Why I Don't Like the Big Name Financial Gurus

If you have to buy their books or seminars, they don't have your best interests at heart. Pass 'em by.

If you're following people like Dave Ramsey or Suzie Orman you probably won't like me. I don't consider myself a personal finance expert but these people have made millions of dollars selling books and seminars. One of my friends says that proves they know what they are talking about. But to me it just means they are getting rich off other people's misery. Dave Ramsey may have once been poor like millions of other Americans but he's no longer one of us.

I'm not the only person who doesn't like Dave Ramsey's advice. I have nothing against the man personally. I don't think he's evil. I just feel he's lost touch with the mothership. And a few other people agree with me. Here is another Website that takes Ramsey to task. Ramsey is a smart guy and he has made millions, but he doesn't know everything. And I've never met anyone who was rich who didn't have a lucky break somewhere.

In fact, I'll go so far as to say that networking with wealthy people is an important part of the process of becoming wealthy. If you don't know any people who are wealthier than you, then who will help you build your wealth? Whether you're doing business with someone who can help you or you have a personal mentor, being able to connect with someone who is already successful is a leg up.

Of course you have to do something with that relationship. Maybe you just need introductions to the right people. Maybe you you need better advice than you've gotten. Something has to change in your life besides learning how to live on less.

Spend Less, Save More is Only Part of the Picture

All the financial experts tell you to cut your expenses and to save more money. But then what? What do you do for the next step?

If you don't have a lucrative book contract lined up you won't become the next Dave Ramsey or Suzie Orman. I don't know anyone in the television industry so I don't think I'm going to get a reality show. That's a shame because I can be just as boring as the next person on reality TV.

Let's say you save up $500. Should you just leave that money in the bank or should you invest it? Well, you need an emergency fund so maybe you should wait until you have another $500 saved.

Now you have $1000. As recently as last year experts were saying most Americans don't have $500 in cash savings. So now we've got that covered. What do you do with the second $500?

Investing Is Only Part of the Picture, Too

These idiots who sell you their books and seminars will tell you to put as much money into a 401(k) plan as possible. So you've got tax-deferred investments but if you could turn that $500 into a fortune, wouldn't you have done that already?

Real financial experts and economists say that 401(k) plans have proven to be a bust for most people. If you're old enough to remember the stock market crash of 2000 then you've lived through that and the Great Recession. How much of your retirement savings is left? Not much, I'm sure.

You need to be able to manage your money. You can't just save a few thousand in the bank and invest the rest. You have to know where to put it to work and how to get it back quickly without paying tax penalties and interest.

We All Have to Find Our Own Way

Every personal finance story is different. People will give you free advice all the time. It's not always going to work for you. My financial advice is don't buy a lot of books and expect them to solve your money problems.

If you're going to spend less and save more, you either can spend less or you need to earn more and save that extra money. How you do that depends on where you are, what you know how to do, what you can do, and probably who you network with.

The financial gurus are more interested in your money than they are in your success. That is how they became so successful. Pay an honest man an honest day's wages, but let everyone else walk on by.