When my son asked me to attend the Rich Dad, Poor Dad Stock Success 3 day training seminar, I was reluctant. Stocks, hedge funds, futures, commodities, although I was familiar with them, I had very little interest in wringing my brain out with graphs, charts, commissions, symbols, et al. Don’t get me wrong, I am a math teacher so I am not afraid of decimals, percents and statistics, although I hate probability. The son who asked me to attend this seminar cannot be refused. You see, he’s golden. So I agreed to attend this seminar, leave my farm, horses, dogs and comfort of my computer and made the trip to Atlanta the week before Mother’s Day and my birthday. Was it worth the money? Here is my review of the Rich Dad, Poor Dad Stock Options Training Seminar.
I was not expecting very much from this seminar. I had done a little research and found quite a few complaints against Rich Dad Poor Dad’s Real Estate Seminar. When I realized the reviews were not for the stock options seminar, I decided not to discourage my son.
One of the first things we were told the first day of the seminar was that our life was about to change. I remember thinking, “Yeah, right.” Early that first morning I was relieved that they were not going to require a lot of class participation. I was not interested in games, calling on us, or forcing people to participate. On the contrary, by the end of the first day I was somewhat annoyed that our facilitator was not only going to do all the talking, but he wasn’t going to answer any questions either.
Not requiring our participation as I said was a relief. In fact, I could understand why. It would slow things down and I knew right away that they were going to give us a lot of information and that time would not allow them to give us more than the tip of the options iceberg.
The options trading information that they gave us was outstanding. As we went into the second day I knew that the man presenting this information to us had a lot to tell us and we could all feel how much he would not be able to tell us because of TIME. In addition, our facilitator must have sensed our reluctance to ask a question since on the second day he took a few and by the third and last day took many questions.
The seminar is 3 days of intense options training that would be easier if you had done your homework before the seminar began. When you pay and sign up for the seminar, the Rich Dad, Poor Dad team gives you access to a website that in turn has a wealth of training materials both in document and audio format. I have to say that I could not get through all of it. The printed documents you retrieve from the website is a” manual” divided into downloadable chapters. Some chapters are as much as 150 pages. Of course, if you already know the information provided there’s no need to go over the pre-seminar training materials. Some of the participants were trading already and knew a lot more information than my son and I, however, I sensed that even they were getting a lot out of these three days, and that what they were not learning for the first time, was a welcomed refresher and clarification.
Let me get back to the negative reviews that I mentioned earlier. The negative reviews for Rich Dad, Poor Dad seminars are still available on the internet. Most of these negative reviews are from 2008, 2009, and 2010. Again, most are also regarding real estate type seminars where consumers have complained of heavy pressure during the seminars to pay for very expensive additional training. The complaints also tell of really tragic instances of individuals losing tens of thousands of dollars. Well, they did the same thing at this seminar, although I think they made a deliberate effort, probably because of all the prior negative reviews, to enshroud their sales pitch for more money in very clever disguises. My son and I were not unaware of this. The “coaches” that were available during the seminar, and the facilitator, often spoke of the advanced training “we” would be having next week (presuming with grammar that we would all pay more for this), emphasized how great having a personal mentor would be for us and how the money we paid for advanced training, well, they would be helping us recover that in trading as we learned. The advanced training fees were exorbitant ranging from $6000 to $67,000. We were told by the facilitator that there was at least one millionaire attending, and that the high end training had to be accompanied by a financial statement of $1 million or more.
It is certainly true that to become competent in options trading one must have training. There is so much free training out there that what they were asking is nonsensical. There are free mentors available through the Options Industry Council and some brokerage houses will offer mentoring. Yes, you need to practice trading but many online brokerage houses provide virtual trading platforms with virtual money you can use to practice trading.
Traditional colleges do not offer stock trading courses. Their courses are more general and revolve around business in general. Self education is by far the least expensive way to learn options; however, everyone is not good at teaching themselves. This is why the Rich Dad, Poor Dad appear to have something special to offer.
Because I knew that my son and did not have that kind of money for any of the courses the Rich Dad team was offering, it never occurred to us to sign up for it. The first day of the event I told my son that there’s no way that what they want us to buy after the seminar is worth what they are asking. I remember reading years ago, on the internet, and when the internet was still really young, that you never buy what you can get for free online.
I was only able to compare this seminar to professional seminars I attended as a teacher. Most of those teachers’ conferences were mandated and organized by non-teachers. I would say that out of 100 seminars I attended at various yearly conferences, only two were worthwhile. I entered that first day of the Rich Dad, Poor Dad’s Stock Success seminar believing that the “probability” of this being any better than the 98 seminars I attended as a teacher was very slim.
The pitches for more money and for more training was mildly annoying. My son and I decided we would get what we could from the training. In this instance, I must say that we got more than the $200 my son paid for both of us to attend the seminar. We came away with an excitement that we could control our financial future and with the understanding that our training had only just begun. The reason this training was successful and life changing for us is because the facilitator of this training gave us a glimpse of how people on Wall Street are making so much money… but just a glimpse.
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