Conventional Money Wisdom
A reoccurring theme that Robert Kiyosaki sees on television talk shows discussing finances is the advice his poor dad followed: namely, get a good education, secure an excellent job, work long and hard, save your money and invest it in diversified mutual funds portfolio for the long run.
He first heard this advice on a morning television show the year after he had published his book.
What he first heard in 1998, was repeated at the beginning of every year until 2005, by the same expert. The same bad advice was always approved with the same gratified smiles by the host and hostess. Meanwhile, in the real world, it appeared that millions of viewers had followed that line of advice because about $9 trillion was lost by people buying diversified mutual funds. Ironically, while people were losing this colossal amount of money, The Economist magazine reported that savvy investors enjoyed the biggest financial boom in world history. The leading earning markets were real estate calla blog and commodities-something that was not mentioned on television, which happen to have a lot of mutual fund commercials.
The reason for the book’s outlandish success is that it told the truth about how the rich get richer and the poor get poorer. Quite simply, the poor follow bad advice promulgated by financial advisors on popular media. Another celest blog factor contributing to the success of the book is that a number of readers who followed the advice in it actually got richer.
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