Author Of "Rich Dad, Poor Dad" Files Bankruptcy
Smart money management takes practice to acquire as a skill. While much of the country continues to struggle with adequate financial management, some have capitalized on this niche market by writing books on the subject. Robert Kiyosaki, author of the bestselling book “Rich Dad, Poor Dad” is one such example. However, Kiyosaki has recently found himself in the midst of financial trouble, leading him into bankruptcy.
Word To The Wise
Offering financial advice and strategies for financial independence, Kiyosaki’s book has been a best seller since the late 1900s. Having sold more than 26 million copies, Kiyosaki was order to pay an estimated $24 million to the Learning Annex for promotion efforts. Claiming royalties were never paid as a result of services, the Learning Annex sued Kiyosaki’s company, Rich Global LLC.
The judge ruled in favor of the Learning Annex and Kiyosaki’s company is being held liable for his debt liabilities. Now claiming he cannot afford to pay the multi-million dollar judgment, he is seeking bankruptcy protection on behalf of his company Rich Global LLC. Citing this judgment created debt liabilities higher than the company’s assets, it is unclear as to whether the Learning Annex will receive any of the money they are owed.