The Guru Gap: How Financial "EXPERTS" Are Leading You Astray! |
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- Опубліковано 10 лип 2024
- In this BetterWealth Podcast, I speak with author, David McKnight, of the bestselling book, The Power of Zero. In this episode, David presents the case of how some of the biggest financial gurus like, Dave Ramsey, Ramit Sethi, Suze Orman, Ken Fisher, and Clark Howard, are leading you astray with harmful financial, retirement, and insurance advice.
First Interview with David about The Power of Zero: • The Power of Zero: How...
Connect with David McKnight: davidmcknight.com
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00:00:00 Intro
00:02:56 What is The Guru Gap?
00:06:53 What is your financial framework?
00:10:52 Dave Ramsey
00:18:22 Ramit Sethi
00:25:50 Ken Fisher
00:33:17 Suze Orman
00:40:13 Clark Howard
00:45:48 The danger of generalized advice
00:48:12 Who should you be listening to?
00:50:14 The Guru Gap Book
00:52:57 IUL - Curtis Ray & Doug Andrews
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*This video is for entertainment purposes only and is not financial or legal advice.
Financial Advice Disclaimer: All content on this channel is for education, discussion, and illustrative purposes only and should not be construed as professional financial advice or recommendation. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of the information on this channel. Neither host nor guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered. - Розваги
Much respect for this episode. I’ve been “investing” since I was 19/20. I’m now 43. The calculations are BS and no one ever told me about RMD, Windfalls with SSN and distribution plans. Thankfully I’m military so I’ll get a pension, but I can’t imagine those in my peer group that won’t get a pension. Annuities just make sense! I’m also glad I did run into Robert Kiyosaki much earlier that preached the value of cash flow. That’s what this is all about.
We all want to be told what to do. We all want someone to give us a magical key. Anyone who has an Internet connection, a little bit of common sense, the ability to read and do basic math should be able to square away their own finances and investments.
If you are a retiree taking 4% and you are paying an advisor 1% then the advisor fee is equivalent to a 20% flat rate income tax.
Interesting interview Caleb. I’ve had some good conversations in comment sections with David. For me, IUL does not have a fit for my financial strategy, but I like that he doesn’t pitch it being a “one size fits all” solution for everyone (although, I will say he’s quite a bit more forceful than he lets on in this interview in his fondness for IUL on his own channel).
Since you’ve landed David a couple times now, have you thrown out the idea of maybe moderating a debate between him and Chris Kirkpatrick?
Wait, you're talking about Dave Ramsey? If so, he'll get destroyed on the topic of insurance. He knows better than to debate because he's been proven wrong by multiple people in the industry.
Really appreciate this comment! The short answer is yes I would love to moderate discussions/debate with David and Chirs. I do believe this conversation will happen in the future and would love to be a part of making this happen.
My default is more conversations are better than less :)
@@BetterWealthat this point, we all want to see their points and pros and cons with a conversation between David and Chris. I'm glad David McKnight has been open for your conversation, and it seems Chris is open to it too... I don't understand why it hasn't happened yet, and multiple times at that.
David McKnight won't debate Chris Kirkpatrick. He is afraid of him.
Great content guys, bringing important topics and information to light. Well done! Would love an expert panel discussion series when both of you, Garrett, Chris Kirkpatrick, Tom Wall, Tom Hegna, Bobby Samuelson, any others I'm not thinking of at the moment!
I am on it :) There is a lot of incredible content coming soon!
Wonderful discussion. Nice to talk to and have discussions with gurus, but I think you audience would benefit a discussion with a few that are actually about to enter retirement or are recent entrants to hear what they believe is working or will work for them.
Good idea!
Hi Caleb, Awesome content. Looking forward to meeting you and Dom in a few weeks. Tell Dom I said hello please. Appreciate you
Pumped to see you soon!
No no You can’t but Clark Howard in this group!
Appreciate the comment. Why do you say that?
@@BetterWealth I just think he tries to give honest advice! I don’t think he sells courses like the others!
He wants to call people out yet promotes IULs.
More conversations to come 🙏
I always wonder… online criticism only comes from the bottom up… it’s never people wealthier that criticizes methods of those less wealthy than them. Wonder why? 🧐
whom do you follow?
This is Dave Ramsey’s reply in particular “I’m richer than you …so shut up!” But when you step back and look at it - Dave isn’t depending on his mutual funds’ performance for his future. Dude owns a giant, cash-cow business and nearly a billion dollars in real estate. He could lose all of his money in his retirement accounts and it wouldn’t put a dent in his life style. Cash flow > net worth. I’m just realizing this.
@@JCNewsom I said wealthy… not rich. Learn to read.
Appreciate your insight here.
While I tend to agree with your insight everyone that was mentioned/covered in this video has criticized people and ideas of which they disagree. Which is totally their right to do. What David and I are doing in this video is laying out a counter to many of those criticisms. Dave Ramsey, for example, has criticized a lot of people/ideas on his show and has a wonderful following because of his willingness to stand for something.
Where I agree with you is you won't be seeing me or most of the people we spoke about troll or attack someone just for the sake of being mean or putting people down.
@@JCNewsom Powerful insight. I respect the business empire Dave has built!
Absolutely these 5 are the worst... and have been for the longest time... not to mention the most disingenuous and out of touch guru's, more interested in cashing in than helping out.
There are many things that I do not agree with when it comes to Dave Ramsey. Dave Ramsey has to my knowledge never said anything about him being for everyone. To state that he is a guru is a false statment.
So this was Clickbait, and had nothing to do with what you said in the title, and it’s just a ploy to sell life insurance
In other words, you lied
if you did not know DR has whole life insurance.
Proof? lol
@@TuneTuber his wife said on a call that he mec another policy.
@@emojidinosaur7300 ok? Proof? Link to call? Clip? lol words are meaningless
@@TuneTuber follow DR , ill do the alternative.
@@emojidinosaur7300 lol dip shit. Words, no proof. That’s how you end up in a slander lawsuit.
For credibility, perhaps you should have conversations with a dissenting point of view. Granted, I didn’t watch all your videos, but scrolled quickly through your titles, and then watched this one wholly before commenting. This whole video just an echo chamber. A pair of salesmen, feeding off each others promotions. Even when you attempt to address a point (of course, after giving a dollop of praise like icing to attempt to stave off the criticizers and give you credibility), you grossly exaggerate sound, tried and true financial advice in favor of pumping your products. Talking about the ultra wealthy owning whole life insurance? Correlation does not equal causation. Even the most basic of all financial principals, the heralded 4% rule, has been largely debunked by Bengen himself, without even addressing that it is 4% ADJUSTED FOR INFLATION, which reaches almost 10% at the end of a 30 year life span. So in conclusion-how about having an opposing voice in a conversation-I’d be happy to do it.
Hello Jimmy! My name is Joel, the content manager for Caleb and BetterWealth. We'd love to have you on the show! We constantly invite people who disagree with us in our comments to be on the show. So far you're the only one willing to come on the show! That's awesome! While our aim is to have guests that share our values and beliefs we never want to create an echo chamber. We've had plenty of guests on the show that Caleb disagrees with and have had respectful dialogues.
Please email me at Joel@BetterWealth.com so we can schedule the best time for you and Caleb to record! Please include some info about yourself and a list of potential topics you would like to discuss.