Today’s video is part six of David’s interview with financial advisor Chris Martens where they discuss the fatal flaw in Dave Ramsey and Suze Orman's retirement planning advice.

They discuss David’s new book, “The Guru Gap,” and how America’s financial gurus are leading people astray.

David believes that Dave Ramsey and Suze Orman have done an incredible service helping many Americans get out of debt and even become rich--but they’re not all that good at helping you stay rich or secure your retirement.

According to David, the problem with most financial gurus is that they're trying to appeal to as broad an audience as possible. To do that they dispense one-size-fits-all financial advice.

Unfortunately, because of this really broad un-nuanced approach, most financial gurus cannot stay behind products like permanent life insurance that require nuance.

David reveals that his main goal is to uncover sustainable retirement strategies and help people wring the most efficiency out of their retirement plan.

David and Chris agree that people should not take financial advice from advisors on TikTok.

David further explains why TikTok is not his favorite place to get financial advice.

Mentioned in this episode:

David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free 3-part video series)

@mcknightandco on Twitter

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

Today’s episode is from David’s conversation with CFP Adam Olson.

They discuss why mega-CPA firm Ernst & Young is saying that if you want to maximize your income in retirement, you should put 30% of your retirement savings into a cash value life insurance.

David reveals what percentage of your savings you should put into a life insurance retirement plan.

David shares the benefits of accumulating three years worth of living expenses in your cash value life insurance–this is to pay for your living expenses in the year following a downturn in your stock market portfolio.

According to David, the benefit of doing so is it gives your stock market portfolio a chance to recover before taking further distributions.

If you’re 50 years or younger, put 30% of your retirement savings towards cash value life insurance. This move alone will double your sustainable withdrawal rate in retirement.

So, if you’re saving 25% of your income for retirement, David recommends putting around 8% into a cash value accumulation product.

Mentioned in this episode:

David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free 3-part video series)

@mcknightandco on Twitter

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

Show host Arturo Johnson shares his experience with coming across David’s content – and how it has changed his perspective.

David mentions a study that illustrates the benefits of putting 70% – and not 100% – of your retirement savings into a Roth 401k and the balance into cash value life insurance.

Dave Ramsey is famous for stirring up a hornet’s nest among CFPs all across the U.S. David unpacks a shortcoming with one of Ramsey’s principles.

David goes over what can happen when you utilize life insurance as a volatility shield/buffer.

The only way to get an 8% distribution rate in retirement is by utilizing a financial tool that Dave Ramsey says is a hot pile of garbage: cash value life insurance.

The reason why David likes IUL is because history shows that you can get five to seven percent net of fees over time in your IUL.

David talks about something he dislikes in Ramsey’s views on IUL and that many “gurus” such as Suze Orman, Clark Howard, and Ramit Sethi say it’s a scam.

“The IUL is not a stock market replacement, it’s a bond alternative,” says David.

Mentioned in this episode:

David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free 3-part video series)

@mcknightandco on Twitter

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

Arturo Johnson

Dave Ramsey

Suze Orman

Clark Howard

Ramit Sethi

George Kamel

Tom Hegna