Why Financial Gurus Are Failing America

[@gingerkilkus]

Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[@leojack9090]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin ,While also continuously learning from mistakes and improving

[@fadhshf]

Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.

[@hasede-lg9hj]

After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.

[@lowcostfresh2266]

Market behaviour can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@hasede-lg9hj]

The decision on when to pick an Adviser is a very personal one. I take guidance from Rebecca Lynne Buie to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@stephtraveler7378]

Kinda unfair to put Ramsey in that category. He's a get-out-of-debt guru. And one of the best. His straight talk sticks with people and it works. He has to say outrageous things to get people to change habits. Once out of debt, you move on to get financial advice... And I agree, Suzi, the lezbo, is not the answer. She the one that said "student loans" are good debt...That didnt age well....LOL.

[@DavidMcKnight]

He routinely opines on retirement planning concepts. That’s what I’m railing against.

[@mickaelsimonet675]

Done with the book. I Highly recommend it.

[@DavidMcKnight]

Thank you!

[@theresistanse1]

I would go with Vanguards Dynamic Withdrawal strategy at retirement. Withdrawals vary between 2.5% to 5%.

[@DavidMcKnight]

Thanks for your comment. In my experience, retirees are looking for a consistent, predictable withdrawal rate. That’s why the 4% rule seems to have gotten so much traction.

[@businessbeerandip-thatsme9745]

You aren't wrong, but your clients, I don't think, are the demo for a Dave Ramsey. Dave Ramsey is there to teach otherwise financially illiterate people the very basics of good habits when it comes to money. These are folks, generally, that don't have a higher level of understanding when it comes to finances and economics. He is speaking to the masses. Anyone with a higher understanding already understands things like, if you can invest your money at a higher interest rate than the cost of debt, then take on the debt and make out on the float. That's not who he is talking to.

[@davidmcknight8201]

Thanks for your comment. I think if Ramsey were giving advice exclusively to the financially illiterate, he wouldn't be giving detailed prescriptions on retirement withdrawal rates, stock allocations in retirement, Roth conversion strategy, etc. This is precisely the type of advice you would give to people who have significant savings in retirement. And for the record, his advice is problematic in just about every one of those areas.

[@davidleonard4925]

If you want to become a sophisticated investor then yes its likely you will become wealthier then following Dave Ramseys plan. However if you go ahead and follow the Ramsey baby steps you will likely be fine. Almost all people I know are not at all interested in becoming a sophisticated investor.

[@DavidMcKnight]

Ramsey’s plan will bankrupt you in retirement 63% of the time according to the most recent studies.

[@roburb73]

Is your goal to "be fine"? I don't believe you need to be a sophisticated investor, but at least be invested and make smart math based decisions.

[@davidleonard4925]

@@DavidMcKnight Thats assuming the 8 percent withdrawal rate is all needed and spent. Could be you need way less then 8 but your consider tax effect of RMDs or maybe you take some of the 8 and put it in to real estate or start a part time business as your not ready to fully retire. But even if you decide against the 8 percent and do 3 percent then the baby steps still put you in a very strong financial position when you reach full retirement age.

[@DavidMcKnight]

Lots of studies debunking the “wait and see” approach. It’s been exhaustively researched. Generally, retirees just want to know what income they can rely upon. That’s where the 4% rule comes into play.

[@darrenjackson1981]

Why should u withdrawal anything collect dividends and interest