Meanwhile Kiyosaki is over a billion dollars in debt. Much prefer the stress free life of zero debt ! Also, no one can take Dave's paid for wealth away.
@@matthewjenkinson8693 it depends do you struggle with debt or do you desire to be an entrepreneur? Ramsey's ideas on money don't accelerate growth, they just give you out of the hole you dug
@@matthewjenkinson8693 He says to spend it on assets not liabilities. You took out debt on what you personally thought were assets. You are right tho, you are a Dave Ramsey person
I love the teaching of both men, the difference is that David R is targeted for the majority of the population to bring them a basic understanding of money where Robert K has a more advanced approach which is more complex and uses the fine points of our financial system to create wealth. Love them both
Well said. The Doc did a great job paralleling both men’s teaching. I’ve been watching Ramsey solutions video a few years I haven’t been exposed to other man’s teachings
Except Kiyosaki is a billon dollars in debt at age 76…if he dies tomorrow he’s estate can pale it down on the payment time table irregardless of prevailing economic and market conditions
He has gold in savings and trusts to protect his money. He can quit if he wants. But why would he? He enjoys teaching and it gives him something to do. If you loved your job I doubt you would quit just because you had enough money to support yourself.
I think many do not appreciate the risk factor that debt introduces to people. No debt is always less risky than some debt. Risk introduces stress to most people's lives. Robert may get you rich faster but being rich doesn't give you peace of mind.
I've been roughly following Dave since the 1990s. I was in a struggling business and up to my eyeballs in debt, I decided to shut down the business and get out of debt. I did take on some debt after that, but I guess it was what was called "good debt", but it wasn't more than I could handle and it helped me get back on my feet and start another business that was successful. After my new business got going good and making good money, I paid off that debt. I also paid off my home and everything during this time. At this point in my life, I'm not saying that I'll never borrow money again, but I'm not currently planning on it. I've gotten to where I don't owe anybody a dime and have considerable assets. Now I'll admit that I could go out and borrow money, buy investments, and make even more money, but I'm content. For me anyway, it is a huge peace of mind to not owe anybody anything. I have no doubt that you can follow Kiyosaki's plan and make a tremendous amount of money, but it can be mentally exhausting trying to balance all that out, and it's not without risk. The way I am being debt free, I can make a investment that goes bad and while I don't like it, at the end of the day you just lick your wounds and move on. You borrow a lot of money on a bad investment it can completely ruin you. There is no such thing as a investment sure thing, and nobody knows what the economy is going to do. I'd be willing to bet that however many people have become multi millionaires following Kiyosaki religiously, there is a equal number that ended up in financial ruin. Both Dave and Robert have made most of their money off of telling other people what to do with their money. I will submit most of people who are multi millionaires don't listen to either one of them, they do it their own way. I do make note that Dave is still somewhat humble and Robert seems like he tries to portray a lavish lifestyle. I do know I've learned that most of the people that are really well off, you wouldn't know it by looking at them, and most people that try to look like they are rich are in very bad shape financially.
Robert Kiyosaki actually teaches in Rich Dad’s Guide to Investing to lay down a solid foundation of security in savings, retirement and mutual funds before investing in real estate and stock trades. So, he does believe in what Dave Ramsey teaches but to set himself apart, he isn’t too vocal about it in public. But he discusses it thoroughly in this book
Actually, they are totally opposite. Dave Ramsey was doing what Robert Kiyosaki does in Real Estate when he went bankrupt. He teaches you how to pay cash for real estate and do it without debt, which is the correct way. Dave Rames is worth $100 million more than Robert Kiyosaki without debt.
@truthseekerKJV Richards debt is voluntary. Here's an example: Jay z and Beyonce just took out a loan for 80 million to buy a house for 50 million. They clearly have the money, so why would they do it? Because the compounding interest off the 30 million leftover if put in a high yield fund,( like life insurance 10% or higher) makes them 300 million over the next 20 years. Both guys do very well financially 👏. You should learn the details before jumping to conclusions
They are both right. Use Dave to get your mind right, and use Roberts approach to buildwelth. Use the approach of both of them to build generational wealth. Dase's net worth is 200 million and Roberts net worth is 100 million. Personally I like to check the scoreboard.
A financial guru's net worth really isn't indivitive of how good their advice is. It's more indicitive of how popular they are, or how well they have succeeded in their business, which usually isn't too closely related to what they teach.
@@erikrohr4396 unless their popular and their business is successful as a bi product of good advice they give that actually works when people put it to practice… other why’s it wouldn’t be resonating so well with people therefore they wouldnt have good business and popularity duh.
@@WilsonMarky7 That would be a very indirect correlation. Someone could give perfect advice and not turn their advice-giving into a business and have a low net worth. On the flip side, someone could give mediocre personal finance advice that resonates with many people and results in a lucrative business for the guru, but only teaches how to move from poor to middle class, but not middle class to upper class.
I believe the wisest decision that should be on every individual list is to invest in a different stream of income and don't depend on the government to bring you money. It's always better to work smart and not hard.
That's perfectly correct, you don't have to depend on paid jobs to earn a living, explore other good and reliable ways of creating wealth no matter what most people say about diddle.
Thanks for sharing. I searched her full name and found her website instantly. After reviewing her credentials and conducting due diligence, I reached out to her.
In order to understand money and have discipline and self control, follow Dave first. Then once you get these, you can do Robert. But risk is very scary. It can either make you rich or poor.
Here is the pure answer. The issue is stress. Ramsey's method offers a less stressful outcome. Kiyosaki's method involves acquisition of real estate and he has a "team" to deal with "problems". So, decide whether you want to get into a game of financing and refinancing real estate to build weath and avoid taxes. High stress along the way. Getting out of that "game", requires liquidation of real estate and the satisfaction of loans, which will have varying tax impacts. If you want freedom from lifetime stress Ramsey's method is best. There is a wide gap between being wealthy and being rich or super rich, which is also a matter of mindset.
Dave Ramsey to start. After paying off the debt and having 3 months savings then switch to other teachers. You shouldn’t have ANY good debt when you have bad debt
@@reesereserved Sure - let's say for example that you have a car loan of $10,000 at a 5% (annual) interest rate. Let's say you also have $10,000 in cash under your mattress. Let's also assume that you have the option of investing in a mutual fund that has the potential to earn 10% interest (annually) on average. The cash isn't doing much good sitting under the mattress so we should do something useful with it. The $10,000 car loan is costing us $500 each year in interest. We could use the cash to pay off that loan and no longer have to lose that $500 per year. That would be nice, but we could instead keep the car loan and invest the money into the mutual fund and earn $1,000 (10% of $10,000) each year. This investment would result in having more money so I would consider the car loan to be good debt.
The real difference is one will keep you up at nights and the other makes you worker harder physically and lust for more sleep! Simple truth and an individual will have that decision to make .
Dave Ramsey teaches Godly prosperity. Kiyosaki teaches earthly prosperity. Dave Ramsey teaches you to give 10% to the Church first which Kiyosaki never mentions or prioritizes. I guess my question is where is your heart at?
Actually Robert Kiyosaki prefers to give them knowledge. Instead of giving you money he wants you to think about “How can I get money.” Truly having that mindset is awesome. I’m thinking many business ideas and ways on how to fund without putting a large amount or no amount of money into that business.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@EmilyEvelyn-90 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY*
6 figure earner here, i used Ramsey to learn and manage my money and get out of debt. I just dont like what the others on the other side are saying though. I dont want to be a landlord. I despise the idea of it. The only way i would consider real estate is to flip it. But the risk there is really big, especially in the market we are in. Finding deals for flips is not easy. I am currently just investing until i can find another avenue for investments.
Simply put, Dave Ramsey’s method takes more time so it’s not sexy, it is builds wealth slowly but surely…. Very little risk. Kiyosaki’s method is quicker but extremely risky. You can get into huge bad debt and get stressed out. But if done ✅ right it can make you wealthy much faster.
Dave Ramsey is teaching not only to simply get out of debt. He is following biblical principles of acquiring wealth God’s way and not the way of this world of doing everything to get rich. Commandment 10 is where God commands us “You shall not covet” which is not only a prohibition against greed and jealousy; but walking in God’s contentment. I will follow this narrow pathway to peace rather loose my soul in pursuing riches.
I would say that his principles can be used regardless of religion. It's more foundation and habit practice so you have a healthy outlook and mindset with your money. Robert is the next phase when you've become sound.
DR represents the mindset of the employee "no debts". RK represents the businessman mindset "use debt to make money for you". The Chinese I talked to has RK mindset and they help each other NOT criticizing.
I heavily practice what Dave Ramsey teaches (within the parameters of not turning my finances apart) and 23:39 a great point was made. I’ve never heard Dave speak to the tax benefits of real estate.
this is a interesting topic but it really comes down to risk.. more debt is more risk. High risk over time will eventually get multiplied by zero the question being will it be in your lifetime. "Over the years, a number of very smart people have learned the hard way that a long stream of impressive numbers multiplied by a single zero always equals zero." -Buffet Preserving wealth is arguably even more important than how fast you can accumulate it. I think they both have some seriously good views and I prefer to mix both. I don't mind debt to buy a house that cashflows as long as I can mitigate the risk with my own job and once its paid off I'll get another, ect.. My aspirations are millions not billions though
There's ways to protect against it. You have to be particularly bull-headed to ride a stock to zero. Awhile ago, I was laughing a bit at the idea of people buying SHLD (Sears) when its book value was negative 4 billion at the time. Boomers to the bitter end. If you're reasonably aware of the world, you can at the very least beat 7% a year, every year. If you can't, the problem is you. Few people are willing to self-reflect like that, so for them, they can refer to Ramsay and be wagies forever. NPCs will NPC.
They both teach you to create your own business and invest in real estate, Dave always tells his listeners when they get fired use that opportunity to find a better job or start their own business. The only difference is debt. Dave invests cash to get a 100% cash flow in his return and it looks like he is really wealthy. but I agree with you that you have to listen to different points of view and use what works better for you. Personally, I don't use debt and I invest with my cash. I am my own bank. One more thing, when you don't have a mortgage payment, you do receive an income and it is coming from you. You are avoiding making the payment and you don't have to file taxes on it not to mention that you can now invest it.
No no. Dave teaches people to be lifelong worker bee slaves at a job. Even if they hate it. There are good debts and bad debts. Debts that eat and debts that feed. If most people try to pay off their homes and then buy rental properties with 100% cash. They will never own many properties. Unless they are either bringing in a fortune or have a massive windfall of cash
The rich are money-minded; that's a lesson I've grasped from the very beginning. My desire to build wealth has always been strong. I’ve set aside $160K since 2020, and I’m eager to invest it in the stock market to grow my financial future. I’d love to hear any recommendations you have.
I think the safest strategy is to diversify investments. But if you need proper advice, consider speaking with a financial expertise. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
My CFA, Judith Lynn Staufer, is a renowned figure in her field. I recommend researching her name online; you’ll find all her credentials and everything you need to work with a reliable professional. With many years of experience, she is a valuable resource for anyone looking to navigate the financial market.
You were incorrect on the type of mutual funds Dave recommends. It’s not index funds. They are growth, growth and income, aggressive growth, and international funds with a long track record and has a 10 year growth average of 10% or more.
Love what they both teach. Dave Ramsey’s plan is the foundation from which to build wealth. He teaches behavior modification. Once you are out of debt & have a solid emergency plan in place, you start building wealth by buying income producing assets which is what Kiyosaki teaches.
Actually Dave teaches to live frugally when getting out of debt. That's the no going out to eat and living on beans and rice. Once out of debt now you can go back to having fun with your money.
Why is paying rent better than paying mortgage if you are spending the same every month other than it reduces your ability to borrow on rental properties?
Basic answer is, as a renter, your liability stops at your monthly rent. Owning means you also have to pay for all repairs, maintenance, insurance, and property taxes on top of the monthly mortgage. Homeowners are also vulnerable to changes in home values and mortgage rates. If your rent payment and mortgage payment are the same, it is far better to rent than to buy. Let someone else pay for all the risk. On the other side, if you are the landlord with a good tenant, the tenant pays the mortgage payment for you and you just have to worry about the rest. It has more risk because you are bringing in a stranger, but it splits the burden over more people
Thanks for the video. Having followed both Dave and Kyosaki, I am fascinated how their first 25 years in life shape their journey, and therefor, their advices. Dave fundamentally independant from the system, Robert always playing with the system. Being freedom driven, I opt for Ramsey's strategy, on the spot
Starting a business is NOT for everyone. That is where Kiyosaki advice will automatically apply to a smaller section of the population. I find Dave's method to work whether you are an employee or owner etc. I also wouldn't say he preaches frugalness once you have achieved true financial independence. It is more of a delayed gratification. That Corvette will feel even better when you know it is not compromising your financial position.
Dave is advising average people who work hard but are always struggling for cash. Robert is telling folks who want to grow their money. Like small business or professionals who wanna get bigger.
I disagree with your comment on Davey Ramsey preaching frugality. He preaches proportions and ratios, which has nothing to do with frugality. If a multi millionaire calls into his show and is on the fence if to buy a ferrari or not, he will tell that person to stop being silly and go buy it. Someone that teaches frugality would tell that person you don't need the ferrari, no matter the net worth. He teaches proportions and ratios, and his goal is to make sure people live within them. Also, the main difference between the two is Dave Ramsey takes risk into consideration. You're second guy's methods (specifically good debt with 'assets') is exactly how Dave went bankrupt in the first place if I'm not mistaken, he had debt out on properties ('good debt') and the banks decided to recall the notes. That's why Dave teaches 'risk averse', so that people don't get in those situations.
Thanks for your comment. I now look at things differently. Instead of "how much does this cost," it's now...how much will it cost me NOT to have X. I've shifted from a poor to rich mindset.
i watched my parents go through a $25K eviction in the early 1990's, it was horribly expensive legally -- and they were not receiving rent, and the guy completely trashed the house before he finally moved out with holes punched in every wall etc. the whole thing probably cost my parents $75K -- in the 1990's. My parents were frugal, and debt free so they made it through that storm. Had they been heavily leveraged, they could have lost everything .
@@DebtFreeDoctorJeffAnzalone study both write down their main important highlighted points on white board and make a comparing video. Then post that video on UA-cam and read comments and get feedbacks. Delete the negative feedback or wise guys those are full of themselves.. 😊
Well done, I have been mentally in a Kiosaki mindset, but have now accumulated a bit too much debt through family vacations and generosity. Recently started to listen to Ramsey and tighten it up. There is definitely a balance that I am seeking at 50 years old and looking for investments and a possible second career building wealth in real estate and investing.
Being out of debt is freeing. Once you are out of debit (sooner than later), you still have the opportunity to invest for the long term without going into a massive debt position.
Thanks doc, for this insightful and easy to understand teaching and explanation. 👍🏼 I would also add “pay yourself first” in Robert Kiyosaki’s teachings before attacking any debt aggressively. I would assume those that paying minimum payments on those student loan and credit card bills would be ok, just not paying them off aggressively, thus building your own assets thru savings (pay myself first).
The most important thing is extract what is most suitable and useful for your life goals and discard the rest~ money is just a critical resource for you to achieve your life’s goal 😊
They are both ideologues because they both sell systems, trainings, and books that need to be packaged formulas for consumers. You can't sell wishy washy ideas, they need to be hard structures to be sold as the "secrets" and the "systems" to get wealthy. They also both make no sense in many scenarios. Dave is on video saying "no" to a $10B loan at 0% to which he states - "I don't get into debt." Anyone with half a mind can see this makes no sense, and that he could make $500M with a simple 5% CD off that year one with extremely low risk. Likewise, he draws a hard line with credit cards and even hangs up on people that bring up paying it off in full each month and reaping the 1-3% rewards on money they would have spent anyways. Robert is no angel as well - real esate investing is challenging and capital-intense often times. He's known for having stated you should buy properties with credit cards which, again, we all know is a high-risk scenario if you can't put out the work, drive, and effort to see deals through and get cash flowing. He also states that traditional investments vehicles, such as stocks and index funds, are for the poor man who doesn't understand wealth creation. Dave is too cautious, Robert is too aggressive, blending the two and just TRYING is the true formula to YOUR own success path.
If you are completely clueless regarding money or are in debt helplessly, follow Dave until you get legs to stand on. Once you’ve followed Dave’s methods a while and are getting bored on Baby Step 7, it will likely benefit you to eat the more well-seasoned diet of Kiyosaki and learn more nuanced ways to make your money make more money for you than merely diligently putting in to a 401k/equivalent retirement plan. It’s not a one vs the other scenario, but a which tool helps me with this particular problem scenario. Both have good approaches for various situations.
I still am amazed that people think RK is anything but a quack. Wealth? Yea, of course, if you measure it in debt and stress… I think people should really NOT listen to RK
If you combine the two books, using Dave Ramsey's to build a foundation free from bad debt (paying off mortgage is debatable), then use Kiyosaki's advice to invest money not tied up in debt to build up investments you will be on a good road. You need money to make money, Dave helps you have money, Robert helps you make more money. All those influencers/ UA-camrs selling courses of how to buy investment properties with no money are just conmen (especially in this market).
I’d prefer to continue living a stress free life with no debts. Uncle David is 64 year old debt free senior citizen Uncle Robert is 76 year old with 1.2 BILLION in debt. Sorry but you can still invest and be an entrepreneur without debt. I have read Robert’s books and I watch David on a daily basis over the years. I have never been in any debt and just like David, debt makes you feel weak no matter your income. I’d go with David any day.
Kiyosaki does not say there are huge tax benefits to business owners. In fact, he states correctly that small businesses actually pay the highest percentage in taxes and deal with a higher cost of regulation. C-Corps are a different story.
Much of what Dave Ramseys teaches I'm following, and it's worked out pretty well for me. I hate debt, but I can understand creating debt for the purpose of investing just as long as you can pay it all back later. But as Robert points out, you have to be financially literate. However he's also big on teaching yourself and learning from your mistakes. Which is fine, but one bad mistake can cost you everything. And learning a valuable lesson after the fact isn't going to help you get out of the mess you created.
The secret to wealth is living below your means and having the discipline to sustain. It will allow for the accumulation of wealth that will outpace almost investment strategies and inflation.
I prefer Ramsey's approach on debt oppose to Kiyosaki's. Though I think Kiyosaki has a better grip on investing, as oppose to traditional index investing. I think if you take no marginal debt on your investments while still taking high risk in derivatives as a form of leverage, you'll do alright.
given we are possibly moving toward bad economic times, debt free is the safest bet. for the average person, a leveraged rental all collapses with one eviction.
Dave has a precise plan that has made more millionaires than any other financial advisor. I have zero debt, multiple airplanes, cars, toys and have a average income. I'm not even 40.
@@DebtFreeDoctorJeffAnzalone rich dad poor dad was one of my first financial books. My closet is now filled with financial books like think and grow rich, automatic millionaire, 7 habots of highley effective people, etc. Robert is now a fear monger that thinks gold and bitcoin are the best investments. Yes people have become rich off bitcoin but people have also won the lottery. He also owns gold a foundry so he makes money trying to sell an almost useless metal in modern times. I realize gold is used in some electronics but serves very little purpose to me. I've owned gold in the past and make significantly more today in the stock market.
A friend is a very successful attorney. Very successful. He was offered a chance to become a partner in a national law firm. He needed to get a loan despite his wealth in order to buy into the firm. This is good debt. Of course, Dave would have told him no. No way. This would have been very bad advice.
So, these 6 steps are not correct for Dave Ramsey- There's also an order to get to millionaire status. 15%, college funds, pay-off mortgage are part of his baby steps.
As a DR fan/whatever, I wonder if you've given enough credit to mutual funds that give relatively safe access to the stock market which generally guarantees long term gain.....thus wealth.
I think the big difference is risk aversion. Ramsey's plan is for more risk-averse people. As soon as you start using debt, you leverage up the risk levels that you face. You asked why Ramsey does not mention take breaks much, even though he built wealth in real estate. It's because he did so without using debt. So, no debt means no tax breaks. So, why would he mention those?
adding debt is just adding risk. I like following Dave Ramsey because the risk of success on not getting debt is almost zero. Getting into debt is risky. You might still get rich and very rich but with some risk. I am more risk adverse when it comes to getting rich
@@DebtFreeDoctorJeffAnzalone To add to that, Kiyosaki admonish to invest in real estate which doesn't have frequesnt ups and downs but it does have corrections. I have seen many people investing in real estate in markets when price were really high and overpriced and when a correction came due, even real estate investors failed. This is where David comes from. If somehow you are able to time the real estate market well and time interest rates, etc then perhaps you might do OK. it is still risky. If you are willing to grow your money with risk the stock market is a much better return on your money. This is what Ramsey advocates as well. Good luck! Good discussion though
I have listened to Dave for years and he DOES NOT tell you to invest in index funds. He has four types of funds for you to invest in. None of them are index funds. However, if you choose an index fund, the S&P 500 Index fund averages over 10% return. Add in dollar cost averaging and you can get an even better return. Also, their strategies are not complete opposites. They both agree on not getting into bad debt and agree to invest. Dave's strategy is better for uneducated investors and Robert is more about more advanced strategies.
You ALWAYS have to be on top of that “good debt” to make sure it doesn’t bite you in the ass, whereas when you have NO debt, the only thing you have to worry about is whether or not you can pay something in full, which is a trivial matter in comparison. Basically, asking a shady individual for a “small” loan vs waiting another week to afford that product.
Idk why anyone thinks they only have to listen to Dave or to kiyasaki. Listen to both! Listen to Erica cullberg as well! And the other's. So many options.
You actually would be better served using both principles. You jave to diagnose yourself and see where you are and build yourself up financially. I think real financial health is similar to a lifestyle, complete with mindset, habits, and principles that make up your own paridigm of how you see and use money.
In economics, one needs to consider if you lean more towards being risk averse or not. Averse: may want to preserve their capital over receiving a higher rate of return (with high risk). Dave does teach that everyone perceives "risk" internally differently and risk really cannot be accurately measured. Each person measures risk differently. God does provide us with wisdom: living on less than we make, pay off debts quickly on an asset. But one aspect the banking system does not do is having a jubilee year. A reset. I think it is good to consider both idiologies. Dave does recommend not to invest in anything until you have educated yourselves and understand it. Dave does believe in and encourages entrepreneurialism. Even with his children material he pays not an allowance but a commission on work completeed well. He does Entre- leadership trainings. I think it would be good to look at both financial ideologies and depending on your world view chose your path going forward.
Meanwhile Kiyosaki is over a billion dollars in debt. Much prefer the stress free life of zero debt ! Also, no one can take Dave's paid for wealth away.
I was given Rich Dad, Poor Dad when I was younger. I would be in a better place now if I was given Dave Ramsey’s book instead
@@matthewjenkinson8693 it depends do you struggle with debt or do you desire to be an entrepreneur? Ramsey's ideas on money don't accelerate growth, they just give you out of the hole you dug
Why?
Because I took out debt. Extra student loans, car loans. Now trying to pay it off through baby steps
@@matthewjenkinson8693 He says to spend it on assets not liabilities. You took out debt on what you personally thought were assets. You are right tho, you are a Dave Ramsey person
@@matthewjenkinson8693 But if you actually read what Robert said you wouldn't have had a student loan or car loan😂
Dave has a plan, Rob has an idea. Finish your plan before you think of your ideas
Bring it on……best way to summarize the whole video. Thank you
I love the teaching of both men, the difference is that David R is targeted for the majority of the population to bring them a basic understanding of money where Robert K has a more advanced approach which is more complex and uses the fine points of our financial system to create wealth. Love them both
That's exactly how I feel. Dave helps people dig them self out of a hole and Robert helps them expand their wealth.
You are exactly right. Dave for personal finance, Robert for business and investing.
Well said. The Doc did a great job paralleling both men’s teaching. I’ve been watching Ramsey solutions video a few years I haven’t been exposed to other man’s teachings
Except Kiyosaki is a billon dollars in debt at age 76…if he dies tomorrow he’s estate can pale it down on the payment time table irregardless of prevailing economic and market conditions
@@CP1960sources please
Kiyosaki is a slave to cash flow. He has to keep the machine going or he'll go bankrupt...
That is why I can't jump on board with him. I'd have trouble sleeping at night.
He has gold in savings and trusts to protect his money. He can quit if he wants. But why would he? He enjoys teaching and it gives him something to do. If you loved your job I doubt you would quit just because you had enough money to support yourself.
I think many do not appreciate the risk factor that debt introduces to people. No debt is always less risky than some debt. Risk introduces stress to most people's lives. Robert may get you rich faster but being rich doesn't give you peace of mind.
I've been roughly following Dave since the 1990s. I was in a struggling business and up to my eyeballs in debt, I decided to shut down the business and get out of debt. I did take on some debt after that, but I guess it was what was called "good debt", but it wasn't more than I could handle and it helped me get back on my feet and start another business that was successful. After my new business got going good and making good money, I paid off that debt. I also paid off my home and everything during this time.
At this point in my life, I'm not saying that I'll never borrow money again, but I'm not currently planning on it. I've gotten to where I don't owe anybody a dime and have considerable assets. Now I'll admit that I could go out and borrow money, buy investments, and make even more money, but I'm content. For me anyway, it is a huge peace of mind to not owe anybody anything.
I have no doubt that you can follow Kiyosaki's plan and make a tremendous amount of money, but it can be mentally exhausting trying to balance all that out, and it's not without risk. The way I am being debt free, I can make a investment that goes bad and while I don't like it, at the end of the day you just lick your wounds and move on. You borrow a lot of money on a bad investment it can completely ruin you. There is no such thing as a investment sure thing, and nobody knows what the economy is going to do. I'd be willing to bet that however many people have become multi millionaires following Kiyosaki religiously, there is a equal number that ended up in financial ruin.
Both Dave and Robert have made most of their money off of telling other people what to do with their money. I will submit most of people who are multi millionaires don't listen to either one of them, they do it their own way. I do make note that Dave is still somewhat humble and Robert seems like he tries to portray a lavish lifestyle. I do know I've learned that most of the people that are really well off, you wouldn't know it by looking at them, and most people that try to look like they are rich are in very bad shape financially.
Robert Kiyosaki actually teaches in Rich Dad’s Guide to Investing to lay down a solid foundation of security in savings, retirement and mutual funds before investing in real estate and stock trades. So, he does believe in what Dave Ramsey teaches but to set himself apart, he isn’t too vocal about it in public. But he discusses it thoroughly in this book
Actually, they are totally opposite. Dave Ramsey was doing what Robert Kiyosaki does in Real Estate when he went bankrupt. He teaches you how to pay cash for real estate and do it without debt, which is the correct way. Dave Rames is worth $100 million more than Robert Kiyosaki without debt.
@@Smartguy561p
Dave is great for people who are bad with money.
Richard is good for people who are good with money
Summed up perfectly
You mean Robert?
Nope..lol
Robert is 1.2 billion in debt. That is not being good with money. That is being a fool.
Dave is worth over 200 million with no debt.
@truthseekerKJV
Richards debt is voluntary. Here's an example: Jay z and Beyonce just took out a loan for 80 million to buy a house for 50 million. They clearly have the money, so why would they do it? Because the compounding interest off the 30 million leftover if put in a high yield fund,( like life insurance 10% or higher) makes them 300 million over the next 20 years.
Both guys do very well financially 👏.
You should learn the details before jumping to conclusions
They are both right. Use Dave to get your mind right, and use Roberts approach to buildwelth. Use the approach of both of them to build generational wealth. Dase's net worth is 200 million and Roberts net worth is 100 million. Personally I like to check the scoreboard.
Amen
Dave’s is around 600-700 million
A financial guru's net worth really isn't indivitive of how good their advice is. It's more indicitive of how popular they are, or how well they have succeeded in their business, which usually isn't too closely related to what they teach.
@@erikrohr4396 unless their popular and their business is successful as a bi product of good advice they give that actually works when people put it to practice… other why’s it wouldn’t be resonating so well with people therefore they wouldnt have good business and popularity duh.
@@WilsonMarky7 That would be a very indirect correlation. Someone could give perfect advice and not turn their advice-giving into a business and have a low net worth. On the flip side, someone could give mediocre personal finance advice that resonates with many people and results in a lucrative business for the guru, but only teaches how to move from poor to middle class, but not middle class to upper class.
I believe the wisest decision that should be on every individual list is to invest in a different stream of income and don't depend on the government to bring you money. It's always better to work smart and not hard.
That's perfectly correct, you don't have to depend on paid jobs to earn a living, explore other good and reliable ways of creating wealth no matter what most people say about diddle.
Mind if I ask you recommend this particular professional you use their service? i need all the guidance I can get.
Thanks for sharing. I searched her full name and found her website instantly. After reviewing her credentials and conducting due diligence, I reached out to her.
@@jessicasquire 💯
In order to understand money and have discipline and self control, follow Dave first. Then once you get these, you can do Robert. But risk is very scary. It can either make you rich or poor.
Couldn’t agree more.
Calculated risk is key. You have to be in a position to take risk in the first place. This is what is critical and missed.
@@DebtFreeDoctorJeffAnzalone Selective Distortion = Cognitive Dissonance
I started with Dave, became debt free. Then I moved to Kiyosaki, specifically following his Cash Flow Quadrant to get to the I Quadrant.
Robert has his own company file for bankruptcy. Warren Buffet even said that Robert’s advice is just wrong. I trust Warren Buffet over Robert’s
Dave and Robert compliment each other Dave helps you get out of debt. Robert helps you become an entrepreneur
That about summarizes it.
And he’s 76 & a billion dollars in debt and if he dies tomorrow he leaves nothing - flawed western economic system to keep people oppressed
Robert help you get back into debt
@@SEANPOL203 good debt to generate passive income from Assets
@@SEANPOL203 to acquire good assets to boost cash flow and get you out of the rat race...
I'm a Christian, so I will listen to my brother.
Personal finance - Ramsey
Business - Robert
I think you're right on the $$
Here is the pure answer. The issue is stress. Ramsey's method offers a less stressful outcome. Kiyosaki's method involves acquisition of real estate and he has a "team" to deal with "problems". So, decide whether you want to get into a game of financing and refinancing real estate to build weath and avoid taxes. High stress along the way. Getting out of that "game", requires liquidation of real estate and the satisfaction of loans, which will have varying tax impacts. If you want freedom from lifetime stress Ramsey's method is best. There is a wide gap between being wealthy and being rich or super rich, which is also a matter of mindset.
this is a perfect answer.
Exactly!
Dave Ramsey to start. After paying off the debt and having 3 months savings then switch to other teachers. You shouldn’t have ANY good debt when you have bad debt
To me, good debt is simply debt with an interest rate less then your investments.
@erikrohr4396 could you explain pls
@@reesereserved Sure - let's say for example that you have a car loan of $10,000 at a 5% (annual) interest rate. Let's say you also have $10,000 in cash under your mattress. Let's also assume that you have the option of investing in a mutual fund that has the potential to earn 10% interest (annually) on average. The cash isn't doing much good sitting under the mattress so we should do something useful with it. The $10,000 car loan is costing us $500 each year in interest. We could use the cash to pay off that loan and no longer have to lose that $500 per year. That would be nice, but we could instead keep the car loan and invest the money into the mutual fund and earn $1,000 (10% of $10,000) each year. This investment would result in having more money so I would consider the car loan to be good debt.
omg this video proves that all people are not brain dead and can have many mentors thanks dude
The real difference is one will keep you up at nights and the other makes you worker harder physically and lust for more sleep! Simple truth and an individual will have that decision to make .
Dave Ramsey teaches Godly prosperity. Kiyosaki teaches earthly prosperity. Dave Ramsey teaches you to give 10% to the Church first which Kiyosaki never mentions or prioritizes. I guess my question is where is your heart at?
Actually Robert Kiyosaki prefers to give them knowledge. Instead of giving you money he wants you to think about “How can I get money.”
Truly having that mindset is awesome. I’m thinking many business ideas and ways on how to fund without putting a large amount or no amount of money into that business.
@@Silverman96the hardest part is being low capital.
Godly prosperity is the forgiveness of sins and everlasting life in Christ.
Wut?
Robert Kiyosaki actually mention giving 10% tithes on his book Increase your Financial IQ.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@EmilyEvelyn-90 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY*
@@EliaszPass Oh please I’d love that. Thanks!
*MARGARET MOLLI ALVEY*
Lookup with her name on the webpage.
David is 100% ❤ jyodaki never speaks about the risks- it will take you down! Debt always does
6 figure earner here, i used Ramsey to learn and manage my money and get out of debt. I just dont like what the others on the other side are saying though. I dont want to be a landlord. I despise the idea of it. The only way i would consider real estate is to flip it. But the risk there is really big, especially in the market we are in. Finding deals for flips is not easy. I am currently just investing until i can find another avenue for investments.
@@crashtestdummy1972 Have you invested passively in syndications?
@DebtFreeDoctorJeffAnzalone what are syndication
Simply put, Dave Ramsey’s method takes more time so it’s not sexy, it is builds wealth slowly but surely…. Very little risk. Kiyosaki’s method is quicker but extremely risky. You can get into huge bad debt and get stressed out. But if done ✅ right it can make you wealthy much faster.
I like your thinking.
I think this is the fairest evaluation out of all the comments. I’m more of a low risk move slow typa fella
Financial education is key to both views
Dave Ramsey is teaching not only to simply get out of debt. He is following biblical principles of acquiring wealth God’s way and not the way of this world of doing everything to get rich. Commandment 10 is where God commands us “You shall not covet” which is not only a prohibition against greed and jealousy; but walking in God’s contentment. I will follow this narrow pathway to peace rather loose my soul in pursuing riches.
Apparently when I was young the church told me I will forever be in debt to God🤔
What does Matthew 19:24 say
I would say that his principles can be used regardless of religion. It's more foundation and habit practice so you have a healthy outlook and mindset with your money. Robert is the next phase when you've become sound.
@jacobclayton2954 That's because Christianity is built on absolute truth.
I did not realize God had a “wealth acquiring” way….
I am never comfortable owing money - whether it is “good owe” or “bad owe” so to speak
That is physicallogical task to solve:) try Bob Proctor
DR represents the mindset of the employee "no debts". RK represents the businessman mindset "use debt to make money for you". The Chinese I talked to has RK mindset and they help each other NOT criticizing.
I heavily practice what Dave Ramsey teaches (within the parameters of not turning my finances apart) and 23:39 a great point was made. I’ve never heard Dave speak to the tax benefits of real estate.
Most people should listen to Dave
this is a interesting topic but it really comes down to risk.. more debt is more risk. High risk over time will eventually get multiplied by zero the question being will it be in your lifetime. "Over the years, a number of very smart people have learned the hard way that a long stream of impressive numbers multiplied by a single zero always equals zero." -Buffet Preserving wealth is arguably even more important than how fast you can accumulate it. I think they both have some seriously good views and I prefer to mix both. I don't mind debt to buy a house that cashflows as long as I can mitigate the risk with my own job and once its paid off I'll get another, ect.. My aspirations are millions not billions though
There's ways to protect against it. You have to be particularly bull-headed to ride a stock to zero. Awhile ago, I was laughing a bit at the idea of people buying SHLD (Sears) when its book value was negative 4 billion at the time. Boomers to the bitter end.
If you're reasonably aware of the world, you can at the very least beat 7% a year, every year. If you can't, the problem is you. Few people are willing to self-reflect like that, so for them, they can refer to Ramsay and be wagies forever. NPCs will NPC.
They both teach you to create your own business and invest in real estate, Dave always tells his listeners when they get fired use that opportunity to find a better job or start their own business. The only difference is debt. Dave invests cash to get a 100% cash flow in his return and it looks like he is really wealthy. but I agree with you that you have to listen to different points of view and use what works better for you. Personally, I don't use debt and I invest with my cash. I am my own bank. One more thing, when you don't have a mortgage payment, you do receive an income and it is coming from you. You are avoiding making the payment and you don't have to file taxes on it not to mention that you can now invest it.
No no. Dave teaches people to be lifelong worker bee slaves at a job. Even if they hate it. There are good debts and bad debts. Debts that eat and debts that feed. If most people try to pay off their homes and then buy rental properties with 100% cash. They will never own many properties. Unless they are either bringing in a fortune or have a massive windfall of cash
The rich are money-minded; that's a lesson I've grasped from the very beginning. My desire to build wealth has always been strong. I’ve set aside $160K since 2020, and I’m eager to invest it in the stock market to grow my financial future. I’d love to hear any recommendations you have.
I think the safest strategy is to diversify investments. But if you need proper advice, consider speaking with a financial expertise. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
@CameronDavis-w7n Watch my videos and you'll know
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
My CFA, Judith Lynn Staufer, is a renowned figure in her field. I recommend researching her name online; you’ll find all her credentials and everything you need to work with a reliable professional. With many years of experience, she is a valuable resource for anyone looking to navigate the financial market.
Great video! Been wanting a comparison between these 2 gurus!
Thank you. I use teachings from both for our finances.
You were incorrect on the type of mutual funds Dave recommends. It’s not index funds. They are growth, growth and income, aggressive growth, and international funds with a long track record and has a 10 year growth average of 10% or more.
RK is a hustler, good at selling books.
Love what they both teach. Dave Ramsey’s plan is the foundation from which to build wealth. He teaches behavior modification. Once you are out of debt & have a solid emergency plan in place, you start building wealth by buying income producing assets which is what Kiyosaki teaches.
@@ecc2924 One of the BEST comments yet.
Remember the old adage, statistics support statisticians.
Actually Dave teaches to live frugally when getting out of debt. That's the no going out to eat and living on beans and rice. Once out of debt now you can go back to having fun with your money.
Thanks you very much for the video this is what I needed
Why is paying rent better than paying mortgage if you are spending the same every month other than it reduces your ability to borrow on rental properties?
Basic answer is, as a renter, your liability stops at your monthly rent. Owning means you also have to pay for all repairs, maintenance, insurance, and property taxes on top of the monthly mortgage. Homeowners are also vulnerable to changes in home values and mortgage rates.
If your rent payment and mortgage payment are the same, it is far better to rent than to buy. Let someone else pay for all the risk.
On the other side, if you are the landlord with a good tenant, the tenant pays the mortgage payment for you and you just have to worry about the rest. It has more risk because you are bringing in a stranger, but it splits the burden over more people
Dave is for mom,pop,brother,sister and friends. Robert is for people like us that did get out the 80%
Thanks for the video. Having followed both Dave and Kyosaki, I am fascinated how their first 25 years in life shape their journey, and therefor, their advices. Dave fundamentally independant from the system, Robert always playing with the system. Being freedom driven, I opt for Ramsey's strategy, on the spot
Starting a business is NOT for everyone. That is where Kiyosaki advice will automatically apply to a smaller section of the population. I find Dave's method to work whether you are an employee or owner etc. I also wouldn't say he preaches frugalness once you have achieved true financial independence. It is more of a delayed gratification. That Corvette will feel even better when you know it is not compromising your financial position.
Dave is advising average people who work hard but are always struggling for cash. Robert is telling folks who want to grow their money. Like small business or professionals who wanna get bigger.
I disagree with your comment on Davey Ramsey preaching frugality. He preaches proportions and ratios, which has nothing to do with frugality. If a multi millionaire calls into his show and is on the fence if to buy a ferrari or not, he will tell that person to stop being silly and go buy it. Someone that teaches frugality would tell that person you don't need the ferrari, no matter the net worth. He teaches proportions and ratios, and his goal is to make sure people live within them.
Also, the main difference between the two is Dave Ramsey takes risk into consideration. You're second guy's methods (specifically good debt with 'assets') is exactly how Dave went bankrupt in the first place if I'm not mistaken, he had debt out on properties ('good debt') and the banks decided to recall the notes. That's why Dave teaches 'risk averse', so that people don't get in those situations.
Thanks for your comment. I now look at things differently. Instead of "how much does this cost," it's now...how much will it cost me NOT to have X.
I've shifted from a poor to rich mindset.
borrowing your brains out will rarely ever work out. Dave all the way.
i watched my parents go through a $25K eviction in the early 1990's, it was horribly expensive legally -- and they were not receiving rent, and the guy completely trashed the house before he finally moved out with holes punched in every wall etc. the whole thing probably cost my parents $75K -- in the 1990's. My parents were frugal, and debt free so they made it through that storm. Had they been heavily leveraged, they could have lost everything .
Richard is high risk high reward. Dave is conservative and consistent. Both are good depending on risk tolerance and goals
@@simplefit93 Good summary.
@@DebtFreeDoctorJeffAnzalone study both write down their main important highlighted points on white board and make a comparing video. Then post that video on UA-cam and read comments and get feedbacks. Delete the negative feedback or wise guys those are full of themselves.. 😊
Well done, I have been mentally in a Kiosaki mindset, but have now accumulated a bit too much debt through family vacations and generosity. Recently started to listen to Ramsey and tighten it up. There is definitely a balance that I am seeking at 50 years old and looking for investments and a possible second career building wealth in real estate and investing.
Rob is great storyteller ,
Dave is great teacher,
And you need more clearity 😅😅
@@SiddhusHotel And you need to LEARN how 🤔 to spell
What is your recommendation for a person who has a very low income but they want to purchase their own home
Don't do it
There both saying similar things. Difference is kiyasaki uses debt to get rich. He's not going to use credit cards then.
Being out of debt is freeing. Once you are out of debit (sooner than later), you still have the opportunity to invest for the long term without going into a massive debt position.
It's all about your personal RISK TOLERANCE.
Dave Ramsey 💯👍👍💯
Thanks doc, for this insightful and easy to understand teaching and explanation. 👍🏼 I would also add “pay yourself first” in Robert Kiyosaki’s teachings before attacking any debt aggressively. I would assume those that paying minimum payments on those student loan and credit card bills would be ok, just not paying them off aggressively, thus building your own assets thru savings (pay myself first).
The most important thing is to HAVE a plan. Most people have no plan to build wealth. Hope is not a plan.
@@meattroller8853 Agreed
How about neither one?
@@jeffreysommer3292 Who do you like for financial advice?
The most important thing is extract what is most suitable and useful for your life goals and discard the rest~ money is just a critical resource for you to achieve your life’s goal 😊
@@issaccho2107 We'll put.
What is the names of the Rich Dad and also the Poor Dad?
Rich Dad - Robert Kiyosaki's best friends dad growing up
Poor Dad- His biological father
They are both ideologues because they both sell systems, trainings, and books that need to be packaged formulas for consumers. You can't sell wishy washy ideas, they need to be hard structures to be sold as the "secrets" and the "systems" to get wealthy. They also both make no sense in many scenarios. Dave is on video saying "no" to a $10B loan at 0% to which he states - "I don't get into debt." Anyone with half a mind can see this makes no sense, and that he could make $500M with a simple 5% CD off that year one with extremely low risk. Likewise, he draws a hard line with credit cards and even hangs up on people that bring up paying it off in full each month and reaping the 1-3% rewards on money they would have spent anyways. Robert is no angel as well - real esate investing is challenging and capital-intense often times. He's known for having stated you should buy properties with credit cards which, again, we all know is a high-risk scenario if you can't put out the work, drive, and effort to see deals through and get cash flowing. He also states that traditional investments vehicles, such as stocks and index funds, are for the poor man who doesn't understand wealth creation. Dave is too cautious, Robert is too aggressive, blending the two and just TRYING is the true formula to YOUR own success path.
@@doclocke Great points!
If you are completely clueless regarding money or are in debt helplessly, follow Dave until you get legs to stand on. Once you’ve followed Dave’s methods a while and are getting bored on Baby Step 7, it will likely benefit you to eat the more well-seasoned diet of Kiyosaki and learn more nuanced ways to make your money make more money for you than merely diligently putting in to a 401k/equivalent retirement plan.
It’s not a one vs the other scenario, but a which tool helps me with this particular problem scenario. Both have good approaches for various situations.
@@Drewan27 Good answer.
I still am amazed that people think RK is anything but a quack. Wealth? Yea, of course, if you measure it in debt and stress… I think people should really NOT listen to RK
Both are right. Robert is more right but better for people who are high earners that lose money by sitting on cash.
If you combine the two books, using Dave Ramsey's to build a foundation free from bad debt (paying off mortgage is debatable), then use Kiyosaki's advice to invest money not tied up in debt to build up investments you will be on a good road. You need money to make money, Dave helps you have money, Robert helps you make more money. All those influencers/ UA-camrs selling courses of how to buy investment properties with no money are just conmen (especially in this market).
@@Brendan77132 Very well said.
I’d prefer to continue living a stress free life with no debts.
Uncle David is 64 year old debt free senior citizen
Uncle Robert is 76 year old with 1.2 BILLION in debt.
Sorry but you can still invest and be an entrepreneur without debt. I have read Robert’s books and I watch David on a daily basis over the years. I have never been in any debt and just like David, debt makes you feel weak no matter your income.
I’d go with David any day.
Dave is solving for peace, and wealth is a biproduct.
Kiyosaki does not say there are huge tax benefits to business owners. In fact, he states correctly that small businesses actually pay the highest percentage in taxes and deal with a higher cost of regulation. C-Corps are a different story.
Much of what Dave Ramseys teaches I'm following, and it's worked out pretty well for me. I hate debt, but I can understand creating debt for the purpose of investing just as long as you can pay it all back later. But as Robert points out, you have to be financially literate. However he's also big on teaching yourself and learning from your mistakes. Which is fine, but one bad mistake can cost you everything. And learning a valuable lesson after the fact isn't going to help you get out of the mess you created.
Dave's fonancial teachings speak more to me especially the Baby Steps which have helped millions stay out of debt and regain their lives.
Robert is a great teacher and a real one, you can't compare to Dave
I beg to differ.
The secret to wealth is living below your means and having the discipline to sustain. It will allow for the accumulation of wealth that will outpace almost investment strategies and inflation.
Maybe.
Unless you understand HIW to use OPM to pay for your liabilities.
I prefer Ramsey's approach on debt oppose to Kiyosaki's. Though I think Kiyosaki has a better grip on investing, as oppose to traditional index investing. I think if you take no marginal debt on your investments while still taking high risk in derivatives as a form of leverage, you'll do alright.
@@jhoncena1111 well said
Trick question, listen to both.
To service debt you need guaranteed cash flow
given we are possibly moving toward bad economic times, debt free is the safest bet. for the average person, a leveraged rental all collapses with one eviction.
Is Dave Ramsey doesn’t have debt
Thank you for this information
My pleasure 🙏
Selective distortion = hearing what you want to hear and fearing change.
Dave has a precise plan that has made more millionaires than any other financial advisor. I have zero debt, multiple airplanes, cars, toys and have a average income. I'm not even 40.
@@brandonnonya3680 HOW do you have multiple airplanes on an AVERAGE income 🤔??
@@DebtFreeDoctorJeffAnzalone because one I built and the other one I fixed up 😁
@@DebtFreeDoctorJeffAnzalone rich dad poor dad was one of my first financial books. My closet is now filled with financial books like think and grow rich, automatic millionaire, 7 habots of highley effective people, etc. Robert is now a fear monger that thinks gold and bitcoin are the best investments. Yes people have become rich off bitcoin but people have also won the lottery. He also owns gold a foundry so he makes money trying to sell an almost useless metal in modern times. I realize gold is used in some electronics but serves very little purpose to me. I've owned gold in the past and make significantly more today in the stock market.
A friend is a very successful attorney. Very successful. He was offered a chance to become a partner in a national law firm. He needed to get a loan despite his wealth in order to buy into the firm. This is good debt. Of course, Dave would have told him no. No way. This would have been very bad advice.
Dave is for the masses, I agree.
They are both vital it’s all advice use all sources of mentorship experience is going to best all
We can learn something from EVERYONE.
So, these 6 steps are not correct for Dave Ramsey-
There's also an order to get to millionaire status. 15%, college funds, pay-off mortgage are part of his baby steps.
As a DR fan/whatever, I wonder if you've given enough credit to mutual funds that give relatively safe access to the stock market which generally guarantees long term gain.....thus wealth.
Yes, I invest in index funds
Excellent video
20:56 in order to be successful, we need to fail our way to success...brilliant
@@benascg-ll7sq you got it
Definitely agree!
I think the big difference is risk aversion. Ramsey's plan is for more risk-averse people. As soon as you start using debt, you leverage up the risk levels that you face.
You asked why Ramsey does not mention take breaks much, even though he built wealth in real estate. It's because he did so without using debt. So, no debt means no tax breaks. So, why would he mention those?
I am just Graduated with 0 debt so I think I should go along with Kiyosaki more
Debt is an illusion of real wealth.
adding debt is just adding risk. I like following Dave Ramsey because the risk of success on not getting debt is almost zero. Getting into debt is risky. You might still get rich and very rich but with some risk. I am more risk adverse when it comes to getting rich
To each his own........
@@DebtFreeDoctorJeffAnzalone To add to that, Kiyosaki admonish to invest in real estate which doesn't have frequesnt ups and downs but it does have corrections. I have seen many people investing in real estate in markets when price were really high and overpriced and when a correction came due, even real estate investors failed. This is where David comes from. If somehow you are able to time the real estate market well and time interest rates, etc then perhaps you might do OK. it is still risky. If you are willing to grow your money with risk the stock market is a much better return on your money. This is what Ramsey advocates as well. Good luck! Good discussion though
I have listened to Dave for years and he DOES NOT tell you to invest in index funds. He has four types of funds for you to invest in. None of them are index funds. However, if you choose an index fund, the S&P 500 Index fund averages over 10% return. Add in dollar cost averaging and you can get an even better return.
Also, their strategies are not complete opposites. They both agree on not getting into bad debt and agree to invest. Dave's strategy is better for uneducated investors and Robert is more about more advanced strategies.
100....Robert all the way....
Both are nice I listened Dave ramsay for savings
I listened robert kiyosaki expenses
What I take from Ramsey:
Keep yourself away from debt, live frugal.
From Kyosaki: Gold and Silver is the gods money ( real money)
You ALWAYS have to be on top of that “good debt” to make sure it doesn’t bite you in the ass, whereas when you have NO debt, the only thing you have to worry about is whether or not you can pay something in full, which is a trivial matter in comparison. Basically, asking a shady individual for a “small” loan vs waiting another week to afford that product.
@@Naxatthedoor agreed
If you're in debt follow Ramsey to get out of it and build a solid base. If you have a solid base and want to get rich - Kiyosaki
Kiyosaki can lead you right back to needing Ramsey again. LOL
@@flboy77 No risk, no rari
Robert. Personal preference.
Well Dave Ramsey says there both right depends on the individual the steps your taking your discipline.
I feel as though I incorporate a bit of both peeps. I like the 10-15-75 Dave has but invest 25 or more like Robert teaches.
Good mix 👏
Idk why anyone thinks they only have to listen to Dave or to kiyasaki. Listen to both! Listen to Erica cullberg as well! And the other's. So many options.
You actually would be better served using both principles. You jave to diagnose yourself and see where you are and build yourself up financially. I think real financial health is similar to a lifestyle, complete with mindset, habits, and principles that make up your own paridigm of how you see and use money.
Maybe one of the BEST comments thus far.
In economics, one needs to consider if you lean more towards being risk averse or not. Averse: may want to preserve their capital over receiving a higher rate of return (with high risk). Dave does teach that everyone perceives "risk" internally differently and risk really cannot be accurately measured. Each person measures risk differently.
God does provide us with wisdom: living on less than we make, pay off debts quickly on an asset. But one aspect the banking system does not do is having a jubilee year. A reset.
I think it is good to consider both idiologies. Dave does recommend not to invest in anything until you have educated yourselves and understand it.
Dave does believe in and encourages entrepreneurialism. Even with his children material he pays not an allowance but a commission on work completeed well. He does Entre- leadership trainings.
I think it would be good to look at both financial ideologies and depending on your world view chose your path going forward.
@@tylercrouch4255 Great explanation