In this episode, we talk about the mistake of following the words of financial entertainers, namely, Dave Ramsey, for facts without proper research. We examine why false expectations and over projections as a result of misinformation can be harmful to you financially. In addition, we note that when statements cannot be backed up with proper evidence and critics are lambasted instead of shown facts, those statements might not necessarily be true. The purpose of this series is to help you see through the entertainment and down to the facts.
What Was Covered
- 02:22 - Who are financial entertainers and their influence on you
- 03:30 - Two things that can be simultaneously true about financial entertainers
- 04:12 - An analysis on Dave Ramsey
- 05:25 - S&P 500 Index reflects the success of 500 companies in the country
- 07:00 - Example of what average annual looks like
- 10:44 - The average annual total return of the S&P 500 Index over the past 90 years is 8%
- 14:04 - The fallacy of people are listening to Dave’s 12%
- 17:53 - Dave’s not dead wrong, but also not complete
- 18:26 - Evidence and research needs to be cited
- 24:06 - The pain of false expectations and over projections
- 26:54 - Be a planner or be an entertainer
- 27:06 - Just a little bit of Google and fact checking can help fight misinformation
- 30:05 - The biggest hindrance to people’s financial wellness is that they don’t set enough money aside for assets.
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