@donaldrichey3318- I totally agree! His logic would actually make sense if there was no fluctuation. . . But that’s obviously not how it works.

@jamesmeador3982- Thanks for your thoughts! Respectfully, I think you’re trying too hard to stick up for Daves ignorance here. I’m taking him at face value. He’s clearly saying that he thinks people should be able to take more money out of their accounts because the stock market averages higher than their withdrawal rate, is he not? You and Dave are saying because market averages are typically higher than 8% a person should be able to pull out more money, right? If the market got 10% every year and never went down this math would jive. Thats not how the math works, though. What if the market declines right before you need to to take your annual withdrawal, and you still take your 8%? That’s a recipe for disaster, particularly if it happens more than once. Are you familiar with average vs actuall return? It’s super important to know the difference. This is why they do Monte Carlo simulations! It’s the reason the 4% rule even exists. I pointed out sequence of returns risk, but there’s also an issue with timing risk. In other words, the averages don’t matter to an individual investor, they care about whether their account is up or down. I said this in another comment, but the math changes when you’re pulling money out while the market fluctuates. The downs hurt more than the ups help, but it’s even more accentuated when withdrawing money. There are ways to safely take a higher percentages/more income in retirement, like using more than just the market to create income, but him telling people they can take 8% is just plain dangerous!

@MrT About withdrawal rates? The good news is you can google it and immediately find a ton of information around this topic. That what makes this take even more ridiculous. . . He’s on an island in saying this, because all it takes is basic math to understand. I take that back, you don’t even need to do the math yourself. Just Google or ask ChatGPT if 8% is a safe withdrawal rate, and why it why not!

@moneyinsights5694 i got 1M in the bank. I don't need a broke person trying tell me about inventsting.🤣😂🤣😂inventing. Is whole life good for some people? Sure. But whole life insurance is generally more expensive than term life insurance.

@MrT- Is that your way of trying to say you have more money than me? If so, not your brightest moment! 😂 I’ve been a multiple 7-figure earner for nearly a decade. Our average client at Money Insights makes 500-700K a year. Our podcast has been going for years and it’s all content specific to high income earners. Everyone we talk to has a million bucks in the bank, my friend!

@christianallen9947 hahahhaha. And you think whole life is best? 🤣😂🤣😂 You are making squat cause your here on KZbin getting financial advice!🤣🤣

@MrT- Really? I’m the one teaching it! You realize I’m the person in this video, right? And yes, WL is a powerful tool when you know how to use it. When it’s designed appropriately, it will literally increase your investment return by simply leveraging the insurance company’s money to invest. My experience is typically that high income earners and alternative investors tend to understand and use it to help build generational wealth, and the people listening to Dave Ramsey tend to knkw how to budget. . . But they’re often missing the boat when it comes to true wealth building!

@jerrware- You nailed it! Dave has basically become a conservative talk radio host like Rush Limbaugh or Glenn Beck. It’s worked out well for his pocket but not so much for his followers

I totally agree! Dave Ramseys takes belong in the trash!

Did I answer your question @ggvann? Hope so!

Insightful comment! Jk I appreciate the opinion, but I’d really love to hear you back up your reasons for suggesting whole life is a scam?

You don't need life insurance your whole life. Once your debts and dependents are gone, so is your need for life insurance. Term life insurance is way cheaper and will give you the coverage you need for the time period you need it. Agents love whole life because they make more money selling it because it costs the consumer more. Don't go into debt to invest. Cash out whole life policies and invest somewhere else. Return rates on insurance policies are historically terrible, so you'll do much better with term insurance and a ROTH IRA.

@buntjee Did you even listen to the videos? The answer is obviously no because otherwise you’d know that the policy isn’t meant to be the investment, so you’re not comparing the policy to another investment. Instead, you’re pairing it with investments to increase the returns. There’s a massive difference between those 2 things. I’d encourage you to become more educated, and to listen to the content to understand it so you can speak intelligently on the subject your commenting on.

@@buntjeeAnd for people who are looking to build generational type wealth, life insurance becomes a powerful tool to help them accomplish that goal. Sadly, it’s primarily the lower income people who fall victim to listening people like you or Dave Ramsey, and they never reach the financial success that they could have.

Do you have any bridges for sale?

@WamSUBNZ definitely something to consider!

@hickpimp I’m totally with you! Thanks for your comment!

Are you a good thumbnail designer? I need someone to go back and make new ones for all our videos that have the same crappy one

Sorry! I meant to post my comment above as a reply but shoot me a quick email and I’ll get you more info. Thanks!

@@christianallen9947 I am just seeing this now (Not sure how to et KZbin Notifications). What is an email I can use to contact you?

@@christianallen9947 How can I email you?

Thanks for your comment! I think the question is whether everyone is much better off. . . 🤔 I tend to agree with you on the billionaire tax thiugh

@@christianallen37 On Saturday, I met with a young couple in another country and we talked about how they could generate cashflow with their assets. They both work full time and together bring in less than $800 per month. The poor have it much better in America than in many countries in world. I don't agree with the idea of inventing another tax to try to get the ultra wealthy to pay their fair share. As you mentioned, paying taxes is not the only way to contribute. They generate jobs and contribute in meaningful ways. I don't think America is better off with the billionaires selling their assets to foreigners to pay an unconstitutional tax.

@jacobenglish7185 Im with you! There are definitely better ways to accomplish the objective. . . Lowering taxes for business owners, for example, gives them a chance to bring on more people and pay higher wages to employees.

@@christianallen37 exactly! Use taxes to incentize the behavior you want. We want people to be motivated to generate wealth so that they will take prudent risks.

Thanks for your take! Im not a fan of punishing high achievers for being productive so I can’t get on board but I appreciate the comment!

@@christianallen37 I don’t think the same tax rate for everyone is punishing anyone but I certainly think making more and paying less in taxes is a punishment for regular upper, middle and working class tax payers. Beautiful thing about America is we all have the right to our own opinions and the ability to say them.

That is a beautiful thing! So maybe I misunderstood your initial take. . . I thought you were in favor of a flat tax, just not for high income earners, who would have to pay more in taxes. Did I misunderstand?

You’re saying extra tax only for the ultra wealthy, right? Why not make it a flat tax across the board regardless of how much money you make? That would eliminate your scenario where people make more but pay less!

@@christianallen37 the idea was “flat tax across the board” to make it equal and an extra tax to anyone making like 1,000x more then the least paid employee at the same company as a way to discourage the major gap in wages. Hopefully for the betterment of the majority of people with increased wages or less disproportion amongst wages. I’m all for extra skill extra pay or extra hustle extra pay.

Wow! I’m not sure I have words for this take! I almost can’t tell if you’re being serious?Many people take out loans for medical school, law school, an MBA, etc. with no guarantees they’ll actually get the degree. The average student loan debt for a doctor is over 200K. If that’s the average, then obviously most doctors aren’t getting through medical school student debt free because they were exclusively on scholarships. That said, we can agree that using common sense logic is a good idea, starting with the common sense understanding that sometimes student loan debts don’t make any sense at all, and sometimes they certainly do!

My sister did grad school on student loans and makes big bucks now. You're full of shit. Not that our student loan system isn't a giant bs scam

I wasn’t giving an exception to the rule, I was giving one example of many as to why a blanket statement suggestung there are absolutely no good student loans assanine. I feel like if you put your thinking cap on for 30 seconds you could come up with 10 other situations that you’re saying are “an exception” to the rule. Anyone who can go with Dave on this statement must have stopped thinking for themselves. We all know it’s complete hyperbole and Dave likely doesn’t believe it himself

@@christianallen37 When the majority of something is what is most likely, that's the rule. Deviations from that are the exception. Maybe if you learned to properly parse English, you'd see that. Now, go troll someone else.

Are you thinking it’s relevant because physicians are a small subset of people? There are lawyers and engineeers and high paying careers in many fields that require a degree, it’s not like my comment was exclusively relevant to the medical field. Maybe I misunderstood what you were saying?

@@christianallen37 Right so Bachelor’s degrees, 45% of those degrees in the US were acquired with student loans, the average loan was around 30,000 with an interest rate between 12-15%. If you want to pay that off in 48 months your monthly payment is going to be 800… and considering bachelor degrees make around 52,000 a year at a good job… that’s still insane, sure it’s not forever but this example is based off of you getting a job immediately out of college… I have a bachelor’s in mechanical engineering and I thankfully received a scholarship… and it took me years before my internships turned into a paid position.

So you’re actually trying to say that Dave is right about this? I love it! You’re wrong, but I love the passion to stand up for Dave, even when he’s saying something ridiculous! Let’s just think for just a second. . . Dave’s saying there’s no such thing as a good student loan (as in never) and I’m saying that the situation is the boss! He didn’t say as a general rule, he said “there’s no such thing” as a good student loan. You can’t possibly think he’s right about that can you? He’s the one spewing hyperbole, im just suggesting that his statement is obviously hype. I’m sure he doesn’t actually believe it either. I never used student loans myself but I’m not ignorant enough to say that it never makes sense. Honestly, im amazed that anyone would even attempt to say that he’s right on this. If you said, I agree that in general people should avoid using student loans or something to that effect, then it would be a different story. I’m just saying that Dave’s being extreme on this, but that’s what he does. Dude is a master marketer more than master od giving good financial advice. Here’s my take, we need to think for ourselves instead of letting Dave (or anyone else) do it for us

Intersting scenario! So, do you agree with Dave that there is absolutely no good reason to take out a student loan?

@@christianallen37 everybody poor mouth's.pay your own loan that is what gives it value.

Thanks for your comment! My job is to help people build wealth. . . And investing in real estate is without question a way to do that. That said, I als very much disagree with your idea that landlords produce nothing. What about when they build actual properties for people to live in? I can’t figure out how they “produce nothing.” Sounds more like you just don’t like what’s being produced.

Great question! Yeah, we tend to speak in terms of our averages but you could certainly do the plan you stated. Even better, you don’t need to wait for 5 years to borrow and use it for investing. . . That can happen anytime you have cash value in the policy, even if it’s only 10 grand. It could also make sense to wait and let it grow if you’re not finding investments you like at the lower amounts.

Awesome! Welcome. Im a little biased but this is a good place to learn how to invest! In fact, we’re hokding a virtual summit (featuring Daymond John) and a bunch of other financial experts on September 12th that you should make sure to be at! It’s going to be awesome and it’s totally free!

Thanks for the comment! This is a small clip of a much longer conversation, but we definitely get into it! And, I’m a HNW investor and I use WL to increase my returns and give me a ton of ancillary benefits (tax, death benefit, liquidity, safety, etc) Im also fortunate to work with 1500 high income investors as clients who effectively use WL to increase their returns too!

Agreed. Give The Phil Ferguson show a listen. He stresses to avoid those products as well.

It’s true! We love using the combination of life insurance as a wealth creation tool (not the investment), alternative asset investing and effective tax strategy as the primary pathway to building generational wealth. . . especially for our clientele which consists almost exclusively of high income and HNW individuals. And yes, we get paid a lot (in the form of commissions) for helping people effectively execute the strategies we teach and recommend. Those facts don’t make what we teach any less impactful. It’s still without question the most effective methodology I’ve seen to building prolific wealth. . . And I’ve been meeting with clients for 20 years so I’ve seen a lot of varying philosophies. Finally, as a 7 figure earner myself, I do exactly what I teach my clients to do. I live what I teach. What’s crazy is that it helped a regular Joe like me build a 20M net worth by 40. I’m also fortunate to have 1500 (give or take) successful clients who do the same. Thanks for your comment!