'Rich Dad, Poor Dad' Personal Finance Guru Files for Bankruptcy

Even the guy who wrote "Rich Dad, Poor Dad" can see financial difficulty in his lifetime. (This reminds us of the long list of historical figures and celebrities who also filed for bankruptcy.)

While Robert Kiyosaki did not lose his job or suffer health problems - in fact, he is said to be worth roughly $80 million, as Jill Krasny reports for Business Insider - he did lose a $24 million business dispute.

Many people come to bankruptcy after having suffered some kind of hardship, be it the loss of a job, separating from a spouse, or medical bills from injury or illness. Sometimes it's a combination of these things. Unsympathetic debt collectors call it the "hard luck story."

But most people aren't Kiyosaki, who nonetheless filed for Chapter 7 bankruptcy after losing the business dispute. More specifically, one of his companies (he is said to own several), Rich Global LLC, filed for Chapter 7 bankruptcy protection.

The business dispute arose out of Kiyosaki's failure to pay a percentage of profits stemming from speaking engagements set up by the Learning Annex, which sued Kiyosaki.

According to ABC News, the Learning Annex president said, "The deal was I would get a percentage, and he reneged ... We put his 'Rich Dad' brand on a stage. We truly prepared him for great fame and riches. But when it was time for him to pay up, he said 'no.'"

It almost goes without saying that many consumers would prefer to pay their bills than face the prospect of bankruptcy, but for other people, bankruptcy is a legitimate business decision.

Source: 'Rich Dad, Poor Dad' Author Files for Chapter 7 Bankruptcy

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