The episode explores whether the proposed Department of Government Efficiency (DOGE) will move the needle when it comes to the U.S. debt crisis.

Some people see DOGE as the bold move America needs to solve its looming debt crisis.

Elon Musk believes that DOGE can rip out at least $2 trillion out of the $6.5 trillion Biden-Harris budget – however, David McKnight disagrees.

David gives a breakdown of the federal budget, including the so-called non-discretionary spending.

Former U.S. Comptroller General David Walker shares his thoughts on what he sees as the potential impact of DOGE on the federal deficit.

David explains that, unless actions are taken right away, Social Security, Medicare, and Medicaid will eventually bankrupt America.

Moreover, the more time passes with the Federal Government failing to dramatically scale back such programs, the more onerous and draconian the fix will be on the back end.

Does David see DOGE as being able to move the needle on solving the national debt crisis? “Probably not,” he says.

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

DOGE

Donald Trump

Elon Musk

Vivek Ramaswamy

David M. Walker

Committee for a Responsible Federal Budget

The episode kicks off with David McKnight sharing his view of the guru’s approach: “to go about half an inch deep and ten miles wide.”

David discusses a sort of clash that financial planning gurus are creating by trying to attract — or even 'steal' — clients from financial planners who already have them.

The goal of financial planners should be to provide a bridge between the advice clients get from financial gurus and their ultimate objective of ensuring that their money lasts as long as they do.

David categorizes Dave Ramsey’s advice as “good for bad investors but bad for good investors.”

David explains the so-called “Dave Ramsey’s circle of poverty.”

According to Wade Pfau, who wrote the foreword for David’s new book The Guru Gap, adopting Ramsey’s approach will lead people to run out of money in advance of actuarial life expectancy 63% of the time.”

David shares that nobody he has ever talked to actually agrees with Dave Ramsey’s retirement advice. 

Running out of money before running out of life is the #1 fear most Americans have.

David sees instilling hope as the main reason why Dave Ramsey’s approach tends to exacerbate the #1 fear Americans have — instead of removing that fear.

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

Dave Ramsey

Wade Pfau

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

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

This episode is part of David McKnight’s guest interview with Kyle Solon.

David talks about the importance of math when it comes to decisions related to using cash value, life insurance, and annuities.

A recent Ernst & Young study showed a surprising stat about who had the highest income in retirement and passed the most money on to the next generation.

David illustrates the concept of the volatility shield, also known as volatility buffer.

The #1 concern of Americans all across the country is running out of money before they run out of life.

David shares a key question people should ask themselves when listening to gurus such as Dave Ramsey: “Is there a mathematical justification to what I’m being told?”.

David is a strong believer of leaning on the strategies that historically give you a much higher mathematical likelihood of increasing the life expectancy of your money.

Dave Ramsey is someone who David really likes for some things, while he isn't a big fan of him for other matters.

He sees Ramsey as good for getting people out of debt but not good at helping people have their money last through life expectancy.

David gives a breakdown of a couple of sections of his new book – The Guru Gap – and what people should do to educate themselves about the financial industry.

Mentioned in this episode:

David’s new 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

Dave Ramsey

Ernst & Young 

Ken Fisher

Suze Orman

David McKnight describes the Trump tax cuts situation before Trump’s victory at the 2024 presidential elections.

There’s likely going to be changes under a new Trump administration – something that David sees as great news.

When it comes to Roth conversion strategy, David is a believer in two things.

The first is to convert your money slowly to avoid rising into a tax bracket that gives you heartburn.

The second is to convert your money quickly enough to get all the heavy lifting done before tax rates go up for good.

While the posting of the end of the Trump tax cuts to 2032 would be good for American citizens, there’s a big downside for the country as a whole.

Several experts have predicted a need for a tax rate increase to prevent the U.S. from going broke as a country.

Eight more years with historically low tax rates would be especially critical for pre-retirees and retirees looking to shield their retirement savings from a predicted spike in tax rates in the future.

David shares something he believes can dramatically increase the likelihood of retirees having their money last as long as they will.

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

Donald Trump

Committee for a Responsible Federal Budget

David M. Walker

Larry Kotlikoff

Ray Dalio

Stanley Druckenmiller

This episode is a critique of a recent video by George Kamel on the supposed benefits of paying off your house in 10 years.

David McKnight examines Kamel’s viewpoint on early mortgage payoff and whether it’s truly beneficial – do you really come out ahead by eliminating your mortgage as fast as possible?

A major point David sees as a disadvantage is the fact that by paying off your mortgage early, you may lose access to the equity in your home.

David highlights the opportunity cost of using funds to pay off a low-interest mortgage (as low as 3%) instead of investing them in the stock market for potentially higher returns.

Kamel believes that the longer you take to pay off your loan, the more interest you pay.

According to Kamel, how much interest you pay depends on three things: the loan amount, the interest rate, and the time it takes you to repay the loan.

David shares an example that illustrates why following the advice of George Kamel’s video isn’t a good idea – and why it could cost you (a lot!) of money.

“Dave Ramsey is so fixated on getting people out of debt that he hasn’t bothered to calculate the opportunity costs associated with doing so,” says David.

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

Dave Ramsey

George Kamel

George Kamel’s Video How to Pay Off Your House in 10 Years or Less

Today’s episode looks at the top 6 reasons why doing a Roth conversion may be the right move for you. 

The disastrous fiscal condition of the U.S. is the first reason why you should consider doing a Roth conversion.

David explains why debt in and of itself isn’t the issue – and what the real problem with it is.

Doing a Roth conversion with today’s low tax rates can be a way for you to shield your retirement savings from the impact of higher taxes down the road.

Not sure what tax rates could double in your lifetime? There’s still a possible scenario in which your tax bracket could double.

David touches upon the “widow penalty”, the tax bracket compression, and what the IRS tracks to determine whether they’re going to tax your social security.

The so-called IRMA and the lack of required minimum distributions are two additional reasons to consider doing a Roth conversion.

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

Penn Wharton

Comeback America: Turning the Country Around and Restoring Fiscal Responsibility by David M. Walker

David McKnight explains how a lack of knowledge about Roth 401(k) distribution rules can lead to unexpected taxes and penalties.

This episode dives into practical insights to help you steer clear of unwelcome surprises from the IRS.

David illustrates what happens if you withdraw from your Roth 401(k) before age 59½, and how these rules differ from those of a traditional Roth IRA.

He subsequently tackles the question of when post-59½ withdrawals of Roth 401(k) growth can be completely tax-free. 

Roth 401(k) distributions can be confusing – especially if you’re planning to take funds before age 59½. And there’s an alternative you should consider.

Planning to use your Roth 401(k) as an emergency fund? “Think again!,” says David. He goes over why this may not be the best choice (and what to do instead). 

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

In the past, David McKnight has been critical of gurus like Dave Ramsey. However, this episode looks at a video in which Ramsey seems to have slightly changed his views.

Ramsey emphasizes that one key benefit of a Roth IRA is the potential to drastically reduce or even eliminate Required Minimum Distributions (RMDs).

David explains that the decision to pursue a Roth conversion typically depends on whether you expect your future tax rate to be higher than it is today.

David discusses a missed opportunity in Ramsey's advice to a caller, highlighting a critical point Ramsey seems to have overlooked.

While David acknowledges a solid point made by Ramsey, he also identifies what he describes as "a huge blind spot in Ramsey’s worldview."

David highlights a "right move" by Ramsey – whether it’s a deliberate policy shift or Ramsey unintentionally cornering himself remains to be seen…

David praises Ramsey’s advocacy for Roth accounts, a sentiment he wholeheartedly agrees with.

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

Dave Ramsey

David M. Walker

Ed Slott

Tom Hegna

Dr. Laurence Kotlikoff

Brian Bolan

Wade Pfau