Are Finance Gurus Actually Giving You Bad Financial Advice? [Video]

According to a 2022 research journal, most advice given by personal finance gurus isn’t supported by any economic theory. James Choi, a Professor of Finance at Yale, analyzed the advice given by 50 popular personal finance books, including Robert Kiyosaki’s Rich Dad Poor Dad, and Dave Ramsey’s Total Money Makeover.

In this video, I’ll be comparing the advice from economists against 10 of the most popular personal finance YouTubers. The YouTubers discussed in this video are Graham Stephan, Andrei Jikh, Nischa, Vincent Chan, Nate O’Brien, Rose Han, Minority Mindset, Humphrey Yang, The Financial Diet, and Charlie Chang. The topics covered range from savings, investing and debt repayment.

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All opinions are my own (unless otherwise stated). This video is NOT financial advice.

Main source: https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.36.4.167

Substack post: https://open.substack.com/pub/theeconomicsdispatch/p/are-personal-finance-gurus-unintentionally

Sources: https://pastebin.com/F9byu4er

Social Media Links:
Substack: https://theeconomicsdispatch.substack.com/
Twitter: https://twitter.com/adam_EcPatch

Chapters:
0:00 Introduction
2:02 How much of your income should you save?
5:42 Why you shouldn’t budget your money
7:59 Annuitizing your wealth during retirement
8:40 Investing in the stock market throughout your life
14:11 Are high dividend paying stocks attractive?
15:00 Are value stocks or small-cap stocks attractive?
15:54 Passive index investing vs Active investing
16:57 Should you invest in international stocks?
18:46 Should you co-hold high-interest debt with low-interest assets?
19:48 The most optimal way to pay off your debts
20:27 Fixed vs Adjustable rate mortgages
21:13 Final Results
21:50 Conclusion and final comments

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