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With fears of a recession approaching, it’s natural to turn to the experts for some personal finance advice. Much of the advice you find from self-proclaimed finance gurus is straightforward enough: Save more, spend less, and, oh yes, one last thing: Buy their book to learn how you, too, can achieve financial freedom!
The problem with personal finance gurus—and why you should be skeptical of their wisdom—is that their real job is as an entertainer, not a true advice-giver. We’ve touched on similar issues when it comes to the sort of financial advice you find from “experts” on TikTok. Here’s why you should think twice about following the advice of personal finance gurus.
Calling yourself a guru doesn’t make you a guru
Personal finance gurus are no doubt good at one thing: Through Instagram posts, TV appearances, and self-help books, they break down complex economic concepts into easy-to-understand steps that anyone can follow. “Easy-to-understand,” however, doesn’t always translate to “accurate.” Being rich doesn’t mean you know how to help other people get rich. After all, anyone can call themselves an expert, guide, guru, or whatever title they want.
Take one of the most famous financial gurus out there, Dave Ramsey, whose Twitter reads like the main difference between you, a plebeian, and him, a mega-rich, is that you keep buying things you don’t need. It’s that simple!
Of course, not all the advice is from financial gurus is awful. The basics make sense: follow a budget, invest wisely, and so on. Unfortunately, most of these “experts” are already rich. Their existing wealth gives them an air of authority about how you can become wealthy, when in reality, it makes them too far removed from regular financial woes to actually be useful.
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