DevRaga Podcast Episode 3 - Who I Listen To

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Dev Raga Personal Finance Podcast -
This is a summary of the Dev Raga Personal Finance Podcast - Episode 3: Who I Listen To.

The original podcast can be found here:
https://anchor.fm/dev-raga---personal-finan/episodes/Episode-3---Who-I-listen-to-e329e0


Please Note: The material on this site, and in the podcast, is purely for educational purposes only. It is not intended to be financial advice. If you need advice regarding your personal financial circumstances, please see a financial advisor or financial planner. Please read the full disclaimer here before participating in this thread.

Recap
  • Episode 1: Power of Automation and Compounding
  • Episode 2: Mortgage tips and tricks
Which Financial Experts Do I Listen To?
I listen to a number of Australian or U.S. based experts and gurus in the field of personal finance. This podcast episode focuses on the principles of personal finance, which remain the same regardless of geographic location. These principles are:
  • Spend less than you earn
  • Save money
  • Consistently invest in the future and
  • Avoid unnecessary debt and credit
1. Dave Ramsey
Dave Ramsey is based in the U.S. and has a net worth approximately USD $50-60million. He hosts a podcast, Youtube channel and a radio show. He founded Financial Peace University and focuses on taking baby steps. They provide a systematic and structured approach to building wealth and reducing debt.

Although his financial principles are quite sound, he discusses finances with a more biblical perspective, which may not be suitable for all audiences. Dave discusses how he is capable of beating the market consistently and stresses the importance of avoiding debt.

2. Chris Hogan
Chris Hogan is a motivational speaker and podcast host who works with Dave Ramsey. He mainly focuses on the concept of retire-inspired quotient. His website has a function that allows you to calculate your retirement figure.

3. Tony Robbins
Tony Robbins is an internationally recognised US motivational speaker with a net worth USD $480 million. He has interviewed numerous multimillionaires and billionaires. He recently wrote 2 financial books based on the principles discussed in his interviews.

Money Master the Game (released November 2014) was written after interviewing many multimillionaires and billionaires and provides tips and tricks about investments and building retirement funds. In 2017, he released Unshakeable: Your Financial Freedom Playbook, which provides a step-by-step journey to achieving financial freedom.

Tony Robbins focuses on the behavioural elements of finances in his discussions, highlighting the importance of consistently investing and saving. He also delves into the concept of paying yourself first, which was discussed in Episode 1 of this podcast. Tony Robbins has the unique ability to capture the audience and discuss concepts in a concise manner in layman’s terms. Can take away a lot of things away from his content that can be applied to life in other aspects that are not just financial.

He is not without controversy. In 2012, there were dozens of people who were hospitalised following his fire-walking events as well as more recently in 2016. He also made comments about the #MeToo movement that he has since apologised for.

4. Suze Orman
Suze Orman is an American television personality and a motivational speaker with a net worth of approximately USD $35 - 40 million. She has authored many books on personal finances. She mainly discusses budgeting, paying off debts and investment for a middle-class target market. She, like Dave Ramsey, has a unique way of expressing financial concepts.

In terms of controversies, Suze introduced the Suze Orman debit card with the intention of increasing people’s credit score (which is essential for a variety of services one may wish to access such as renting cars or homes). It was found that the debit card program was collecting data on those who chose to sign up for her debit card, and the program was quietly ended.

5. David Bach
David Bach is a financial author, motivational speaker and entrepreneur who operates finishrich.com. His most famous book, ‘The Automatic Millionaire’, discusses the concept of paying yourself first and the importance of automating personal savings. These concepts were discussed in episode 1 of this podcast, so if you’d like to hear more, please go and have a listen. He hones in on developing positive savings habits that are effortless and promote consistency and discipline.

David coined the ‘Latte Principle’, which is not related to buying lattes. It is more to do with identifying your Latte Factor - small expenditures that add up over time - and save that money or put it towards investments consistently. If you head to Youtube and search ‘David Bach How to Get Rich’, you’ll find an interview that is worth watching because of the valuable information it contains.

6. Scott Pape
Scott Pape, better known as The Barefoot Investor, is an Australian financial expert who focuses on saving and investing. His book provides financial tips such as the Bucket System that facilitate improved savings and investment to supercharge your wealth. This book is a worthwhile investment because it is very easy to read and explains principles of saving and investment in layman's terms.

7. Noel Whittaker
Noel Whittaker is one of Australia’s most prolific financial experts and regularly contributes to Australian newspapers including The Age and the Sydney Morning Herald. He has authored 22 bestselling books that focus on saving, maximising super and debt consolidation. One of the biggest principles I learned from Noel is maximising deductible debt and minimising non-deductible debt. In essence, deductible debt is debt which is used for purposes of investment that accrues tax-deductible interest. Non-deductible (such as personal or home loans) debts are those that Noel advises that his readers minimise.

8. Tim Bennett
Tim Bennett is the Head of Education at an investment company called Killik & Co. He hosts their Youtube channel and focuses on providing financial education for the company. When explaining financial concepts, Tim uses graphics and language that is easy to understand. Most of his videos are also less than 20 minutes long, which is great for short transits to work.

9. Consuelo Mac
Consuelo Mac is an American business news journalist who hosts the WealthTrack Youtube channel. She regularly interviews financial experts and discusses retirement and investment as well. Some of the interviews discuss complex concepts, which may not be the best for novices. She also discusses the six principal strategies that she has learned from hosting the show that are important in building wealth.


Which Youtube Channels and Podcasts Do I Listen To?
  1. The Mad Fientist's Financial Independence Podcast
  2. The Aussie Firebug Podcast
  3. PPCIan Youtube channel
  4. Next Level Life Youtube channel
 
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