Quick Millionaire

Lousy Financial Advices From Robert Kiyosaki And Donald Trump

Good review from WSJ on all the loopholes from the duo's new book "Why We Want You to Be Rich." To me, Robert Kiyosaki is a one-trick horse and has almost no credibility of giving sound financial advices.

Messrs. Kiyosaki and Trump are hugely influential and their new book will, no doubt, land on the bestseller lists.

After all, Mr. Kiyosaki's phenomenally successful "Rich Dad, Poor Dad" and the other books in the Rich Dad series have already sold over 26 million copies world-wide. Mr. Trump has also penned a slew of bestsellers, as well as starring in "The Apprentice" television show and, of course, running a major real-estate business.

So why do Messrs. Kiyosaki and Trump want you to be rich? Each chapter is written partly by Mr. Trump and partly by Mr. Kiyosaki. The authors list some well-known problems, including the growing trade deficit, burgeoning national debt, a depreciating dollar and baby boomers with inadequate savings -- all of which makes our financial future shaky.

The book, however, doesn't suggest conventional solutions. According to the introduction, saving money is "obsolete and bad financial advice" and "the 401(k) savings plan will not be adequate for approximately 80 percent of all workers."

To back up other arguments, the book employs a sprinkling of quotes from renowned investor Warren Buffett. Yet it seems even Mr. Buffett is falling short of his full potential.

As Mr. Kiyosaki writes, "Donald and I can beat Warren's rates of returns on investment. He may be richer, but we can get richer faster using our own methods and use less money."

This might have you scratching your head. If Mr. Trump can earn higher rates of return, why does he rank 94th on Forbes magazine's listing of the 400 richest Americans, with a net worth of $2.9 billion, while Mr. Buffett ranks second with $46 billion?