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Avoid Financial Gurus who have Gotten Rich Telling Others how to Get Rich

Nowadays, it seems like everyone has a bestseller telling you how to become rich and famous. Follow this formula and you’ll be able to retire early to a beachside paradise in Mexico. Use this blueprint and you’ll be able to spend your days traveling the globe while working no more than a day a week.

All of that sounds great, but how do you know whose advice you can actually trust. Common sense tells us to follow the counsel of those who have gotten real results by eating their own recipe. A reliable guru not only talks the talk–he walks the walk.

But all of these self-help writers must have the secret, right? After all, they claim that their acumen has made them millionaires.

That’s where you want to take a moment to pause and investigate further. As it turns out, some of the biggest names in the get-rich industry didn’t truly make it big until after they started selling their success scheme. In other words, they only became rich by selling the “secret to getting rich.”

These are the “experts” you should avoid. If you were to hire a financial advisor, you’d want one who had actually been involved in finding clients success. Not one who only knows how to be successful in theory.

The same principle applies to buying a book or subscribing for a course. Look beyond the cover bio and find out how the author got to where he is. For an example of who not to trust, take the case of one of the most well-known self-help authors out there: Robert Kiyosaki.

The Truth Behind the Rich Dad Author

In his most famous work, Rich Dad, Poor Dad, Kiyosaki advocates the importance of becoming financially literate and building income-producing assets. Nothing wrong so far.

Kiyosaki’s claim to authority lies in his being a successful salesman and entrepreneur who retired at 47 with a fortune worth millions.

What he doesn’t tell you is that, like the multi level marketing he constantly promotes, there’s’ no substantial product or business behind him. It’s true Kiyosaki made some good money in business and real estate before striking it rich. But his millions came from sales of his book and accompanying courses.

The reason Rich Dad became successful in the first place is because Bill Gavin, leader at the multi level company Amway, discovered Kiyosaki’s book at a car wash (Kiyosaki had been having trouble convincing a publisher to take on his book). They struck a deal; Gavin promoted Kiyosaki to Amway’s many MLM distributors while Kiyosaki persuaded people that MLMs were a viable business model.

Kiyosaki continues making money from his most famous book. Nowadays, his bread and butter consists of several tiers of expensive courses, including top-tier trainings that cost up to $45,000. These courses are noted for the peculiar strategies they present, such as raising your credit card limit to $100,000 in order to invest.

Don’t get duped. There are lots of real experts out there and great books to read, like The 7 Habits of Highly Effective People, Think Rich, Grow Rich, and The Millionaire Next Door. Getting information from the right people will protect your wallet and guide you to real success.

 

Published inPersonal Finance

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