Why You Should Stop Listening To These Financial “Gurus”

[@rhetoricmalik628]

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

[@sparkymularkey6970]

Right? So many of these financial gurus have such a clear disrespect and disdain for people who are struggling with their finances.

[@sherrieludwig508]

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

[@emilyzahand8609]

Yeah that’s his only rule “get out of and stay out of debt” everything else is a guideline not a hard rule. Gets a lot of crap about the rice & beans thing but that’s only during the beginning when you are working on the debt part.

[@sherrieludwig508]

@@emilyzahand8609 And, he defends spending on what you like as long as you can pay for it. I liked his "happy meal" comment, if your income is such that a second house, or a designer purse, or whatever, makes about as much impact on you as a Happy Meal does to a normal person's income, BUY IT, you won't notice the dent.

[@josephj6521]

The only way out of debt is to pay the debt! It’s not rocket science. Reduce silly spending, work and pay the debt.

[@sherrieludwig508]

@@dreamleaf6784 If you read his Total Money Makeover book, he explains that yes, it is more logical to pay off the highest interest first, but going from smallest debt to largest gives most people the biggest "attaboy" feelings. Also, by "snowballing" the payments, it is easy to pay the same $$ month after month, but see the LIST of debts get shorter quickly. Human psychology over logic. The best advice is the easiest to follow.

[@lawrencemalata1503]

​@@josephj6521many people can't overcome their desires to spend.

[@Zadnak1]

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

[@kli9005]

Yep! And it was very neccessary.

[@freeagent_girl23]

Glad he did!!!

[@kvrn671]

I’ve been waiting for this video for 3 years since I first starting listening to Ramit.

[@jessicasimon208]

This is the best intellectual bar fight I’ve ever seen. Ramit is savage AF!!!

[@Lumpia_In_Texas]

He sounds like a typical crash bro scammer

[@EE_Lopez]

I just bought your book from Amazon. I am 46 years old and for the first time excited to save for the future but not for myself but for my children’s future. I want to teach them what I wish someone would’ve taught me. 🙏🏼❤ thank you.

[@kyracl7318]

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

[@2007NissanAltima]

The 15 year mortgage was what made me wary of Ramsey beyond being able to take on and pay off student loan/credit card debt

[@Bawb54]

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.

[@jainthorne4136]

I agree. I like some of his advice but I stopped watching him when I realized how abusive and contemptuous he is towards the people who call in.

[@scotthartman9834]

@@jainthorne4136this is what drives me the most nuts. He reminds me of an evangelical preacher screaming at a congregation about how they’re all going to go to hell… all the while having a million skeletons in their closet

[@raysacapellan-fender]

I like this! I agree, I like the Ramsey show but I also like watching other financial shows, I don’t take absolutely everything they tell me just what I think is helpful for me. My hubby and I also got out of debt w/ Dave Ramsey show and saved and emergency fund. Was very helpful.

[@josephj6521]

Good comment Bawb. Firstly, I knew as a teenager to: not spend more than you have, don’t go into unnecessary debt and always have money on the side for emergencies AND a good time. We don’t need a Ramsey to say the bleating obvious. Do people seriously go through life not thinking straight or they simply don’t care? Although at first I wasn’t earning lots of money I still managed to live my dreams. Always socialized, went to by dream destinations before turning 25, bought my own property. A balanced life with some security is a great life. Plan ahead, live now and enjoy. I agree. Cannot stand people telling me I shouldn’t go on nice vacations, that I should work until past my 70s, etc. Guess who these people are? Those wealthier than me, running businesses thinking they’re only entitled to such a life. They think they’re superior and look down on others. People that do that out there I don’t follow their BS.

[@SRD1281]

Sure it can be more balanced but that's only going to slow down the process to becoming financially successful. If you're knee deep in debt the last thing you should be thinking about is balance.

[@T1J]

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

[@ramitsethi]

Thank you. I wish more talked about this.

[@emmablue7669]

What a crossover!! Love both of your work - pretty cool to see you in these comments T1J.

[@joshdawson5850]

I think from TheMoneyGuys, Brian says his parents owned a very big house and doesn’t seem out of touch at all. But it’s definitely rare air

[@epbrown01]

Personally, I *hate* the “background” discussion. It’s always “Your family lived in an old station wagon? I grew up in a Ford Pinto - no wonder you’re more successful! You can’t relate to my struggle!!” It’s like saying a weight-loss strategy won’t work because the person touting it lost 25lbs and you’re trying to lose 20.

[@joesoccerfan4628]

Great point. A ton of folks have numerous advantages provided by circumstance (two parent household being a huge one, high IQ, financial literacy modeled to them by parents).

[@beckynollreinert9377]

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!

[@ramitsethi]

Great work. Happy I could help. And yes - I’m tired of the comments against poor people, immigrants, and other vulnerable communities.

[@ingababy5196]

A lot of people are lazy.

[@NM-hq1io]

Why’s that surprising? Most poor people are lazy?

[@IAmebAdger]

​@@NM-hq1ioexcept for the poor people who are doing hard labour which doesn't pay much full time... you know the ones who never received much education or guidance due to their upbringing and who only knows how to work hard, not to negotiate, save or invest

[@Jane5720]

⁠ that’s such a broad brush to paint with that. Overall, it simply not true. They’re taking the lower pay jobs and those are the ones that you work really really hard at.

[@joseph_p]

Dave Ramsey’s bankruptcy was the catalyst for him changing his philosophy on money, and is why his advice is what it is. He wasn’t following his current advice when he went bankrupt.

[@cisium1184]

@@amireallythatgrumpy6508 Yes. he did. What a dumb thing for you to lie about; bankruptcy documents are public record. You shouldn't lie to people: no one believes you, you get found out, and you look like a fool. It's not worth it.

[@lucascofell4680]

His bankruptcy is also not at all comparable to the debt that he advises people on. He took out a bunch of 3 month loans trying to flip houses and the bank he was using got bought out and called his loans in. This doesn’t mean that all debt is useful, but there’s a massive gap in the irresponsibility of taking out 7 figures in high risk, short term debt vs. taking out a $10k student loan but he views them as the exact same.

[@chrisfair11]

If only it was 10k student loans

[@lucascofell4680]

@@chrisfair11 what’s the number where the 7 figure 3 month loan becomes as risky as the 10 year student loan?

[@chrisfair11]

@@lucascofell4680 that number probably changes depending on the degree/training the loan is taken out for, the grades of the student, and the university they are getting it from. I get the point you are trying to make. But see that we're making different points.

[@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

[@TzUuup]

He's just punching up. Dave got me out of debt not ramit

[@HaiRune]

@@TzUuupDave gets very political though and he lets that get in the way of his financial advice. I appreciate the og but he shouldn’t be the only person you listen to especially once you’re out of debt

[@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 🎉

[@StayPuft209]

I’m a first generation Mexican American as well. My parents could not teach me anything about finances because they barely knew themselves. Learned the hard way and now making sure my kids don’t follow.

[@megaawesomedaisy]

@@StayPuft209 same I have some credit card debt but I am now aggressively paying it and cut my expenses pretty significantly. I feel happy I learned now in my mid 20s. Better late than never !

[@jj-bu6yb]

Same here

[@firefalcoln]

@@megaawesomedaisymid 20s isn’t particularly late to learn better money management IMO. Not that you probably wouldn’t have been better off if you’d learned more earlier. But a lot of people realize what they should have done differently in their 20s when they’re in their mid 30s, 40s, 50s or nearing retirement when it can be too late to right the ship without some unexpected windfall of money or a major reset of mindset and/or career path. Getting a decent investment snowball started before your mid 30 is so important if you’re going to have a salary and expenses somewhere around the U.S. median.

[@megaawesomedaisy]

@firefalcoln it definitely isn’t but I still feel far behind some of my peers. Though I have come to terms with my upbringing and just grateful to have changed my financial habits now.

[@EhteshamShahzad]

Finally, someone calls out Robert Kiyosaki.

[@o0usf0o]

That guy is a crack pot!

[@nbproductions194]

Check out if books could kill they spend over an hour calling out every lie he's made. It's kinda fascinating

[@beth3535]

I’ve never had any interest after looking through one of his books.

[@jacobsmithjr]

Kiyosaki has always sounded very condescending to me. I can't stand listening to his voice.

[@o0usf0o]

He basically says the market is going to have its worst year in history every year while also pushing gold and silver (which he gets paid to do)

[@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!

[@VashtiPerry]

Yes it wild. I feel like he is stuck on a loop 🔁

[@brianh9014]

Or not? 😂

[@roadrunner9622]

The one time he is right (sometime in the next 5-15 years), he will promote that for the rest of his life. "From the man who predicted the collapse..."

[@justinchamberlain3443]

2:45 swr 3:45 housing is unaffordable 4:01 sometimes its better to rent 5:10 12% returns 7:30 review the breakdown 12:10 review index funds over time

[@SevenWuu]

This video feels completely genuine. Not only was it honest, but it was eye-opening and humble. I really enjoyed the fact that you said to pay close attention to people giving advice. Do they mirror a life you want? What a way to be more intentional in where we get our information. I also really enjoyed that at the end, you could have listed yourself as people to look into, but you shed light on people outside of yourself. I really like that you mentioned a woman of color. You called yourself out when you said "what about me?" and your red flags, later giving us a straight answer of how you got here. The transparency, the relatability, and the generosity. This video is very rich 🙌🏽

[@ramitsethi]

Thank you for watching and for the thoughtful comment!

[@hotmustard858]

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

[@christinewallace9251]

We were misled!!!

[@beth3535]

Nope. It’s a metaphor for taking charge, thinking critically and creatively about one‘s practices and options, and planning with purpose

[@TzUuup]

​@@christinewallace9251he was just lazy. He made coffee than went back to bed

[@OGtruthserum]

You probably weren't making the right coffee! Duh! :P

[@SpookyEng1]

Ditto but I haven’t given Starbucks $10k either

[@josemaldonado6299]

I really appreciate your integrity and willingness to share wise financial advise with the masses. This information is not typically free or easy to come by without a finance degree or countless books. Even your netflix series has been insightful. Keep up the good work!

[@ramitsethi]

Thank you for watching

[@malemaline]

Agree! I like genuine and practical advice.

[@eileenwatt8283]

​@@ramitsethi What if the individual has 1.5 million and plan to start taking retirement money at age 73. You won't run out of money because the remainder is still growing . That 1.5 would be in several retirement. Plus taking it out doesn't mean it's going to be all spent in a year.

[@TzUuup]

​@@eileenwatt8283I'm a Ramsey guy but I'm with remit on this one. I've listened to Dave argue the 8% religiously. Why take it more if you can live on less yah know?

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! ❤

[@ramitsethi]

Great work! Thanks for watching and applying my material

[@daquanmcdonald7104]

My biggest spending issue is on daily needs... gas food beverages. SMH

[@chocolatemint9225]

Dave Ramsey’s advice was used against me in marriage. A lot of shaming about credit card debt and various expenses, but little financial assistance from my partner. Things cost, what they cost. Dave doesn’t even know what daycare or groceries cost. It takes MONEY to have kids and a household. Some people want to ignore facts, which forces the other partner to pick up the tab

[@esqu1re]

I stumbled here after hundreds of hours of watching financial youtubes. This is amazing. Keep up being real.

[@ToddVenable]

Nearly all of your criticism of Dave Ramsey is 100% valid. However, he should not be criticized on his personal bankruptcy IMO. He went bankrupt because he was highly leveraged in real estate in the 1980s. He isn't a guy who says one thing and does another because of his bankruptcy. This is why he is so anti-debt. He screwed up royally and learned from his mistakes. The 8% withdrawal rate is absurd. So is the fact that he recommends only active managed mutual funds. But I don't think his personal bankruptcy in his 20s shows that he recommends one thing and does another. And I completely agree on your Kiyosaki and "Mr Wonderful" points.

[@kli9005]

The problem I have is that he says he started from nothing when he did not. He also had a gov handout through bankruptcy and had connections that reg folks don't have.

[@daniellimfunghsing]

Actually the 8% is based on the 12% YoY expected growth returns on his investments, then it makes sense assuming inflation rates are within 2-4% as per federal targets. The 12% active mutual fund net return, that I agree, BS, 90+% of fund managers can't beat the S&P500..been wondering who his fund manager is and to show his actual returns over 15 years time period

[@verb0ze]

​@@daniellimfunghsing The average investor is not going to get that if we're being conservative by historical trends. It's therefore not good advice considering his audience.

[@stocksxbondage]

⁠​⁠​⁠@@kli9005he never talks about this which is frustrating. Notice that mathematically, the avg American can’t amass his level of wealth following his own rules (ex: pay off the house immediately). He will never tell his secret to wealth, and it’s probably because he struggles with admitting his secret: luck and privilege. His parents owned a real estate company and gave him a job at 18! Good on him, but don’t pretend like that’s not privilege. To amass $200M by age 63 (Ramsey’s age), you’d need to save and invest $22,000 per month since age 18 at a 10% interest rate… You can’t make hundreds of millions with the stock market and real estate alone. Not even as a frugal hacker in Silicon Valley. He’s keeping a lot of information to himself.

[@Imbadatgolf]

@@daniellimfunghsing Dave’s 8% withdrawal rate misunderstanding comes down to two main points. (1) He doesn’t understand geometric mean vs arithmetic mean. He claims the arithmetic mean of the S&P 500 is 12%. The geometric mean (which would realistically determine what is in your account after x years) is less than that. And (2) he doesn’t understand the statistical analysis called “sequence of returns” risk. This analysis shows that a couple down years in a row can decimate your principal balance if you aren’t withdrawing capital conservatively (accounting for this risk). His recommended withdrawal rate will leave you broke-before-death more than 50% of the time.

[@NeoSoulCrew]

Your points are right on. My two cents on this. We're not robots. People CAN balance a life and investments. Tomorrow isn't guaranteed so your experiences with your children and family may be remembered long after you're gone.

[@sherlockrobin597]

I agree with most of what he says. But I speak (write) from experience that if you cut out unnecessary things, or do things yourself (make your own food, make your own coffee) you can save a fortune over time. I used to buy 2 cups of coffee and a lunch every day (2x£3 + £5 x 5 days x 4 weeks in a month = £220) and switched to bringing in my own teabags and milk to the office, and lunch (lentil soup) from home (approx 50p per day, £10 per month). The extra £2.5k per year from just two changes (I made other changes too!) helped me save for my mortgage, and built a habit I keep to this day. Invest £220 per month @8% return for 46 years (21-68) and you’ll have £1.3million for retirement. Small changes work, and they’re much easier to make than big ones!

[@Zadnak1]

Agreed, especially for people on lower to median income.

[@wyl-l9m]

I think Ramit theory is about ‘Rich life’. Do you need that extra money for retirement? Because ultimately, you can also say, if I don’t buy any extra shoes/clothes, books or whatever you enjoy, you could have ++++ savings when you retire. Ultimately, it’s not about the coffee. It’s the numbers and your rich life goals. If you already have your money set aside regularly for your retirement, emergency fund, fixed cost expense, go buy that coffee that makes you happy or go have that meal outside that you enjoy, as long as you are spending within the fun money you set aside.

[@kb1236]

@@wyl-l9m That is what Ramsey teaches, live like no other to get out of debt and then live like no other because you are rich

[@bluegillmich]

I know a guy that pulled all his 401k money out when the market tanked in 2008 ( i kept mine in and it all came back with extra money within a year), I agree with a lot of your ideas. Thanks for the video

[@Milen983]

I am so appreciating that you admit that most things that happen to us are because of luck in the first place, where we were born, what parents we had, how some events in our lives made us make decisions we made. On the other hand, you are smarter and more hard working than many other people because you constantly learn, elevate from the environment you are from, improve your knowledge and skills and finally teach all of us.

[@pixie0714]

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.

[@mcajack]

I hated it so much!

[@scorpian007]

I also read this years ago and didn't really like anything after the first chapter.

[@JOESUBA122]

i stopped reading it! lol!!! and i am so happy i did

[@DSesignD]

YES. I remember reading that and after getting through the good part - "this is starting to sound like an ad"

[@sjanew]

One of my favorite podcasts is If Books Could Kill - they ROASTED this book. Ha.

[@AZNGoSu]

Advice from a real person to real people. Ramit never misses

[@ORIGINALwhatnow]

Rich dad poor dad was the first book I read that got me thinking about money and personal finance. And got me thinking about building systems where my money works for me instead of me working for my money.

[@Croftrivers]

Dave Ramsey actually gives good advice. He helped me realize how irresponsible I was acting with money.

[@jasonandrews7355]

I think 80-90% of what he says is really good, and the other 10-20% is blantantly poor advice. I think he's a net positive influence for sure, but he's no angel.

[@b13nissan]

He is talking about specific advice.

[@Cartero19]

Dave Ramsey is god at getting people out of debt, not making them wealthy.

[@the1337fleet]

Great video! Funny comments too. Just want to point out two things: 12:40: It's also important to remember that you worked hard for decades building your products, courses, and business to have funds to invest and let cook in the first place. Getting rich is not just about investing but also generating income to invest (whether through a dream job, a business, or both). 16:30: The article reads that Dave filed bankruptcy in his 20s. Now I don't know that much about him, but it seems like he could have learned from that experience and now considers his past mistakes in his advice.

[@skullkrusher-dx4kg]

He's literally stated the mistakes he made in his 20s were where his advice comes from and that he was a dumb kid. This was just a pountless jab.

[@franceszamoramunoz8491]

Thank you Ramit! I’m so glad I found you through your Netflix show. I’m ending 2023 with almost no credit card debt left, an emergency fund (in the making, we’re almost in month 3), and most importantly learning how to define what my rich life looks like. Being 25 and coming from a Hispanic family it’s challenging to make all these habits part of my everyday routine. Now, I even got my parents to watch your show. I hope one day you’ll be able to add Spanish subtitles to your KZbin videos 🙌🏻

[@eszterchem4739]

KZbin has an auto-translation feature and Spanish is among the options. He could do a better job at CC though...

[@technojunkie123]

Great video Ramit! I’ve noticed that some of the best KZbinrs that I follow, wether it be for finance or any other topic, all seem to have three key characteristics - they provide evidence based research, they explain without belittling others or acting as if they have all the answers, and they encourage their listeners to also do their own additional research.

[@kli9005]

Because individual situations vary. The thing that is common is the need for controlling spending habits and reducing debt.

[@Hinz2005]

I’m with you! I listen to Layne Norton, Dr. Dray (Andrea Suarez), among others. Vet your inputs wisely!

[@sothearyouk373]

Wow Ramit! I never knew why I couldn’t finish “Rich Dad Poor Dad”…things didn’t feel right. Thank you for Teaching me to be Rich.

[@Joda30088]

What didn't you like about it because a lot of people swear it was great for them

[@sothearyouk373]

@@Joda30088 That’s wonderful that it was great for other people. I just think his approach and vibe didn’t align with me and my financial journey.

[@loft27ss]

@@Joda30088 ask people how they lost everything in 2008. Leveraging debt leads to the bankruptcy when Life happens.

[@manesaltarin]

Thank remit I read your book, i watched you tv show, I followed your advices, and now I am watching your videos. It changed my life

[@iamlashawnda]

So many shots FIREDDDDD!!!! Respect!! I love the fact that he doesn't sugar coat how he feels

[@jameskelly624]

Oh my thank goodness you put this video together. I've made my fortune the same way you did and it really gets my goat when I hear the individuals you mentioned grabbing headlines with their stupid money advice. Watching your video has been like sitting down with a good therapist the feeling one has when finishing a therapy session and receiving validation, acknowledgement that you were right. So thank you for cutting through the crapy that these "so called money adviser" send out to the universe to drum up - press, clicks, etc. Stay authentic my friend!

[@shazzari]

I love your show on Netflix so much that I’ve recommended it to my friends & family. I pray there’ll be more seasons

[@jefdby]

Omg. Thanks. I forgot he's on Netflix and at this moment I'm subscribed.

[@chantelleg5529]

What’s the name of the show ?

[@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?

[@FinnBraylon]

A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.

[@FinnBraylon]

She goes by ‘’.Sonya Lee Mitchell’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@lilpetec6803]

Citizens are not involved in the stock market because they think they will lose too much money. I agree lack of professional guidance is a problem especially when you're new with investing.

[@diegomendez4525]

Fake ass comments and fake scam “advisor”

[@IRdatank]

I take it like this as an order of operations: invest to pay for a minimum retirement without social security > pay off house > invest for a glorious retirement/build a beautiful world to retire in. That last one could be donations, paying off your mom's house, building a badass fence in your back yard, finishing that housework, all things that become more questionable in retirement and are easier when the income is rolling in.

[@anumehta3875]

Money advice has to be different for different kinds of people. If you are the type of person who already has a sense of their income and expenses and has their debt in control, you don't need to live on rice and beans. You just need more nuanced investment advice. But if you're someone who has no clue what's coming in and what's going out, who spends money before making it, and is buired in debt, then you better cut your lifestyle deep and clean up your mess. If you are impulsive with money, you need to put up more boundaries. Different money "gurus" are talking to different audiences.

[@tishwinchester19]

Ramit! Ever since I found you, I have stopped listening to Ramsey. Your messages really speak to us every day people. I love your content, I love your no filter, and I look forward to your videos every week. Your information and your outlook on money is changing my life as we speak!

[@TzUuup]

You have to be kidding.. you're saying Dave Ramsey doesn't speak to the "everyday person?" He speaks to most people

[@tishwinchester19]

@@TzUuup I can assure you, I'm not kidding. Thanks for your comment :)

[@agag2684]

​@@TzUuupuuhhh no he doesn't. He lost that a while ago

[@TzUuup]

@@tishwinchester19 yeah you're kidding most people aren't financially stable. You maybe but most people aren't. Dvae Ramsey speaks to those people

[@TzUuup]

@@agag2684 wrong

[@TWEQDvideo]

This is what we needed to hear Ramit. It takes courage to call people out and you did it. Well done from NZ

[@rikachiu]

Absolutely. I was incredibly lucky and fortunate to have two parents financially supporting me all the way thru. I will never forget my roots and that pulling yourself up by the bootstraps is absolute nonsense.

[@ramitsethi]

Thank you

[@randombandit362]

And thank yourself for personal growth and progress. There’s a limit to being financially supported if you aren’t also setting goals and working to improve your own self sufficiency.

[@TzUuup]

How is pulling yourself up by the bootstraps ridiculous? Do you know how privileged you sound? You do know you are part of a lucky group. Most people are lucky to have 1 financially sound parent and you had 2.

[@rikachiu]

@@TzUuup That's exactly why its ridiculous. Who you are born to, where you are born, etc. are beyond what pulling up your bootstraps can ever, ever do for you. Most of it is pure luck. If you were born of the untouchable class living in the slums of India, no matter how hard you work, 99.9999999999999999% chance you are stuck in that position forever.

[@TzUuup]

@@rikachiu well no shiet and well he is speaking to well us Americans. Luck? Yes if you were born here in the USA than you ate very well lucky. Lucky enough to be able to pull yourself by the bootstraps and at the very least reach the middle class through hard work. So yes your argument is ridiculous by this very fact, it's something like 80% of millionaires today are new millionaires meaning they weren't born into it. They are self made, they picked themselves up by the bootstraps

[@ianduplessis6457]

Love how he calls out the specifics of bad advice. Really enjoy your videos and philosophy.

[@3namechangezalowdevry90day7]

But he didn't. When it came to Kiyosaki, he didn't say WHY he didn't agree with him or what info was incorrect. All Sethi said was "BaD BAd do not read".

[@zipperdingo6385]

I am so happy eventually someone roasted these fake gurus, Dave Ramsey and Robert Kiyosaki, and Kevin O'Leary telling people to by a Rolex 🤣🤣🤣 . This is a truly valuable video thank you for your integrity bro

[@BillBixbyHulk]

This was great man on many many levels. You’ve really changed my life around in the past few months I have a whole different outlook and relationship with money after YEARS of self sabotage around money. Thank you!

[@Mmmmwhatyousay]

This video is the greatest thing to happen in the world of financial literacy. These clowns needed to get called out so bad. Thank you Ramit.

[@Jonathan01233]

These guru motivated me to wake up and smell the coffee like paying off all my debt and have a saving. Today I’m in no debt and started to save money. 😊

[@kameranneises5080]

Loving you calling out these guy’s BS while giving them their credit where due.

[@thepaintedsouth]

Dave Ramsey actually recommends 28% of your take home pay, which is even harder to accomplish these days. 😕

[@Muzicteachersop]

I was going to say - pretty sure it’s take home pay!

[@Nisa-gm5wg]

Sir, you are so spot on about Dave. We worked his plan ( took about 3 years to be debt free and then paid off the mortgage about 7 years later). Now it’s like “what’s next”…. Live like no one else with no real plans in my opinion. His teachings no longer appeal to me and i just need something different to help us further along. Wish I had found you 10 years ago. Reading your book now and everything just clicks. Going to give my two kids your book to start the new year on the right track. They both graduate in May 2024 from college ( masters of architecture and BA in education ( education major she will be going to grad school completely free, apartment paid for and a nice stipend and will graduate May 2025. Anyone interested it’s called MRT, a faith based graduate program for a masters in education/teaching). Thank you sir for keeping it real👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾

[@ΤάσοςΚαυσοκαλυβίτης]

> faith based graduate program Sounds expensive. The other programs just cost money. This sounds like it could you far more important things. :/

[@chedbeckford8067]

You can learn something from different financial gurus, you just have to know what to listen to and what not to. Not everything will work for your financial situation. For example, Dave can be great if you want to get out of debt and live within your means, but his philosophy on using no debt isn't for everybody.

[@chasingpowder200]

You just said in one paragraph what it took me 5+ paragraphs to try to get across!

[@CompetitionSportsNetwork]

Dave's advice is basic, a homeless person could tell you what he does.

[@kishajones841]

I agree with Ramit about defining what your rich life looks like to you, I also understand Dave’s stance regarding cutting spending as part of the solution to get out debt as quick as possible. He understands that a lot peoples financial issues involve poor spending habits and they won’t be able to get to their rich life if they don’t have the discipline to change those behaviors to get out of debt.

[@ramitsethi]

I agree. He has some good material on debt payoff, especially for people who respond to clear, black-or-white advice with extremely clear steps

[@instagramdude4784]

I used to like Dave, but not anymore. Yes, his advice to get out of debt (especially the Debt Snowball) works, but that's about it! There is so much better advice to build wealth while actually enjoying life. His advices are dated. Thanks so much for all you do Ramit. Stay authentic my friend. Way too much BS out there!

[@josepantojas5129]

If you have to money to buy a $6000.00 suit, buy it. If you’re struggling to pay your credit card because you don’t have enough funds… don’t spend $6.00 on a cup of coffee every day!!! Use common sense and stop relying on everyone else , who all have different opinions.

[@Cyberpunk_Radio_PBS]

You know what got me out of debt? STOP paying RENT. That’s your biggest unnecessary expense in your entire life. Not to mention, I can save a thousand a month or more in comparison, and i can still have my coffee and good food to eat 😂 AND invest

[@RhiaCayabyab]

I have been watching to dave for few months but i haven’t heard this advise though!!! Will still listen to Dave daily!😊😊😊

[@dejue]

Nice bold video with specific examples and recommendations! I recommend two books - “the total money makeover “and “I will teach you to be rich “. People can get to the same goal in different ways 👏🏿👏🏿

[@naimahabdullah-gulley4405]

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.

[@kennethroyer9949]

The problem with any generation is what worked financially for them will most certainly change over time. Investors need to be experts on VALUATIONS for any asset category to determine their estimated annual return going forward. Today Dave Ramsey's advice on buying a house is simply dead wrong as the price is SUBSTANTIALLY GREATER than renting. Home prices are now so high the price increases over the next 10 years will UNDERPERFORM INFLATION! The house will be up in value from what a person paid but when you wring out the effects of inflation it will have been a losing purchase. Today the S&P 500 Shiller price to earnings ratio is at a nose bleed level of 38 with the long term average at 17 times earnings. Monies bought today or stocks held today over the next 10 years have high probability for negative returns and that's before fee's, taxation, and inflation! That is just two examples but remember this these valuations will change and there will be a time to buy aggressively. And by the way during the housing crash those who bought the price, maintenance costs, and property tax was far cheaper than renting. So yes these valuation do change. Best of Luck

[@goodgirlvicki]

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

[@Nisa-gm5wg]

That’s about all too. He’s become kind of insensitive to me and some of his comments just turn me off. We’re completely debt free ( mortgage included) and I’m grateful for his teachings on that. I like Ramits advice going forward.

[@KFontLab]

Yes … I think he is good for beginners who are undisciplined. I just subscribed to Ramit, but I have to disagree with him when he came down on Ramsey about saying sex outside of marriage is wrong… it is wrong. Sex is not meant to just have with people you are dating. Especially if someone claims to be a Christian it is wrong. I know that’s not a popular take, but it is what it is.

[@TzUuup]

​@@Nisa-gm5wgI believe that's how it should be. I never hear them talk about risk tolerance though. Dave Ramsey is still reaching to the masses and sadly I think it'll always be that way. Just looking at all my family members from siblings to cousins and friends, Dave Ramsey has the better message. They wouldn't understand remits vocabulary

[@matthewphillips5483]

@@KFontLab I dont go to financial gurus for moral advice lol

[@wadericky513]

And that’s probably why they don’t like him… He teaches freedom and now consider a villain

[@Advaya459]

LOVED this, by far your best so far for sheer enjoyability. Kiyosaki has been triggering alarm bells for a long time, but I put it down to senility and ignored him. 😄 Thank you Ramit for being so real.

[@elizabethd.mehrabian1582]

Thank you Ramit. I appreciate your passion, knowledge and valiance. I have recently been fortunate to discover you on KZbin and have been learning from you. I enjoy how transparent, candid and protective you are of your viewers/ community.

[@2009Holleywood]

I was a single parent for many years. I tried doing Dave Ramsey plan when I was already living in that level of repression. It wasn't good for my mental health.

[@Gwillis7]

Wow Ramit is pretty feisty today haha. Speaking facts tho! Love it, this guy is the first financial guru who has got me to budget and get my money in order Ramit I’m working on my posture now bro!

[@BrandonBate]

Ramit, you're a national treasure. Thank you for everything you do ❤ appetizers are on me

[@carnini]

Heck yeah Ramit! Great video and breaking down the financial scammers. 8% withdrawal advice from Dave is horrible advice, typical of his advice after debt solutions

[@GreedyDragonBrewing]

All I can say is THANK YOU!! I randomly came across your Channel not long ago and honestly its been so transformative.... not only for me, but I have shared it to my young adult kids also. I love the honesty, simplicity, and positive approach that we can create wealth without only eating Raman noodles, we just need to get real with ourselves. Keep up the fantastic content. Cheers

[@mmp495]

Damn Ramit! You are on a rampage! I love Dave Ramsey but I do agree with you about the 8% withdrawl...Yipes! My advice is to listen to a variety of gurus and read many good on finances. Thank you for the great info Ramit.

[@GabeBridges]

How about this? Don’t be a follower of anyone including this guy. Be a student as Jim Rohn used to say. Listen to a variety of people and then come to your own personal conclusions that fit your own personal situation. And maybe the conclusion will be that there is no one “expert” that completely aligns with your thinking and goals, and that’s okay too. Take what you like from each of them and leave behind the rest. They’re all human after all, so no one “expert” is going to have all the right answers. And if someone is claiming to be the guy with all the right answers, run the other way or, at the very least, ask more questions, look behind the curtain, dig deeper.

[@milivaro]

Exactly!

[@excitedaboutlearning1639]

I agree. I've learned from various people. I've learned personal finance from Ramit, language teaching from Mihalis Eleftheriou, math teaching from Yeap Ban Har. I believe you should listen to multiple people and also understand that no person is an expert on everything. In addition to Ramit, I've listened to other people on personal finance, but he's certainly had the most influence on me by far.

[@Mavicomax]

True!

[@user-jn3ju3cz4h]

This

[@katiericks6021]

One thing I've really appreciated about your content is how specific it is. I read IWTYTBR when I was in my early 20s and taking your advice really helped me out. When asked, I recommended or gifted it to others because it is just so useful. Thank you! However, I also became a parent at 26 and it made some of your content less relatable. The questions I ask, and the trade offs I'm willing to make are just entirely different. I just checked out Tiffany, and I'm going to get her book. Is there anyone else you can recommend who gives sound financial advice on estate planning, parenting, and helping extended family? Thanks again

[@losiglowful]

I've listened to Dave Ramsey for years and genuinely believe he's had an enormously positive effect on thousands of people's lives. However, I've recently felt that he's out of touch when he's giving advice about buying a house right now or some of the ultra-conservative financial tactics he's suggested. I don't know if that's because he's ultra rich, and has forgotten what it's like to be poor or if it's simply to promote products that are making him and his company a lot of money. Either way, I'm no longer a loyal listener of his show.

[@kathrinkaefer]

It's really frustrating to keep hearing from older people that all I need to do is stop buying coffee, eating out, going on holidays, etc., when I am already NOT DOING THOSE THINGS.

[@TBird770]

Ramit, great video as always. I appreciate your insight and content. But Dave is a great resource for people addicted to spending and debt. I was someone like that. His content helped keep me inspired to pay off almost $100k in consumer debt in 3 years and now I can invest and live my rich life, as inspired by your ideas. It was a very difficult process and going through it taught me that I will never allow myself to be that wreckless with my money and my future potential ever again.

[@Nisa-gm5wg]

I worked his plan as well and am completely debt free (mortgage included in 2020). I think he is good for that but after you become debt free… no. I can’t even listen to him now because he’s too critical and some of his comments are just too much. A complete turn off. I do like his daughter Rachel ( more realistic) and I do understand why Anthony O’Neal left (best decision for him cause he is flourishing on his own). I like this young man’s teachings and will be gifting my two oldest kids his book in the new year

[@reviewsbygen5591]

Dave Ramsey was my saving grace when I just came to the USA. I don’t care for fancy traveling or luxury clothes so all those sophisticated credit card points are worthless to me. It would be a lot of stress and effort to maybe get $5. Dave Ramsey helped my family to stay out of debt and be content for what I have instead of desiring what I don’t have. Btw my husband is Indian and rice and beans are pretty much staple foods haha! You should know how good dhal curry can taste too! My husband makes $140k/yr and we live off $50k as a family of 6 with my husbands one income. Maybe we should come on your show haha!

[@teresiaify]

💯 %

[@pauljansen6650]

He named the specific advice from Dave which was genuinely bad advice. He never said all of Daves advice is bad

[@dasilvajrdominick]

it is a travesty you don't have a million subs. I subscribed. Finally, a finance person who actually gives realistic advice.

[@ramitsethi]

Thank you! My team is doing an awesome job and we'll get there. I'm patient.

[@Aj_beatss]

@@ramitsethi hopefully when you get there, you wouldn't become like these "gurus" 💌

[@CompetitionSportsNetwork]

Where have you been, there are tons of channels like that.

[@robincaldwell2068]

Great to hear him calling out the BS from financial "experts"

[@zarifshoeb]

Thank you Ramit ! Your videos give me hope. You’re all work and no fluff. You say everything as it is, no bs. And seeing as you’ve come from a different ethnicity, you understand the challenges that they have to face in their everyday lives. I see people in the US always complaining about how bad it is. I really wish I could just send them to my country and see what bad is. I’m so grateful for being here and you can’t pay me to go back. America is one of the most developed if not the most developed nation on Earth. I agree that we still have a long way to go but that doesn’t take away from the fact that Americans have one of the best shots at life considering how much opportunities they have. No wonder people from South America and everywhere else are literally risking their lives to come here just to get a better shot at life. Please acknowledge that you have the best opportunities here and take full advantage of them instead of complaining all the time 🙏

[@hrw3mom103]

Thanks for making this video. I have read several personal finance books and have learned a lot over the years. Some books/podcasts I closed and ignored (Rich Dad, Poor Dad). I don’t blindly or wholeheartedly follow anyone’s advice. I have my values and am not interested in taking advice from someone who doesn’t share them, but we all grow and evolve, as do our values and priorities. When I needed to get out of debt, DR’s baby steps were what I needed (although only up to a point). I am not religious, nor am I conservative, so I took what he preached with a grain of salt but I am very regimented and needed concise steps. Once he started telling everyone to ditch their long distance rentals and pay off their mortgages, I cringed. If we followed his advice, we would have lost out on hundreds of thousands of dollars. Our mortgage rate is currently 2.3%. Why would I worry about paying that off right now? Then the pandemic hit and his attitude pissed me off. He also misused personal fitness as a simile to personal finance. He stated, “If you see a guy with a 6 pack in the gym, you do what he does.” As a personal trainer and exercise scientist, I know this is HORRIBLE advice! Genetics (similar to the privileged beginnings in finance) plays a massive role in personal fitness. I should just listen to a rich guy because he has money? Fuck no. Half the meatheads in the gym are young and genetically blessed and have NO idea what they are doing. Only an educated thoughtful trainer will consider the physiology, psychology, and history of a client. I feel like conservatism like DR’s comes across as incredibly selfish and uncaring. We also have no intention of leaving a legacy of wealth to our children. We are leaving them a legacy of education. They know what to do and have begun doing it. They are starting from a privileged position, even better than my husband and I. They work hard and have skin in the game. We are using our money to live well now, not to help our kids live well after we’re dead. My sister passed away at 39. (She was battling cancer during the pandemic and couldn’t leave her home because too many people refused to wear masks. She passed away in 2022.) She didn’t get to see/do a lot of things she wanted. I will do everything I can while I can. My goal is to maintain balance in our finances, like I do in my fitness. No extremes. Enjoy what you do now and prepare for a healthy future.

[@marlaedington6471]

I like your attitude and thoughts!

[@Twannetta]

Well said! Love your comment!

[@FurryHippoFinance]

Being in the financial industry myself and a financial counselor a lot of advice is either very niche or does not apply to 90% of the people. Trying to run through a budgeting plan with someone who makes $5k a month is easy... try doing it in the real world where they make $2,800 is a little more challenging. With the cost of everything like you noted average rent around here is $1,200 and most cannot afford a house at all. Most fundamentals are there from the "Gurus" but blankets everyone into one pool, where every situation is very unique. Love the content!

[@elizabethpeterson56]

yep planning in the real world p r the wild wild west of financial markets is tricky. creating markets and crises so ordinary people fail and rich people jump in and get more rich is our reality today.

[@LSRInvest]

Great advice. I am not familiar with Kevin but Dave's get out of debt advice was valuable and key for me getting out of debt. Moving forward, I found the Dave is extremely conservative (at best) with building wealth. I recently started following you about a month ago, really enjoying your videos.

[@leonhenry4861]

Kevin is a super rich guy but he’s full of it. Just take some advice and ditch the rest

[@cobibissell1806]

This is genuinely the best KZbin video I’ve ever watched and let me tell you I watch like 20 vids a day 😂. Thank you so much for making me laugh and making me feel better about my finances!

[@Sylvelourie]

Oh my goodness, I'm so happy to hear someone complain about Rich Dad Poor Dad. I agree that I loved the first chapter. You need to have a different perspective on money. But after that it's all about how you need to be an entrepreneur and take significant financial risks. That's not for everyone, and it SHOULDN'T be for everyone. A lot of people aren't comfortable with entrepreneurship or those kinds of risks. Entrepreneurs fail, VERY frequently. I didn't get too far in without putting that book down and started looking for different financial advice... you know, advice that works for regular people. ;)

[@adrianparis5236]

What we are all thinking, but don't bother saying out loud - great video Ramit ❤

[@iamcharliehall]

Completely unrelated, but your video production and branding are on point. Obviously the advice is great, but I appreciate the cohesiveness of your stuff.

[@ramitsethi]

Thank you for saying that. My entire team is doing a phenomenal job! I'm going to share this with them right now.

[@briank4134]

You aren't kidding about Robert Kiyosaki's advice going from really good to really bad. I read his books so many years ago after seeing him on Oprah. I really wish I had stopped after the first chapter.

[@leonhenry4861]

Nah the book is solid but it’s his podcast that really sucks

[@cynthiaowens9107]

I love your video and your Netflix show...thanks! I also like the Budgetnista, the Boglehead Forum, Amon/Christina of Our Rich Journey, JL Collins and Rob Berger! The education I've received from all of you is absolutely priceless! Plus, I keep learning and trying to impart to others!

[@RocketTingKdrama]

Rami, I wish I have watch your financial advice videos when I was 25, it would be so much different today. Thank you a ton!! You are blessed!!

[@foodmens]

Lol Ramit woke up and chose violence today lol

[@vivgoodreads7711]

I will not tolerate the Chili ‘s slander!😂 Love you and the Money Guys and JL Collins and that is it!

[@heatherhawkins7808]

We're still here and thank you for calling out this dangerous advice. It needed to be done.

[@brendamclean8447]

I just found your Channel and I’m so happy to be part of your community. Truly appreciate your content!

[@Heavylift82]

Yea.... I only listen to certain core ideas you speak about. If people follow your exact method, they will remain in debt far longer than they need to. You and Dave are speaking of 2 completely different end goals.

[@marlaedington6471]

Ramit, I am more conservative than you (as it relates to religion) but besides that, I love the way you think about money, and I appreciate your humor, and also how intelligent you are when helping others get to the bottom of their money differences and problems. You have helped a lot of people! Thank you for your approach!

[@KFontLab]

I agree with all of this! 💯

[@bellamybomb]

Just discovered Ramit’s content recently - I love his honest and realistic approach to wealth building. You can enjoy life and still have responsible money habits. Biggest thing I’ve learnt so far from him is to spend extravagantly on the things you love and to cut back mercilessly on things you don’t care about. Sounds so simple in theory but it’s great

[@ramitsethi]

Thank you!

[@TheseWhiteNights]

Oh man, this is one spicy video. Calling out Dave, its been polite over the years, but damn we are here now hahaha

[@olivefoxster1450]

Thank you Ramit!! You're my favorite. I was so intimidated by the financial world before I read your book and I'm so glad I discovered your existence ❤ appreciate what you do and your honesty

[@ricardocruickshank9387]

You are now my favourite. Great advice. I believe that some of these financial gurus have great advice but you should filter through some of them as 'No one person has the answer to everything.'

[@MemoriesCo.PhotoFilm]

Thank you for keeping it real, and calling out the financial gurus on their bs advice.

[@patty109109]

Love to see Ramit calling out the BSers. I’ve been doing the boring long term index fund thing and it does work. It may take a decade to start really kicking in but in 20 years you’ll be 20 years older regardless. Why not be wealthy then, too? Your advice to just keep going and never ever pull out of the market-always be buying (!!!)-is **THE** key to wealth for the average person. I’m living it. It works. Your presentation on missing ten best days I’ve told people. This stuff is very very very simple but requires long term delayed gratification.

[@elizabethpeterson56]

please keep telling people. it makes a difference. kindz knowledge compounding!!

[@nicojames813]

Not buying your daily $5 coffee and instead making it at home for $1 will save you $120 a month. An extra $120 a month invested from age 25-65 at 7% is $287k. Even though Ramsey and O’Leary may have not gotten rich because of doing this, they recognize the power this grants to ordinary people. Stack this with a couple other money saving habits (packing sandwiches instead of buying lunch, getting a lower end vehicle, etc.), and your average person in their average job can take control of their finances by the time they’re in their 30s.

[@RobClark_theelusivefish]

The number of people on Caleb Hammer's show who are accumulating debt in order to have the $5 coffee and gas station taquitos is why this advice persists. Too many people who don't have the money justify with "I deserve it" and then spend on wants and never save. YES - if you have your debt under control, a fully funded emergency fund and a growing savings + retirement fund - no one will begrudge you a pricey coffee. Same as I don't begrudge O'Leary his pricey suit. He's got the money for it. Spend away.

[@jefdby]

Exactly. It's not nothing to save that $5 coffee money instead of spending it. Besides, if you stop coffee you'll be healthier and not burn out your adrenals.

[@Tjamp]

How nice was it to finally here someone call these 3 first ones out for their BS and then when recommending someone it wasnt just graham stephan and the usual lot. Great vid

[@BigThangs]

You gained a sub with this video. Really glad to see someone with a real honest opinion on KZbin especially when it comes to growing your wealth

[@elenabaldi5299]

Me and my husband just told each other that now that we are 40 and are well off, mostly because our parents payed for university and university allowed us to find a good job, and also our parents helped us buy houses... we could start telling lies like all those poeple who tell that young people should just make coffee at home and buy less clothes XD XD But we wouldn't dare, it's not a funny prank