Dave Ramsey vs Robert Kiyosaki - Who Should You Listen To? 

Dave is great for people who are bad with money. Richard is good for people who are good with money

I love the teaching of both men, the difference is that David R is targeted for the majority of the population to bring them a basic understanding of money where Robert K has a more advanced approach which is more complex and uses the fine points of our financial system to create wealth. Love them both

Dave and Robert compliment each other Dave helps you get out of debt. Robert helps you become an entrepreneur

Personal finance - Ramsey Business - Robert

Robert Kiyosaki actually teaches in Rich Dad’s Guide to Investing to lay down a solid foundation of security in savings, retirement and mutual funds before investing in real estate and stock trades. So, he does believe in what Dave Ramsey teaches but to set himself apart, he isn’t too vocal about it in public. But he discusses it thoroughly in this book

In order to understand money and have discipline and self control, follow Dave first. Then once you get these, you can do Robert. But risk is very scary. It can either make you rich or poor.

They are both right. Use Dave to get your mind right, and use Roberts approach to buildwelth. Use the approach of both of them to build generational wealth. Dase's net worth is 200 million and Roberts net worth is 100 million. Personally I like to check the scoreboard.

Dave Ramsey teaches Godly prosperity. Kiyosaki teaches earthly prosperity. Dave Ramsey teaches you to give 10% to the Church first which Kiyosaki never mentions or prioritizes. I guess my question is where is your heart at?

Dave Ramsey to start. After paying off the debt and having 3 months savings then switch to other teachers. You shouldn’t have ANY good debt when you have bad debt

Simply put, Dave Ramsey’s method takes more time so it’s not sexy, it is builds wealth slowly but surely…. Very little risk. Kiyosaki’s method is quicker but extremely risky. You can get into huge bad debt and get stressed out. But if done ✅ right it can make you wealthy much faster.

I am never comfortable owing money - whether it is “good owe” or “bad owe” so to speak

Actually Dave teaches to live frugally when getting out of debt. That's the no going out to eat and living on beans and rice. Once out of debt now you can go back to having fun with your money.

Kiyasaki doesn't finance cars or use credit cards. That's why he's able to build wealth.

The real difference is one will keep you up at nights and the other makes you worker harder physically and lust for more sleep! Simple truth and an individual will have that decision to make .

this is a interesting topic but it really comes down to risk.. more debt is more risk. High risk over time will eventually get multiplied by zero the question being will it be in your lifetime. "Over the years, a number of very smart people have learned the hard way that a long stream of impressive numbers multiplied by a single zero always equals zero." -Buffet Preserving wealth is arguably even more important than how fast you can accumulate it. I think they both have some seriously good views and I prefer to mix both. I don't mind debt to buy a house that cashflows as long as I can mitigate the risk with my own job and once its paid off I'll get another, ect.. My aspirations are millions not billions though

Both are right. Robert is more right but better for people who are high earners that lose money by sitting on cash.

hi i like both ideas because also has 2 different categories peoples;emotional and not emotional(this is my though)means x example; you start to pay off high balance with low interest rate?maybe;if we see or be able to understand and the end of the road how much money we will save pay high interest first instead like ramsey say that with small amount;is work for is emotional,and want to see his debts go away faster to believe in this step by step guide;because if i have $5k debts on 10%interest or $2.5k on 20%interest i pay some amount money;is true also that snowball idea;once you cut 1 card away you have more money to transfer to pay off another card.

Great video! Been wanting a comparison between these 2 gurus!

Robert. Personal preference.

Never got his books “rich dad poor dad “ but just recently , I was already doing his style already .

There both saying similar things. Difference is kiyasaki uses debt to get rich. He's not going to use credit cards then.

i watched my parents go through a $25K eviction in the early 1990's, it was horribly expensive legally -- and they were not receiving rent, and the guy completely trashed the house before he finally moved out with holes punched in every wall etc. the whole thing probably cost my parents $75K -- in the 1990's. My parents were frugal, and debt free so they made it through that storm. Had they been heavily leveraged, they could have lost everything .

given we are possibly moving toward bad economic times, debt free is the safest bet. for the average person, a leveraged rental all collapses with one eviction.

Thank you for this information

Excellent video

Both

I disagree with your comment on Davey Ramsey preaching frugality. He preaches proportions and ratios, which has nothing to do with frugality. If a multi millionaire calls into his show and is on the fence if to buy a ferrari or not, he will tell that person to stop being silly and go buy it. Someone that teaches frugality would tell that person you don't need the ferrari, no matter the net worth. He teaches proportions and ratios, and his goal is to make sure people live within them. Also, the main difference between the two is Dave Ramsey takes risk into consideration. You're second guy's methods (specifically good debt with 'assets') is exactly how Dave went bankrupt in the first place if I'm not mistaken, he had debt out on properties ('good debt') and the banks decided to recall the notes. That's why Dave teaches 'risk averse', so that people don't get in those situations.

So, these 6 steps are not correct for Dave Ramsey- There's also an order to get to millionaire status. 15%, college funds, pay-off mortgage are part of his baby steps.

Why is paying rent better than paying mortgage if you are spending the same every month other than it reduces your ability to borrow on rental properties?

They both teach you to create your own business and invest in real estate, Dave always tells his listeners when they get fired use that opportunity to find a better job or start their own business. The only difference is debt. Dave invests cash to get a 100% cash flow in his return and it looks like he is really wealthy. but I agree with you that you have to listen to different points of view and use what works better for you. Personally, I don't use debt and I invest with my cash. I am my own bank. One more thing, when you don't have a mortgage payment, you do receive an income and it is coming from you. You are avoiding making the payment and you don't have to file taxes on it not to mention that you can now invest it.

A friend is a very successful attorney. Very successful. He was offered a chance to become a partner in a national law firm. He needed to get a loan despite his wealth in order to buy into the firm. This is good debt. Of course, Dave would have told him no. No way. This would have been very bad advice.

Dave Ramsey 💯👍👍💯

Dave Ramsey is teaching not only to simply get out of debt. He is following biblical principles of acquiring wealth God’s way and not the way of this world of doing everything to get rich. Commandment 10 is where God commands us “You shall not covet” which is not only a prohibition against greed and jealousy; but walking in God’s contentment. I will follow this narrow pathway to peace rather loose my soul in pursuing riches.

Idk why anyone thinks they only have to listen to Dave or to kiyasaki. Listen to both! Listen to Erica cullberg as well! And the other's. So many options.

What is the names of the Rich Dad and also the Poor Dad?

They are both vital it’s all advice use all sources of mentorship experience is going to best all

I will debt the snowball and use debt as a tool at the same time. I don’t care about fancy things, I don’t want to work, so I buy equities.

The secret to wealth is living below your means and having the discipline to sustain. It will allow for the accumulation of wealth that will outpace almost investment strategies and inflation.

Being out of debt is freeing. Once you are out of debit (sooner than later), you still have the opportunity to invest for the long term without going into a massive debt position.

I know this is 2 years old But I stack gold and silver I have some annuities I get loans against my own money. My interest pays my debts I bank hop for highest savings interest rate I have 15 credit cards I travel around I am fine Have about 300k in debt

I feel as though I incorporate a bit of both peeps. I like the 10-15-75 Dave has but invest 25 or more like Robert teaches.

You actually would be better served using both principles. You jave to diagnose yourself and see where you are and build yourself up financially. I think real financial health is similar to a lifestyle, complete with mindset, habits, and principles that make up your own paridigm of how you see and use money.

I work in dental as well in Arizona.

Dave is solving for peace, and wealth is a biproduct.

To service debt you need guaranteed cash flow

Good debt > cash in hand > bad debt.

The one true thing about both is that they’ve made themselves filthy rich writing books and selling products, so at the end of the day they are both big business owners which is why they’re rich.

Robert is a great teacher and a real one, you can't compare to Dave

Love ur Southern Accent Sounds like Sandy from Spongebob

Dont get me wrong, robert wrote an excellent book. But you cannot find any of that real estate or gold purchases he talks about. No one is that good that you can hide assets. Not even billionaires. Robert made his wealth off of books/education. Not what he practices. Dave actually did what he said he did, and still does. He really went bk amd got out of it and built a 700 million dollar portfolio. No one can tell me they have actually seen any of roberts assets. Thats not common. Thats actually weird. Theirs no specific or special way to put real estate to hide, so where is all of these assets

If you're in debt follow Ramsey to get out of it and build a solid base. If you have a solid base and want to get rich - Kiyosaki

I really like your the way you explain it 😅 i like Dave and Kiki but both teaching you how to win chose what fit you

The credit card companies and debt consolidation scammers don’t like Dave R, that should tell you much.

I'd only buy a house if you don't have to think about it.

Do you know what bankruptcy court is like these days? get out of Debt... stay out of debt... have a nice life...

Neither one...

soon as he said what he does, and brought up the Bayou. I was sold and subscribed

Listen to both.

Debt free vs Positive debt

I really appreciate you! Growing up in the church David Ramsey and Larry Burkett were praised! Get out of debt!!

If you need a kick up the arse to get yourself out of debt then DR is worth a listen. Kiyosaki should be ignored at all times. The man is a complete smoke and mirror peddler.

They are both ideologues because they both sell systems, trainings, and books that need to be packaged formulas for consumers. You can't sell wishy washy ideas, they need to be hard structures to be sold as the "secrets" and the "systems" to get wealthy. They also both make no sense in many scenarios. Dave is on video saying "no" to a $10B loan at 0% to which he states - "I don't get into debt." Anyone with half a mind can see this makes no sense, and that he could make $500M with a simple 5% CD off that year one with extremely low risk. Likewise, he draws a hard line with credit cards and even hangs up on people that bring up paying it off in full each month and reaping the 1-3% rewards on money they would have spent anyways. Robert is no angel as well - real esate investing is challenging and capital-intense often times. He's known for having stated you should buy properties with credit cards which, again, we all know is a high-risk scenario if you can't put out the work, drive, and effort to see deals through and get cash flowing. He also states that traditional investments vehicles, such as stocks and index funds, are for the poor man who doesn't understand wealth creation. Dave is too cautious, Robert is too aggressive, blending the two and just TRYING is the true formula to YOUR own success path.

Dave’s built twice the net worth🤔

When you’re watching this yet too broke to ever make any actual investments/savings in this economy 😂

No, I guess you can’t get to millionaire status with credit card rewards. But you can get things 1-5% cheaper if you are smart about it. Edit: Rent is just as expensive as a mortgage now. Plus, isn’t a home an asset?

Kiyosaki is right

Ramsey is completely wrong about credit cards. You just need the discipline to pay the balance each month. With all the miles I have accumulated I can fly to Maui from SFO for $10. Or I could fly to Australia business class for free.

I was very put off that Kiyosaki would call Dave a f****** idiot in a live interview.

I always said you have to spend money to make more money.

Dave Ramsey is better

Neither of them

For poor dad, Ramsey. For rich dad, Kiyosaki

Ramsey has a higher net worth than Kiyosaki

Kiyosaki was proven right. But you had to do it right.

You should just call in to the Dave Ramsay show and ask him about his recommendations on tax benefits and breaks after baby step 7 as a business owner

Name of your channel is ‘Debt free’ do I even need to watch this video?

Who is richer?

Ramsey has no accountability; he is an entertainer, not a fiduciary. He spouted off a few months ago that an 8% withdrawal rate is reasonable. However as someone who always claims the moral High Ground he had an obligation to tell people that if they're going to follow what he said that day, they need to be expecting to fail around 45% of the time on a typical 30-year retirement based on historical evidence. But Dave isn’t a fiduciary, he’s an entertainer, so what the hey. I know you can say well history is no no indication of the future; but it's all we've got and to ignore it is as stupid as people who ignore National History or political history. (Not to mention Dave cites the market history regularly) So, he could have put it another way and said "if you took this advice over the previous 68 completed 30-year rolling time horizons, YOU WOULD HAVE FAILED 45% OF THE TIME." That's objective, that's factual, and most importantly, that's critical for moral High Ground Dave to have done. In statistics a p-value 95% confidence interval is somewhat standard. For medical studies often 99% confidence interval is warranted. NEVER is a p-value 55% confidence interval tolerated...except when "shoot-from-the-hip" ENTERTAINER Dave Ramsey decides it meets his purpose. If Ramsey stuck to his high moral principles, he'd fire himself, but those high morals are only in play when it serves his agenda. He was so outraged that George Kamel put out that 3% withdrawal rate "trash"…but but he's still on the show. Why? Does Dave agree with propagating trash? If anything, Kamel is reasonable and Ramsey's assertion is "trash." At a minimum, he could own what he did and address it...but not Dave, it would bruise his fragile ego. According to Ramsey, he's made many dumb mistakes; however, the last one he made was in the 1980s. So, let's say Billy Bob listens into good old Dave’s show and Billy Bob he knows a little but not much, so he goes to the expert Dave Ramsey. Billy Bob retires January of 2000. He follows Dave Ramsey's advice that he heard because of the guy talks to millions of people he must know. Billy Bob has a million dollar portfolio so he takes out 80,000 in that first year and then adjust for inflation every year beyond that. Billy Bob goes broke in the year 2009 - now Billy Bob is sleeping on a park bench. But let's just entertain some more Dave Ramsey wisdom where he says if you're smart like me, you'll get 12% on your Investments not 10 like the market. Okay so we'll take the same scenario and we'll pretend that Billy Bob is as smart as Dave Ramsey (and the only person in the world smarter than both of them is Warren Buffett) so we're going to bump him up 2% every year over what the market returned. Dave said you can get 12 so if you bump up every year by 2% you're as good as Dave Ramsey. Well it's 2010 instead of 2009 that Billy Bob is broke. You think Billy Bob's going to praise Dave Ramsey now that he only has to sleep on the park bench for 19 years instead of 20. Now, I'm not saying everything that Ramsey says is incorrect. A lot of his advice is reasonable...and it better be pretty good if you're talking to millions of people. However, when he screws up he screws up big time. He always claims the moral high ground; as such he had the obligation to let his millions of people know that in that case, in a typical retirement of 30 years, your ass will end up broke nearly half of the time, and in some cases within a decade. If anyone really believes he had no duty to say something to that effect, s/he needs to stop worshiping at the alter of Ramsey.

I was neck deep in debt last year and I actually followed Dave Ramsey's baby steps.

The answer to this is very simple. Dave Ramsey. And heres why. Im a critic of the ramsey way. However… If you ignore the fact that you may grow old and die, daves way always works. No matter what circumstances your in. Or came from. If you follow his steps is basically impossible to fail. Adding back in our impending doom... there are situations that ramsey advises that would absolutely ruin you. Mathematically, at least. But again.. ignoring your ticking clock. If you've failed with ramseys steps, it's because you didn't actually follow his steps. They work 100% of the time when followed correctly. Robert on the other hand... is a complete wacko. Much of his thoughts on finances makes absolutely no sense whatsoever. Mathematically speaking. Like watching his rant on gold & silver. I don't doubt that with some of his aggressive techniques you could gain substantial wealth. The issue is his higher failure rate. Odds are following Robert you will fail. You could have the lowest iq possible. The worst luck. Etc.. and if you just had barely enough intelligence to follow dave. His way works. Roberts way requires talent. Timing. And luck. His way are based off of those things. The truth is a blend of both is better. Add some risk for reward and use daves approach to balance risk. But if you could only pick one Daves way is the no fail approach.

I give 10% to God. Not. The church

I feel like if you dont have the discipline to follow Dave’s, you have no business calling hourself savvy and follow Robert’s

Short answer: Don't listen to either. They are entertainers, not teachers. Definitely NOT professors. Just empty heads rambling on about money. Exciting to people who think money is interesting. Neither of them got money by being smart. They got rich by finding an audience that was dumb, and desperate.

What possible reason would you have for wearing scrubs? Ramsey is for unsophisticated, undisciplined people.

I like both of them but the truth is both of them have said dumb things as well. I think for myself and use all the knowledge from different people to form a good wealth building method.

Robert kiyosaki literally buys gold mines

Ramsey gives good practical advice if you can stomach the Jesus stuff. I think kyosaki is a BS artist

If you can pay all bills with your interest and still have money to spare you’re doing fine .

How about you never listen to any of these clowns

Both are egotistical boomers

Dave Ramsey is for financial illiterates. His plan does NOT work for massive wealth building. His advice of first paying off debt then investing is a terrible idea, and paying off mortgages, even low interest mortgages as fast as possible, is just irresponsible. It doesn't lead to wealth building. Dave Ramsey is fine for working class Joes who have no entrepreneurial skills and don't understand compounding interest, and who "need" to play it safe all of the time. Ramsey plays it too safe in life. True that we should learn skills with money from a mentor but pastors are among the worse people to take advice from. They don't live in the real world. Paying off low interest mortgages is just plain stupid. On Kiyosaki's advice, he is right that a home is not truly an asset, but a liability. However, as the late Charles J. Givens pointed out, home ownership surpasses renting because when you sell the home, you get back all of the payments you've made, effectively meaning you've lived in the house for free. You don't get any rental payments back when you move out of a rental. Kiyosaki also says to never invest in a depreciating asset. This is impractical. You are investing in a depreciating asset when you rent or lease a car. That car won't be worth as much when you initially obtained it. Even investing in real estate is risky as Dave Ramsey lost his shirt doing it. Real estate doesn't always appreciate in value, and you would be investing in a depreciating asset.

Kiyosaki all the way!!

Both