Why Financial Advice Fails & What to Do Instead - Robert Kiyosaki & Ron Willoughby
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- Опубликовано: 12 июн 2024
- In this episode of the Rich Dad Radio Show, Robert Kiyosaki explores the critical financial decisions facing professionals like doctors and lawyers, particularly focusing on retirement planning and the relevance of financial planners. Kiyosaki introduces the historical context of the 1974 ERISA act leading to the emergence of 401ks and IRAs, highlighting the challenges baby boomers face with retirement due to these defined contribution pensions. Guest Ron Willoughby, a veteran of the financial services industry, sheds light on the transition from commission-based to fee-based financial advisement, its implications for investors, and the superior benefits of cash value life insurance over traditional stock market investments.
Through their discussion, they underline the failures of the modern financial advising industry, critique the motives behind financial advisement, and argue for the importance of informed and diversified investment strategies beyond stock and real estate markets.
00:00 Introduction
00:28 The Evolution of Retirement Planning: From Pensions to 401(k)s
02:15 Inside the Financial Services Industry
07:47 Exploring the Realities of Financial Planning and Investment Strategies
13:15 The Case for Whole Life Insurance in Financial Planning
19:03 The Rich Dad's Perspective on Real Estate vs. Traditional Financial Advice
32:47 Choosing Financial Advisors
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Disclaimer: The information provided in this video is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument or engage in any financial activity.
The content presented here is based on the speaker's personal opinions and research, which may not always be accurate or up-to-date. Financial markets and investments carry inherent risks, and individuals should conduct their own research and seek professional advice before making any financial decisions.
My advice to new investors: Buy good companies stocks and hold them as long as they are good companies. Just do this and ignore the forecasts and market views which are at best entertaining but completely useless.
The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
*The first step to achieving wealth is figuring out your goals and risk tolerance. Either on your own or with the help of a financial planner and by following through with an intelligent plan, you will gain financial growth over the years and enjoy the benefits of managing your money.*
*Browse Donald Nathan Scott for more insights.*
My $2m retirement account has gone up only by 2% in the past year due to rebalancing I did out of panic and doubt. My question is , what are best alternatives to take in other to secure a comfortable retirement? I don’t want to fail after 22 years of working hard.
at a point like this, when the pressure is on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions
I totally agree. For 5 years now, I've had a license professional actively restructuring my portfolio, cos my job doesn't permit me the time to analyze stocks myself and in return, realizing nearly $1m after subsequent investments to date.
@@arlenehill4ril this is huge! been looking at expertise assistance but kind of relaxed about it... could you please share basic info of your advsor, if you dont mind me asking?
I'll be kind to leave just her name here ''Karen Lynne Chess'' a renowned figure in her industry with over two decades of experience. I'd suggest you research her further on the web.
thanks for sharing, I must say Karen appears to be quite knowledgeable... came across her consulting page after inputting her full name on the web, quite impressive... was able to reach out and schedule a call
Wow! What a great video. you so well articulated. Monetary and Fiscal policies should work hand in hand to have a full effect, but we live in an era where government just doesn't care, it will spend and double-down and spend more and more.. it just doesn't care, and it would debilitate the monetary policy. The sad outcome will be likely BOTH the transition to a digital dollar CBDC that will give ultimate control to the government thus shrinking even more the independence of the central bank. At some point the central bank will have no actual meaning left. Honestly, it feels we're not too far from it already..... I would buy Bitcoin and buy hard assets like gold /silver as a store of value while also actively trading...The only wild card for us investors is to actively engage the market by trading, it's about playing it smart and steady during trading...managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Francine Duguay, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
Thanks for keeping it light and real at the same time. Much needed for us traders in times like these!
The internet is filled with so many useful information about Francine Duguay crypto….
This is why it is advisable to connect with a true market strategist in order to avoid missing such opportunity and maintain steady gains.
It really helped trading with Francine Duguay analysis and info, even with the market in a downward trend. Definitely riding the market wave is a good perspective..
Access to good information is what we investors needs to progress financially and generally in life. this is a good one and I appreciate
Thanks for the financial information Robert Kiyosaki and Rich Dad Team.
Happy Birthday Robert
Thank you Ron and Robert for your commentary 🙂.
Money is not meant to control people rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place.
People don't understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments don't match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Jeff demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Jeff Clark. I met him at a conference in 2018 and we have been working together ever since.
Thank you for your time and effort.
Mr kiyosaki I want to thank u. Because of rich dad poor dad i will start my own bussiness for a tech company. I'm 22 and I will start get some money to invest in something. Sorry about my english but I just to say thank u for open my eyes
happy birthday Robert
Excellent guest Robert thank you for bringing him on. I have friends and Co workers who think their 401k is tax free instead of tax deferred. I got out of 401k years ago and invested in an apartment complex. Never have looked back. Good show!
Happy birthday Robert.
The best advice for a young person, buy a multi unit rental property, live in One unit, rent the others out, use this as a base of learning and building your future. Have a Beautiful day!!!
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.
She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states
You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
she's mostly on Telegrams, using the user name.
Even person understand financial advices , it is best from individual situation. Thats why its important to hav a privat coach
Robert Kiyosaki and team, [ Advice Failed ] You did this job fantastically. [ What to Do ] Sit back loose seat belt and relax.. We all must see what you done to deliver the World, Where the World is in deceptive Darkness. God bless you Man and your team.
I don't usually comment, but Happy birthday, GEM!
Hi All, great video of Robert. I wonder in the book How rich Invest is mentioned that some want their company to be listed and make a lot of money. What you think if after listing and spent many years, company to be de listed. Are there any profits from this?
Arizona is just in the preheat mode.
In 1969 i sold life and health insurance plans. I sold whole life policies that would earned several percent per year and have high cash value on your paid in money, it would insure you for a large amount of death insurance. A win win situation..
How can I invest in silver and gold? Any market you advise me about?
In 36 mins summary, pay financial planner flat fee for stocks. The end
I'm favoured financially with Bitcoin ETFs approval, Thank you buddy.$32,000 weekly profit regardless of how bad it gets on the economy.
Same here, I believe the Bitcoin ETFs approval will be life changing opportunity for us, with my current portfolio of $108,000 from my investments with my personal financial advisor 1 totally agree with you
YES!!! That's exactly her name (Elizabeth Camila) so many people have recommended highly about her and am just starting with her e from Brisbane Australia...🇦🇺
I'm a long term investor, I withdrew my profits of over £61,000 during the covid-19 pandemic.
She is my family' personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
This sounds so good and I would like to be a party to this, is there any way I can speak with her?
Happy birthday 🎉🎉
The ads that Robert's wife showed are no income generating options. Just to be clear. As to real estate, that's fine if people can afford to rent. But in a crisis you'll get vacancies and still have to pay interest, maintenance etc. Your own house produces zero income so it's a liability not an asset. Regarding stocks, you can learn how trade yourself which is not difficult. Preferably a portfolio of good yield stocks. That's the reverse of a fee based fund, leading to exponential growth.
What’s you take on taxing unrealized capital gains?
Brother I agree with both of you, bc I'm a hair dresser for 35 years now, I live in Vietnam now for 24 Asia haircut now too and we in Asia now buying gold like crazy and that means gold to go up more ❤
I’ve heard whole life insurance is basically a scam.
Good time to check out IBC policies though living wealth
After experimenting with stocks since late 2021, I've shifted to 100% S&P 500. Still regretting not doing so from the start. Now i am Considering a return to individual stocks in 2024, but uncertain about safely investing close to 300k in the market.
Everyone needs a Margin of Safety in their portfolios and just remember, It's time in the market versus timing the market.
As a beginner, it's essential for you to have a mentor to keep you accountable.
I'm guided by a widely known crypto consultant
De-risk your portfolios, shore up your core holdings, and take some profits while balancing your portfolio allocations. I’d also suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary
How can I reach out to him??
Hi Robert and Kim
Who do you recommend at alliance co ? I would like to start there..thankyou
Newmont
Do rich people have health insurance?
Hi robert
"God Bless Greed"
Cash Value vs Term. Absolutely terrible recommending cash value (any type of whole life). It’s Term + Savings Acct with ridiculous fees. No one has a savings account bundled with their auto, home, identity theft or any other insurance but life companies sell it. Better rates of return elsewhere with lower cost to no fees. No one should ever buy life insurance product bundled with an “investment.”
you're the problem they just described. Thanks for exposing your ignorance.
Market been crashing for the last 4 years according to people
What was the audience supposed to be for this video? At best the top .01% where you want to protect a huge whole life policy from taxes. Terrible advice for everyone else.
real estate is a long term investment and it is not in the jargon of a financial advisor. it is also risky because you rely on the income coming from a tenant. what if it is vacanct for a long time. it is better to listern to financial advisors.
Qualified financial planner is an oxymoron
what the school teach you nothing
Don't invite this person back on.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
she's mostly on Instagrams, using the user name
FXMILLER15 💯.. that's it
Happy Birthday Robert
How can I invest in silver and gold? Any market you advise me about?