The top 10 Personal Finance advisors… who are the good ones? (Personal Finance NOT stock picking)
According to what I found on Amazon & PBS, these are 10 of the most sought after people who can, theoretically, give you the secrets to becoming rich.
1) Robert “Rich Dad/Poor Dad” Kiyosaki – about 80,001 books out. But is he a Guru or snake oil salesman?
2) Suze Orman - about 80,000 books out. Is she deservedly a top dog financially, or is she a “nut job”?
3) Tom & David Gardner aka The Motley Fools - lots of books out. Fools or fools? (Remember we are talking about their financial advice only. NOT their entrepreneurship and building of this site / community, for which I think it is obvious they are capital “F” Fools – which means smarter than most)
4) David Bach - “The Automatic Millionaire". Moron or genius?
5) Tim Ferris - “4 Hour work-week”. Is this a pipe dream or can it really be done?
6) Robert G Allen - “Nothing Down”, “Creating Wealth”, “Multiple Streams of Income. Is he a millionaire creator or book salesman?
7) Charles Givens - “Wealth Without Risk”, “More Wealth Without Risk”, “Financial Self Defense”. Is this bunk or is 20% with low risk sometimes a reality that we are foolish not to be looking for?
8) T. Harv Elker - “Secrets of the Millionaire Mind”, and “Speedwealth”. Is he for real, a millionaire in 3 years!!?
9) Ed Slott – a PBS mainstay with “Stay Rich Forever”
10) Jonathan Pond - another PBS mainstay with “Grow Your Money”. Most things put forth by PBS seem to be a cut above. Does this hold for personal finances?
11) Bert Whithead - “Why Smart people do Stupid things with money”. (I don't think he is really a top guy, but I put him on the list cuz he is talking about smart people being stupid financially – Hey didn't I do that in my last post? That can only mean one thing - “My boy is wicked smaht” (to quote Good Will Hunting) ;)
I think everyone of these people has been lambasted and lauded. Interestingly it seems that the praise often comes from the people taking the advice, and the criticism comes from those who haven’t tried it. It seems pretty reasonable to give more weight to feedback of actual users, right? But does that makes sense here? In any case, unless we have tried them all, we all must wonder - just a bit - what is the truth behind these advisors, and if there are hidden gems in their words. Lets find out. BTW, my list was not created with any rigorous standards. If there are people I left out add them - even if they are not in the "top ten", so long as you feel a discussion of thier advice is warrented
I think we can really help each other to become better investors on this one. By sharing our thoughts on the top people all in one place, this can be the “go to” post for what is happening in the real world with all these people.
I have 4 basic questions (feel free to add a question - in the comments attached to this post - if you’ve got one that would be instructive to have answered by the CAPSaicins, which is my word for a member of the CAPS Community because they are all so gosh darned spicy).
1) Is anyone of us following the advice of ANY of these people?
2) If not, why not?
3) Which “secrets” / ideas really work (& which don't)?
4) Do you have a general financial strategy and why? If so what is it called (if it has no name, how would you describe it)? What I mean is that most CAPS folks seem to follow one or more named stock market strategies (such as “Buy & Hold”, DRIP, GARP, Indexing, etc), is this paralleled at the level of personal finance?
More detailed questions would be like…
Has any CAPSaicin become an “automatic millionaire” ala Bach?
Does any CAPSaicin have “multiple streams of income” as Allen advocates (if so what)?
Is any CAPSaicin on a 4-hour workweek as Ferris makes sound so easy? Etc.
I have thoughts on many of these folks, but others I don't know much about. I will share my thoughts alongside everyone in the comments.
I am new to blogging so I don't know if asking too much of people. Am I breaking some unwritten rule that you can't expect commenters to spend more than 30 seconds on their comments? Or that blog posts are supposed to only be fleeting in nature, never to be revisited after a few months? If that is the case I hope we break the rules here and capsaicins will spend a bit of time and give their opinions (with reasoning behind them) and take the time to describe their real world experiences, so that, as I said, this can be the “go to” post for a long time to come.
For those playing the “Who am I?” game, I don't have time for clues in this entry. Sorry, but it is actually very time consuming trying to come up with stuff that is neither too hard nor too easy. Also I want to mix fun and practicality together as much as possible. Too much fluff and no substance is annoying and “All work and no play makes Jack a dull boy”. So please forgive my putting the game on hold now and again.
If you live in the Northeast I hope you enjoyed this weekend’s weather. I was starting to think that there was no such thing as “outside” and that the govt was using TV to trick us into believing that there are trees and clouds and sky and stuff – ya know like they did with the lunar landings ;)
As always – Be Happy (when?)… NOW