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.
Get the first chapter of my book, "I Will Teach You To Be Rich" for free: iwt.com/chapter1-youtube
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"
Find Ramit on Instagram: / ramit

[@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.

[@freeagentgirl23]

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

[@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?

[@PennyBergeron-os4ch]

As the most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

[@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.

[@HildaBennet]

I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?

[@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.

[@HildaBennet]

Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.

[@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.

[@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)

[@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?

[@AmithKaury]

Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder.

[@kurtKking]

Agreed, this is why i now work with one. I’ve been investing by myself in the market for 11 years now, but the last 6 years is with the help of a financial planner. Throughout the 6 years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1.4m roi as of today.

[@frankedwardark]

Please who guides you on the process of it all?

[@kurtKking]

She's known as a 'MICHELE KATHERINE SINGH''. One of the finest portfolio managers in the field also widely recognized. Just research the name. You’d find necessary details to work with and set up an appointment.

[@frankedwardark]

Thank you for sharing. I just scheduled a phone call with her. She seems proficient considering her résumé.

[@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.

[@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

[@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).

[@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

[@_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

[@zeenkosis]

Dave Ramsey was great to getting me out of debt and helping get my mindset back. But after that you need more people. Take what works and move on 😊

[@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.

[@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.

[@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...

[@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

[@infincreations]

I dunno. I followed Dave Ramsay's model and looking at a net worth +$1 million by 45 yo. Feeling pretty rich in my untraditional married life.

[@laurenm.6320]

I think a lot of his advice is quite bad and holds many capable people back from making more money. For example, him acting as though all debt is evil. I will NEVER pay low interest debt off early. It’s called leverage. I keep the cash to pay off that debt in a high yield savings account and make money from it. Zero risk. I had closer to 3M at 40, thanks to not paying off low-rate mortgages and investing instead. We are not all made the same, and DR should stay firmly in his lane of talking to people who can’t handle anything but the most oversimplified (and therefore, not optimal) advice. Everyone using debt intelligently are not morons just because that’s what his audience needs to believe to feel better about their own poor choices with credit cards.

[@AZNGoSu]

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

[@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👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾

[@user-lm6me2tz9t]

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

[@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

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

[@shanarobinson7672]

Please call out Grant Cardone

[@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!

[@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

[@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..."

[@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

[@dakine4238]

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?

[@novelforaname]

I love this. As an immigrant and someone who listened to Ramsey and thought “this is a lot of shaming poor people”, I’m so glad you call these guys out.

[@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

[@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.

[@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.

[@user-ei9gl7kx9m]

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.

[@thepaintedsouth]

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

[@aileenroy3070]

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

[@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 :)

[@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.

[@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!

[@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".

[@moralofthestory3681]

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!

[@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.

[@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

[@InternetGirl1093]

I LOVE this video! Thank you Ramit! Everyone should be leery of accepting financial advice from people online (including Ramit!) until they do their due diligence to really understand what these “personalities” are advocates of and the outcomes of their “recommendations!”

[@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

[@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.

[@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.

[@kevinandrew8932]

Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!

[@harrisontye1680]

Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!

[@amelianathan4076]

Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my portfolio and plan my retirement

[@kevinandrew8932]

She's OLIVIA SULLIVAN FINANCIALS

[@lampwhite8855]

she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.

[@christianahooks6369]

I'm definitely gonna check her out. Do yo have any idea if she manages family fund?

[@MrEnby]

I love how you roast rich people, while also teaching regular people how to build wealth

[@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.

[@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!

[@Soccerdude5]

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.

[@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

[@iamlashawnda]

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

[@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. 😊

[@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.

[@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.

[@TWEQDvideo]

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

[@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.

[@esqu1re]

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

[@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

[@foodmens]

Lol Ramit woke up and chose violence today lol

[@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.

[@brendamclean8447]

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

[@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

[@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!

[@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

[@RoyelNotRoyal]

The realest person on KZbin who sees what I see and speaks the truth. Subbed

[@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.

[@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

[@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 👏🏿👏🏿

[@jarf1337]

This was above and beyond all expectations I had. Go off, King.

[@Yarnover_PullThrough]

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.

[@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!

[@vanillasunrise1]

Ramit you nailed this video!! I’m almost done with your book . It’s so good. I have one other finance book on my nightstand that I’m going to read after and it’s just keep buying by nick magguli. I’m sooo glad you recommended him because I thought to myself that I hope his content aligns with Ramits content! So glad you approve.

[@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

[@jorettiemonis5927]

I am glad that I followed you thank you for keeping it real. I purchased your book yesterday i can’t wait to read it. Thank you 🙏🏾

[@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.

[@lizw2731]

Love your channel thank you for keeping it real and calling out folks 🤓

[@rhetoricmalik628]

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

[@alpinismutilitar3886]

I like your videos. And this video is very well structured. The data you have in this video correspond exactly with the data I have. Thank you for your efforts to inform and educate people. You help them to make a more detailed visualization on different quadrants and economic frameworks.

[@angelapate328]

Thanks for this. Helpful. What was the business you started in college?

[@adrianparis5236]

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

[@cybernetck]

Financial advice for everyday people; thank you Ramit! 🙌🏾

[@TamiaPeach]

I’ve been following Ramit since he first started IWT and if I’d actually followed his advice then, I’d be so much further along. So glad I found him again.

[@BrandonBate]

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

[@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!

[@SarahF2.0]

OH SNAP! Def keeping it real in this video, Ramit. I love the candor, and the advice!

[@kimdoyal]

I FREAKING LOVE YOU! :-) Your Netflix series, book, and all your content - completely shifting my mindset and behavior. Thank you! (looking forward to season 2!)

[@ismailferullo3404]

Well balanced advice. Everything is relative to whatever personal / business commitments people have. I really enjoyed Ramit Sethi's Netflix series, aside from the educational angle, it was also quite entertaining!

[@suzanneemerson2625]

Ramit, I’ve listened to almost all your content. Love it. Today I got a big surprise. I was watching a different KZbin channel on technology, and an ad came up promoting a “no-fail lottery winning system.” Obviously a scam, but what caught my attention was that the narration was using YOUR VOICE!!! I recognized it immediately, because I’ve listened to you a lot. I surmise that AI has been used to generate your exact voice, tone, pronunciation and inflection, and then to speak a sales pitch for a financial product. Your name wasn’t spoken, but people who listen to finance content may have a positive reaction to the pitch because you are familiar and trusted. I hope you can do something about this. I didn’t click the blue “watch more” button, so I didn’t get the name of the seller. Last week I saw a KZbin ad for bath linens. The voice was Martha Stewart, but her name was not mentioned, and the product being pitched was not her personal brand, which is sold in stores. It was way cheaper. Then I saw an ad for a training seminar on masculinity for young men. The voice was Jordan Peterson, but once again, that name was never mentioned. And no visual image included in the ad. This is getting very weird.

[@kenziedicken9512]

his book single handedly changed the way i manage my money for the better. i have paid off all of my consumer credit cards in full WHILE being able to spend on things I care about (: thanks Ramit ❤

[@LainieCea-jj6ds]

Great video and very good advice. Love your posts.

[@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.

[@MrGorgefla]

I am an ordinary citizen and have been saying this for a while now. Thank you for sharing and I bought your book a while ago. Most of these guys are stealing from the little guys. They may have started out trying to help but at some point they just go for that one hundred million or more trying to be billionaires.

[@thebigredfish]

The content we've been waiting for. Excellent!

[@melissabrunow3040]

You are such a breath of fresh air! You have some confidence going after these bug names. I'm rooting for you & definitely following your plan!

[@alirobe]

Thanks for sharing Ramit, it would be nice if you shared your resume, so we can see the timeline of your career and understand how you built wealth and lived. There is a huge difference between get rich quick, and be rich well, and I really appreciate the way you bring an abundance mindset to the discussion

[@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!

[@blackgrandpa7652]

Thanks for the solid down to earth motivational video you keep me on track and focused

[@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

[@jsm2687]

Ramit woke up and chose violence!

[@treygounder3361]

There are too many people getting rich by teaching us this 'how to get rich' thing. Its just messed up.

[@imitationpitaya]

It’s one of the best grifts out there.

[@halfwaykim7457]

Love this. Thank you.

[@heatherhawkins7808]

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