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Why you should stop listening to kooky weirdos about money

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How many of us have friends and family that are FULL of advice… that makes NO sense?

Your parents will tell you, “real estate is the best investment!” Your college advisor will tell you, “Better take Chinese! The future is in China!” And your friends will tell you about this “super-cool investment strategy” that they read about on a penny-stock site.

Isn’t it weird how everyone feels their opinion counts? Let me be the first to tell you: No. No, it doesn’t.

FOR EXAMPLE: If you write in and tell me how I have a spelling error on my 47-page sales page, and how dumb I am, then offer to “consult” for me on spelling, I’m probably gonna ignore you. Guess why? First, because I’m Indian and therefore a spelling-bee champion. Second, because minor spelling errors don’t matter. I have sales data and I factually, definitively know you’re wrong. In this case, your opinion is worthless. Thanks for playing.

In today’s video, I’ll explain WHY people offer you nutty advice…and how to see beneath the surface to decide whether it applies to you or not.

And make sure you leave a comment below with the craziest advice YOU’VE ever gotten. This is going to be great.

I do have one suggestion: sign up for my free email list to get exclusive strategies and systems for living a rich life..

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  1. “I know real estate is expensive and you have no money, but you should find a s%*&-hole and buy it.” ~2005

  2. Never EVER buy a brand new car. You are throwing money away on depreciation.

    Never mind that a 2 year old toyota with 50k miles was only 1k less than a brand new car with 12 miles on it. But maybe I should buy used just so I can be true to financial wisdom.

    • Another great one. And this time, the advice is from the so-called experts.

      Here’s my take on why I bought a new car.

    • I bought a MINT, 1 previous owner, black 2003 BMW Coupe 2 years ago with 30k miles on the clock for £8,500. Original sales price of the BMW with options was £28,000. RRP of the new model at time of Sale £34,000. Cost of repairs since purchase 2 years ago, £450 front left light, £2.99 seat belt button. Insurance was less than new car. Road Tax same, so erm call me stupid all day long… that’s £25,000 I didn’t spend.

  3. Go to a prestigious school and get a degree even if you have the program and are not learning anything from it.

  4. “I agree that you’re being under-utilized and deserve a raise, but we don’t have the budget to give you one right now. Keep working and let’s revisit this in 6 months.”

  5. Good advice for the “Money magazine” crowd. I run Global Fixed Income & Currency for a large government, and people should always ask 2 questions: “is your schedule D larger than your 1099. And are you a 1%er? If they say “yes” to both, you should think about what they have to say.

    I’m guilty of giving advice to family. Probably a mistake because my motivations are unclear. They have all their money in cash, or have all their money in Vanguard.

    You probably have some good wisdom, but you are aware that 10 year returns on US equities are 0%, right? And, most people won’t wait 10 years for you to be right, right? You also know that USA=Japan, and 23 year returns will also likely be 0%, and after inflation and taxes, something like -50-90%, right?

    Inflation and taxes are the biggest enemy. I have not heard your answer to that. I have one, and rich people all know the answer – people who don’t make their living selling books/videos.

    What’s your schedule D, LT gains line like relative to your book income?


    As such advice is free of cost so most of the people easily accept it. Actually, It is B2B(Benefits for both) Adviser and listener.

    There are number of people around me who advise (free of cost) time to time but how much it is useful for me only I know.

    RAMIT, I also give advice to people ( I am a forex trader and Chief Analyst ) and help them to maximize their profit. But remember that it must be useful for them.

    Shawn James

    • Please tell me more about this free of cost B2B advice to maximize my profit!!!!! (Awesome use of B2B. I am intrigued by your comment.)

  7. Worst advice? When I told a co-worker about a new car I’d bought (second-hand, bought via a loan that was short term and lower % than the dealership) he told me that I should have instead used that money as a deposit to buy a second property, renovate it, then rent it out. So in addition to my existing mortgage and financial commitments, he was suggesting I take out a loan and ANOTHER mortgage, then add the fees and costs of buying a property, then the renovation costs. Just like that. Forgetting the fact that the bank would look at my meagre salary and financial commitments and refuse me on the extra mortgage anyway. This was all because I bought a new(er) car than the junk-heap he was driving and had taken the decision to replace my POS car when he should be doing the same!

  8. Bells and Whistles Link to this comment

    When I was seventeen going on eighteen (hot, young, and barely legal), me and my mom were advised for me to take up a credit card for me to build credit.

    Took out a $500 limit card (I think it was platinum) from Capital One.

    Oh yes, fun times since 2006.

  9. Buy the Facebook IPO stock!

    Given by almost every paper, magazine, website, radio host – “experts” all.

  10. “First, because I’m Indian and therefore a spelling-bee champion.”


    Craziest advice: “Your newlyweds, invest in yourselves and buy a house. Stop throwing money away on rent.”

    The math on that logic depends on more than just the American dream of owning a house. You have to run the numbers for your own specific situation.