Suze Orman is a scammer who screwed multitudes of people over the years with just plain bad advice, and then her 'credit card' that locked up and subsequently confiscated their savings when it went under.
Living within your budget is a skill. If you don't have it no amount of money will ever be enough. People who have successfully been poor at some point in their life usually have the skill and can survive on what they have. Folks who have no idea what is a necessity and what is not will suffer.
~10 million USD for retirement actually sounds about right for us millennials, assuming inflation, a reasonably comfortable life and that you leave your children at least something after inheritance tax. (which I think is the silliest tax that should be abolished)
It's difficult, but not totally insuperable if you start saving early and DCA things like voo monthly.
Personally I find Robert Kiyosaki very abrasive and difficult to listen to, but I loved your distillation of his financial approach. I would gladly listen to your distillation of anything he has to say. I found your explanation of his approach clear and reasonable, while I find his attempt to explain his approach disorderly and insult laden. Thanks for the great content.
Don't be a sucker and try to retire in the US. Most of us can't comfortably do so. If you had work with great benefits for many miserable years, you're probably okay. If you're wealthy… Otherwise, retirement in the US is only a little better than being in prison. Most countries outside the US are not third world countries and most have living costs half of that in the US. Sorry if you can't or won't leave, but at least now you know what I didn't know until recently. Good luck.
Fire dont take into acct 85% of ppl over 65 hAve 1 chronic illness! Ppl need $400k (for couple) to mAke it to 65 (medical expenses) Good Luck! ( wishing u dont get sick!!!)
This is depressing to me. I know I'm above the average as far as my retirement fund goes, but nowhere near where these guys say I need to be in order to retire. I may as well forget about ever retiring. Your last statement was the only glimmer of hope. Thanks for that.
This video could of also addressed the issues each of the people you talked about, both in terms of their plans and how they operate their business/claims of their stagey.
I agree with Dave Ramsey on being debt free. But agree with Suze on the withdrawl rate of 4% and having a bridge account of 2 to 3 years so the market can recover when you can't safely withdraw 4%. Health insurance is a big concern and a big expense that has a major factor on when to retire.
I think when investing, have a variety of companies in different sectors. When things get shaken up in the market, one company will hold it's value, but others will go down significantly. Seize the opportunity and buy the cheap stock with your money from the stock that is doing well. You don't have to do this to the n-th degree, but with significant chunks. I make sure not to panic when the market goes down… and if it goes down a lot, then make the big move by swapping stocks. When things bounce, you could see a 50-200+% return on your money you moved compared to holding onto the original stock that was already high. Sometimes it doesn't work, but I've been able to swap out stocks a few times and it's really boosted my average rate of return over my life. At age 30, I don't make a huge amount of money, but I'm hoping to fairly comfortably retire at age 40-45, depending on what life throws at me.
Robert Kyosockis advice 🙄🙄🙄 he’s always annoyed me…! I really don’t think his advice is relevant till you can truly master so many other things with money! I really love minority mindset, Dave Ramsey and the money guy show! They have all helped me immensely the last 3 years…changed my financial life
I love how you gave each person the same intro. Even though you prefer a different style then Robert’s you still didn’t come across as rude or demeaning to his way. I do have a correction to something you said though. Robert teaches to save gold not money. As far back as we can track gold has maintained its value. This accounts for inflation.
Second I have a question. You saying that if you want to make 40k in retirement plan to draw 4% out on investments so you need 1 mill. This doesn’t account for inflation. 40k now may be fine but you may need 55k or so if retirement is only 15 years away. Also you need an income that will grow with the desired rate of 2% inflation per the feds inflation target. Personally I think if you don’t have assets that not only provide income but provide income that that keeps up with inflation you have a loosing strategy and will run out of money in retirement.
I never have had a debt, why debt? if you do not have the money, do not spend it. I pay my house, cars, anything in cash. I am never late on credit card payment or any bill. By the way I do not buy health insurance or any kind of financial services. I just retired at the age of 56 with 1 million of retirement savings. I know it is not a lot of money but is enough for me. I only eat USDA organic food and in excellent health. I made something between 100,000 to 65,000 a year in recent 20 years and was between jobs for couple of years during that period. I paid my child's college expense and first new car so she does not have a loan. She lives the same life style as me except she currently have a mortgage which is the same as her rent.
Dave Ramsey is right if you have spent at least some time each week keeping up with business news & reading about investing. For instance, are you going to make the rookie mistake of investing in airline stocks (professionals only!)? Average market returns are for uninformed investors; just avoiding the losers will work fine. I just heard of someone getting great results by owning three stocks that I know will continue to do well for years. I do agree having a couple of years income for market downturns/emergencies is good retirement advice.
Suze Orman is a scammer who screwed multitudes of people over the years with just plain bad advice, and then her 'credit card' that locked up and subsequently confiscated their savings when it went under.
I know for me 15% into retirement is difficult with the expenses I have.
Living within your budget is a skill. If you don't have it no amount of money will ever be enough. People who have successfully been poor at some point in their life usually have the skill and can survive on what they have. Folks who have no idea what is a necessity and what is not will suffer.
~10 million USD for retirement actually sounds about right for us millennials, assuming inflation, a reasonably comfortable life and that you leave your children at least something after inheritance tax. (which I think is the silliest tax that should be abolished)
It's difficult, but not totally insuperable if you start saving early and DCA things like voo monthly.
Nice comparison and summary of the five authors. Useful to have a verbal side-by-side.
Buying property IS saving. Hello?
Where are you going to get 12% return without risking losing your capital? So much for Mr. Ramsey = idiot. Never heard of the guy.
Personally I find Robert Kiyosaki very abrasive and difficult to listen to, but I loved your distillation of his financial approach. I would gladly listen to your distillation of anything he has to say. I found your explanation of his approach clear and reasonable, while I find his attempt to explain his approach disorderly and insult laden. Thanks for the great content.
If I have to have three years worth of income in an emergency fund on top of an investment portfolio, I can’t ever retire. Literally never.
If you need to task how much you need to retire, you are not ready to retire or may never retire.
Again, so amazing to hear her praise Suze Orman as a heroine – how sad.
Don't be a sucker and try to retire in the US. Most of us can't comfortably do so. If you had work with great benefits for many miserable years, you're probably okay. If you're wealthy… Otherwise, retirement in the US is only a little better than being in prison.
Most countries outside the US are not third world countries and most have living costs half of that in the US.
Sorry if you can't or won't leave, but at least now you know what I didn't know until recently. Good luck.
She’s a fraud and that proven
Yeah you need a few bucks to retire .today’s lousy returns you need a lot more and there in lies the rub
Fire dont take into acct
85% of ppl over 65 hAve 1 chronic illness!
Ppl need $400k (for couple) to mAke it to 65 (medical expenses)
Good Luck! ( wishing u dont get sick!!!)
FIRE dont meEn fin indep retire early
It means
Grow carrots
And Raise chickens
Live in a barn
Ramsey says 12% roi!???
Good luck! (Getting even 2-3%!!!! 2022!)
This is depressing to me. I know I'm above the average as far as my retirement fund goes, but nowhere near where these guys say I need to be in order to retire. I may as well forget about ever retiring. Your last statement was the only glimmer of hope. Thanks for that.
Glad I skipped to the end. Depends on your lifestyle and how much you want to leave to your kids or others.
This video could of also addressed the issues each of the people you talked about, both in terms of their plans and how they operate their business/claims of their stagey.
I agree with Dave Ramsey on being debt free. But agree with Suze on the withdrawl rate of 4% and having a bridge account of 2 to 3 years so the market can recover when you can't safely withdraw 4%. Health insurance is a big concern and a big expense that has a major factor on when to retire.
I think when investing, have a variety of companies in different sectors. When things get shaken up in the market, one company will hold it's value, but others will go down significantly. Seize the opportunity and buy the cheap stock with your money from the stock that is doing well. You don't have to do this to the n-th degree, but with significant chunks. I make sure not to panic when the market goes down… and if it goes down a lot, then make the big move by swapping stocks. When things bounce, you could see a 50-200+% return on your money you moved compared to holding onto the original stock that was already high. Sometimes it doesn't work, but I've been able to swap out stocks a few times and it's really boosted my average rate of return over my life. At age 30, I don't make a huge amount of money, but I'm hoping to fairly comfortably retire at age 40-45, depending on what life throws at me.
I liked your advice at the end the most.
Robert Kyosockis advice 🙄🙄🙄 he’s always annoyed me…! I really don’t think his advice is relevant till you can truly master so many other things with money! I really love minority mindset, Dave Ramsey and the money guy show! They have all helped me immensely the last 3 years…changed my financial life
Wonderful video Erin ⭐️
I love how you gave each person the same intro. Even though you prefer a different style then Robert’s you still didn’t come across as rude or demeaning to his way. I do have a correction to something you said though. Robert teaches to save gold not money. As far back as we can track gold has maintained its value. This accounts for inflation.
Second I have a question. You saying that if you want to make 40k in retirement plan to draw 4% out on investments so you need 1 mill. This doesn’t account for inflation. 40k now may be fine but you may need 55k or so if retirement is only 15 years away. Also you need an income that will grow with the desired rate of 2% inflation per the feds inflation target. Personally I think if you don’t have assets that not only provide income but provide income that that keeps up with inflation you have a loosing strategy and will run out of money in retirement.
I never have had a debt, why debt? if you do not have the money, do not spend it. I pay my house, cars, anything in cash. I am never late on credit card payment or any bill. By the way I do not buy health insurance or any kind of financial services. I just retired at the age of 56 with 1 million of retirement savings. I know it is not a lot of money but is enough for me. I only eat USDA organic food and in excellent health. I made something between 100,000 to 65,000 a year in recent 20 years and was between jobs for couple of years during that period. I paid my child's college expense and first new car so she does not have a loan. She lives the same life style as me except she currently have a mortgage which is the same as her rent.
Dave Ramsey is right if you have spent at least some time each week keeping up with business news & reading about investing. For instance, are you going to make the rookie mistake of investing in airline stocks (professionals only!)? Average market returns are for uninformed investors; just avoiding the losers will work fine. I just heard of someone getting great results by owning three stocks that I know will continue to do well for years.
I do agree having a couple of years income for market downturns/emergencies is good retirement advice.