Rich Dad Wrong Dad
Recently I attended one of the Rich Dad Poor Dad seminars, specifically, how to make money in the stock market. I’ve been dabbling in the market for awhile, and I am now comfortable dealing in the Big, Blue Market. Can’t say I have been doing my due diligence every day, but I have put in some time.
Our speaker was well spoken and charismatic. He controlled the room and demanded attention. He did stress that education is key, which I agree with. However, I couldn’t help, but think he was getting ready to sell us swamp land in Florida. I was pleasantly surprised when he taught me a thing or two about different stock trading techniques. After digesting and feeling content. I saw three quarters of the room rushing to sign up for an intense three day training class. The package includes tons of books and software for a pretty reasonable price. I opted not to sign up as I feel pretty comfortable with where I am at, but I couldn’t help, but wonder about everyone else.
I anticipate there will be two outcomes. A bunch will just let the books collect dust. The second bunch will be lambs to a slaughterhouse. The speaker gave us examples using MACD and stochastics as indicators, but he chose very specific setups where everything lined up perfectly. Any fifth grader could buy or sell when they see three thumbs up, right? What most of these lambs don’t know is most of the time; the three indicators won’t line up perfectly. Then what?
I also think Kiyosaki needs to teach people about how to mentally and emotionally prepare for putting hard earned money at risk. It’s not for the faint of heart. It seems these days Kiyosaki is making money off of people’s hopes and dreams of getting out of the rat race. To his credit, he does give some tools to make this happen, but without proper coaching on the mental and emotional aspect it’s as dangerous as giving someone a gun without going over gun safety. The ones who are brave enough and not let their books collect dust could seriously hurt themselves financially.