Financial education: Robert Kiyosaki vs Dave Ramsey – achieve financial freedom

robert kiyosaki dave ramsey to the
biggest names in personal finance and they have two of the biggest differences
in opinion on personal finance so if you’re sitting at home and you’re
sitting there saying you know what I’ve had enough I’m sick of being sick and
tired and I want to get control of my personal finances then you start
googling and you say you know who who should I should I look for what should I
do about my finance and then you come across Dave Ramsey you may have known
him or heard of his name or you come across Robert Kiyosaki
and you may have heard of him the majority of people have heard of one or
the other is what I found so you know let’s say you look and Yahoo
or Dave Ramsey you see his philosophy on Finance and then you go and you find
Robert Kiyosaki and you see his philosophy on personal finance you may
be very confused at this point you might they’re so different so then you’re
gonna say you know who do I listen to what who’s right this is this guy saying
this this guy saying this I’m so confused I don’t know well thanks for
stopping by my channel and watching this video my name is Shalon winter and I’m
about to tell you who’s right so keep watching so who is it
quickly before we go into that let’s talk about each one’s philosophy quickly
let’s go over a quick recap because you know many people from what I’ve seen is
that most people either know of Dave Ramsey know his philosophy on Finance or
know of Robert Kiyosaki in his philosophy on finance and that they are
so different that what I’ve seen is most people if they are followers of Dave
Ramsey their mindset does not get them to listen to what Robert Kiyosaki has
and vice versa the people that follow Robert Kiyosaki their mindset does not
allow them to listen to Dave Ramsey they don’t cross Pat’s here so in this video
what I want to do is I want to cross those paths for you because most of the
people that I know of though that I’ve seen or that was on Facebook or in
public groups anywhere many many many people in majority of people were or are
struggling financially and looking for a way out
so I want to expand your mind I want to help you expand your mind and see both
sides of it like I said most people are on one side of the other and they never
really crossed paths to learn and see who might be you know maybe this guy
over here is correct maybe this guy over here is correct so real quick Dave
Ramsey if you go on his website he has seven seven steps have a baby steps to
get started and take control of your finances so step one is to save a
thousand dollars towards your emergency fund first step start saving everything
you can twenty-five dollars here fifty dollars there whatever you can till you
get a thousand dollars take towards your emergency fund step to pay off your debt
early start paying off your debt and he has a he calls it a snowball
Declan where can take all of your your debts revolving credit cards fixed debt
cars mortgages student loans all that stuff take it and you put it into this
plan the snowball plan where basically it structures it in a way where once one
is paid off it takes that amount and it rolls it on to the next and so on until
your debts paid off it’s a great way to pay off debt faster earlier and actually
have an actionable plan in place so there’s a lot of spreadsheets out there
for you Google snowball Excel spreadsheet you’ll find some I will
include one in the description here and a link you can download for free and
also on home budgeting worksheet just to keep track because the first thing that
you need to do is actually know where you are financially keep track of where
you want to go know where you want to go on keep track and follow that plan
because if you don’t follow that plan you’re not going to get to where you
want to go financially so that’s that step two step three now you want to
fully fund that emergency fund with and that emergency fund is you want to have
three to six months of living expenses if you were to lose your job today you
want to have enough safe to live three to six months off of your emergency fund
so that’s what he recommends on step three is to go ahead and fully fund that
whatever you need for three to six months right
step four invest fifteen percent of your income towards your retirement
the toward your you know he recommends a Roth IRA a long-term savings vehicle
that will produce a create a good rate of return over time that way by the time
you are at retirement age you can retire and have funds you know to live off your
golden years step 5 he wants you to go ahead and save
up for a college fund for your kids step six is pay off your home early because
whenever you get towards retirement age let’s say you have a plan to retire at
age sixty you don’t want to get to that age sixty and still have five or ten
years on your mortgage to pay because that’ll just mess up your plans
be debt-free mortgage paid off retire at 60 now if you have a million saved up
two million whatever it is for your tournament you live that you live off of
that forest you know of your life basically step four is now build wealth
and give that’s what he in a nutshell recommends so term life insurance put a
financial plan in place to get out of debt
early save you 15% of your income and you know retire oh say for the long-term
retire that’s that’s basically what Dave Ramsey’s plan is now Robert Kiyosaki
let’s look on the other side he has a traditional non I’m sorry non
traditional way of his personal of his financial philosophy and I say
non-traditional because Dave Ramsey’s is more traditional more of a realistic way
of handling personal finance in the mindset of the majority of people
because the majority of people have an income they can save money they could
put a little bit of money to decide to retire on you know that’s more realistic
Robert Kiyosaki he has he’s best known for his book Rich Dad Poor Dad that book
was a number one personal finance book for of all time and and it was on the
New York Times bestsellers list for like ten years and wrote something like that
crazy great book I recommend picking that up and reading it I’ll have a link
in the description also if you want to pick up a copy it’ll take you straight
to Amazon you can buy your copy but the thing is is that he has he talks about
in the book – there’s four ways of making money basically and he calls it
the cash flow quadrant I’ll put that right here e SBI
you can see that what that stands for is employee self-employed business owner
and investor his whole philosophy is saying you need to go from the left side
of this quadrant to the right side of the quadrant find a way to be a business
owner and investor why because he taxes and debt will make you rich and
because that’s what the tax code incentivizes you to do in real estate we
invest in real estate businesses that give provides jobs to employees oil gas
commodities he also likes to hold physical gold and silver as a hedge
against the dollar that’s losing value that’s why he also says savers are
losers if you save just save in a savings
account well the inflation of dollars losing
value all the time so another thing that he talks about is that’s been a very
very big area of debate is he says your home that you live in your personal home
is not an asset I don’t know if you feel that way or not but the reason why is
because by definition his definition of an asset is something that brings you
cash flow into your account every month something that provides cash flow to you
every month something that takes cash from you is not an asset so and he says
that because your home has a mortgage your home has repairs and maintenance
and taxes and all the kinds of stuff you got to pay which cash is leaving you not
coming in – that’s what he said is your home is not an asset so that’s been a
big big big debate big debated area so you know going over real quick recap of
Robert Kiyosaki said you must find a way to become a business owner and investor
you need to invest into physical tangible assets he calls 401 k’s and
stocks bonds mutual funds ETFs he hates all those things he says they’re fake
assets he says there’s you know the dollar is
losing value all the time so he hates all the stuff he wants to invest in
physical physical assets and that’s his philosophy now I know most of you are
thinking well Dave Ramsey sounds like something I can do Robert Kiyosaki
sounds like I can do how do I go and just you know I’m barely
living paycheck-to-paycheck I’m barely making ends meet right how do
I go and buy another house and rent it out or buy an apartment like he buys
apartments how do i do all that how do I become a business owner so for most
people that is just so far out there where it’s like where I am is start so
then you follow Dave Ramsey so my opinion and I’ve been in the world of
finance since 2008 actually right after the financial crash like crass crisis
last time it’s when I got into finance and I got into personal finance where I
used to you know help people with it something similar like like what Dave
Ramsey explains and then I started learning about Robert Kiyosaki and his
philosophy so in my opinion they’re both right but what you need to do for
yourself is find out what you want to do what do you want out of life in general
and then I recommend reading Dave Ramsey stuff following him seeing what he talks
about right his philosophy do the same for Robert Kiyosaki because like I said
earlier most of these audiences do not cross paths they don’t go and read each
side or listen to who’s saying what listened to both of them and figure out
which one works best for you and make that decision then you can make that
decision right so that’s what I really recommend to do so that’s why I feel
like they’re both right because if you’re not gonna get financially
educated on what Robert Kiyosaki is doing because in my opinion I’m more on
the Robert Kiyosaki philosophy I’m a full-time real estate investor I follow
his I have followed Dave Ramsey’s so and that’s why I say they’re both right
because if you’re not gonna take the time to learn and get educated on
certain things then you should probably follow Dave Ramsey but learn both where
both and may that decision that is my recommendation
so hey guys so I’m gonna keep making videos I know this is I’m just getting
onto YouTube but I’m gonna start making videos on a lot of topics on financial
education that’s my thing so please like this video subscribe leave some comments
in the in the comments you know I wanna see what you guys have to say about
about this who do you follow you follow Dave Ramsey you follow Robert Kiyosaki
who do you follow let me know tell me why subscribe share
this video and I’ll see y’all next video take care

6 comments on “Financial education: Robert Kiyosaki vs Dave Ramsey – achieve financial freedom”

  1. David Torres says:

    Great recommendation! I think many of us could use Ramsey's amazing guidance to eventually get us into the Kiyosaki mindset! We have to start somewhere and the $1k emergency savings growing into the 6 mos ESA is the right direction for those who wish to one day be on Kiyosaki's level! Good review!

  2. Shalan Winter says:

    Make sure and subscribe to my channel. More financial education videos coming!

  3. jaja smile says:

    it depends on your personal goals . One is about wealth accumulation . The other is personal finance . I get a 1k it's going into the stock market , debts is always going to be there … I don't care about IRAs , 410ks , or the government plan . People who depend on these plans are setting themselves up for a world of pain. Taxes and the cost of living was be higher in the future. You can have 1M in a retirement plan after taxes and fees about maybe 400K to live on .

  4. Thomas Smith says:

    Dave !…

  5. theguy12322 says:

    I used both mixed them together

  6. abe wilcox says:

    I agree with you. What do you recommend to get started?

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