Why Dave Ramsey Could Keep You Broke In 2021 - YouTube

Could Dave Ramsey's advice actually keep you broke

in 2021? "I thought he was one of the biggest  financial gurus in the world?" In this video, 

I'll walk you through which advice to listen  to and which not to. All that and more, coming up.

In this video, I'm going to walk you through  the advice Dave Ramsey gives that is  

powerful and you should be listening to and then  the advice I think you should use a different,  

more powerful strategy for. Hey there, my name is  Mike Fritz. I'm the founder of Titanium Capital  

Investments and the founder of the multi-family  CEO system. I've been investing in multi-family  

real estate for 20 years. My greatest passion is  helping people just like you create financial  

freedom by leveraging multi-family real estate and  getting cash flow every month and starting to see  

that income replaced. The very first thing  to consider when we're talking about Dave's  

strategies is Dave talks a lot about debt. He talks  a lot about getting out of debt and I will first  

say there is nobody in the world better at helping  people get out of consumer debt than Dave Ramsey.

His strategies are practical and they're powerful.  And if you do have credit card debt and you  

do have some debt that is really strangling your  ability to live, he's one of the greatest financial  

trainers in the world on that specific strategy.  But I want to see Dave decipher debt a little  

bit better, in good debt and bad debt, consumer debt  and leveraged investment debt. In 2021, investing in

debt is probably the best investment you can have  because inflation and devaluing of the dollar is

coming. And the best hedge against that protection  is solid debt. Now, this doesn't mean debt, where you  

take a loan out and you go buy a boat or buy a  house or buy liabilities. This is a place where  

you take loans out and take debt to invest in  things that will create cash flow. That's a really  

powerful way to start building your financial  portfolio. Dave would say leveraging debt for real  

estate is not a good idea because it's too risky.  I believe leveraging debt to invest in real estate  

and cash producing properties is one of the best  way to build your financial portfolio. When you

have 2 gurus that disagree so vehemently, you  have Robert Kiyosaki that says "Leverage debt as 

much as possible," then you have Dave Ramsey  that says "Never. Debt is bad." Dave Ramsey has  

a 50 million dollar net worth, huge net worth  then Robert Kiyosaki, 450 million. You have Dave  

Ramsey, no debt, Robert Kiyosaki has 700 million  dollars in debt. You have 2 different people,  

"don't leverage debt," one says, "leverage debt."  The one that says, "leverage debt" has 10x net worth

because when you leverage other people's money,  you can see a massive return as long as you're  

leveraging good debt and investing in really  good safe investments. Now, the 2nd thing 

to consider, as mentioned before, is getting out of  consumer debt is Dave's thing. You need to get out  

of consumer debt as fast as possible. If you have  credit card debt, kill it. Make sure you get that  

out. If you have cars you haven't paid for and all  these things that are really strangling you so you  

can't invest in real estate, it's time to start  using your money in a little bit smarter way  

so you're not wasting your money on things that  don't return value. And Dave does a really good job  

at helping people see the stupidity in some of our  financial decisions. People that have racked up a  

quarter million dollars in student debt and now  have a big mortgage payment, and now have tons of  

credit card debt, and they're literally sinking  in their own debt. They can never think about  

investing, they can't think about building wealth,  they're just trying to literally work their way  

to broke. Literally. And what I want to do is say,  "Let's get that debt out of here and let's grow our  

financial portfolio." So, one of the pieces of advice  is from Dave you need to hold on to is to get out  

of consumer debt. You need to crush it now. Crush  it quickly and crush it with amazing intensity.  

The 3rd thing to consider is debt is the best  hedge against inflation, and things start to cost  

more money. Gas prices go up and the delivery of  goods go up and so those price of those goods go

up and we start to see prices inflate. Debt is  the best hedge against that inflation because  

you've borrowed money on a stronger dollar at a  cheaper interest rate. It creates a hedge against  

that inflation and allows you to leverage a point  in history when the dollar was worth more money.

Debt is a powerful investment and in my opinion,  the best investment in 2021. And if you don't take  

advantage of this, you're gonna miss out on one  of the greatest opportunities to create wealth

this world has ever seen. Currently, we are  borrowing money at a record low rate and we  

are seeing powerful investments still available  in the real estate space. What a great time to  

leverage cheap money and create passive revenue.  But what's really the point of wealth? I believe  

the point of wealth is so that we can truly  give to other people. The point of wealth is  

for us to create ecosystems and communities where  we can serve those we love. I believe the point of  

wealth is so that when you have people in your  sphere of influence that are in need, you can meet  

that need. Why build wealth? That's why we build  wealth and so when we're talking about which  

strategies to adopt of Dave's and which not to,  I think his get out of debt stuff, consumer debt,

hold on with dear life. Leveraging debt, I believe,  take a different strategy. Leverage debt in order  

to invest in things that will produce money month  after month after month. Before I give you our last  

strategy, make sure you smash that thumbs up button  and subscribe to the channel. Also, turn on that  

bell notification so you get notified every time  we put out a brand new video. Now, let's get back  

to the content. Now, our last strategy comes from a  statement in the bible that Dave talks about a lot,

saying "the borrower is slave to the lender." So,  he is teaching a primarily biblical approach 

where he's saying anybody in debt is a slave to  the person they borrowed that money from. But I 

would say that's thinking about it from a one  faceted perspective rather than a complete view  

of that verse. In that verse, it also talks about  the rich ruling over the poor. The idea is some  

have money and some don't, and the ones that don't,  when they go to the ones that do, because they have  

to borrow money from them just to make ends meet,  yeah, that person is slave to the lender because  

they don't have any way to earn the money to get  it back to them. I really think in that passage  

it's talking about the person that has no way  to pay it back and does borrow money is slave  

to the lender. When you look at Jesus's parable of  the talents, where the servants were given money  

and their job was to go and multiply it for  the owner, they took money that wasn't theirs  

and they invested it in either a business, it  doesn't really tell us how they invested it  

but they took somebody else's money, they invested  it, multiplied it and brought that money back to  

them. The idea here is that I'm taking somebody's  else's money that isn't mine and I'm investing  

it and I'm creating more cash. The only person in  that passage that was spoken in a negative light

is the person that didn't do anything. They had  the money and they didn't seek to multiply it. In  

my opinion, partnering with banks where they have  cash and I have investment knowledge and expertise

and they can make money by loaning me the money  and I can make money by using their money, it's a  

win-win where everybody gets to partner in a real  estate deal. It creates a win-win-win. Win for our  

tenants, win for me and my investors and win for  our banks. It's a complete cycle of value that  

we're giving each specific person. When you simply  say, "The borrower's slave to the lender," and you put  

a period at the end of that sentence, I don't think  it puts it in the entire light that I really think  

the passage is speaking toward. Now, I want to  say one of the most important things I'm going  

to say in this video. Dave Ramsey has changed my  life. A brilliant financial mind, he's impacted me  

greatly and the way I think about managing money.  He's a brilliant guy. I think he helps a million  

people a day. That man has truly changed lives.  He's probably touched a lot of your lives. He's  

changing lives and I, in no way, want to discount  what he's doing. I just separate from him on the  

idea of debt. I think we can leverage debt in order  to create wealth rather than shying away from debt

and only making investments in which we can do  with cash out of our own pocket. Thanks so much  

for listening. I want to give you a free gift. I  want to give you our free eBook, The 7 Secrets  

Of Investing In Multi-Family Real Estate." Go down  below, you can click that link, snag the free eBook  

on the 7 ways to invest in multi-family real  estate so you can start getting this content in

your head and start making a difference  extremely soon. See you in the next video.