I don't claim to be a financial expert, but I was super surprised to read this article today in Yahoo Finance by Robert Kiyosaki. I've read his articles in the past and enjoyed reading the huge swath of negative comments that he invariably receives, but this one has to be some of the worst financial advice that I've ever seen. Kiyosaki essentially compares investing in mutual funds with gambling. I will admit it - Melanie and I have put a little bit of money in the famous Vanguard 500 fund, and I really don't have much of a clue whether the market is going to go up or down (right now the market is "up"), but it is hardly like gambling where you KNOW that the odds are that you are going to lose. Kiyosaki's suggestion: work with a financial advisor to find "better" investments. No real advice as to what those investments may be - prehaps picking individual stocks or real estate. However, until I'm omnipotent and have the time to pick out individual stocks and manage large amounts of real estate, I'm going to stick with my simple noload mutual fund with Vanguard.
More disturbing is the possibility that Kiyosaki may not have even come up with this post himself at all. One of the comments noted that it seems to have been lifted from another blog: http://www.tomwheelwright.com/ . Reading the two articles, it seems clear that they are a little too similar. If Kiyosaki lifted this article from this blog, then it seems that we have a true idiot on our hands. Yes, the advice is stupid. It would be even more stupid if he got it from another idiot.
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