Savers Will Be Losers, says Rich Dad

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Here he goes again. In his latest installment on Yahoo!Finance (Yahoo!, please move his articles to the entertainment channel), Rich Dad tells us that the dollar will crash, busts are easier to predict than booms, and that “savers will be losers.” And then he sings the praises of gold as he exits stage left.

So why does Rich Dad say what he does? I’m convinced he does it for one reason and one reason only–it sells. In this way he’s similar to Ann Coulter. They say outrageous things (politics aside) because it makes them money, lots of money. Rich Dad’s first book, Rich Dad, Poor Dad, wasn’t half bad. Gimmicky in places to be sure and his love for real estate is obvious, but worth a trip to the library. But after that, he had nothing left to say. So what does he do? He recycles the same material into book after book, and adds outrageous statements like “savers will be losers” to get attention.

So, in honor of Rich Dad, I’ve created a new category called “Snake Oil.” In this category I’ll include articles about really bad personal financial advice. My motto for this category is this–Everybody is entitled to their opinion, but nobody is entitled to manipulate the facts. If you know of personal financial advice that deserves a mention in the Snake Oil category, let me know.

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