Robert Kiyosaki
Robert Toru Kiyosaki (born April 8, 1947) is an American businessman, author, and motivational speaker best known for the Rich Dad Poor Dad series of personal finance books. He is the founder of the Rich Dad Company, which provides personal finance and business education through books, videos, and seminars. His flagship book, Rich Dad Poor Dad, has sold nearly 40 million copies worldwide and has been translated into dozens of languages.
Kiyosaki's teachings emphasize financial independence through investing in assets such as real estate, starting and owning businesses, and acquiring financial intelligence. He is known for advocating what he calls "good debt" - using borrowed money to purchase assets that generate income - and for promoting investment in gold, silver, and cryptocurrency. His advice has been both influential and controversial, with critics questioning the accuracy of his biographical claims and the effectiveness of his investment strategies.
His business ventures have had mixed results. Rich Global LLC, one of his companies, filed for bankruptcy in 2012 and was ordered to pay $23.7 million to The Learning Annex. Investigative reports by the Canadian Broadcasting Corporation, CBS News, and Pittsburgh's WTAE-TV have documented concerns about seminars conducted under the "Rich Dad" brand.
In January 2024, Kiyosaki stated publicly that he was more than $1 billion in debt, framing this not as a problem but as a feature of his investment philosophy, which emphasizes leverage.
Early life and education
Family background
Robert Toru Kiyosaki was born on April 8, 1947, in Hilo, in the then-Territory of Hawaii, into a family of Japanese descent. He was the eldest child of Ralph Kiyosaki (died 1991) and Majorie Kiyosaki, who worked as a nurse.
His father was an educator who rose to become Hawaii's superintendent of schools, providing Robert with direct exposure to the educational establishment he would later criticize. Ralph Kiyosaki also ran unsuccessfully for lieutenant governor on the Republican Party ticket in the 1970 Hawaii gubernatorial election. After losing the election, he lost his position and used his savings to acquire an ice-cream franchise that eventually failed. He later worked for labor unions.
This family experience - watching his educated father lose his job and fail in business - would later inform Robert's critique of traditional education and employment.
Siblings
Kiyosaki has three siblings. One sister, Tenzin Kacho, was a nun ordained by the Dalai Lama who worked at a Buddhist center in Long Beach, California. Another sister is a graphic designer, and his brother works in property management.
Education
Kiyosaki attended Manoa Elementary School before moving to Hilo. He graduated from Hilo High School, though he later stated he was nearly expelled due to poor grades - an experience he has used to critique traditional educational measures of success.
In 1965, Kiyosaki attended the United States Merchant Marine Academy, graduating four years later as a deck officer. After graduation, he worked on ships of Matson, Inc. as a midshipman.
Military service
Following his merchant marine career, Kiyosaki joined the United States Marine Corps as an officer. He served as a helicopter gunship pilot during the Vietnam War and was once based in Kaneohe Bay. This military experience would later feature in his biographical narrative and self-presentation.
Early career
Rippers
In 1977, Kiyosaki started a company called "Rippers" that marketed nylon and Velcro wallets. The company eventually went bankrupt, marking his first significant business failure.
Xerox
After the failure of Rippers, Kiyosaki became a sales associate at Xerox, working there until June 1978. The sales experience at Xerox would later feature in his teachings about the importance of sales skills.
Money and You seminars
In the 1980s, Kiyosaki became a motivational speaker in San Diego, running courses on techniques derived from Erhard Seminars Training (EST) called "Money and You." He had attended the original course in 1974 given by its creator, Marshall Thurber.
In 1984, Thurber transferred the business to Kiyosaki and D.C. Cordova, who then expanded the course beyond the United States. At one point, the program had tens of thousands of students internationally.
Australian controversy
The business nearly collapsed in Australia in October 1993 after the Australian Broadcasting Corporation's Four Corners aired a documentary alleging emotional abuse in the course. Kiyosaki said the program was "unfair" and considered suing the ABC before deciding against it.
He left the business in 1994, moving on to focus on other ventures.
Rich Dad Company
Early publishing
In 1993, Kiyosaki published his first book, If You Want to Be Rich and Happy, Don't Go to School?, which encouraged parents not to send their children to college and instead to enter the real estate business. This book established themes that would characterize his later work.
Rich Dad Poor Dad
In 1997, Kiyosaki published Rich Dad Poor Dad, the book that would make him famous. The book presents financial lessons through the narrative of two fathers: Kiyosaki's actual father (the "poor dad," an educated man who worked for the government and struggled financially) and the father of his childhood friend (the "rich dad," an entrepreneur who became wealthy through business and investing).
The book argues that traditional education fails to teach financial literacy and that wealth comes from owning assets rather than working for a salary. It advocates real estate investment, business ownership, and financial education as paths to wealth.
Rich Dad Poor Dad became a massive bestseller, selling nearly 40 million copies worldwide by 2017 and being translated into dozens of languages. The book's success established Kiyosaki as a major figure in personal finance education.
Business structure
In 1997, Kiyosaki founded Cashflow Technologies, a holding company that owns and operates the Rich Dad and Cashflow brands. The company produces books, videos, games, and educational materials based on Kiyosaki's financial philosophy.
The Rich Dad Company's main revenues come from franchisees of Rich Dad seminars conducted by independent individuals using Kiyosaki's brand name. Companies operating under or connected to the Rich Dad brand include Rich Dad LLC, Whitney Information Network, Rich Dad Education, and Rich Dad Academy.
Sharon Lechter lawsuit
In 2008, Kiyosaki settled a lawsuit brought by Sharon Lechter, his former business partner and co-author of several Rich Dad books. Lechter alleged that Kiyosaki and his wife had enriched themselves and redirected assets in the business - claims the Kiyosakis denied.
Lechter sold her stake in Rich Dad Company to the Kiyosakis after the settlement, ending a partnership that had lasted about 10 years.
Rich Global LLC bankruptcy
In 2012, Rich Global LLC, one of Kiyosaki's companies, filed for bankruptcy and was ordered to pay $23.7 million to The Learning Annex and its founder because Kiyosaki had used The Learning Annex for speaking opportunities.
Mike Sullivan, the CEO of Rich Dad Company, stated that Rich Global LLC had been dormant for years. At bankruptcy, the company had nearly $26 million in liabilities and $1.8 million in assets.
The bankruptcy illustrated the complexity of Kiyosaki's business structure, with multiple companies operating under or connected to the Rich Dad brand.
Cashflow games
Kiyosaki created the Cashflow board and video games to educate adults and children about business and financial concepts. The games are designed to teach players about investing, assets, liabilities, and financial decision-making through gameplay.
Financial philosophy
Core teachings
Kiyosaki's financial philosophy centers on several core ideas:
- Financial independence through passive income: Wealth comes from owning assets that generate income without requiring work
- Education system critique: Traditional schools fail to teach financial literacy, leaving graduates unprepared for building wealth
- Good debt versus bad debt: Using borrowed money to purchase income-generating assets is "good debt," while borrowing for consumption is "bad debt"
- Asset classes: Real estate, businesses, and paper assets (stocks, bonds) can all generate passive income
- Financial intelligence: Understanding money is more important than earning a high salary
Real estate emphasis
Kiyosaki has particularly emphasized real estate investing as a path to wealth. In 2006 and 2007, Rich Dad seminars continued to promote real estate as a sound investment just before prices came crashing down in the subprime mortgage crisis.
Gold, silver, and cryptocurrency
Kiyosaki is a strong proponent of buying gold and silver, often referring to them as "God's money." He argues that fiat currency is losing value due to government money printing and that precious metals provide protection.
He has also advocated for cryptocurrency, particularly Bitcoin. In May 2025, Kiyosaki reiterated his support for cryptocurrency, writing on X that even holding 0.01 Bitcoin could "maybe make you very rich" within two years.
Debt philosophy
In January 2024, Kiyosaki stated that he was more than $1 billion in debt, presenting this as evidence of his investment philosophy rather than a problem. He argues that being in debt is not problematic if the borrowed money is used to acquire assets that generate income exceeding the debt service costs.
When asked about his net worth, Kiyosaki has indicated that his significant debt is "not his problem" because it is secured by income-producing assets.
Controversies and criticism
"Rich Dad" identity questions
The identity and even existence of the "rich dad" character in Kiyosaki's books has been questioned. Some investigators have been unable to verify the existence of the person Kiyosaki claims taught him about money and business.
Seminar investigations
Multiple media organizations have investigated Rich Dad seminars:
CBC Marketplace (2010)
The Canadian Broadcasting Corporation's Marketplace broadcast a documentary on scams perpetuated by Kiyosaki's company in Canada through "Rich Dad" seminars. Investments in trailers and trailer parks, which seminar instructors claimed as evidence of success, were found to be barren and unused land.
CBS News (2010)
Also in 2010, Allan Roth of CBS News documented what occurred when he attended one of Rich Dad's free seminars, analyzing the tactics employed to upsell attendees to more expensive programs.
WTAE-TV (2013)
WTAE-TV, the ABC television station in Pittsburgh, Pennsylvania, produced a critical segment about Kiyosaki in 2013, raising concerns about seminar practices.
Class action lawsuit
Kiyosaki was sued in a class action suit filed by attendees of his seminars who alleged they had been misled about the value and content of paid programs.
Advice criticism
Beyond questions about business practices, Kiyosaki's financial advice itself has been criticized:
- Lack of concrete guidance: Critics argue his books emphasize anecdotes over practical, actionable advice
- Real estate timing: Promotion of real estate investing just before the 2008 crash raised questions about his market judgment
- Oversimplification: Complex financial concepts may be oversimplified in ways that could mislead readers
- Debt promotion: Encouraging ordinary people to take on debt to invest carries significant risks
Political views
Kiyosaki endorsed and supported Republican candidate Donald Trump for the 2016 presidential elections. At that time (2015), Kiyosaki had co-authored two books with Trump (and others).
Kiyosaki has also criticized Bernie Sanders for being a "hardcore Marxist."
Personal life
First marriage
Kiyosaki divorced from his first wife when he was 32. Little public information is available about this marriage.
Second marriage
Kiyosaki met his second wife and business partner, Kimberly "Kim" Kiyosaki (née Meyer), in 1984. They married in 1986 and worked together building the Rich Dad brand. Kim Kiyosaki has authored her own books on investing and financial education.
The couple amicably divorced in 2017, though they have continued to collaborate professionally.
Published works
Kiyosaki has authored more than 26 books. Major titles include:
Rich Dad series
- Rich Dad Poor Dad (1997) - the flagship title
- Rich Dad's Cashflow Quadrant (1998)
- Rich Dad's Guide to Investing (1998)
- Rich Dad's Rich Kid, Smart Kid (2001)
- Rich Dad's Prophecy (2002)
- Rich Dad's Success Stories (2003)
- Rich Dad's Who Took My Money? (2004)
- Rich Dad's Before You Quit Your Job (2005)
- Rich Dad's Increase Your Financial IQ (2008)
- Rich Dad's Conspiracy of the Rich (2009)
- Unfair Advantage (2011)
- Second Chance (2015)
Co-authored with Donald Trump
- Why We Want You to Be Rich (2006)
- Midas Touch (2011)
Other works
- If You Want to Be Rich and Happy, Don't Go to School? (1993) - his first book
- FAKE: Fake Money, Fake Teachers, Fake Assets (2019)
He has stated that his books are advertisements for his higher-priced seminars.
Legacy
Robert Kiyosaki's legacy is contested:
In financial education: Rich Dad Poor Dad has introduced millions of readers to concepts like passive income, assets versus liabilities, and financial independence. For many, his books were their first exposure to thinking about money beyond earning and spending.
In self-help publishing: The Rich Dad brand demonstrated the commercial potential of financial self-help content, inspiring many subsequent authors and programs.
In criticism: The controversies surrounding his seminars, the bankruptcy of Rich Global LLC, and questions about the veracity of his stories have made him a cautionary figure. Critics argue that his brand has profited more from selling hope than from delivering results.
In real estate investing: His emphasis on real estate has influenced many amateur investors, for better or worse. The timing of his promotional activities relative to market cycles has been questioned.
In financial discourse: Kiyosaki remains an active voice on financial topics through social media and publications, continuing to promote his views on precious metals, cryptocurrency, and debt-financed investing.
See also
References