(ThyBlackMan.com) When you make millions giving financial advice to other people, the last thing anyone expects is for you to go bankrupt. Robert Kiyosaki, author of the best-selling book, “Rich Dad, Poor Dad,” has filed for bankruptcy. Robert Kiyosaki made the move after being wiped out by a $24 million dollar lawsuit that he lost to the Learning Annex.
The bankruptcy is not an indicator of Robert Kiyosaki having poor financial health. Instead, it was a business move. Companies often file for bankruptcy when they have liabilities that exceed the market value of their assets. Kiyosaki’s company, Rich Global LLC, has filed for bankruptcy protection to
Robert Kiyosaki himself is worth $80 million. Now, instead of doing business under Rich Global LLC, he now does business under Rich Dad Co, another company that he owns. Mike Sullivan, the CEO of Rich Dad, made it clear that Robert Kiyosaki would not be putting any of his personal assets toward the judgement.
The Learning Annex arranged a large number of high-profile speaking engagements for Kiyosaki, including one at Madison Square Garden. Bill Zanker, founder and CEO of the Learning Annex, felt that Robert Kiyosaki owed him big for what they’d done for him over the years. He also says they had a contract, with the court confirming his version of events.
“I took Kiyosaki’s brand and made it bigger. The deal was I would get a percentage and he reneged,” Zanker said.
“We had a signed letter of intent. 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.”
Based on Zanker’s argument, we doubt that the name of the next Robert Kiyosaki book will be “Rich Dad, Honorable Dad.” It sounds like he learned a thing or two from the story-telling of Mitt Romney. If you agree to something in writing and then choose not to pay, you might have all the riches in the world, but your soul could be bankrupt. Maybe there are things more important than money.
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Rich Dad says he build business around his assets and if advance in their training you learn how to protect your money. One business down several still up.
Hi Dave,
What you wrote is really interesting. But what was the company of Abraham Lincoln?
He is not bankrupt, one of his old companies that was out of business for years declared for bankruptcy because they sued that company for more than the person who was suing asked for. The he company is a corporation and he is not liable to pay out of his own pocket because the old company is its own entity. That was one of his first companies that he no longer was running but now Annex sued him for money the company did not have. SO HE IS NOT BANKRUPT PERSONALLY, HIS OLD COMPANY IS BECAUSE OF THE LAWSUIT. when you get rich everyone is after your money and a lawsuit's are common for big name companies. here are some people you might know that went bankrupt in a business venture when they started off but they learned from their mistakes and there company now flourishes. That's what Kiyosaki's message is in his books, entrepreneurs fail lots of times but they learn from those failures and succeed.
-Henry Ford, founder of ford motor company
-Donald Trump
-Walt Disney
-H.J. Heinz- founder of Heinz ketchup brand
-George Foreman-boxer/foreman grill
-Clarence Saunders- founder of Safeway
-Milton Hershey- founder of Hershey chocolate brand
-Larry King
-William C. Durant-founder of general motors-Chevy
-Stan Lee- founder of marvel comics brand
-Abraham Lincoln- president
I'm reading his book right now.....something must be wrong somewhere
Oscar,
You seem to have knowledge in business and on Kiyosaki's background. Can you enlighten us? I thought he invested in real estates.
The only guys that last in the seminar business are those who invest.
But none of them have the time to invest AND do seminars
Just get the coaching with real investors (not realtors - they are more broke than you and I)
There are a couple of seminar companies that also offer the investments - I would stick with those.
I can't believe this! I went to a seminar yesterday of Rich Dad.