What many of us did not learn in school about money, we pick up from figures in the public spotlight who appear to have wealth, wisdom and the know-how to make us rich. However, a lot of these financial experts or online “finflunencers” tend to be behind the learning curve, preaching messages and tactics that are out of date in the modern economy.
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Take for example, Mark Cuban, who was recently called out for offering dated money advice that essentially boiled down to one word: “Save.” TikToker Lindsay (@socialistlyawkwardin) pointed out that Cuban’s simplistic and reductive fiscal tip did not speak to working-class families, labeling him as an “out-of-touch billionaire,” according to Market Realist.
Along with Cuban, here are three other financial experts with out-of-touch money advice.
Warren Buffet
“Approaching 100, he should have a different mindset, risk tolerance and time horizon than crypto investors,” commented Marcus Sturdivant Sr., advisor, managing member and chief compliance officer at The ABC Squared² A;; Bases Covered, of Warren Buffet, who once held the title of “Richest Man in the World” back in 2008.
“Not to bet against him if we say all crypto is monolithic, he would be 60% correct. But if we narrow down the view to Bitcoin, his drop to 30%, especially in the long run as he is a long-term investor. Bitcoin, will it see [$50,000] or [$250,000] first?”
Posing conjecture, Sturdivant wondered “how much Mr. Buffett is running those fund decision-making processes? Clearly, he is still the final decision maker, but he is also a forward thinker and has to realize that someone else will be making those investment calls, and he does not want to set the company up for failure.”
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Dave Ramsey
Melissa Murphy Pavone, the founder at Mindful Financial Partners, noted that Dave Ramsey’s advice to people feels like over-the-top penny-pinching, with a “cut your daily cup of coffee” money approach to accumulating wealth. Pavone remarked how “Ramsey emphasizes extreme budgeting and debt elimination at all costs.”
Sturdivant highlighted Ramey’s antiquated envelope method of budgeting where all is divided into different envelopes allocated for various expenses. If someone uses that strategy, they are “losing value to inflation in perpetuity, not to mention the sunk opportunity cost of not having your money earning any interest,” Sturdivant stated.
“Figure out how much cash you need and get the balance to put the rest to work.”
Robert Kiyosaki
Sturdivant noted that Kiyosaki has some valuable lessons to share when it comes to assets versus liabilities.
“My 11-year-old daughter asked me for a financial book to read and I gave her ‘Rich Dad, Poor Dad’,” shared Sturdivant. “Concepts all investors need to understand, concepts all people should understand.
Comparing Kiyosaki to Ramsey, Sturdivant highlighted that “once you get past the high-level theme, they try to create monolithic advice for investors at all stages. Even with real estate investing toda,y that book is dated but when your brand is established on those principles, it is hard to turn that cruise ship, especially in a narrow channel.”
Conclusion
“The modern economy requires adaptive financial strategies — leveraging smart debt, intentional investing and financial autonomy rather than rigid, outdated rules,” Pavone concluded. “The best financial advice today balances fundamentals with real-world flexibility, helping people grow their wealth in a way that makes sense for their unique circumstances.”
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This article originally appeared on GOBankingRates.com: Mark Cuban and 3 Other Experts With Out-of-Touch Money Advice
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