The episode kicks off with David McKnight sharing his view of the guru’s approach: “to go about half an inch deep and ten miles wide.”
David discusses a sort of clash that financial planning gurus are creating by trying to attract — or even 'steal' — clients from financial planners who already have them.
The goal of financial planners should be to provide a bridge between the advice clients get from financial gurus and their ultimate objective of ensuring that their money lasts as long as they do.
David categorizes Dave Ramsey’s advice as “good for bad investors but bad for good investors.”
David explains the so-called “Dave Ramsey’s circle of poverty.”
According to Wade Pfau, who wrote the foreword for David’s new book The Guru Gap, adopting Ramsey’s approach will lead people to run out of money in advance of actuarial life expectancy 63% of the time.”
David shares that nobody he has ever talked to actually agrees with Dave Ramsey’s retirement advice.
Running out of money before running out of life is the #1 fear most Americans have.
David sees instilling hope as the main reason why Dave Ramsey’s approach tends to exacerbate the #1 fear Americans have — instead of removing that fear.
Mentioned in this episode:
David’s upcoming book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track
David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
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