Robert Kiyosaki, author of the controversial best-selling book “Rich Dad Poor Dad,” has an urgent message for employees: Wall Street is taking a gamble on your pension. They are riddled with high-risk, stealthy investments and outrageous fees, and they spread deceptive performance results. The next market crash will wipe you out because of this pension crisis.
In an interview with ThinkAdvisor, Kiyosaki discusses his new book, “Who stole my pension?: How to stop a robbery” (Plata Press, January 14, 2020), co-authored with former SEC attorney Edward Siedle ).
In the interview, Kiyosaki, 73, was outspoken and outspoken in the conversation, calling Wall Street “corrupt”, the Federal Reserve a “criminal organization” and many financial planners “incompetent.”
Pensions “lie” about their returns; for example, pensions for teachers, firefighters, and police, who turn a blind eye to speculative investments and rob Kiyosaki of perception.
He himself proudly eschews the stock market in favor of investing in the shadow banking system because, he says, “that’s where the money is.” The entrepreneur owns rental properties in the American Southwest and Far West, as well as hotels, golf courses and oil wells.
He got rich primarily by licensing his “Rich Dad Poor Dad” brand to franchisees and investing in real estate. He has authored 28 personal finance books and two others with his friend President Donald Trump.
In “Who stole my pension?” Kiyosaki and Siedle conduct a forensic investigation of more than $1 trillion in retirement plans, and they urge pension participants to create a “global network” to “improve pension investment practices.”
In the way Kiyosaki puts it, he was mentored from the age of 9 by his best friend’s wealthy but uneducated self-made “rich dad” on how to make money, while his biological “poor dad” received with a Ph.D., opting for financial security through government work. He later lost his pension and no means of financial support.
Some reports claim that Kiyosaki’s “rich dad” — who, Kiyosaki said in interviews, had amassed a fortune in the construction industry — was fictional.
The Hawaii-raised author founded Rich Dad Co. in 1996 in Scottsdale, Arizona. He reportedly filed for bankruptcy in 2012 as The Learning Annex filed a multimillion-dollar lawsuit against his other company. , Rich Global. In addition, some of his seminar franchisees have been charged with investment fraud.
ThinkAdvisor recently interviewed Kiyosaki over the phone from his home office in Phoenix. He argues that pensions are invested in “financial weapons of mass destruction” like those that “dragged the market down in 2008 … nothing has changed”.
Here are excerpts from our interview:
THINKADVISOR: Why did you write a book about what you think is the pension crisis?
Robert Kiyosaki: Give people a chance to take action and prepare before House of Cards collapses again. I’m afraid the impending crash will make 2008 seem like nothing. Student loan debt is now larger than subprime market debt, which dragged the market down in 2008.
“Pennsylvania lie about investment performance, and you should be suspicious of the results they tell you,” you and your co-author Edward Siddell said. please explain.
Pensions are stolen by those who brought you the subprime crisis.
“In recent years, companies have devised some of the most secretive investments in history — schemes designed to hide outrageous fees, risks, unethical and even illegal practices in order to hinder pension transparency,” Siedle wrote. Please explain in details.
Wall Street brought teachers and firefighters union members to Vegas or Hawaii, and they continued to meet.They get them drunk and tell them to invest in derivatives [like the ones] This dragged the market down in 2008. “Financial weapons of mass destruction” is what Warren Buffett calls it. He should know because his company, Moody’s, insures these derivatives. So Buffett’s hands aren’t clean either. But he knew what he was talking about.
[Buffett’s Berkshire Hathaway is the largest shareholder of Moody’s Corp., with a 13% stake.]
Investment information returned to union members: what was their response?
what they don’t know [the firms] are talking about. So they’re thrown into very risky, high-fee bizarre things, like what subprime lenders did from 2005 to 2007.
So you’re saying this isn’t a new scene?
Nothing really changed. The Federal Reserve Bank is a criminal organization that bails out banks—those who lie to us. The Fed has cut interest rates to almost zero so that pension plans can’t get any return. If you expect a 7% return, the best you can get is 2%. Pensions are going bankrupt. In Paris and Chile, people are rioting, and it’s all about pensions.but Americans don’t talk about [a U.S. pension crisis].
You and your friend Donald Trump worked together for eight years and co-authored two books. Does he know about the pension crisis you warned about?
He knew it was coming.
But it is doubtful whether he did anything about it. why is that?
Because Grunch — Generic Cash Heist Total [from Buckminster Fuller’s book, “Grunch of Giants”] – Control everything: The people at the Fed, like Goldman Sachs and Wells Fargo.
You said you predicted the collapse of Lehman Brothers six months before the start of the Great Recession in 2008. What made you make this decision?
In Hawaii, where I grew up, there were always earthquakes [volcano] eruption. As you get closer, the vibration will get bigger and bigger. So there are always warnings. So did Lehman Brothers.
Are your predictions public?
Yes. [At the beginning of] In 2008, I warned on CNN that a crash was coming. Wolf Blitzer said, “You mean Lehman Brothers is going out of business?” I said yes. “I was never invited back because they didn’t want people to scare the public. They had to protect the banks and the financial planners.
You write that financial planners are not raising a pension crisis with their clients. Why is that, what do you think?