A few years ago I was chatting with a guy who was the CEO of an accounting company. He said that personal finance “experts” usually had more financial problems than the average joe. Because they made lots of mistakes falsely believing they knew what they were doing.
Personal finance experts don’t get wealthy by following their own advice
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Re: Personal finance experts don’t get wealthy by following their own advice
#262I think this is a pretty good article, though I'd think that most financial gurus aren't trying to lie, they're just trying to give advice that's feasible for a mass audience to try and learn. To give an example; the article mentions Dave Ramsey talking down to his callers and giving generic advice such as cutting up your credit cards. I don't follow Ramsey too closely and can't read his mind, but I'd bet he's optimi…
> If I had to give 1 bit of general financial advice though: develop your talent stack. This is crucial, but having a relatively high savings / investing rate is as important. > And baring some health issue, nobody can ever take a skill away from you. Time absolutely can. Even someone in a sedentary job in a field where their expertise won't necessarily become outdated will eventually have to hang up their cleats for…
> having a relatively high savings / investing rate is as important.
Balancing that with risk and liquidity is a challenging barrier. What’s your take?
Re: Personal finance experts don’t get wealthy by following their own advice
#263Earlier quoted context omitted.
I think there’s a place for Dave Ramsey’s advice. I don’t care for the religious stuff- but the advice is solid to get out of debt He mostly talks to people that don’t realize the stranglehold debt has on them. The first step is to acknowledge the problem
Yeah, there probably is. I just don't know that people really understand that his view of finance is biblical based rather than empirical based and advice is extremely one sized fits all. At the same time it is the kick in the ass that already well-to-do-people with too many Lexusus who are deep in debt probably need. People who don't have much income? Not sure what they are going to get from Ramsey other than shame.…
Personally I feel I got the message - bad debt bad, don’t over-extend, over consume
I still just refinanced into a 30 year mortgage and didn’t pay off the house YMMV