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Old 11-05-2008, 10:29 PM   #1
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Finance Celebrities

What do you think about the advice of personal finance celebrities?

Suze Orman?

Robert Kiyosaki?

David Bach?

Others
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Old 11-06-2008, 06:25 AM   #2
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What do you think about the advice of personal finance celebrities?

Suze Orman?

Robert Kiyosaki?

David Bach?

Others
Hyundai is running ads with a few, Ray Lucia being one of them...
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Old 11-06-2008, 08:49 AM   #3
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All in all of the current offerings who have radio/TV/media exposure I enjoy a good bit of the common sense approach of Dave Ramsey. Eat beans and rice, eliminate debt and save. Once you have savings for investing he is worthless. But, when I put money into the future of investments I run from the shills and charlatans.

No one cares as much about my future as me.
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Old 11-06-2008, 09:06 AM   #4
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What do you think about the advice of personal finance celebrities?
They serve the purpose of shaking people out of their consumption/debt lifestyle trap. So in that sense they serve a positive role.

Per their financial advice, at best it is basic common sense stuff.
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Old 11-06-2008, 09:20 AM   #5
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Originally Posted by Dreamweaver View Post
What do you think about the advice of personal finance celebrities?

Suze Orman?

Robert Kiyosaki?

David Bach?

Others
The key word is "celebrities." I expect that their words are meant to sustain their celebrity status and the money it brings them from broadcasting and other media. I haven't learned anything new from any of them that I've listened to or read. Now, if you have no knowledge about anything financial, you might learn a few things helpful.
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Old 11-06-2008, 09:22 AM   #6
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What do you think about the advice of personal finance celebrities?

Suze Orman?

Robert Kiyosaki?

David Bach?

Others
Orman - Rich but clueless

Kiyosaki - a charlatan and a fraud, but rich

David Bach - some good info but too hokey for me.

Ramsey - I like him

Ray Lucia - Overrated
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Old 11-06-2008, 09:30 AM   #7
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Kiyosaki's a waste of food... a great teaching tool for how not to do [whatever it is he's doing today]. The one exception to that opinion is his "Cash Flow" game, which is a great way to introduce kids to personal financial management. He'd sell a lot more copies of the game if he'd price it realistically.

I think Suze Orman has been quite effective at teaching personal financial management & responsibility to our teen. Suze's carnivorous teeth and fixated eyeballs are pretty scary but she manages to resonate with a crowd of clueless newbies. I should point out that the only way I manage to watch her is with the sound off and the close-captioning on.

I think her best teaching tool is her "Can I Afford It?" segment. It's started many a household discussion...

I don't know David Bach. But what about these authors?
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Old 11-06-2008, 09:35 AM   #8
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They are like "junk food" is to real food.
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Old 11-06-2008, 12:36 PM   #9
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I agree with most of these assessments, with a highlight on the Kiyosaki is a waste of oxygen. I do like Dave Ramsey, his simplistic and workable program really does make sense, especially to folks that are debt-averse, like me.

I've been to see him at a live event twice, read most of his books, and called his show when we paid off our house. If you do a search on Dave Ramsey on this site, you'll see a lot of banter about him, mostly centered around that age old question "keep the mortgage or pay it off".

See that thread on good investment books for some better ideas than Suze and Kiyosaki. Bach is okay, but hokey, like FD said.
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Old 11-07-2008, 07:28 AM   #10
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They all serve a purpose. Even though I think Kiyosaki and Orman are long winded and should shut up they both make a few great points.

I honestly believe Rich Dad, Poor Dad has some very valuable things i.e. Cash Flow, Income generating investments, Poor vs Broke, not using negative words. Its a good library read or $1.00 ebay buy.
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Old 11-08-2008, 01:38 AM   #11
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Orman - Rich but clueless

Kiyosaki - a charlatan and a fraud, but rich

David Bach - some good info but too hokey for me.

Ramsey - I like him

Ray Lucia - Overrated
Pretty much agree with the above, although I like Bach and don't know much about Lucia.

And Kiyosaki is his own category of terrible.
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Old 11-08-2008, 07:00 AM   #12
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some of Ramsey's advice is wrong, like paying off the smallest loans first.
You should pay off the highest interest loans first. His advise is always the
same: spend less and make more money (get a 2nd/better job). Well duh?!,
thanks Dave.
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Old 11-08-2008, 07:13 AM   #13
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Orman - Rich but clueless

Kiyosaki - a charlatan and a fraud, but rich

David Bach - some good info but too hokey for me.

Ramsey - I like him

Ray Lucia - Overrated
Kiyosaki made a prediction we were going to have a market crash,
after 6 years it finally came true and now he is out pushing his garbage.

If you listen to 30 mins of Ramsey, you heard it all, everything will just
be a repeat after that: Talk about hokey: screaming I'm debt free?

Lucia's is by far the most informative I've listen to, he is pro real estate,
non-traded REITs especially, covers a lot more topics than any other
show.

Ric Edelman is another one not mention, his "truth about money" book
is pretty good, his show is ok. Both him and Lucia are anti-mutual funds,
because of fees and the fact that when people are bailing out like they
are now, it hurts the buy and hold investor by driving up fees and
reported capital gains. Ric has been attacking the mutual fund companies
for their corrupt practices, which is a good thing.


TJ
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Old 11-08-2008, 07:35 AM   #14
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Suze Orman - - I enjoy watching her show. I think her "Can you afford it" segment is great, and one of the very few shows that explores the concept of actually living at or below one's means. That is a genuine contribution, and a pretty mind-boggling concept to many Americans! I think that she introduces concepts that are unfamiliar to many of her viewers. I don't always agree with her. I wouldn't suggest doing everything she suggests, and actually I have never made any changes as a result of watching her show. Still, I find her show entertaining and try to get home in time for her show on Saturday night. Frank doesn't like her but understands.

Robert Kiyosaki - - I think he is a blatant liar and a despicable con artist. I read and believe John T. Reed's rant about Kiyosaki, some of which is here. When I see him on TV, I want to take a long shower because he is so slimy.

David Bach - - Doesn't really interest me. Haven't read any of his books.
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Old 11-08-2008, 07:46 AM   #15
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Those listed are "junk food" as another poster stated. They are entertainment parading as sound financial advice. They do give very good advice on same aspects of finance, and terrible advice in other areas, and most of their audience can't tell the difference - which makes them dangerous to your wealth.

For me, I read/listen to others (see list below from diehards), but I would be perfectly content listening only to Dr. William Bernstein and Jack Bogle. YMMV

General Investing - Each of these titles covers all the basics - such as asset allocation, investor behavior, tax deferred accounts, sample portfolios - that you need to develop an effective portfolio. If your library or bookstore doesn't stock these, earlier books on investing by Larry Swedroe, Rick Ferri, and John Bogle are perfectly acceptable substitutes. Note: author name links go to their forum posts.

The Four Pillars of Investing - by William ("Bill") Bernstein. My favorite title in this section.
Wise Investing Made Simple or The Only Guide to a Winning Investment Strategy You'll Ever Need - by Larry Swedroe
The Bogleheads' Guide to Investing - by Taylor Larimore, Mel Lindauer, and Michael LeBoeuf
All About Asset Allocation - by Rick Ferri
The Informed Investor - by Frank Armstrong
The Little Book of Common Sense Investing - by John "Jack" Bogle
The Coffeehouse Investor - by Bill Schultheis. Too light on content for my tastes, but highly readable and thus an excellent way to introduce the concept of passive investing to those just starting out and perhaps non-investing partners.

Investor Behavior - Investors often act contrary to their own best interests. These books point out common mistakes that have been uncovered by researchers in the field of behavioral economics and suggest methods for avoiding them.

Why Smart People Make Big Money Mistakes And How To Correct Them - by Gary Belsky and Thomas Gilovich
Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich - by Jason Zweig
Rational Investing in Irrational Times: How to Avoid the Costly Mistakes Even Smart People Make Today - by Larry Swedroe

Financial History

Against the Gods and Capital Ideas - by Peter L. Bernstein
Devil Take the Hindmost: A History of Financial Speculation - by Edward Chancellor
A Random Walk Down Wall Street - by Burton Malkiel
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Old 11-08-2008, 07:50 AM   #16
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Here is the link to Midpack's book list from the Bogleheads message board:

Investment Books

Still, many people simply do not read. There is a place for popular finance guru's - - though not Kiyosaki, IMO.
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