Why Dave Ramsey Is WRONG About Debt | Robert Kiyosaki

About this video

• Video Title: Why Dave Ramsey Is WRONG About Debt | Robert Kiyosaki
• Channel: The Iced Coffee Hour Clips
• Speakers: Robert Kiyosaki
• Duration: 00:07:40

Overview

This video features Robert Kiyosaki discussing his disagreement with Dave Ramsey's "debt-free" philosophy. Kiyosaki argues that Ramsey is shortsighted and unpatriotic, explaining that since 1971, the US dollar became debt and borrowing money is essential for the economy to function and for individuals to create wealth. He also touches on the importance of education, financial advisors, and the role of corporations in wealth management.

Key takeaways

• Critique of Dave Ramsey's "Debt-Free" Approach: Kiyosaki believes Ramsey's advice to avoid all debt is shortsighted and detrimental to economic growth and personal wealth creation, especially after the US dollar became fiat currency in 1971.
• Borrowing as a Wealth Creation Tool: Kiyosaki asserts that borrowing money is crucial for creating money and for a functioning economy. He views borrowing as a patriotic act that fuels economic activity.
• The Importance of Financial Education and Advisors: Kiyosaki emphasizes the need to understand how to raise capital (debt) and highlights the importance of knowing one's banker and accountants, suggesting a team of advisors is crucial for managing wealth.
• Money and Happiness: Kiyosaki believes that money can buy happiness, provided it's not acquired by sacrificing one's values or doing work they hate. He contrasts this with the unhappiness of living paycheck to paycheck or dreading work.
• Strategic Work Habits: Kiyosaki shares a strategy of working on Sundays to get more done, allowing for Fridays, Saturdays, and Sundays off, reframing work to be more productive and enjoyable.