Financial guru Robert Kiyosaki’s company going into bankruptcy last week marks the fitting end of the late 20th Century’s debt binge.
The book which propelled Kiyosaki to the best seller list, Rich Dad, Poor Dad was the bible of the flipper generation – much of the advice revolved around the tactic of putting as little money as possible down on an appreciating appreciating asset and sell for more than you owe the bank.
Advice like this was perfect for era of easy credit and cheap money and many of those who followed Kiyosaki’s advice, and that of many other get rich gurus, made money during the 80s, 90s and early 2000s.
In 2008 that party stopped and despite record low rates it’s become much harder to make money through speculation and the few who do are only doing so because of government intervention, which in itself is ironic given many of these people are quick to spout Ayn Rand, free market beliefs.
Kiyosaki’s company’s bankruptcy, while not directly due to failed property speculation, marks the end of an era. Hopefully it also marks an era where real investment and building productive businesses are the keys to wealth and fame.