Saturday, 13 October 2012

News : Unbelievable! Robert Kyosaki Files for Bankruptcy (Author of Rich Dad, Poor Dad)

Wow, how time flies. Robert Kiyosaki, the man who made a fortune giving financial advice to people is now broke. The famed author filed for bankruptcy after losing a $24 million dollar lawsuit to Learning Annex.
“The Learning Annex is the greatest promoter. We put his ‘Rich Dad’ brand on a stage. We truly prepared him for great fame and riches. But when it was time for him to pay up, he said no.
“This has taken years in court. I won even more money than I asked for from the jury, then he declared corporate bankruptcy. Oprah believed in him, and Will Smith believed in him, but he didn’t keep his promise to us,” a source quoted Learning Annex.
However, the declaration of bankruptcy is seen in financial circles as a clever business move, taken by Kiyosaki to shield his estimated $80 million wealth from judgement debts.
Since Kiyosaki’s company, Rich Global LLC, filed for bankruptcy protection to shield itself from the judgement debt, the author now does business under Rich Dad Co, another company that he owns.
Olufamous.com gathered that many financial experts have criticised Robert Kiyosaki for the move, described him as a greedy fellow. Some even questioned the ideas he shared in his book if he could not be truthful to others in a business transaction.
I couldn’t find an official reaction from his Rich Dad Company as at the time of reporting.

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