This episode is based on David McKnight’s recent interview for Stephen Gallo’s podcast.

David explains how the advice shared by gurus tends to work – and the role financial advisors play.

David touches upon his concept of “Dave Ramsey’s circle of poverty.”

According to Wade Pfau, adopting the approach shared by Dave Ramsey will lead to you running out of money in advance of actuarial life expectancy 63% of the time.

To avoid falling in league with financial gurus, financial advisors should stay away from dispensing one-size-fits-all financial planning.

David analyzes Dave Ramsey’s approach – including why, instead of addressing America’s #1 fear when it comes to money, he exacerbates it.

David shares a couple of anecdotes about his new book The Guru Gap.

In researching financial gurus for The Guru Gap, David realized that they are even more wrong on key topics than what he had previously believed.

David discusses how you can discern good advice from bad advice when consuming content such as podcasts and YouTube channels.

Cash value life insurance is something that’s sort of universally panned by financial gurus, but it’s easy to make a mathematical justification for it.

 

 

Mentioned in this episode:

David’s upcoming book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track

David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free 3-part video series)

@mcknightandco on Twitter 

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

Stephen Gallo

Dave Ramsey

Suze Orman

Wade Pfau

Ken Fisher

Tom Hegna

Ernst & Young