before the horse,” said Mr. Kiyosaki, 67. “Back in the 1970s and 1980s, I saw the crisis coming but it wasn’t here yet. In ‘Rich Dad, Poor Dad,’ I said savers are losers. I said your house is not an asset, and I caught [trouble] for that.
“But when millions of people lost their homes, they found out houses are not assets.”
While Mr. Kiyosaki attracts thousands to his lectures, some of his personal finance advice to average income people — such as investing in real estate instead of mutual funds and acquiring debt to buy assets rather than saving money — has been criticized by the mainstream financial community.
Some of his business failures also have made headlines. According to Forbes magazine, he filed for business bankruptcy in 2012 through one of his companies, Rich Global LLC, following a $24 million judgment against the company by a former business partner who claimed Mr. Kiyosaki failed to paid a percentage of the profits from speaking engagements he arranged.
Born in Hilo, Hawaii, Mr. Kiyosaki became a millionaire investing in real estate and writing best-selling books. Although he owns four houses, he considers Phoenix his home.
He said he doesn’t measure his wealth in terms of net worth, but instead by his monthly income from investments and the amount of taxes he doesn’t pay. But if he had to make a guess, he estimates his net worth at around $100 million.
“Net worth to me is not important,” he said. “All I know is I make millions every month and not pay taxes. I don’t cheat the government. I just do what the government wants me to do.
”There are three sides to a coin. Heads, tails and the edge. Intelligent people stay on the edge and look at both sides.”
Tim Grant: email@example.com or 412-263-1591.
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