Welcome back to the Graham Stephan show! Today, we’re diving into the world of financial gurus and why you shouldn’t always listen to them. And who better to expose these gurus than Ramit Sethi, the man behind the YouTube channel “I Will Teach You To Be Rich” and a Netflix TV show where he helps people with their personal finances.
In a recent video titled “Why You Should Stop Listening to These Financial Gurus,” Ramit calls out some of the bad money advice that is costing people thousands or even millions of dollars. He doesn’t hold back, naming names and specific pieces of advice to look out for.
One of the gurus he calls out is Dave Ramsey, who recently suggested that people can safely withdraw 8% of their portfolio every year during retirement. Ramit explains that this advice could lead to running out of money before you die, as the 4% rule is considered the gold standard for retirement withdrawals.
Ramit also critiques Kevin O’Leary’s advice on not buying coffee or spending money on weddings, pointing out the irony of O’Leary wearing expensive suits while preaching frugality. He also takes a jab at Robert Kiyosaki’s suggestion that cans of tuna fish are a good investment.
While Ramit acknowledges some conservative advice from gurus like Dave Ramsey, he emphasizes the importance of adapting with the times and considering all options when it comes to personal finance. He also recommends taking advice from sources like Katie Gaddy Tossan, who offers a fresh take on financial issues.
In the end, Ramit urges viewers to have a healthy distrust of anyone claiming to have all the answers and to do their own research before following financial advice. He also offers free stock incentives for those looking to kick off the new year on the right financial foot.
So, what do you think about these financial gurus and their advice? Let us know in the comments below. And remember, always be cautious when it comes to your money and seek out trusted sources for guidance. Happy New Year and here’s to a financially savvy 0.08!
