Today, Rick Bloom takes a deep dive into the financial strategies presented by “Celebrity Financial Advisors,” most notably Suze Orman and Dave Ramsey.
- Shaming – sometimes they “shame” viewers – no financial professional should make you feel that way
- Debt – save for today, live for tomorrow, but will skipping Starbucks reallynet you a million dollars?
- Dave Ramsey’s idea of paying off all debt before saving for retirement – and the flaw in that logic
- The idea that nobody should have a charge card – why they can be useful tools.
- Investing – the problem with Suze’s generic math equation
- Dave’s idea that you should only invest in 4 areas, as well as Class A mutual funds vs “no load” mutual funds
- The idea of a 12% return – why that’s just not realistic
- The idea of retiring at a certain, one-size-fits-all age
Additionally, Rick answers listener emails regarding Roth vs Traditional 401K plans, long term care and life insurance, and the differences between UGMA, UTMA, and 529 savings plans.
If you have a question for Rick Bloom, you can email him at Rick@RickBloomTalksMoney.com
Bloom Asset Management website: http://www.bloomassetmanagement.com/