Dave Ramsey vs Robert Kiyosaki What's the Difference

Dave Ramsey vs Robert Kiyosaki. Both are personal finance experts and influencers that have helped millions of people. Both have polar opposite philosophies and strategies. In this video, Chris breaks down the most simplistic differences in their strategies so you can determine which is the best fit for you.

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📖 Chapter Timestamps Here ⏰
0:00 Intro Dave Ramsey vs Robert Kiyosaki
3:00 The Thing Ramsey and Kiyosaki AGREE ON
6:20 Dave Ramsey's Philosophy (Cash Is King)
10:06 Robert Kiyosaki's Philosophy (LEVERAGE OPM)
13:50 How to create more money with less risk

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🤔 ABOUT LIFE180 😃
Chris Kirkpatrick launched LIFE180 as a solution to a problem. As the director of business development for a Fortune 1000 life insurance / broker dealer, he became disenchanted with the financial industry because of the lack of education provided to clients and how "financial advisors" were really just glorified sales people.

So... LIFE180 was launched to help give relevant financial education for people to create wealth. Along the journey, LIFE180 has evolved. Chris quickly realized he was passionate about not just helping entrepreneurs on how to leverage their money, but how to build their businesses.

Over the past 5 years, Chris has spent thousands of hours mastering the art of online business development for himself and clients. In 2020, LIFE180 morphed into a full service online business launch and development agency. If you need any help creating more revenue or generating more leads online, LIFE180 can help.

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*All content in this video is for educational purposes only and is not to be interpreted as personal financial advice.

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[LIFE]

If you want to learn how to properly design a life insurance policy, watch this video:

[adamcoughran]

I think what people sometimes fail to realize though is that it’s not all about how to beat the system, leverage debt, and see how much money and status you can pile up. Not everyone wants to use someone else’s money and have banks and lenders run their life. Most people simply want the peace and comfort that comes with not owing any payments. This is truly the American dream, not how many assets you own. As a Ramsey follower, I can confirm that his plan is more slow and boring and requires more self-discipline, but I’m also not the one that has to borrow my own money from a life insurance company when the only purpose they serve should be to provide for my family when I die. I also don’t have to worry about the car in the driveway depreciating in value if it’s already paid for. Both plans work, but ultimately it depends on your end goal. As for me, I’d rather save my own money and be the driving force behind my own destiny.

[Daniel_ATL]

Your opportunity cost math is wrong. The reason why Dave buys cash is that it forces him to spend less. When you finance, you usually overpay or buy more than you would do in cash. For example, who will go to a dealership and pay $50k cash for a truck? but if you finance it, you will find a lot of people. Not to mention that Dave suggest not buying new cars until your net worth is min $1M. So the depreciation in used cars is lower than in new cars. So your car scenarios are off. When you are making payments, you have less money to invest so your opportunity cost is higher.

[Andy-wobm]

Opportunity cost: We finance everything we buy! Good one! The big irony from Dave is if you're going to pay the price in saving and delaying gratification, you just as well have capitalized your policy and used leverage through it from that point on to buy the car anyway and keep your hard saved cash working for you while you avoid interest boosting the commercial bank down the street.😄

[michaelhanderson-wealthcre]

Whole life is very good for real estate investing

[johnp]

Ramsey is good for people who need basic advice to get out of debt and save money. However, he only plays the game "they" want you to play. When I say the word "they, " you can go as deep (or little) down the rabbit hole as you want: the banks, Wall Street, government, academic finance, elites, Davos crowd, etc. I don't think Ramsey is paid off by them or anything. He just learned the basics and never went beyond it. .

I once read comments on a social media post where some successful entrepreneurs and investors talked about him. They came to the same conclusion I did. The successful ones did the opposite of what he advised in many cases. However, one of them used to work for him and mentioned that he's a great entrepreneur. He developed a really good business for himself with his radio show, courses, books, etc, even before people sold those things online.

[carl]

How come there are no billionaires who's giving courses and seminars on finances?

[raymondjvaliente]

I followed Dave Ramsey’s philosophy to pay cash for a car. Major lesson learned. Wish I knew about IBC in 2017, I would first invested in a whole life policy, build cash value with uninterrupted compound interest, and borrow against it. Costly $10k opportunity cost. :/

[juliancaler]

Saving is great until it comes time to fund a policy. If you drain your savings instead of collateralizing it I am afraid you’re losing the game of money.