OMG the Rich Dad Poor Dad guy declared bankruptcy???

dontatme_jared · 3/11/2024

saw this going around again this morning and my group chat lost it. article here: https://www.cbsnews.com/news/rich-dad-poor-dad-author-robert-kiyosaki-bankruptcy/ . guy sold 40 million books about money and one of his companies files ch11. i know i know "it was an entity not him personally" but come on. what are we all supposed to take from this

8 replies

lol beat me to it
u_wot_m8 · 3/12/2024
Read the article. Rich Global LLC, a licensing entity, filed Chapter 11 after losing a judgment to a seminar promoter. Kiyosaki personally did not file. That is the whole story and it has been recycled every 18 months since 2012.
TaxGuyTom · 3/12/2024
ok but "i put the risk in a shell company and walked away" is literally chapter 6 of the book so
dontatme_jared · 3/12/2024
this is why i only take advice from people with audited financials, i.e. nobody on the internet
HODLberto · 3/12/2024
bankruptcy is a tool. you all use limited liability every day and then clutch pearls when someone else does.
definitelynotmyCPA · 3/12/2024
My brother in law bought the board game in 2006 and still brings it to Thanksgiving. Send help.
Cheryl · 3/14/2024
@definitelynotmyCPA sure, but he sells the entity shuffle as a wealth strategy to people with one LLC and a W-2. That is the part that bugs me.
TaxGuyTom · 3/14/2024
https://media.giphy.com/media/QMHoU66sBXqqLqYvGO/giphy.gif me reading my own balance sheet after this thread
spreadsheet_gremlin · 3/15/2024