Meanwhile Kiyosaki is over a billion dollars in debt. Much prefer the stress free life of zero debt ! Also, no one can take Dave's paid for wealth away.
I love the teaching of both men, the difference is that David R is targeted for the majority of the population to bring them a basic understanding of money where Robert K has a more advanced approach which is more complex and uses the fine points of our financial system to create wealth. Love them both
Well said. The Doc did a great job paralleling both men’s teaching. I’ve been watching Ramsey solutions video a few years I haven’t been exposed to other man’s teachings
Except Kiyosaki is a billon dollars in debt at age 76…if he dies tomorrow he’s estate can pale it down on the payment time table irregardless of prevailing economic and market conditions
Robert Kiyosaki actually teaches in Rich Dad’s Guide to Investing to lay down a solid foundation of security in savings, retirement and mutual funds before investing in real estate and stock trades. So, he does believe in what Dave Ramsey teaches but to set himself apart, he isn’t too vocal about it in public. But he discusses it thoroughly in this book
Actually, they are totally opposite. Dave Ramsey was doing what Robert Kiyosaki does in Real Estate when he went bankrupt. He teaches you how to pay cash for real estate and do it without debt, which is the correct way. Dave Rames is worth $100 million more than Robert Kiyosaki without debt.
@truthseekerKJV Richards debt is voluntary. Here's an example: Jay z and Beyonce just took out a loan for 80 million to buy a house for 50 million. They clearly have the money, so why would they do it? Because the compounding interest off the 30 million leftover if put in a high yield fund,( like life insurance 10% or higher) makes them 300 million over the next 20 years. Both guys do very well financially 👏. You should learn the details before jumping to conclusions
Here is the pure answer. The issue is stress. Ramsey's method offers a less stressful outcome. Kiyosaki's method involves acquisition of real estate and he has a "team" to deal with "problems". So, decide whether you want to get into a game of financing and refinancing real estate to build weath and avoid taxes. High stress along the way. Getting out of that "game", requires liquidation of real estate and the satisfaction of loans, which will have varying tax impacts. If you want freedom from lifetime stress Ramsey's method is best. There is a wide gap between being wealthy and being rich or super rich, which is also a matter of mindset.
They are both right. Use Dave to get your mind right, and use Roberts approach to buildwelth. Use the approach of both of them to build generational wealth. Dase's net worth is 200 million and Roberts net worth is 100 million. Personally I like to check the scoreboard.
A financial guru's net worth really isn't indivitive of how good their advice is. It's more indicitive of how popular they are, or how well they have succeeded in their business, which usually isn't too closely related to what they teach.
@@erikrohr4396 unless their popular and their business is successful as a bi product of good advice they give that actually works when people put it to practice… other why’s it wouldn’t be resonating so well with people therefore they wouldnt have good business and popularity duh.
@@WilsonMarky7 That would be a very indirect correlation. Someone could give perfect advice and not turn their advice-giving into a business and have a low net worth. On the flip side, someone could give mediocre personal finance advice that resonates with many people and results in a lucrative business for the guru, but only teaches how to move from poor to middle class, but not middle class to upper class.
One has zero debt. The other has billions in debt. I chose the zero debt a long time ago and I feel free. I don't owe anything to anyone and have no problem sleeping st night.
In order to understand money and have discipline and self control, follow Dave first. Then once you get these, you can do Robert. But risk is very scary. It can either make you rich or poor.
Simply put, Dave Ramsey’s method takes more time so it’s not sexy, it is builds wealth slowly but surely…. Very little risk. Kiyosaki’s method is quicker but extremely risky. You can get into huge bad debt and get stressed out. But if done ✅ right it can make you wealthy much faster.
Thanks for the video. Having followed both Dave and Kyosaki, I am fascinated how their first 25 years in life shape their journey, and therefor, their advices. Dave fundamentally independant from the system, Robert always playing with the system. Being freedom driven, I opt for Ramsey's strategy, on the spot
this is a interesting topic but it really comes down to risk.. more debt is more risk. High risk over time will eventually get multiplied by zero the question being will it be in your lifetime. "Over the years, a number of very smart people have learned the hard way that a long stream of impressive numbers multiplied by a single zero always equals zero." -Buffet Preserving wealth is arguably even more important than how fast you can accumulate it. I think they both have some seriously good views and I prefer to mix both. I don't mind debt to buy a house that cashflows as long as I can mitigate the risk with my own job and once its paid off I'll get another, ect.. My aspirations are millions not billions though
There's ways to protect against it. You have to be particularly bull-headed to ride a stock to zero. Awhile ago, I was laughing a bit at the idea of people buying SHLD (Sears) when its book value was negative 4 billion at the time. Boomers to the bitter end. If you're reasonably aware of the world, you can at the very least beat 7% a year, every year. If you can't, the problem is you. Few people are willing to self-reflect like that, so for them, they can refer to Ramsay and be wagies forever. NPCs will NPC.
Dave Ramsey is teaching not only to simply get out of debt. He is following biblical principles of acquiring wealth God’s way and not the way of this world of doing everything to get rich. Commandment 10 is where God commands us “You shall not covet” which is not only a prohibition against greed and jealousy; but walking in God’s contentment. I will follow this narrow pathway to peace rather loose my soul in pursuing riches.
I would say that his principles can be used regardless of religion. It's more foundation and habit practice so you have a healthy outlook and mindset with your money. Robert is the next phase when you've become sound.
I still am amazed that people think RK is anything but a quack. Wealth? Yea, of course, if you measure it in debt and stress… I think people should really NOT listen to RK
The real difference is one will keep you up at nights and the other makes you worker harder physically and lust for more sleep! Simple truth and an individual will have that decision to make .
I don't think I want financial advice from someone a billion in debt. How can you say I'm worth 100 mil and be a billion in debt? Isn't that what Ramsey was doing when the walls caved in? What if the billion was called? Even 1 tenth of that would put you at zero.
They are both ideologues because they both sell systems, trainings, and books that need to be packaged formulas for consumers. You can't sell wishy washy ideas, they need to be hard structures to be sold as the "secrets" and the "systems" to get wealthy. They also both make no sense in many scenarios. Dave is on video saying "no" to a $10B loan at 0% to which he states - "I don't get into debt." Anyone with half a mind can see this makes no sense, and that he could make $500M with a simple 5% CD off that year one with extremely low risk. Likewise, he draws a hard line with credit cards and even hangs up on people that bring up paying it off in full each month and reaping the 1-3% rewards on money they would have spent anyways. Robert is no angel as well - real esate investing is challenging and capital-intense often times. He's known for having stated you should buy properties with credit cards which, again, we all know is a high-risk scenario if you can't put out the work, drive, and effort to see deals through and get cash flowing. He also states that traditional investments vehicles, such as stocks and index funds, are for the poor man who doesn't understand wealth creation. Dave is too cautious, Robert is too aggressive, blending the two and just TRYING is the true formula to YOUR own success path.
Dave Ramsey to start. After paying off the debt and having 3 months savings then switch to other teachers. You shouldn’t have ANY good debt when you have bad debt
@@reesereserved Sure - let's say for example that you have a car loan of $10,000 at a 5% (annual) interest rate. Let's say you also have $10,000 in cash under your mattress. Let's also assume that you have the option of investing in a mutual fund that has the potential to earn 10% interest (annually) on average. The cash isn't doing much good sitting under the mattress so we should do something useful with it. The $10,000 car loan is costing us $500 each year in interest. We could use the cash to pay off that loan and no longer have to lose that $500 per year. That would be nice, but we could instead keep the car loan and invest the money into the mutual fund and earn $1,000 (10% of $10,000) each year. This investment would result in having more money so I would consider the car loan to be good debt.
Dave's teaching is more for people who can't control their finances and are not disciplined and intelligent with their money. His books are good for crackheads and poor people who can't save a dollar.
Dave Ramsey teaches Godly prosperity. Kiyosaki teaches earthly prosperity. Dave Ramsey teaches you to give 10% to the Church first which Kiyosaki never mentions or prioritizes. I guess my question is where is your heart at?
Actually Robert Kiyosaki prefers to give them knowledge. Instead of giving you money he wants you to think about “How can I get money.” Truly having that mindset is awesome. I’m thinking many business ideas and ways on how to fund without putting a large amount or no amount of money into that business.
The answer to this is very simple. Dave Ramsey. And heres why. Im a critic of the ramsey way. However… If you ignore the fact that you may grow old and die, daves way always works. No matter what circumstances your in. Or came from. If you follow his steps is basically impossible to fail. Adding back in our impending doom... there are situations that ramsey advises that would absolutely ruin you. Mathematically, at least. But again.. ignoring your ticking clock. If you've failed with ramseys steps, it's because you didn't actually follow his steps. They work 100% of the time when followed correctly. Robert on the other hand... is a complete wacko. Much of his thoughts on finances makes absolutely no sense whatsoever. Mathematically speaking. Like watching his rant on gold & silver. I don't doubt that with some of his aggressive techniques you could gain substantial wealth. The issue is his higher failure rate. Odds are following Robert you will fail. You could have the lowest iq possible. The worst luck. Etc.. and if you just had barely enough intelligence to follow dave. His way works. Roberts way requires talent. Timing. And luck. His way are based off of those things. The truth is a blend of both is better. Add some risk for reward and use daves approach to balance risk. But if you could only pick one Daves way is the no fail approach.
Dave is advising average people who work hard but are always struggling for cash. Robert is telling folks who want to grow their money. Like small business or professionals who wanna get bigger.
In economics, one needs to consider if you lean more towards being risk averse or not. Averse: may want to preserve their capital over receiving a higher rate of return (with high risk). Dave does teach that everyone perceives "risk" internally differently and risk really cannot be accurately measured. Each person measures risk differently. God does provide us with wisdom: living on less than we make, pay off debts quickly on an asset. But one aspect the banking system does not do is having a jubilee year. A reset. I think it is good to consider both idiologies. Dave does recommend not to invest in anything until you have educated yourselves and understand it. Dave does believe in and encourages entrepreneurialism. Even with his children material he pays not an allowance but a commission on work completeed well. He does Entre- leadership trainings. I think it would be good to look at both financial ideologies and depending on your world view chose your path going forward.
The most important thing is extract what is most suitable and useful for your life goals and discard the rest~ money is just a critical resource for you to achieve your life’s goal 😊
given we are possibly moving toward bad economic times, debt free is the safest bet. for the average person, a leveraged rental all collapses with one eviction.
The secret to wealth is living below your means and having the discipline to sustain. It will allow for the accumulation of wealth that will outpace almost investment strategies and inflation.
6 figure earner here, i used Ramsey to learn and manage my money and get out of debt. I just dont like what the others on the other side are saying though. I dont want to be a landlord. I despise the idea of it. The only way i would consider real estate is to flip it. But the risk there is really big, especially in the market we are in. Finding deals for flips is not easy. I am currently just investing until i can find another avenue for investments.
Both are money making gimmicks but Dave's is probably closer to real world financial independence for the common person...I love to spend but as I got older I choose to not carry debt and it's definitely less stressful...
I disagree with your comment on Davey Ramsey preaching frugality. He preaches proportions and ratios, which has nothing to do with frugality. If a multi millionaire calls into his show and is on the fence if to buy a ferrari or not, he will tell that person to stop being silly and go buy it. Someone that teaches frugality would tell that person you don't need the ferrari, no matter the net worth. He teaches proportions and ratios, and his goal is to make sure people live within them. Also, the main difference between the two is Dave Ramsey takes risk into consideration. You're second guy's methods (specifically good debt with 'assets') is exactly how Dave went bankrupt in the first place if I'm not mistaken, he had debt out on properties ('good debt') and the banks decided to recall the notes. That's why Dave teaches 'risk averse', so that people don't get in those situations.
Thanks for your comment. I now look at things differently. Instead of "how much does this cost," it's now...how much will it cost me NOT to have X. I've shifted from a poor to rich mindset.
DR represents the mindset of the employee "no debts". RK represents the businessman mindset "use debt to make money for you". The Chinese I talked to has RK mindset and they help each other NOT criticizing.
For the sake of the argument, let's say you're exactly right. How does them being egotistical affect the truthhood or falsehood of their teaching? It doesn't.
I listen to both ,an respect both ,But Dave,s(64)(2022 net worth 200M) is quit a bit higher than Roberts(77)net worth 100m) . To each there own , I like the peace of no debt . An Dave is 13 years younger than Robert . Just food for thought .
I know this is 2 years old But I stack gold and silver I have some annuities I get loans against my own money. My interest pays my debts I bank hop for highest savings interest rate I have 15 credit cards I travel around I am fine Have about 300k in debt
Actually Dave teaches to live frugally when getting out of debt. That's the no going out to eat and living on beans and rice. Once out of debt now you can go back to having fun with your money.
Being out of debt is freeing. Once you are out of debit (sooner than later), you still have the opportunity to invest for the long term without going into a massive debt position.
@@supershrpy Try again. Robert's net worth is around 120 million, but he's 1.2 BILLION in debt. Ramsey's net worth is over 200 million with no debt. ------ Keep yawning.
So, these 6 steps are not correct for Dave Ramsey- There's also an order to get to millionaire status. 15%, college funds, pay-off mortgage are part of his baby steps.
Dont get me wrong, robert wrote an excellent book. But you cannot find any of that real estate or gold purchases he talks about. No one is that good that you can hide assets. Not even billionaires. Robert made his wealth off of books/education. Not what he practices. Dave actually did what he said he did, and still does. He really went bk amd got out of it and built a 700 million dollar portfolio. No one can tell me they have actually seen any of roberts assets. Thats not common. Thats actually weird. Theirs no specific or special way to put real estate to hide, so where is all of these assets
@@DebtFreeDoctorJeffAnzalone lets use his new head quarters for an example. That land and build out was built tax free and with cash. That is proven and the note on the property os available. That is hos motto, get out of debt and cash is king. Thats just one example that is public records. Roberts motto is to use debt as your leverage and buy big businesses. Being a business owner and real estate owner of multiple units, there os a paper trail on all Assets even gold, and there are certain paperwork that os filed on your behalf with banks to justify interest payments on assets and loans. Why os none of these things available to see? Again, its not much u can hide these days with public records being readily available to the public.
being in debt even if its considered good debt can always come crashing to a hault . I have a freind who bought a Rite aid Property and for 4 years was getting a 7 percent return. now is vacant and he has 45k tax bills twice a year with no income, plus he owes like 800k on the mortgage . so yeah.
A friend is a very successful attorney. Very successful. He was offered a chance to become a partner in a national law firm. He needed to get a loan despite his wealth in order to buy into the firm. This is good debt. Of course, Dave would have told him no. No way. This would have been very bad advice.
If you need a kick up the arse to get yourself out of debt then DR is worth a listen. Kiyosaki should be ignored at all times. The man is a complete smoke and mirror peddler.
Have a car loan at point 1 percent. Special rate promotion from Ford. Have a CD making 5 percent that when it matured last month could have paid it off but reinvested again at 5 percent. Why would I pay the car loan off in this situation. You have to use common sense not just listen to blind advice.
I think the big difference is risk aversion. Ramsey's plan is for more risk-averse people. As soon as you start using debt, you leverage up the risk levels that you face. You asked why Ramsey does not mention take breaks much, even though he built wealth in real estate. It's because he did so without using debt. So, no debt means no tax breaks. So, why would he mention those?
Go with Dave Ramsey if you want to get out of debt the other guy makes no sense, if your out of debt you can do everything he says on other guys list too, buy assets, start a business who says you can't do that once your out of debt just don't go back into debt for doing it that's what Dave Ramsey only cares about. Lastly owning a home is super important because with how renting is it always go up in price each year but if you buy a home your locked into how much you have to pay its ok to rent for awhile but not forever it will become more money spent over just owning a home and I don't see having a paid off house just assets doing me nothing cause it means I always have a roof over my head and I'll never have to spend money again for having a place to live so it free's up my income for other things. Dave Ramsey all the way the other guys points are to risky and I can't wrap my head around what good debt is, you like owning money to people that's what makes it good? xD
not everyone is business savvy... let the business minded people risk everything they have for the average person who wants to pursue a career in the arts or science, just get out of debt, build an emergency fund, and invest in a index or dividend fund
Problem with Robert is you never really know how much debt he has and where...and dave realise on savings and investments...and you don't know how well he really is doing...when it comes down to it I'd take daves advice all day long and twice on Sundays..debt sucksss...
90% off people can't handle a small debt let alone high end financial complex if we All can handle complex debt we all be rich and we don't need kiyosaki and Ramsay
i watched my parents go through a $25K eviction in the early 1990's, it was horribly expensive legally -- and they were not receiving rent, and the guy completely trashed the house before he finally moved out with holes punched in every wall etc. the whole thing probably cost my parents $75K -- in the 1990's. My parents were frugal, and debt free so they made it through that storm. Had they been heavily leveraged, they could have lost everything .
Assets must create wealth passively as a income and inflationary cost i always tell my children while you are yong borrowing is not wrong as long as it’s rightly invested…we are only a breath away between life and death
Thanks doc, for this insightful and easy to understand teaching and explanation. 👍🏼 I would also add “pay yourself first” in Robert Kiyosaki’s teachings before attacking any debt aggressively. I would assume those that paying minimum payments on those student loan and credit card bills would be ok, just not paying them off aggressively, thus building your own assets thru savings (pay myself first).
No, I guess you can’t get to millionaire status with credit card rewards. But you can get things 1-5% cheaper if you are smart about it. Edit: Rent is just as expensive as a mortgage now. Plus, isn’t a home an asset?
Idk why anyone thinks they only have to listen to Dave or to kiyasaki. Listen to both! Listen to Erica cullberg as well! And the other's. So many options.
![NOSFERATU - Official Trailer [HD] - Only In Theaters December 25](http://i.ytimg.com/vi/nulvWqYUM8k/mqdefault.jpg)
Kiyosaki is a slave to cash flow. He has to keep the machine going or he'll go bankrupt...
Meanwhile Kiyosaki is over a billion dollars in debt. Much prefer the stress free life of zero debt ! Also, no one can take Dave's paid for wealth away.
Dave and Robert compliment each other Dave helps you get out of debt. Robert helps you become an entrepreneur
That about summarizes it.
And he’s 76 & a billion dollars in debt and if he dies tomorrow he leaves nothing - flawed western economic system to keep people oppressed
Robert help you get back into debt
@@SEANPOL203 good debt to generate passive income from Assets
David is 100% ❤ jyodaki never speaks about the risks- it will take you down! Debt always does
I love the teaching of both men, the difference is that David R is targeted for the majority of the population to bring them a basic understanding of money where Robert K has a more advanced approach which is more complex and uses the fine points of our financial system to create wealth. Love them both
That's exactly how I feel. Dave helps people dig them self out of a hole and Robert helps them expand their wealth.
You are exactly right. Dave for personal finance, Robert for business and investing.
Well said. The Doc did a great job paralleling both men’s teaching. I’ve been watching Ramsey solutions video a few years I haven’t been exposed to other man’s teachings
Except Kiyosaki is a billon dollars in debt at age 76…if he dies tomorrow he’s estate can pale it down on the payment time table irregardless of prevailing economic and market conditions
@@CP1960sources please
Most people should listen to Dave
Personal finance - Ramsey
Business - Robert
I think you're right on the $$
Robert Kiyosaki actually teaches in Rich Dad’s Guide to Investing to lay down a solid foundation of security in savings, retirement and mutual funds before investing in real estate and stock trades. So, he does believe in what Dave Ramsey teaches but to set himself apart, he isn’t too vocal about it in public. But he discusses it thoroughly in this book
Actually, they are totally opposite. Dave Ramsey was doing what Robert Kiyosaki does in Real Estate when he went bankrupt. He teaches you how to pay cash for real estate and do it without debt, which is the correct way. Dave Rames is worth $100 million more than Robert Kiyosaki without debt.
Dave is great for people who are bad with money.
Richard is good for people who are good with money
Summed up perfectly
You mean Robert?
Nope..lol
Robert is 1.2 billion in debt. That is not being good with money. That is being a fool.
Dave is worth over 200 million with no debt.
@truthseekerKJV
Richards debt is voluntary. Here's an example: Jay z and Beyonce just took out a loan for 80 million to buy a house for 50 million. They clearly have the money, so why would they do it? Because the compounding interest off the 30 million leftover if put in a high yield fund,( like life insurance 10% or higher) makes them 300 million over the next 20 years.
Both guys do very well financially 👏.
You should learn the details before jumping to conclusions
Here is the pure answer. The issue is stress. Ramsey's method offers a less stressful outcome. Kiyosaki's method involves acquisition of real estate and he has a "team" to deal with "problems". So, decide whether you want to get into a game of financing and refinancing real estate to build weath and avoid taxes. High stress along the way. Getting out of that "game", requires liquidation of real estate and the satisfaction of loans, which will have varying tax impacts. If you want freedom from lifetime stress Ramsey's method is best. There is a wide gap between being wealthy and being rich or super rich, which is also a matter of mindset.
this is a perfect answer.
They are both right. Use Dave to get your mind right, and use Roberts approach to buildwelth. Use the approach of both of them to build generational wealth. Dase's net worth is 200 million and Roberts net worth is 100 million. Personally I like to check the scoreboard.
Amen
Dave’s is around 600-700 million
A financial guru's net worth really isn't indivitive of how good their advice is. It's more indicitive of how popular they are, or how well they have succeeded in their business, which usually isn't too closely related to what they teach.
@@erikrohr4396 unless their popular and their business is successful as a bi product of good advice they give that actually works when people put it to practice… other why’s it wouldn’t be resonating so well with people therefore they wouldnt have good business and popularity duh.
@@WilsonMarky7 That would be a very indirect correlation. Someone could give perfect advice and not turn their advice-giving into a business and have a low net worth. On the flip side, someone could give mediocre personal finance advice that resonates with many people and results in a lucrative business for the guru, but only teaches how to move from poor to middle class, but not middle class to upper class.
One has zero debt. The other has billions in debt. I chose the zero debt a long time ago and I feel free. I don't owe anything to anyone and have no problem sleeping st night.
In order to understand money and have discipline and self control, follow Dave first. Then once you get these, you can do Robert. But risk is very scary. It can either make you rich or poor.
Couldn’t agree more.
Calculated risk is key. You have to be in a position to take risk in the first place. This is what is critical and missed.
@@DebtFreeDoctorJeffAnzalone Selective Distortion = Cognitive Dissonance
I started with Dave, became debt free. Then I moved to Kiyosaki, specifically following his Cash Flow Quadrant to get to the I Quadrant.
Robert has his own company file for bankruptcy. Warren Buffet even said that Robert’s advice is just wrong. I trust Warren Buffet over Robert’s
Simply put, Dave Ramsey’s method takes more time so it’s not sexy, it is builds wealth slowly but surely…. Very little risk. Kiyosaki’s method is quicker but extremely risky. You can get into huge bad debt and get stressed out. But if done ✅ right it can make you wealthy much faster.
I like your thinking.
I think this is the fairest evaluation out of all the comments. I’m more of a low risk move slow typa fella
Financial education is key to both views
Thanks for the video. Having followed both Dave and Kyosaki, I am fascinated how their first 25 years in life shape their journey, and therefor, their advices. Dave fundamentally independant from the system, Robert always playing with the system. Being freedom driven, I opt for Ramsey's strategy, on the spot
this is a interesting topic but it really comes down to risk.. more debt is more risk. High risk over time will eventually get multiplied by zero the question being will it be in your lifetime. "Over the years, a number of very smart people have learned the hard way that a long stream of impressive numbers multiplied by a single zero always equals zero." -Buffet Preserving wealth is arguably even more important than how fast you can accumulate it. I think they both have some seriously good views and I prefer to mix both. I don't mind debt to buy a house that cashflows as long as I can mitigate the risk with my own job and once its paid off I'll get another, ect.. My aspirations are millions not billions though
There's ways to protect against it. You have to be particularly bull-headed to ride a stock to zero. Awhile ago, I was laughing a bit at the idea of people buying SHLD (Sears) when its book value was negative 4 billion at the time. Boomers to the bitter end.
If you're reasonably aware of the world, you can at the very least beat 7% a year, every year. If you can't, the problem is you. Few people are willing to self-reflect like that, so for them, they can refer to Ramsay and be wagies forever. NPCs will NPC.
Dave Ramsey is teaching not only to simply get out of debt. He is following biblical principles of acquiring wealth God’s way and not the way of this world of doing everything to get rich. Commandment 10 is where God commands us “You shall not covet” which is not only a prohibition against greed and jealousy; but walking in God’s contentment. I will follow this narrow pathway to peace rather loose my soul in pursuing riches.
Apparently when I was young the church told me I will forever be in debt to God🤔
What does Matthew 19:24 say
I would say that his principles can be used regardless of religion. It's more foundation and habit practice so you have a healthy outlook and mindset with your money. Robert is the next phase when you've become sound.
@jacobclayton2954 That's because Christianity is built on absolute truth.
I did not realize God had a “wealth acquiring” way….
I still am amazed that people think RK is anything but a quack. Wealth? Yea, of course, if you measure it in debt and stress… I think people should really NOT listen to RK
Dave is for mom,pop,brother,sister and friends. Robert is for people like us that did get out the 80%
Dave good for low income person
Robert good for high income person
Follow Dave 1st thant Robert
Like me, I follow Robert 1st😊
The real difference is one will keep you up at nights and the other makes you worker harder physically and lust for more sleep! Simple truth and an individual will have that decision to make .
I don't think I want financial advice from someone a billion in debt. How can you say I'm worth 100 mil and be a billion in debt? Isn't that what Ramsey was doing when the walls caved in? What if the billion was called? Even 1 tenth of that would put you at zero.
They are both ideologues because they both sell systems, trainings, and books that need to be packaged formulas for consumers. You can't sell wishy washy ideas, they need to be hard structures to be sold as the "secrets" and the "systems" to get wealthy. They also both make no sense in many scenarios. Dave is on video saying "no" to a $10B loan at 0% to which he states - "I don't get into debt." Anyone with half a mind can see this makes no sense, and that he could make $500M with a simple 5% CD off that year one with extremely low risk. Likewise, he draws a hard line with credit cards and even hangs up on people that bring up paying it off in full each month and reaping the 1-3% rewards on money they would have spent anyways. Robert is no angel as well - real esate investing is challenging and capital-intense often times. He's known for having stated you should buy properties with credit cards which, again, we all know is a high-risk scenario if you can't put out the work, drive, and effort to see deals through and get cash flowing. He also states that traditional investments vehicles, such as stocks and index funds, are for the poor man who doesn't understand wealth creation. Dave is too cautious, Robert is too aggressive, blending the two and just TRYING is the true formula to YOUR own success path.
@@doclocke Great points!
Dave Ramsey to start. After paying off the debt and having 3 months savings then switch to other teachers. You shouldn’t have ANY good debt when you have bad debt
To me, good debt is simply debt with an interest rate less then your investments.
@erikrohr4396 could you explain pls
@@reesereserved Sure - let's say for example that you have a car loan of $10,000 at a 5% (annual) interest rate. Let's say you also have $10,000 in cash under your mattress. Let's also assume that you have the option of investing in a mutual fund that has the potential to earn 10% interest (annually) on average. The cash isn't doing much good sitting under the mattress so we should do something useful with it. The $10,000 car loan is costing us $500 each year in interest. We could use the cash to pay off that loan and no longer have to lose that $500 per year. That would be nice, but we could instead keep the car loan and invest the money into the mutual fund and earn $1,000 (10% of $10,000) each year. This investment would result in having more money so I would consider the car loan to be good debt.
Kiyasaki doesn't finance cars or use credit cards. That's why he's able to build wealth.
He does! He brags about buying his girt condo with a credit card! He promotes debt without taking risks into account
Dave has a plan, Rob has an idea. Finish your plan before you think of your ideas
Dave's teaching is more for people who can't control their finances and are not disciplined and intelligent with their money. His books are good for crackheads and poor people who can't save a dollar.
I am never comfortable owing money - whether it is “good owe” or “bad owe” so to speak
That is physicallogical task to solve:) try Bob Proctor
Kyosaki sounds like a huge Narsisist, it is never enough for him and all I can hear just bragging about cheating the system, how smart he is, ect
Dave and Robert should tell every man to get a signed pre nup in order to save from financial disaster.
Dave Ramsey teaches Godly prosperity. Kiyosaki teaches earthly prosperity. Dave Ramsey teaches you to give 10% to the Church first which Kiyosaki never mentions or prioritizes. I guess my question is where is your heart at?
Actually Robert Kiyosaki prefers to give them knowledge. Instead of giving you money he wants you to think about “How can I get money.”
Truly having that mindset is awesome. I’m thinking many business ideas and ways on how to fund without putting a large amount or no amount of money into that business.
@@Silverman96the hardest part is being low capital.
Godly prosperity is the forgiveness of sins and everlasting life in Christ.
Wut?
Beyond a few of their basic concepts, I don't listen to either of these guys.
The answer to this is very simple. Dave Ramsey. And heres why.
Im a critic of the ramsey way. However… If you ignore the fact that you may grow old and die, daves way always works. No matter what circumstances your in. Or came from. If you follow his steps is basically impossible to fail. Adding back in our impending doom... there are situations that ramsey advises that would absolutely ruin you. Mathematically, at least. But again.. ignoring your ticking clock. If you've failed with ramseys steps, it's because you didn't actually follow his steps. They work 100% of the time when followed correctly.
Robert on the other hand... is a complete wacko. Much of his thoughts on finances makes absolutely no sense whatsoever. Mathematically speaking. Like watching his rant on gold & silver. I don't doubt that with some of his aggressive techniques you could gain substantial wealth. The issue is his higher failure rate. Odds are following Robert you will fail. You could have the lowest iq possible. The worst luck. Etc.. and if you just had barely enough intelligence to follow dave. His way works. Roberts way requires talent. Timing. And luck. His way are based off of those things.
The truth is a blend of both is better. Add some risk for reward and use daves approach to balance risk. But if you could only pick one Daves way is the no fail approach.
Thats why dave look soo healthy and strong and rich dad look sick
Ramsey. RK never tells you anything.
Dave is advising average people who work hard but are always struggling for cash. Robert is telling folks who want to grow their money. Like small business or professionals who wanna get bigger.
I think if you have a gambling problem listen to dave ramsey. If you have alot of self control listen to kiyosaki
@@Knowledge.to_Come Good point
Great video! Been wanting a comparison between these 2 gurus!
Thank you. I use teachings from both for our finances.
In economics, one needs to consider if you lean more towards being risk averse or not. Averse: may want to preserve their capital over receiving a higher rate of return (with high risk). Dave does teach that everyone perceives "risk" internally differently and risk really cannot be accurately measured. Each person measures risk differently.
God does provide us with wisdom: living on less than we make, pay off debts quickly on an asset. But one aspect the banking system does not do is having a jubilee year. A reset.
I think it is good to consider both idiologies. Dave does recommend not to invest in anything until you have educated yourselves and understand it.
Dave does believe in and encourages entrepreneurialism. Even with his children material he pays not an allowance but a commission on work completeed well. He does Entre- leadership trainings.
I think it would be good to look at both financial ideologies and depending on your world view chose your path going forward.
@@tylercrouch4255 Great explanation
Debt is an illusion of real wealth.
Kiyosaki is right
Yes
The most important thing is extract what is most suitable and useful for your life goals and discard the rest~ money is just a critical resource for you to achieve your life’s goal 😊
@@issaccho2107 We'll put.
20:56 in order to be successful, we need to fail our way to success...brilliant
@@benascg-ll7sq you got it
given we are possibly moving toward bad economic times, debt free is the safest bet. for the average person, a leveraged rental all collapses with one eviction.
The secret to wealth is living below your means and having the discipline to sustain. It will allow for the accumulation of wealth that will outpace almost investment strategies and inflation.
Maybe.
Unless you understand HIW to use OPM to pay for your liabilities.
6 figure earner here, i used Ramsey to learn and manage my money and get out of debt. I just dont like what the others on the other side are saying though. I dont want to be a landlord. I despise the idea of it. The only way i would consider real estate is to flip it. But the risk there is really big, especially in the market we are in. Finding deals for flips is not easy. I am currently just investing until i can find another avenue for investments.
@@crashtestdummy1972 Have you invested passively in syndications?
@DebtFreeDoctorJeffAnzalone what are syndication
Both are money making gimmicks but Dave's is probably closer to real world financial independence for the common person...I love to spend but as I got older I choose to not carry debt and it's definitely less stressful...
@@tylercampbell6365 I agree, the older we get, the LESS risk to take.
You should use debt to invest not to buy stupid bullshit like cars...debt for something that makes you money isnt exactly bad is it?
@@batman6540 True.
I give 10% to God. Not. The church
Whose church?
Dave’s built twice the net worth🤔
I disagree with your comment on Davey Ramsey preaching frugality. He preaches proportions and ratios, which has nothing to do with frugality. If a multi millionaire calls into his show and is on the fence if to buy a ferrari or not, he will tell that person to stop being silly and go buy it. Someone that teaches frugality would tell that person you don't need the ferrari, no matter the net worth. He teaches proportions and ratios, and his goal is to make sure people live within them.
Also, the main difference between the two is Dave Ramsey takes risk into consideration. You're second guy's methods (specifically good debt with 'assets') is exactly how Dave went bankrupt in the first place if I'm not mistaken, he had debt out on properties ('good debt') and the banks decided to recall the notes. That's why Dave teaches 'risk averse', so that people don't get in those situations.
Thanks for your comment. I now look at things differently. Instead of "how much does this cost," it's now...how much will it cost me NOT to have X.
I've shifted from a poor to rich mindset.
Both are right. Robert is more right but better for people who are high earners that lose money by sitting on cash.
The credit card companies and debt consolidation scammers don’t like Dave R, that should tell you much.
Dave gets you out of debt faster.
Robert makes you MORE MONEY over time.
I feel like if you dont have the discipline to follow Dave’s, you have no business calling hourself savvy and follow Robert’s
Yes, Dave is for the 99% of the population.
DR represents the mindset of the employee "no debts". RK represents the businessman mindset "use debt to make money for you". The Chinese I talked to has RK mindset and they help each other NOT criticizing.
Robert. Personal preference.
Kiyosaki admitted a few months ago to having more than 1 billion in debt.
@@deanc2000 In real estate 😎
Remember the old adage, statistics support statisticians.
When you’re watching this yet too broke to ever make any actual investments/savings in this economy 😂
I’m with Dave
Both are egotistical boomers
For the sake of the argument, let's say you're exactly right.
How does them being egotistical affect the truthhood or falsehood of their teaching? It doesn't.
@@santiagolerin I disagree. Their ego can cause delusional thinking and can distort their vision of reality
Dave Ramsey 💯👍👍💯
I listen to both ,an respect both ,But Dave,s(64)(2022 net worth 200M) is quit a bit higher than Roberts(77)net worth 100m) . To each there own , I like the peace of no debt . An Dave is 13 years younger than Robert . Just food for thought .
I know this is 2 years old
But
I stack gold and silver
I have some annuities
I get loans against my own money.
My interest pays my debts
I bank hop for highest savings interest rate
I have 15 credit cards
I travel around
I am fine
Have about 300k in debt
Actually Dave teaches to live frugally when getting out of debt. That's the no going out to eat and living on beans and rice. Once out of debt now you can go back to having fun with your money.
Being out of debt is freeing. Once you are out of debit (sooner than later), you still have the opportunity to invest for the long term without going into a massive debt position.
It's all about your personal RISK TOLERANCE.
There both saying similar things. Difference is kiyasaki uses debt to get rich. He's not going to use credit cards then.
Trick question, listen to both.
For poor dad, Ramsey.
For rich dad, Kiyosaki
Not necessarily! Ramsey is netting about $200M
He meant the followers
Oh he has three or four times that much.@@theredshadow360
@@theredshadow360Robert around 600 million, yawn 🥱!!
@@supershrpy Try again. Robert's net worth is around 120 million, but he's 1.2 BILLION in debt.
Ramsey's net worth is over 200 million with no debt. ------ Keep yawning.
So, these 6 steps are not correct for Dave Ramsey-
There's also an order to get to millionaire status. 15%, college funds, pay-off mortgage are part of his baby steps.
Dont get me wrong, robert wrote an excellent book. But you cannot find any of that real estate or gold purchases he talks about. No one is that good that you can hide assets. Not even billionaires. Robert made his wealth off of books/education. Not what he practices. Dave actually did what he said he did, and still does. He really went bk amd got out of it and built a 700 million dollar portfolio. No one can tell me they have actually seen any of roberts assets. Thats not common. Thats actually weird. Theirs no specific or special way to put real estate to hide, so where is all of these assets
Dave has made hundreds of millions with REAL ESTATE yet rarely discussed it.
@@DebtFreeDoctorJeffAnzalone lets use his new head quarters for an example. That land and build out was built tax free and with cash. That is proven and the note on the property os available. That is hos motto, get out of debt and cash is king. Thats just one example that is public records. Roberts motto is to use debt as your leverage and buy big businesses. Being a business owner and real estate owner of multiple units, there os a paper trail on all
Assets even gold, and there are certain paperwork that os filed on your behalf with banks to justify interest payments on assets and loans. Why os none of these things available to see? Again, its not much u can hide these days with public records being readily available to the public.
Listen to Michael Saylor! Ramsey is conceited. I’m rich you are a turd type of guy.
being in debt even if its considered good debt can always come crashing to a hault . I have a freind who bought a Rite aid Property and for 4 years was getting a 7 percent return. now is vacant and he has 45k tax bills twice a year with no income, plus he owes like 800k on the mortgage . so yeah.
A friend is a very successful attorney. Very successful. He was offered a chance to become a partner in a national law firm. He needed to get a loan despite his wealth in order to buy into the firm. This is good debt. Of course, Dave would have told him no. No way. This would have been very bad advice.
Dave is for the masses, I agree.
If you need a kick up the arse to get yourself out of debt then DR is worth a listen.
Kiyosaki should be ignored at all times. The man is a complete smoke and mirror peddler.
Have you had personal dealings with Kiyosaki?
Have a car loan at point 1 percent. Special rate promotion from Ford. Have a CD making 5 percent that when it matured last month could have paid it off but reinvested again at 5 percent. Why would I pay the car loan off in this situation. You have to use common sense not just listen to blind advice.
How about you never listen to any of these clowns
I like to take a little bit from both and apply them to my life.
I feel as though I incorporate a bit of both peeps. I like the 10-15-75 Dave has but invest 25 or more like Robert teaches.
Good mix 👏
I think the big difference is risk aversion. Ramsey's plan is for more risk-averse people. As soon as you start using debt, you leverage up the risk levels that you face.
You asked why Ramsey does not mention take breaks much, even though he built wealth in real estate. It's because he did so without using debt. So, no debt means no tax breaks. So, why would he mention those?
The most important thing is to HAVE a plan. Most people have no plan to build wealth. Hope is not a plan.
@@meattroller8853 Agreed
Google "6 reasons 401k is a ponzi scheme". Richard Kiyosaki wins IMHO
When you have two polar opposite viewpoints, the truth many times lies somewhere in the middle
Go with Dave Ramsey if you want to get out of debt the other guy makes no sense, if your out of debt you can do everything he says on other guys list too, buy assets, start a business who says you can't do that once your out of debt just don't go back into debt for doing it that's what Dave Ramsey only cares about. Lastly owning a home is super important because with how renting is it always go up in price each year but if you buy a home your locked into how much you have to pay its ok to rent for awhile but not forever it will become more money spent over just owning a home and I don't see having a paid off house just assets doing me nothing cause it means I always have a roof over my head and I'll never have to spend money again for having a place to live so it free's up my income for other things. Dave Ramsey all the way the other guys points are to risky and I can't wrap my head around what good debt is, you like owning money to people that's what makes it good? xD
not everyone is business savvy... let the business minded people risk everything they have
for the average person who wants to pursue a career in the arts or science, just get out of debt, build an emergency fund, and invest in a index or dividend fund
I am just Graduated with 0 debt so I think I should go along with Kiyosaki more
Thank you for this information
My pleasure 🙏
Problem with Robert is you never really know how much debt he has and where...and dave realise on savings and investments...and you don't know how well he really is doing...when it comes down to it I'd take daves advice all day long and twice on Sundays..debt sucksss...
90% off people can't handle a small debt let alone high end financial complex if we All can handle complex debt we all be rich and we don't need kiyosaki and Ramsay
i watched my parents go through a $25K eviction in the early 1990's, it was horribly expensive legally -- and they were not receiving rent, and the guy completely trashed the house before he finally moved out with holes punched in every wall etc. the whole thing probably cost my parents $75K -- in the 1990's. My parents were frugal, and debt free so they made it through that storm. Had they been heavily leveraged, they could have lost everything .
Both are nice I listened Dave ramsay for savings
I listened robert kiyosaki expenses
Assets must create wealth passively as a income and inflationary cost i always tell my children while you are yong borrowing is not wrong as long as it’s rightly invested…we are only a breath away between life and death
Thanks doc, for this insightful and easy to understand teaching and explanation. 👍🏼 I would also add “pay yourself first” in Robert Kiyosaki’s teachings before attacking any debt aggressively. I would assume those that paying minimum payments on those student loan and credit card bills would be ok, just not paying them off aggressively, thus building your own assets thru savings (pay myself first).
Dave Ramsey is better
means you are at stage 1
Says you.
DR IS BETTER FOR ANYBODY... GETTING N STAYING OUT OF DEBT FREES U CASH FOR INVESTING N PAYING WITH CASH...
Love ur Southern Accent
Sounds like Sandy from Spongebob
Do you know what bankruptcy court is like these days? get out of Debt... stay out of debt... have a nice life...
No, I guess you can’t get to millionaire status with credit card rewards. But you can get things 1-5% cheaper if you are smart about it.
Edit: Rent is just as expensive as a mortgage now. Plus, isn’t a home an asset?
Idk why anyone thinks they only have to listen to Dave or to kiyasaki. Listen to both! Listen to Erica cullberg as well! And the other's. So many options.
Excellent video