Tom Peters is one of my favorite gurus. Yes, his seminars are overpriced and so is his brand, and he feeds the corporate “good for the company” brainwashing tendency, but he says some cool stuff once in a while. Here’s a video in which Peters shares his thoughts on TNT’s “We Know Drama” rebranding.
The ability for a company to live and breathe a brand fosters loyalty to that brand, and therefore to the company.
In her latest column on Yahoo! Finance, Suze Orman says you need to look close at what your homeowners insurance actually covers. A five question quiz she put together might help you determine if your policy takes care of you.
Orman’s Tips for Insurance:
Suze Orman’s Resource Center has additional information on insurance.
GuruWatch wasn’t mean to focus so much on one person, but Robert Kiyosaki seems to be an easy target lately, thanks to his visibility in the press surrounding his new book.
I’d like to point out a great rebuttal from Byrne Hobart to Kiyosaki’s recent Yahoo Finance column on the value of the US dollar.
Hobart takes Kiyosaki’s article and breaks it down point by point. He gives credit to Kiyosaki when it is due, but that doesn’t happen too often in this case.
From the sound of this article by Keith Ferrazzi, becoming a guru is not too difficult. First, hone your expertise in a niche. Then, let people know about it — all the time. That’s it!
His article includes these specific tasks but goes further into the details:
Keith Ferrazzi is the author of Never Eat Alone: And Other Secrets to Success, One Relationship at a Time, and according to him, publishing the book has done wonders for his professional speaking career. If you are crazy enough, you’ll have your own cult before you know it.
Suze Orman’s advice is to avoid piggyback mortgage loans. It’s a better option to pay private mortgage insurance (PMI) up front and roll it into a lower rate than borrow at a higher rate. Here’s a clip from her show, in which she only slightly berates the caller, Michael from McMurray, Pennsylvania. (Or is that Michael McMurray, from Pennsylvania?)
I haven’t gotten my hands on the new book by Robert Kiyosaki and Donald Trump, Why We Want You to be Rich. Judging from Kiyosaki’s Yahoo column, which I don’t like, and Trump’s multiple bankruptcies, I think I’ll be looking for my financial education elsewhere.
Note: I’ve been adding review excerpts as I find them, so keep checking back. Here’s what some people are saying about the new book:
NEW! Thomas M. Anderson, Kiplinger’s Personal Finance: Trump and Kiyosaki Say They Want You to be Rich
Impressive resumes. Alas, unimpressive book. Why We Want You to Be Rich is a thinly veiled infomercial for more financial-advice products from Kiyosaki, Trump and their minions. They sell positive thinking and can-do haziness — specific details cost extra…
To be fair, the book’s introduction tells readers this is not a how-to book. A disclaimer on the cover would be more appropriate. Why We Want You to Be Rich pretends to explain why the rich are different and to outline the benefits of wealth. The Great Gatsby by F. Scott Fitzgerald does a better job.
Jonathan Clements, Wall Street Journal: Rich Men, Poor Advice: Their Book Is Hot, But Their Financial Tips Aren’t
Mr. Trump offers up a mix of inspirational thoughts (”Think bigger!”) and ruminations about The Donald (”I’m still evolving, so I’m pleased to be considered operatic, although sitting through an opera is something I just can’t do”). Indeed, the book is short on specific advice — but what’s there can found in Mr. Kiyosaki’s sections. He plugs rental real estate, silver, gold, and oil and gas partnerships. He also promotes the idea of starting your own business.
Mr. Kiyosaki stresses that mutual funds are risky, while building your own business can be a predictable path to prosperity. Yet he also notes that 90% of start-up businesses fail within the first five years. When I ask Mr. Kiyosaki about this apparent contradiction, he responds that starting a business isn’t risky if you know what you’re doing.
Steve Braun: Jonathan Clements on Kiyosaki
In the late 1990’s when Rich Dad Poor Dad was originally published, the hot investments were IPOs, especially small startup technology and internet companies… Silver, gold, oil, and gas were dirt cheap and totally out of favor as investments. Thus, Kiyosaki made a big deal out of what was hot then (small company IPOs) so he could look like a wealthy genius and be hip.
Fast forward to 2006. Silver, gold, oil, and gas have had a tremendous 5 year runup and are the talk of the investing world. Small company IPOs (other than Google) are not exactly in vogue like they were in 1999. Plus we had the great plunge in the NASDAQ from 2000 to 2002 that burst the bubble of many of those once high-flying small company startups. So now Kiyosaki trumpets “silver, gold, and oil and gas partnerships.”
Jim, Amazon.com reviewer: Excellent book!
Most books on money are full of gimmicks written by those who do not know how to produce wealth. This book contains real life strategies that can be used by anyone. The dynamics of the two totally different authors, with totally different backgrounds, was refreshing, entertaining, and very informative…
I felt like the information was discussed in a down to earth manner. I’m sure these two wealth powerhouses could talk down to us, rather they seemed to talk to us. It was almost like I was sitting in the same room with them.
Free Money Finance: Trump and Kiyosaki Write Useless Personal Finance Book
Just what we all need — a sales-related personal finance book. Sheesh!… So, from the authors’ own mouths, there appears to be no compelling reason why I would want to read this. Is this really the best these two can do? (BTW, Trump’s advice is ok, but Kiyosaki’s seems quite useless.)
NEW! BloggingStocks: Why Trump and “Rich Dad” Really Want You to be Rich
On my way home [from the book’s release party], much to my surprise, I found myself enjoying the book immensely. I was actually laughing out loud at points, perhaps not necessarily in the way the authors intended, but having a grand old time just the same… It’s not exactly magic, but it is entertaining…
What I found so funny, and what any regular reader of the financial and investing press will find amusing, is just how much Kiyosaki and Trump manage to place themselves at the center of the book, without actually offering much usable financial advice… Then it dawned on me: It was an infomercial. Lively, entertaining, campy even. But pure marketing at its core.
Found any other reviews? Link to them in the comments below. Want to see what other personal finance bloggers are writing? Search pfblogs.org.
Note: We’ve already gotten a number of emails defending Kiyosaki, Trump, and their book. None of us on the GuruWatch blogging team is posting an opinion on the book; I haven’t read it. We’re just sharing the reviews we’ve found.
Robert Kiyosaki’s latest column, Learn to Invest Like a Pro, is now online at Yahoo Finance. This week’s column is surprisingly a lot tamer than most of his recent articles. His point is simple: invest in products that generate income now, like rental properties, rather than those that will generate income later, like mutual funds.
First, Kiyosaki tells a story about his possibly-fictional rich dad, driving up his word count, but eventually coming around to the point. The author uses the rich dad’s voice to call those who invest in the stock market lacking “financial intellgience.”
The article continues without saying much else. Kiyosaki is big on stories but small on details. He even says, “Once [my wife] learned to spot an investment that made money, she was part of a world very few people ever see. Today, she makes tens of thousands of dollars a month from her investments.” This may be true, but Kiyosaki provides no details whatsoever. I’m not asking for an excessively long article, but if we cut the bull about his “rich dad” and add some supporting details, Kiyosaki would have a more convincing argument.
Kiyosaki’s philosophy will work for some people. Others simply don’t want to stress of finding and managing real estate investments. Kiyosaki also does not address any of the downsides of investing in real estate, implying in this article that the right property will be a perfect investment. Real estate involves major expenses, brokers that take a 6% commission whenever you sell, and major headaches. The real estate market does not always go up, and you run high risks if you’re not diversified. (By the way, Kiyosaki hates diversification.) After taxes, expenses, and sweat, index mutual funds often come out on top.
