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Money Experts Dave Ramsey, Suze Orman, Grant Cardone and So Many More — Whose Advice Should You Follow?

Updated: 27-10-2024, 06.01 PM

Financial experts offer widely varying advice, though some will have similar tips or suggestions. With so much advice floating around, deciding who to listen to can be tricky. Depending on your financial situation and goals, you may find that one person’s advice suits you better than another’s.

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So, then, which money expert should you listen to and when? It all depends, but you might find it best to heed several experts — while figuring out what works best for you.

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Money expert Dave Ramsey frequently discusses the importance of paying down debt and building financial security. In fact, his 7 Baby Steps are all about taking back control of your money. If you’re just starting out, or you find yourself struggling with debt, he may be worth listening to. His advice can also work even if you’re already somewhat financially established and are planning for retirement or building wealth.

Here’s an outline of the baby steps:

  1. Build a starter emergency fund of $1,000.

  2. Us the debt snowball method to pay off all debt, aside from your house — pay off the smallest balance first and build from there.

  3. Keep saving for your emergency fund until you have three to six months’ worth of expenses set aside.

  4. Start investing 15% of your household income for retirement purposes.

  5. Save for your kids’ college education (if relevant).

  6. Pay off your house early.

  7. Build long-term wealth and start giving back.

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Suze Orman started out as a waitress making around $400 a month, but she’s worked her way up to an estimated $75 million net worth. If you’re looking for advice from someone who’s been on both ends of the financial spectrum, you might want to follow some of Orman’s advice.

Among other things, here are some of her top lessons for those trying to work their way up:

  • Live below your means (but within your needs).

  • Buy rather than lease a car so you can eventually pay it off.

  • Don’t pay more for minor conveniences like food delivery, car leases or cafes.

  • Use debit rather than credit to avoid debt and excessive interest charges.

If you’re at a point in your life where you can save a substantial amount of your income, but you want to take your money even further, consider listening to Grant Cardone. His 40/40/20 rule in particular is all about building wealth.

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