Why You Should Stop Listening To These Financial “Gurus”

Bad money advice can cost you THOUSANDS or MILLIONS of dollars. In this video, I'll show you how to spot bad advice and who can you actually trust.

Ramit Sethi is the host of Netflix's "How To Get Rich" and New York Times bestselling author of "I Will Teach You To Be Rich"

[sherrieludwig]

I do have to admit Dave Ramsey did help us by getting us to get out of debt.

[EhteshamShahzad]

Finally, someone calls out Robert Kiyosaki.

[pixie]

You are the first person I've heard that everything after chapter 1 Rich Dad Poor Dad is not worth reading. I thought I was alone.

[rhetoricmalik]

“Are they respectful of people who have less money than them.” That right there tells me all I need to know. Subscribed.

[Bawb]

I followed the Dave Ramsey plan after being laid off 15 years ago. Honestly, it changed my life. But also honestly, I only followed about 80% of it. Some of his advice is solid gold. "Live on less than you make", "keep mortgage low", "keep an emergency fund" etc. However, the gazelle intensity has a dark side to it. Families have become so focused for so long, kids have been neglected and marriages have suffered. It's so easy to lose balance with someone like Dave. I appreciate Ramit bringing a more balanced approach to financial management, and focusing heavily on the mental and relational side of the process. You can live a rich life while cleaning up your finances because a rich life is a healthy and well-balanced life.

[TJ]

im not sure i've ever heard another rich 'guru' admit the privileges in their upbringing that helped them succeed. its one of the things that makes it harder for struggling people to buy into this whole thing. really appreciate how ramit seems to live in the real world and not this apolitical fantasy world most rich people seem to exist in

[Kaustavpatell]

Sometimes only you can give yourself the advice you are hoping to get from financial gurus, Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2023 and first half of this year with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?

[barttfisher]

A lot of Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[Zadnak]

I'm only 8 minutes in and I can tell Ramit has been wanting to publish this for a while.

[beckynollreinert]

I have followed many of these "financial advisors" and none of them really helped me change how I view my money until I started following you. I no longer stress about spending an extra $3 on toilet paper and feel much more positive about money. The final straw for me was when Ramsey said poor people were lazy. Wtf!

[goodgirlvicki]

When it comes to getting out debt quickly, Dave Ramsey is solid.

[alkirob]

DUDE!! You are at your best in this video. Calling mofos out. Love it. And you’re underscoring the advice that matters and will actually help people

[megaawesomedaisy]

Hi Ramit, I am a first generation Mexican American and had 0 sense of financial literacy. Needless to say I was not doing well financially in terms of savings, investments, debt however I am now rewriting my story and on my way to live a better life. Thank you for all your guidance 🎉

[hotmustard]

I can confirm, after making coffee every morning for the last 15 years and still don’t have 400mm to my name

[kyracl]

My favourite finance channel! I’ve started in my 40s and am a little nervous but your channel has made me change so many habits

[_Feed_Me]

Sure glad I listened to Ramsey. House paid off, Benz paid off, credit cards paid off, emergency savings in place, 6-15% going to 401k, and an upper 6-fig next worth and I’m a young, high school graduate, single father in a poor state. Thanks Dave

After years of bad habits with money, 4 years I got my sh!t together. Paid my debts, built my emergency fund, and started investing. My portfolio is growing slowly and I am happy with my new habits. I am happy I got in contact with your content, Ramit, because now I am on a journey to figure out what’s MY RICH LIFE. I used to spend recklessly, now I am afraid of spending… 😅 but I also know it’s a process.

Thank you for teaching us so much! ❤

[lmelior]

Shots fired! I love it! Robert Kiyosaki has been predicting financial meltdowns at least once a week for the past two decades. I honestly don't know who is still taking him seriously at this point.

Thanks for dropping names of a couple lesser known creators in the personal finance space, definitely gonna check them out!

[Soccerdude]

Your are the first person that explains financial moves and how I can make my rich life make sense to me. Something clicked for myself and thank you! The terminology you use just works better.

[naimahabdullah-gulley]

Ramit had time today. I watched your Netflix series and listened to your Audible (I spend a lot of time in the car for work). I've now subscribed to your channel. The common trend that the 3 gurus you called out all have is that they are Boomers who have dated advice. I'm glad you called out that the stuff you did in the 70's and 80's doesn't apply to today. But the cost of everything has exploded. I'm on my financial journey now and I do follow multiple people. I use what applies to my situation and then discard the rest. But my immediate goal for this upcoming year is to get out of unnecessary debt. Great video.