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

5 күн бұрын

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

5 күн бұрын

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

5 күн бұрын

Please who guides you on the process of it all?

@kurtKking

5 күн бұрын

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

5 күн бұрын

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

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

@emilyzahand8609

5 ай бұрын

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

5 ай бұрын

@@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

5 ай бұрын

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

5 ай бұрын

@@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

5 ай бұрын

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

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

Ай бұрын

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

@FinnBraylon

Ай бұрын

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

Ай бұрын

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

@FinnBraylon

Ай бұрын

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

Ай бұрын

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.

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

5 ай бұрын

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

5 ай бұрын

@@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

5 ай бұрын

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

5 ай бұрын

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

5 ай бұрын

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.

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

@kli9005

5 ай бұрын

Yep! And it was very neccessary.

@freeagentgirl23

5 ай бұрын

Glad he did!!!

@kvrn671

5 ай бұрын

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

@jessicasimon208

5 ай бұрын

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

@Lumpia_In_Texas

5 ай бұрын

He sounds like a typical crash bro scammer

Finally, someone calls out Robert Kiyosaki.

@o0usf0o

5 ай бұрын

That guy is a crack pot!

@nbproductions194

5 ай бұрын

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

@beth3535

5 ай бұрын

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

@jacobsmithjr

5 ай бұрын

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

@o0usf0o

5 ай бұрын

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)

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

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

@Nisa-gm5wg

5 ай бұрын

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

3 ай бұрын

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

18 күн бұрын

​@@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

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

5 ай бұрын

Thank you. I wish more talked about this.

@emmablue7669

5 ай бұрын

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

@joshdawson5850

5 ай бұрын

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

5 ай бұрын

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

5 ай бұрын

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).

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

@christinewallace9251

5 ай бұрын

We were misled!!!

@beth3535

3 ай бұрын

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

@TzUuup

18 күн бұрын

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

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

5 ай бұрын

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

@ingababy5196

5 ай бұрын

A lot of people are lazy.

@NM-hq1io

3 ай бұрын

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

@IAmebAdger

3 ай бұрын

​@@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

3 ай бұрын

⁠ 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.

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 😊

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

5 ай бұрын

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

5 ай бұрын

@@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

5 ай бұрын

Same here

@firefalcoln

5 ай бұрын

@@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

4 ай бұрын

@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.

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

5 ай бұрын

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

5 ай бұрын

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

5 ай бұрын

​@@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

5 ай бұрын

⁠​⁠​⁠@@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

5 ай бұрын

@@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.

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

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.

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

5 ай бұрын

Great work! Thanks for watching and applying my material

@daquanmcdonald7104

5 ай бұрын

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

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

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

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.

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

5 ай бұрын

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

@brianh9014

5 ай бұрын

Or not? 😂

@roadrunner9622

18 күн бұрын

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..."

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

5 ай бұрын

Agreed, especially for people on lower to median income.

@user-ei9gl7kx9m

5 ай бұрын

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.

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

14 күн бұрын

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

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

6 күн бұрын

I hated it so much!

Please call out Grant Cardone

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.

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.

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

5 ай бұрын

Thank you

@randombandit362

Ай бұрын

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

18 күн бұрын

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

18 күн бұрын

@@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

17 күн бұрын

@@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

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

5 ай бұрын

Thank you for watching

@dakine4238

5 ай бұрын

Agree! I like genuine and practical advice.

@eileenwatt8283

4 ай бұрын

​@@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

18 күн бұрын

​@@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?

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

5 ай бұрын

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

@sothearyouk373

5 ай бұрын

@@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

2 ай бұрын

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

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 KZread videos 🙌🏻

@eszterchem4739

24 күн бұрын

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

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

4 ай бұрын

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

4 ай бұрын

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

4 ай бұрын

She's OLIVIA SULLIVAN FINANCIALS

@lampwhite8855

4 ай бұрын

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

4 ай бұрын

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

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.

Great video Ramit! I’ve noticed that some of the best KZreadrs 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

5 ай бұрын

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

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

18 күн бұрын

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

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

4 ай бұрын

Thank you for watching and for the thoughtful comment!

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.

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

5 ай бұрын

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

@CompetitionSportsNetwork

3 ай бұрын

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

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

4 ай бұрын

💯 %

@pauljansen6650

3 ай бұрын

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

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

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

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. 😊

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

@aileenroy3070

10 күн бұрын

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

I like the "do the boring kind of investing" philosophy. It's too easy for people these days to talk about all the fancy stuff in regular conversations, stuff like making a bunch of money in a few days, etc. I am sticking to my boring investing for long term. Thanks Ramit!

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

5 ай бұрын

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

Lol Ramit woke up and chose violence today lol

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

5 ай бұрын

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

I really like how Ramit isn't just one sided, he is really saying the pros and cons of who and what to listen to.

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!

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

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

18 күн бұрын

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

@tishwinchester19

10 күн бұрын

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

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

@ramitsethi

5 ай бұрын

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

@Aj_beatss

5 ай бұрын

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

@CompetitionSportsNetwork

3 ай бұрын

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

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.

Jealousy is out of Control....!!

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

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

5 ай бұрын

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.

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!

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

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

@3namechangezalowdevry90day7

4 ай бұрын

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".

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

5 ай бұрын

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

5 ай бұрын

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!

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

I 100% agree with this video. If you read about the basics ( ie. Psychology of money, walk down walk street, little red book, etc) you will thank yourself. You invest in yourself and you gain simple knowledge of controlling your own money. And you realize how the system tries to bamboozle you in taking a cut ( ie financial advisor).

@randombandit362

Ай бұрын

Also read “The simple path to wealth” by JL Collins because it furthers the awareness of the con of a financial advisor. Even the entire stock market scheme is unnecessary, just put your investments into specific types of low cost index funds (e.g., VOO, VTI), and/or target date mutual funds, set it and forget it and avoid the nonsense.

I've been saying this to my friend group, My younger self used to be a fan of Dave Ramsey and Kevin O'leary, until I saw past their BS, I knew Kiyosaki was already shady, my older self is a fan of a more realistic approach to finance like yourself

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

5 ай бұрын

Exactly!

@excitedaboutlearning1639

5 ай бұрын

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

5 ай бұрын

True!

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

5 ай бұрын

I like your attitude and thoughts!

@Twannetta

5 ай бұрын

Well said! Love your comment!

Got out of debt and slowly becoming a millionaire by following Dave's advice.Ive nevrr even heard of you. Thanks, but no thanks. 😊

I see where Ramsey is talking about the 8 percent rate. ALOT of my coworkers and I networths are in the 1 -5 and up millions after working for 20/30 years. Paid off house, 8 percent, you have to find places to spend that money. It is very doable in today’s day and age. I’ve just planned for retirement since I was 18, I’m 33 now. I guess it just depends on how bad you want to retire and how much you value yourself. There are TONS of places to live other than these big cities charging out the wazoo but stubborn people just don’t want to leave. I bought my first house in 2017 for 95k earning just over 50k a year. I learned my value and continued to work hard and grow my income and net worth. It isn’t hard. This is just not bending to what the government tells you that you must spend, and where to live.

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 👏🏿👏🏿

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

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.

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.

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!”

Ramit, I’ve listened to almost all your content. Love it. Today I got a big surprise. I was watching a different KZread 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 KZread 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.

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

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

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.

I'M SO GLAD YOU CALLED OUT DAVE RAMSEY - YOU DA GOAT

@bigshotadventur18

3 ай бұрын

Nothing wrong with Dave, he gives great advice to a point, then you move on to other motivation speakers, each to their own

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

2 күн бұрын

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.

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 ❤

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.

I am HERE for the Ramsey takedown. A few years ago, I attended a webinar to learn more about how to become one of his "money coaches". The two guys who ran the webinar were so condescending to all the women on the call who asked questions, including myself. At the end, one attendee won free enrollment to become a money coach--it was the only man who attended the webinar. The sexist microagressions were through the roof. Reading all the stuff that's come out recently about people getting fired for getting pregnant outside of marriage or living with a partner, spousal interviews, super-spreader events, etc., just confirms that he's the worst and I dodged a bullet.

Good to hear something sensible about DR - never liked the way he shames people - and his radio show is becoming increasingly like daytime nonsense

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.

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

Used to follow Dave Ramsey a lot until I found Ramith's video randomly one day. Haven't followed Dave since. Ramith's style of managing money was definitely easier, more realistic, and still allowed me to live and not feel guilty. 🙏🏽

Ramit's advice feels so much more relatable. I have been an avid listener of Ramsey and O'Leary and I used to feel so much guilt whenever I ate out or bought coffee. One of my personal favourite interests is to try out various restaurants and cuisines in town. But whenever I did that, I used to always feel like I am committing some heinous crime upon myself given how Ramsey and O'Leary talk about eating out.

Ramit woke up and chose violence!

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

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.

I’ve really wanted to like Ramit and him calling out Kiyosaki confirmed for me that he’s the real deal

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

3 ай бұрын

I agree with all of this! 💯

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

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.

@amireallythatgrumpy6508

4 ай бұрын

He didn't go bankrupt at all. It's a business origin storyhe made up.

Thank you!! Here are some thoughts you might like: My personal philosophy has 20 beliefs I strive to live by: 1. “Love is the only rational act.” -Stephen Levine 2. We are all teachers, we are all students. We grow and evolve together. 3. Nothing about me, without me. 4. “Make Life Beautiful” from the song Beautiful by Storm Large 5. "Work is love made visible." -The Prophet by Khalil Gibran 6. I can like you, even though I am not like you. We are equals even though we are not alike. -inspired by the book A Wrinkle In Time. 7. The Universe provides. 8. Pain is (often) ignorance leaving the body. -paraphrased from the Tsunami Rangers 9. As you are art, so am I. 10. “Joy is the gift of love, grief is the cost of love, anger protects your love.” -Valarie Kaur 11. “That which is moral is that which feels good, (during and) after.” 12. If you don't heal from those who hurt you, you will bleed on those who didn't cut you. 13. "You can ask for anything in the world that you want, as long as you are willing to accept no for an answer." -Steve the Hippie 14. “Sit with reason, move with passion.” -paraphrasing Kahlil Gibran from The Prophet 15. “Those who have a 'why' to live, can bear with almost any 'how'.” -Viktor Frankl, 16. It doesn't have to be fun, to be fun. -from an unknown rock climber 17. We live in a world where anything is possible. 18. There is pretty much just one question in life to answer, and that is, how do you want to spend your time? -my step father Paul 19. The best way to predict the future, is to create it. -Peter Drucker 20. If you want something you've never had, you gotta do some thing you've never done. -Carlos Anderson, the Minister, from Hope Church

I’ve been waiting for this one, Ramit. I followed Dave Ramsey for years. His process of getting out of debt generally does work, however - reading and listening to him has left me with severe anxiety surrounding money which has really impacted my life. I feel guilty spending money on myself, so I never do. I feel like I need to keep hoarding money so that one day, I can finally buy myself that nice watch or weekend getaway that I can afford literally this second. For those of us who grew up poor, Dave can really ramp up this kind of anxiety and seriously fuck up your relationship with money. Lately, I’ve been working on this by acknowledging that it’s disrespectful to the generations of my family before me who lived in grave poverty to not take advantage of being the first one to be able to buy and do cool shit. You’ll never hear Ramsey talk about that…

@beth3535

4 ай бұрын

I don’t expect a Ramsey-type to cover all the bases. The focus is becoming disciplined and maximizing your resources.

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

You hinted at this with Ramsey, but incentives are super important. Conflicts of interest should be a huge red flag, and they’re typically easy to detect with just a little digging

Thank you Ramit for calling these gurus’ claims out. I have listened to many of them and even read some of their books but always follow the advice of a wise teacher I have before, to read and listen with eyes wide open and with a critical mind. Learn what makes sense but challenge the ideas that won’t make sense.

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!

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!