Even if it's true, property millionaires are outliers who simply used lots of leverage to accumulate property during a massive credit fueled orgy of speculation.
They got lucky. Those conditions are not likely to return and the path is likely to be much more difficult for anyone trying to do the same today.
I don't admire property speculators such as Kiyosaki. Recklessness rather than brains led many people down this path, and then they were subsequently bailed out with taxpayers money and ZIRP when it all went wrong.
In addition, hoarding property is actually a massive net negative to society.
(I am talking about our breed of buy to let investors here in the UK. I'm not sure if you have the same characters stateside.)
I couldn't agree more. It's because of buy-to-let `investors' that rents on one-bedroom flats start at about £550 per month in the city in which I live and only go up from there. That's up by about £250 in the ten years I've lived here, and has continued to climb even during the Recession. Prices to buy have more than tripled during the same period. The net effect of that is that some people got very, very wealthy, others got a little bit wealthier, and the majority got much poorer funding the wealth of the other two groups.
> In addition, hoarding property is actually a massive net negative to society.
I think that progressive task on real estate could help with that. If you own one, two or even three houses, no tax, but if more, tax should grow very fast. Fast enough that it's more economical to sell property than keep it.
They got lucky. Those conditions are not likely to return and the path is likely to be much more difficult for anyone trying to do the same today.
I don't admire property speculators such as Kiyosaki. Recklessness rather than brains led many people down this path, and then they were subsequently bailed out with taxpayers money and ZIRP when it all went wrong.
In addition, hoarding property is actually a massive net negative to society.
(I am talking about our breed of buy to let investors here in the UK. I'm not sure if you have the same characters stateside.)