This episode is based on David McKnight’s interview with Lane Martinsen on Financial Fast Lane.

David shares how he started in the financial planning industry, as well as the backstory of his new book, The Guru Gap.

The Guru Gap focuses on several financial gurus such as Dave Ramsey, Suze Orman, Clark Howard, and Ramit Sethi.

David finds it interesting to see financial gurus demonizing the types of recommendations him and his peers share – recommendations based on math and actuarial science.

For David, America is better off for financial gurus being in the picture than out of the picture.

The main issue is the fact that they aren’t trying to cultivate an adversarial relationship with mainstream financial advisors, says David.

David brings up a real-life example of bad advice shared on the Dave Ramsey Show.

The ideal reader of The Guru Gap is the sophisticated, disciplined, investor.

Most Americans strive for their money to last until they die.

David sees Dave Ramsey as an expert who is “good for bad investors, and bad for good investors”.

There are lots of stories of people who, following Ramsey’s advice, have run out of money much sooner than they predicted.

David believes that it’s time for disciplined investors to adopt an entirely different paradigm when it comes to maximizing their retirement savings.

David goes over three challenges he faced when writing The Guru Gap.

Hope is something Dave Ramsey seems focused on. However, in the context of financial planning, David sees hope as something that can be the opposite of math.

David and Lane Martinsen discuss the chapters David is most excited about.

David’s ultimate goal with The Guru Gap is to engender a massive dialogue between Americans and financial gurus.

David hints at a future book that will focus on Millennials – a generation that is saving less and is less educated on investing than their Gen X and Baby Boomer forebears at the same stage in their life.

 

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.comLane Martinsen

Financial Fast Lane

Al Gore

Dave Ramsey

Suze Orman

Clark Howard

Ramit Sethi

Wade Pfau

Ken Fisher

Tom Hegna

Ernst & Young 

David Walker