This episode is a critique of a recent video by George Kamel on the supposed benefits of paying off your house in 10 years. David McKnight examines Kamel’s viewpoint on early mortgage payoff and whether it’s truly beneficial – do you really come out ahead by eliminating your mortgage as fast as possible? A major point David sees as a disadvantage is the fact that by paying off your mortgage early, you may lose access to the equity in your home. David highlights the opportunity cost of using funds to pay off a low-interest mortgage (as low as 3%) instead of investing them in the stock market for potentially higher returns. Kamel believes that the longer you take to pay off your loan, the more interest you pay. According to Kamel, how much interest you pay depends on three things: the loan amount, the interest rate, and the time it takes you to repay the loan. David shares an example that illustrates why following the advice of George Kamel’s video isn’t a good idea – and why it could cost you (a lot!) of money. “Dave Ramsey is so fixated on getting people out of debt that he hasn’t bothered to calculate the opportunity costs associated with doing so,” says David.   Mentioned in this episode: David’s upcoming book: <a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&dib_tag=se&keywords=david+mcknight+the+guru+gap&qid=1721901269&sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&sr=8-1" target="_blank" rel="noopener">The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track</a> David's <a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener">books</a>: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code <a href="https://www.davidmcknight.com" target="_blank" rel= "noopener">DavidMcKnight.com</a> <a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener">DavidMcKnightBooks.com</a> <a href="https://www.powerofzero.com" target="_blank" rel= "noopener">PowerOfZero.com</a> (free 3-part video series) <a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener">@mcknightandco</a> on Twitter  <a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener">@davidcmcknight</a> on Instagram <a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener">David McKnight</a> on YouTube Get David's Tax-free Tool Kit at <a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener">taxfreetoolkit.com</a> <a href= "https://www.ramseysolutions.com/?srsltid=AfmBOoqLwZOjIMEg6vxg2q_-rx1ljHF2GR18IOA-c3HNpOcWeYHKFbPM" target="_blank" rel="noopener">Dave Ramsey</a> <a href= "https://www.ramseysolutions.com/george-kamel?srsltid=AfmBOoqfiW1412U0lIz-r5HM_sVnSR2ZzY8w0xYDG3A5b83XK6_MzUvV" target="_blank" rel="noopener">George Kamel</a> George Kamel’s Video <a href= "https://m.youtube.com/watch?v=emUfbOsVgrg" target="_blank" rel= "noopener">How to Pay Off Your House in 10 Years or Less</a>

<description>&lt;p&gt;This episode is a critique of a recent video by George Kamel on the supposed benefits of paying off your house in 10 years.&lt;/p&gt; &lt;p&gt;David McKnight examines Kamel’s viewpoint on early mortgage payoff and whether it’s truly beneficial – do you really come out ahead by eliminating your mortgage as fast as possible?&lt;/p&gt; &lt;p&gt;A major point David sees as a disadvantage is the fact that by paying off your mortgage early, you may lose access to the equity in your home.&lt;/p&gt; &lt;p&gt;David highlights the opportunity cost of using funds to pay off a low-interest mortgage (as low as 3%) instead of investing them in the stock market for potentially higher returns.&lt;/p&gt; &lt;p&gt;Kamel believes that the longer you take to pay off your loan, the more interest you pay.&lt;/p&gt; &lt;p&gt;According to Kamel, how much interest you pay depends on three things: the loan amount, the interest rate, and the time it takes you to repay the loan.&lt;/p&gt; &lt;p&gt;David shares an example that illustrates why following the advice of George Kamel’s video isn’t a good idea – and why it could cost you (a lot!) of money.&lt;/p&gt; &lt;p&gt;“Dave Ramsey is so fixated on getting people out of debt that he hasn’t bothered to calculate the opportunity costs associated with doing so,” says David.&lt;br /&gt; &lt;br /&gt; &lt;br /&gt;&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt;Mentioned in this episode:&lt;/p&gt; &lt;p&gt;David’s upcoming book: &lt;a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&amp;dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&amp;dib_tag=se&amp;keywords=david+mcknight+the+guru+gap&amp;qid=1721901269&amp;sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&amp;sr=8-1" target="_blank" rel="noopener"&gt;&lt;em&gt;The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track&lt;/em&gt;&lt;/a&gt;&lt;/p&gt; &lt;p&gt;David's &lt;a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener"&gt;books&lt;/a&gt;: &lt;em&gt;Power of Zero, Look Before You LIRP&lt;/em&gt;, &lt;em&gt;The Volatility Shield&lt;/em&gt;, &lt;em&gt;Tax-Free Income for Life&lt;/em&gt; and &lt;em&gt;The Infinity Code&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknight.com" target="_blank" rel= "noopener"&gt;DavidMcKnight.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener"&gt;DavidMcKnightBooks.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.powerofzero.com" target="_blank" rel= "noopener"&gt;PowerOfZero.com&lt;/a&gt; (free 3-part video series)&lt;/p&gt; &lt;p&gt;&lt;a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener"&gt;@mcknightandco&lt;/a&gt; on Twitter &lt;/p&gt; &lt;p&gt;&lt;a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener"&gt;@davidcmcknight&lt;/a&gt; on Instagram&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener"&gt;David McKnight&lt;/a&gt; on YouTube&lt;/p&gt; &lt;p&gt;Get David's Tax-free Tool Kit at &lt;a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener"&gt;taxfreetoolkit.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.ramseysolutions.com/?srsltid=AfmBOoqLwZOjIMEg6vxg2q_-rx1ljHF2GR18IOA-c3HNpOcWeYHKFbPM" target="_blank" rel="noopener"&gt;Dave Ramsey&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.ramseysolutions.com/george-kamel?srsltid=AfmBOoqfiW1412U0lIz-r5HM_sVnSR2ZzY8w0xYDG3A5b83XK6_MzUvV" target="_blank" rel="noopener"&gt;George Kamel&lt;/a&gt;&lt;/p&gt; &lt;p&gt;George Kamel’s Video &lt;a href= "https://m.youtube.com/watch?v=emUfbOsVgrg" target="_blank" rel= "noopener"&gt;&lt;em&gt;How to Pay Off Your House in 10 Years or Less&lt;/em&gt;&lt;/a&gt;&lt;/p&gt;</description>

This episode is a critique of a recent video by George Kamel on the supposed benefits of paying off your house in 10 years. David McKnight examines Kamel’s viewpoint on early mortgage payoff and whether it’s truly beneficial – do you really come...

The Huge ERROR in the Dave Ramsey-George Kamel Plan to Pay Off Your Home in 10 Years

Today’s episode looks at the top 6 reasons why doing a Roth conversion may be the right move for you.  The disastrous fiscal condition of the U.S. is the first reason why you should consider doing a Roth conversion. David explains why debt in and of itself isn’t the issue – and what the real problem with it is. Doing a Roth conversion with today’s low tax rates can be a way for you to shield your retirement savings from the impact of higher taxes down the road. Not sure what tax rates could double in your lifetime? There’s still a possible scenario in which your tax bracket could double. David touches upon the “widow penalty”, the tax bracket compression, and what the IRS tracks to determine whether they’re going to tax your social security. The so-called IRMA and the lack of required minimum distributions are two additional reasons to consider doing a Roth conversion.     Mentioned in this episode: David’s upcoming book: <a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&dib_tag=se&keywords=david+mcknight+the+guru+gap&qid=1721901269&sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&sr=8-1" target="_blank" rel="noopener">The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track</a> David's <a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener">books</a>: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code <a href="https://www.davidmcknight.com" target="_blank" rel= "noopener">DavidMcKnight.com</a> <a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener">DavidMcKnightBooks.com</a> <a href="https://www.powerofzero.com" target="_blank" rel= "noopener">PowerOfZero.com</a> (free 3-part video series) <a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener">@mcknightandco</a> on Twitter  <a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener">@davidcmcknight</a> on Instagram <a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener">David McKnight</a> on YouTube Get David's Tax-free Tool Kit at <a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener">taxfreetoolkit.com</a> <a href="https://www.wharton.upenn.edu/" target="_blank" rel= "noopener">Penn Wharton</a> <a href= "https://www.amazon.com/Comeback-America-Turning-Restoring-Responsibility/dp/0812980727" target="_blank" rel="noopener">Comeback America: Turning the Country Around and Restoring Fiscal Responsibility by David M. Walker</a>

<description>&lt;p&gt;Today’s episode looks at the top 6 reasons why doing a Roth conversion may be the right move for you. &lt;/p&gt; &lt;p&gt;The disastrous fiscal condition of the U.S. is the first reason why you should consider doing a Roth conversion.&lt;/p&gt; &lt;p&gt;David explains why debt in and of itself isn’t the issue – and what the real problem with it is.&lt;/p&gt; &lt;p&gt;Doing a Roth conversion with today’s low tax rates can be a way for you to shield your retirement savings from the impact of higher taxes down the road.&lt;/p&gt; &lt;p&gt;Not sure what tax rates could double in your lifetime? There’s still a possible scenario in which your tax bracket could double.&lt;/p&gt; &lt;p&gt;David touches upon the “widow penalty”, the tax bracket compression, and what the IRS tracks to determine whether they’re going to tax your social security.&lt;/p&gt; &lt;p&gt;The so-called IRMA and the lack of required minimum distributions are two additional reasons to consider doing a Roth conversion.&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt;Mentioned in this episode:&lt;/p&gt; &lt;p&gt;David’s upcoming book: &lt;a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&amp;dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&amp;dib_tag=se&amp;keywords=david+mcknight+the+guru+gap&amp;qid=1721901269&amp;sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&amp;sr=8-1" target="_blank" rel="noopener"&gt;&lt;em&gt;The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track&lt;/em&gt;&lt;/a&gt;&lt;/p&gt; &lt;p&gt;David's &lt;a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener"&gt;books&lt;/a&gt;: &lt;em&gt;Power of Zero, Look Before You LIRP&lt;/em&gt;, &lt;em&gt;The Volatility Shield&lt;/em&gt;, &lt;em&gt;Tax-Free Income for Life&lt;/em&gt; and &lt;em&gt;The Infinity Code&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknight.com" target="_blank" rel= "noopener"&gt;DavidMcKnight.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener"&gt;DavidMcKnightBooks.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.powerofzero.com" target="_blank" rel= "noopener"&gt;PowerOfZero.com&lt;/a&gt; (free 3-part video series)&lt;/p&gt; &lt;p&gt;&lt;a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener"&gt;@mcknightandco&lt;/a&gt; on Twitter &lt;/p&gt; &lt;p&gt;&lt;a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener"&gt;@davidcmcknight&lt;/a&gt; on Instagram&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener"&gt;David McKnight&lt;/a&gt; on YouTube&lt;/p&gt; &lt;p&gt;Get David's Tax-free Tool Kit at &lt;a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener"&gt;taxfreetoolkit.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.wharton.upenn.edu/" target="_blank" rel= "noopener"&gt;Penn Wharton&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.amazon.com/Comeback-America-Turning-Restoring-Responsibility/dp/0812980727" target="_blank" rel="noopener"&gt;&lt;em&gt;Comeback America: Turning the Country Around and Restoring Fiscal Responsibility&lt;/em&gt; by David M. Walker&lt;/a&gt;&lt;/p&gt;</description>

Today’s episode looks at the top 6 reasons why doing a Roth conversion may be the right move for you.  The disastrous fiscal condition of the U.S. is the first reason why you should consider doing a Roth conversion. David explains why debt in...

The Top 6 Reasons to Do a Roth Conversion

David McKnight explains how a lack of knowledge about Roth 401(k) distribution rules can lead to unexpected taxes and penalties. This episode dives into practical insights to help you steer clear of unwelcome surprises from the IRS. David illustrates what happens if you withdraw from your Roth 401(k) before age 59½, and how these rules differ from those of a traditional Roth IRA. He subsequently tackles the question of when post-59½ withdrawals of Roth 401(k) growth can be completely tax-free.  Roth 401(k) distributions can be confusing – especially if you’re planning to take funds before age 59½. And there’s an alternative you should consider. Planning to use your Roth 401(k) as an emergency fund? “Think again!,” says David. He goes over why this may not be the best choice (and what to do instead).      Mentioned in this episode: David’s upcoming book: <a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&dib_tag=se&keywords=david+mcknight+the+guru+gap&qid=1721901269&sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&sr=8-1" target="_blank" rel="noopener">The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track</a> David's <a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener">books</a>: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code <a href="https://www.davidmcknight.com" target="_blank" rel= "noopener">DavidMcKnight.com</a> <a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener">DavidMcKnightBooks.com</a> <a href="https://www.powerofzero.com" target="_blank" rel= "noopener">PowerOfZero.com</a> (free 3-part video series) <a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener">@mcknightandco</a> on Twitter  <a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener">@davidcmcknight</a> on Instagram <a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener">David McKnight</a> on YouTube Get David's Tax-free Tool Kit at <a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener">taxfreetoolkit.com</a>

<description>&lt;p&gt;David McKnight explains how a lack of knowledge about Roth 401(k) distribution rules can lead to unexpected taxes and penalties.&lt;/p&gt; &lt;p&gt;This episode dives into practical insights to help you steer clear of unwelcome surprises from the IRS.&lt;/p&gt; &lt;p&gt;David illustrates what happens if you withdraw from your Roth 401(k) before age 59½, and how these rules differ from those of a traditional Roth IRA.&lt;/p&gt; &lt;p&gt;He subsequently tackles the question of when post-59½ withdrawals of Roth 401(k) growth can be completely tax-free. &lt;/p&gt; &lt;p&gt;Roth 401(k) distributions can be confusing – especially if you’re planning to take funds before age 59½. And there’s an alternative you should consider.&lt;/p&gt; &lt;p&gt;Planning to use your Roth 401(k) as an emergency fund? “Think again!,” says David. He goes over why this may not be the best choice (and what to do instead). &lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt;Mentioned in this episode:&lt;/p&gt; &lt;p&gt;David’s upcoming book: &lt;a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&amp;dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&amp;dib_tag=se&amp;keywords=david+mcknight+the+guru+gap&amp;qid=1721901269&amp;sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&amp;sr=8-1" target="_blank" rel="noopener"&gt;&lt;em&gt;The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track&lt;/em&gt;&lt;/a&gt;&lt;/p&gt; &lt;p&gt;David's &lt;a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener"&gt;books&lt;/a&gt;: &lt;em&gt;Power of Zero, Look Before You LIRP&lt;/em&gt;, &lt;em&gt;The Volatility Shield&lt;/em&gt;, &lt;em&gt;Tax-Free Income for Life&lt;/em&gt; and &lt;em&gt;The Infinity Code&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknight.com" target="_blank" rel= "noopener"&gt;DavidMcKnight.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener"&gt;DavidMcKnightBooks.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.powerofzero.com" target="_blank" rel= "noopener"&gt;PowerOfZero.com&lt;/a&gt; (free 3-part video series)&lt;/p&gt; &lt;p&gt;&lt;a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener"&gt;@mcknightandco&lt;/a&gt; on Twitter &lt;/p&gt; &lt;p&gt;&lt;a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener"&gt;@davidcmcknight&lt;/a&gt; on Instagram&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener"&gt;David McKnight&lt;/a&gt; on YouTube&lt;/p&gt; &lt;p&gt;Get David's Tax-free Tool Kit at &lt;a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener"&gt;taxfreetoolkit.com&lt;/a&gt;&lt;/p&gt;</description>

David McKnight explains how a lack of knowledge about Roth 401(k) distribution rules can lead to unexpected taxes and penalties. This episode dives into practical insights to help you steer clear of unwelcome surprises from the IRS. David illustrates...

Understanding the Tricky Roth 401(k) Distribution Rules

In the past, David McKnight has been critical of gurus like Dave Ramsey. However, this episode looks at a video in which Ramsey seems to have slightly changed his views. Ramsey emphasizes that one key benefit of a Roth IRA is the potential to drastically reduce or even eliminate Required Minimum Distributions (RMDs). David explains that the decision to pursue a Roth conversion typically depends on whether you expect your future tax rate to be higher than it is today. David discusses a missed opportunity in Ramsey's advice to a caller, highlighting a critical point Ramsey seems to have overlooked. While David acknowledges a solid point made by Ramsey, he also identifies what he describes as "a huge blind spot in Ramsey’s worldview." David highlights a "right move" by Ramsey – whether it’s a deliberate policy shift or Ramsey unintentionally cornering himself remains to be seen… David praises Ramsey’s advocacy for Roth accounts, a sentiment he wholeheartedly agrees with.     Mentioned in this episode: David’s upcoming book: <a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&dib_tag=se&keywords=david+mcknight+the+guru+gap&qid=1721901269&sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&sr=8-1" target="_blank" rel="noopener">The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track</a> David's <a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener">books</a>: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code <a href="https://www.davidmcknight.com" target="_blank" rel= "noopener">DavidMcKnight.com</a> <a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener">DavidMcKnightBooks.com</a> <a href="https://www.powerofzero.com" target="_blank" rel= "noopener">PowerOfZero.com</a> (free 3-part video series) <a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener">@mcknightandco</a> on Twitter  <a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener">@davidcmcknight</a> on Instagram <a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener">David McKnight</a> on YouTube Get David's Tax-free Tool Kit at <a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener">taxfreetoolkit.com</a> <a href="https://www.ramseysolutions.com/" target="_blank" rel= "noopener">Dave Ramsey</a> <a href= "https://en.wikipedia.org/wiki/David_M._Walker_(U.S._Comptroller_General)" target="_blank" rel="noopener">David M. Walker</a> <a href="https://irahelp.com/" target="_blank" rel="noopener">Ed Slott</a> <a href="https://tomhegna.com/" target="_blank" rel= "noopener">Tom Hegna</a> <a href="https://kotlikoff.net/" target="_blank" rel= "noopener">Dr. Laurence Kotlikoff</a> <a href="https://mai.capital/team/brian-bolan/" target="_blank" rel="noopener">Brian Bolan</a> <a href="https://www.wadepfau.com/" target="_blank" rel= "noopener">Wade Pfau</a>

<description>&lt;p&gt;In the past, David McKnight has been critical of gurus like Dave Ramsey. However, this episode looks at a video in which Ramsey seems to have slightly changed his views.&lt;/p&gt; &lt;p&gt;Ramsey emphasizes that one key benefit of a Roth IRA is the potential to drastically reduce or even eliminate Required Minimum Distributions (RMDs).&lt;/p&gt; &lt;p&gt;David explains that the decision to pursue a Roth conversion typically depends on whether you expect your future tax rate to be higher than it is today.&lt;/p&gt; &lt;p&gt;David discusses a missed opportunity in Ramsey's advice to a caller, highlighting a critical point Ramsey seems to have overlooked.&lt;/p&gt; &lt;p&gt;While David acknowledges a solid point made by Ramsey, he also identifies what he describes as "a huge blind spot in Ramsey’s worldview."&lt;/p&gt; &lt;p&gt;David highlights a "right move" by Ramsey – whether it’s a deliberate policy shift or Ramsey unintentionally cornering himself remains to be seen…&lt;/p&gt; &lt;p&gt;David praises Ramsey’s advocacy for Roth accounts, a sentiment he wholeheartedly agrees with.&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p&gt;Mentioned in this episode:&lt;/p&gt; &lt;p&gt;David’s upcoming book: &lt;a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&amp;dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&amp;dib_tag=se&amp;keywords=david+mcknight+the+guru+gap&amp;qid=1721901269&amp;sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&amp;sr=8-1" target="_blank" rel="noopener"&gt;&lt;em&gt;The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track&lt;/em&gt;&lt;/a&gt;&lt;/p&gt; &lt;p&gt;David's &lt;a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener"&gt;books&lt;/a&gt;: &lt;em&gt;Power of Zero, Look Before You LIRP&lt;/em&gt;, &lt;em&gt;The Volatility Shield&lt;/em&gt;, &lt;em&gt;Tax-Free Income for Life&lt;/em&gt; and &lt;em&gt;The Infinity Code&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknight.com" target="_blank" rel= "noopener"&gt;DavidMcKnight.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener"&gt;DavidMcKnightBooks.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.powerofzero.com" target="_blank" rel= "noopener"&gt;PowerOfZero.com&lt;/a&gt; (free 3-part video series)&lt;/p&gt; &lt;p&gt;&lt;a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener"&gt;@mcknightandco&lt;/a&gt; on Twitter &lt;/p&gt; &lt;p&gt;&lt;a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener"&gt;@davidcmcknight&lt;/a&gt; on Instagram&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener"&gt;David McKnight&lt;/a&gt; on YouTube&lt;/p&gt; &lt;p&gt;Get David's Tax-free Tool Kit at &lt;a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener"&gt;taxfreetoolkit.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.ramseysolutions.com/" target="_blank" rel= "noopener"&gt;Dave Ramsey&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href= "https://en.wikipedia.org/wiki/David_M._Walker_(U.S._Comptroller_General)" target="_blank" rel="noopener"&gt;David M. Walker&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://irahelp.com/" target="_blank" rel="noopener"&gt;Ed Slott&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://tomhegna.com/" target="_blank" rel= "noopener"&gt;Tom Hegna&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://kotlikoff.net/" target="_blank" rel= "noopener"&gt;Dr. Laurence Kotlikoff&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://mai.capital/team/brian-bolan/" target="_blank" rel="noopener"&gt;Brian Bolan&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.wadepfau.com/" target="_blank" rel= "noopener"&gt;Wade Pfau&lt;/a&gt;&lt;/p&gt;</description>

In the past, David McKnight has been critical of gurus like Dave Ramsey. However, this episode looks at a video in which Ramsey seems to have slightly changed his views. Ramsey emphasizes that one key benefit of a Roth IRA is the potential to...

Is Dave Ramsey STILL Wrong on Roth Conversions?

In a recent video, real estate influencer Grant Cardone made some bold claims, advising against attending college, owning a home, and he even suggested that people should cash out their 401(k)s to invest in real estate. David McKnight calls this advice irresponsible, dangerous, and lawsuit-worthy. Far more Americans achieve millionaire status through consistent stock market investing than through real estate. David shares a more sustainable approach to building wealth through homeownership that directly counters Cardone's anti-homeownership stance. Cardone claims that 401(k) plans are designed to "imprison" people financially.  David digs deeper into the true purpose of retirement accounts and the importance of having an emergency fund. There is one point where both David and Cardone align: the likelihood that future tax rates will be higher than they are today. Finally, David touches upon the steep tax penalties of withdrawing from your 401(k) before age 59½ – an important consideration Cardone seems to overlook. Mentioned in this episode: David’s upcoming book: <a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&dib_tag=se&keywords=david+mcknight+the+guru+gap&qid=1721901269&sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&sr=8-1" target="_blank" rel="noopener">The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track</a> David's <a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener">books</a>: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code <a href="https://www.davidmcknight.com" target="_blank" rel= "noopener">DavidMcKnight.com</a> <a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener">DavidMcKnightBooks.com</a> <a href="https://www.powerofzero.com" target="_blank" rel= "noopener">PowerOfZero.com</a> (free 3-part video series) <a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener">@mcknightandco</a> on Twitter  <a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener">@davidcmcknight</a> on Instagram <a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener">David McKnight</a> on YouTube Get David's Tax-free Tool Kit at <a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener">taxfreetoolkit.com</a> <a href="https://grantcardone.com/" target="_blank" rel= "noopener">Grant Cardone</a>

<description>&lt;p&gt;In a recent video, real estate influencer Grant Cardone made some bold claims, advising against attending college, owning a home, and he even suggested that people should cash out their 401(k)s to invest in real estate.&lt;/p&gt; &lt;p&gt;David McKnight calls this advice irresponsible, dangerous, and lawsuit-worthy.&lt;/p&gt; &lt;p&gt;Far more Americans achieve millionaire status through consistent stock market investing than through real estate.&lt;/p&gt; &lt;p&gt;David shares a more sustainable approach to building wealth through homeownership that directly counters Cardone's anti-homeownership stance.&lt;/p&gt; &lt;p&gt;Cardone claims that 401(k) plans are designed to "imprison" people financially. &lt;/p&gt; &lt;p&gt;David digs deeper into the true purpose of retirement accounts and the importance of having an emergency fund.&lt;/p&gt; &lt;p&gt;There is one point where both David and Cardone align: the likelihood that future tax rates will be higher than they are today.&lt;/p&gt; &lt;p&gt;Finally, David touches upon the steep tax penalties of withdrawing from your 401(k) before age 59½ – an important consideration Cardone seems to overlook.&lt;/p&gt; &lt;p&gt;&lt;br /&gt; &lt;br /&gt;&lt;/p&gt; &lt;p&gt;Mentioned in this episode:&lt;/p&gt; &lt;p&gt;David’s upcoming book: &lt;a href= "https://www.amazon.com/Guru-Gap-Americas-Financial-Leading/dp/1637746628/ref=sr_1_1?crid=3BI8MQEV3XG6Y&amp;dib=eyJ2IjoiMSJ9.yMbhuNCcjxP9RX4DxGGt5Q.HNodfhEC4W4wnaICHETFSQIY395aINaul81fPmxeuhk&amp;dib_tag=se&amp;keywords=david+mcknight+the+guru+gap&amp;qid=1721901269&amp;sprefix=david+mckinght+fthe+guru+ga%2Caps%2C183&amp;sr=8-1" target="_blank" rel="noopener"&gt;&lt;em&gt;The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track&lt;/em&gt;&lt;/a&gt;&lt;/p&gt; &lt;p&gt;David's &lt;a href="https://www.davidmcknightbooks.com/" target= "_blank" rel="noopener"&gt;books&lt;/a&gt;: &lt;em&gt;Power of Zero, Look Before You LIRP&lt;/em&gt;, &lt;em&gt;The Volatility Shield&lt;/em&gt;, &lt;em&gt;Tax-Free Income for Life&lt;/em&gt; and &lt;em&gt;The Infinity Code&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknight.com" target="_blank" rel= "noopener"&gt;DavidMcKnight.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.davidmcknightbooks.com/" target="_blank" rel="noopener"&gt;DavidMcKnightBooks.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://www.powerofzero.com" target="_blank" rel= "noopener"&gt;PowerOfZero.com&lt;/a&gt; (free 3-part video series)&lt;/p&gt; &lt;p&gt;&lt;a href="https://twitter.com/McKnightAndCo" target="_blank" rel= "noopener"&gt;@mcknightandco&lt;/a&gt; on Twitter &lt;/p&gt; &lt;p&gt;&lt;a href="https://www.instagram.com/davidcmcknight" target= "_blank" rel="noopener"&gt;@davidcmcknight&lt;/a&gt; on Instagram&lt;/p&gt; &lt;p&gt;&lt;a href= "https://www.youtube.com/channel/UCGxUwL7NvZUyLfgO18h3e2g" target= "_blank" rel="noopener"&gt;David McKnight&lt;/a&gt; on YouTube&lt;/p&gt; &lt;p&gt;Get David's Tax-free Tool Kit at &lt;a href= "http://taxfreetoolkit.com/" target="_blank" rel= "noopener"&gt;taxfreetoolkit.com&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;a href="https://grantcardone.com/" target="_blank" rel= "noopener"&gt;Grant Cardone&lt;/a&gt;&lt;/p&gt;</description>

In a recent video, real estate influencer Grant Cardone made some bold claims, advising against attending college, owning a home, and he even suggested that people should cash out their 401(k)s to invest in real estate. David McKnight calls this...

Grant Cardone: Never Own a Home, Go to College or Invest in a 401(k)! (YIKES)

Tax rates 10 years from now are likely to be much higher than they are today. Is your retirement plan ready? Learn how to avoid the coming tax freight train and maximize your retirement dollars.

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