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4 Personal Finance Celebrities

By Amanda 20 Comments

Here are 4 personal finance celebrities that you might want to know, along with the good and bad of their fame!

Every industry has its celebrities and the world of personal finance is no different. If you are an avid reader of personal finance blogs or have ever browsed the finance section of a bookstore, you’ve likely come across the same few names many times. Although every “personal finance celebrity” has their own area of expertise and their own approach, their goals are the same – they want to educate the public about money, by selling their knowledge and their products.

Robert Kiyosaki

Robert Kiyosaki is best known for his “Rich Dad Poor Dad” series of motivational books that focus on financial education. With a background as an American investor and businessman, Kiyosaki has a reputation for being controversial – both for his views on money and investing and for his questionable business practices.

The book “Rich Dad Poor Dad”, published in 2000, has sold over 26 million copies and claims to be “the #1 Personal Finance book of all time”. It is allegedly based on the true story of how Kiyosaki’s two dads – his biological “poor dad” and his best friend’s “rich dad” – changed his thoughts on money and taught him the difference between working for money and having money work for you.

Kiyosaki uses the “rich dad/poor dad” example as the main premise of his teachings. He compares the old way people generally think about money (go to school, get a job, keep working said job in order to pay the bills, etc.) to a new concept of obtaining financial freedom. He believes that by generating enough passive income through investing, business ownership and increased financial literacy, people can reach financial independence and will no longer need to support themselves by working and earning a regular paycheck.

The “Rich Dad” brand now boasts over two dozen books, dvds, games, and apps, as well as workshops, webinars, training sessions, coaching sessions and a mentor program. But this success doesn’t come with criticism and controversy.

There is mass speculation that Kiyosaki and his team are lying about their credentials, and that the “rich dad” character is made up (meaning that the foundation of Kiyosaki and the Rich Dad brand is a lie). They have also been accused providing misleading, dangerous and potentially illegal advice and for failing to address the amount of risk involved in starting and running your own business. Kiyosaki defends some of these accusations by claiming his work isn’t a meant to be a map to wealth, but instead a motivational tool to get people thinking about money.

Suze Orman

Financial guru, Suze Orman is an American author and financial advisor who is best known as the host of “The Suze Orman Show” which airs on CNBC. In addition to publishing several personal finance books, Orman also created educational kits focusing on different financial services. She has won two Emmy Awards, has nine consecutive New York Times Bestsellers, and was named one of “The World’s Most Influential People” by TIME and one of “The World’s 100 Most Powerful Women” by Forbes.

With the motto “people first, then money, then things”, Orman strives to help people by candidly telling the truth about money. Her advice is pretty straightforward – earn more than you spend, cut out unnecessary expenses, pay down debt, etc. – but she has been criticized for being too simple and offering “one size fits all” advice.

Orman has also been accused of recommending products for which she is being compensated for. She caused controversy back in 2012 when she created and endorsed “The Approved Card” (a prepaid MasterCard debit card) and responded to critics by insulting them via Twitter. More recently, she taught an online class at a for-profit University while simultaneously warning students about the dangers of student loans.

Despite the criticism, “Orman is undeniably America’s most recognized expert on personal finance.” (Source: http://www.suzeorman.com/about-suze/suze-orman-bio)

Dave Ramsey

Dave Ramsey is an American author, tv personality and host of “The Dave Ramsey Show”. His call-in radio show, which airs on more than 500 stations, is heard by at least six million people each week and seems to predominantly appeal to the white middle class.

Ramsey approaches personal finance with a more classic perspective – you need to work hard to succeed. He has a “just say no” approach to debt, stating that your mortgage should be the only thing you go into debt for. Everything else – including your car and your education – should be paid with cash.

For those already in debt, Ramsey is famous for promoting the “Debt Snowball” method: continue to pay the minimum payments on all debts, but focus on paying off your smallest debt first. This method has received some criticism for ignoring the interest rates on each debt, but Ramsey feels that the sense of accomplishment that the small victories bring are more important.

His teachings have a strong biblical tone, but that doesn’t stop Ramsey from calling his listeners “stupid” or “self-indulgent”. He tells his listeners that they are responsible for their money problems, but also that they are in control of changing it. He preaches that there is always another expense that can be cut and there is always another way to bring in more income. He stresses that bankruptcy must be avoided at all costs, however, Ramsey filed for bankruptcy in 1988. (Perhaps that makes him more credible?)

Gail Vaz-Oxlade

Gail Vaz-Oxlade, a Canadian financial writer and tv personality, is probably best known as the host of the shows “Til Debt Do Us Part”, “Princess” and “Money Moron”. She has published several books and has written for Yahoo! Canada Finance, The Globe and Mail, and Chatelaine magazine.

Vaz-Oxlade is “hell-bent on getting people to take control of their money and their lives”. (Source: http://gailvazoxlade.com/blog/) She focuses on getting people to live within their means and to get out of consumer debt. She believes that people can have whatever they want in life – if they are prepared to work for it. She often uses and promotes the “jar system” in which participants create and follow a budget by allocating a certain amount of cash to each jar (budget category). The idea is that once the money is gone, you stop spending, reinforcing the concept that you can’t spend more money than you have.

But Vaz-Oxlade’s tough-love approach doesn’t always sit well with audiences. She has been criticized for yelling at the participants of her shows without offering any real advice, and has been accused of humiliating them (one “Princess” allegedly took her to small claims court).

A common critique of personal finance celebrities is that they offer advice to the masses without knowing much, if anything, about the individual situations or considering the current economic state. A good way to avoid this problem is to do a little background research on the speaker you hire, and to make sure their approach would work well with your audience. There are a plethora of websites on the internet that allow you to find motivational and inspirational speakers for just about any event. Resources such as this can significantly cut down on your research time, as they allow you to search for speakers by their expertise, fee range, and geographic limitations. You can even choose to search only for speakers with videos, ensuring that you hire the perfect orator for your event.

It’s important to remember that personal finance is personal and that these financial “experts” are a source of entertainment. They are on the radio and television to earn a living by selling their products to the general public. Their advice is not intended to replace the one-on-one guidance people may need, but instead to offer hope and to motivate people to start taking control of their money.

Filed Under: Money Tagged With: 4 Personal Finance, Finance Celebrities

About Amanda

Amanda hails from Northern Ontario where she ambitiously tries to live a life worth blogging about at My Life, I Guess.... She writes about getting out of almost $80,000 of debt, her struggles to find the right career, and the ups and downs of being a tenant (amongst other things) while drinking beer and watching too much tv.

Comments

  1. Esther says

    August 21, 2015 at 07:03

    I am a great fan ofFave and Robert. Their advice are just so practical and inspiring. Their boks is a must for anyone who wants to make a headway in their personal finances. Why you may ask? Because they aare great doers who walk their talk.

    Reply
  2. Leslie Tayne says

    June 16, 2015 at 15:01

    Great list Amanda!

    A bunch of people have already mentioned it, but it’s worth reiterating: when reading anything from a self-proclaimed “expert”, it’s important to take into consideration your own situation before taking up any of their advice. People handle their money in different ways and while some might be comfortable and able to manage Kiyosaki’s aggressive, credit-favoring system, others might be better off with a more conservative Dave Ramsey approach. There’s rarely ever only one “good” way to manage your money!

    Reply
  3. Prime says

    October 23, 2014 at 04:32

    I’m a fan of Kiyosaki. Too bad he believes so much in credit. I personally wouldn’t encourage anyone to take any credits out.
    Indeed, the way you treat little money will set the way you treat big money. He is definitely right on that one.
    The rich dad vs poor dad comparison is very compelling, inspiring.

    Reply
  4. May says

    September 8, 2014 at 09:05

    I did not realize that Dave Ramsey had claimed bankruptcy. I should probably not admit this but I have not read any of his books. I have visited his website a few times but there were a few posts on their that turned me off.
    I love Gail Vaz-Oxlade. Wish she would continue doing TV. Suze Orman – is interesting – I just wish she would stop YELLING when she speaks. It raises my blood pressure.
    May recently posted…Fun with Stock CertificatesMy Profile

    Reply
  5. Chris @ CentsToMe says

    September 7, 2014 at 17:06

    Great post. I would add one of my favs to the list: Clark Howard.
    Chris @ CentsToMe recently posted…Is This Stock The Next Berkshire Hathaway?My Profile

    Reply
  6. Fig says

    September 4, 2014 at 15:02

    I love Suze, Dave, and Gail. I don’t really follow any of their advice 100% (some is conflicting) but I love them all for the motivation and reminder that doing the right things with my money will get me to a better place in life.
    Fig recently posted…My Rules For Second Hand ShoppingMy Profile

    Reply
  7. jefferson says

    September 3, 2014 at 20:50

    Nice list of PF celebs, Amanda.

    Of the four, I would definitely rank Kiyosaki as my favorite. Rich Dad, Poor Dad really gave me a new way of thinking about money..
    jefferson recently posted…Mom Goes Back to WorkMy Profile

    Reply
    • Amanda says

      September 4, 2014 at 08:25

      That’s great! I had heard a lot about “Rich Dad/Poor Dad” before, but never really looked into it/him until I was putting this together.
      Amanda recently posted…Another $225 Spent at the VetMy Profile

      Reply
  8. Taylor Lee says

    September 3, 2014 at 20:46

    Not gonna lie, I totally got into personal finance because of Kiyosaki. I even got his rat race-themed board game as a kid, because I was a nerd like that. Wouldn’t recommend his advice now as an adult though. He advocates overleveraging— way WAY way more than anyone should be comfortable with.

    If I had to pick a PF-ish person I like today, it’d probably be Elizabeth Warren. Educating and protecting the finances of the average American, yeah!
    Taylor Lee recently posted…Am I Ready To Buy A House?My Profile

    Reply
    • Amanda says

      September 4, 2014 at 10:16

      That’s awesome that you got into PF as a kid!
      I’m not familiar with Elizabeth Warren – I’ll have to look her up!
      Amanda recently posted…Tales from a Tenant: The Mold 2nd EditionMy Profile

      Reply
  9. Kassandra @ More Than Just Money says

    September 3, 2014 at 20:04

    They’re all human, that’s the problem 😉 In all seriousness, people who follow personal finance guru need to always question if what they are hearing really makes sense for their own situation. I read a lot of PF books and I just sampled whatever I found to be workable for me and soaked up new information. We can’t follow anyone blindly.
    Kassandra @ More Than Just Money recently posted…Epic PF Fail: I’m Making the NYPD Rich!My Profile

    Reply
    • Amanda says

      September 4, 2014 at 10:18

      Exactly! No one is going to have *THE ANSWER* that works for everyone. We each have to do some reading and research and find what’s best for us.
      Amanda recently posted…Tales from a Tenant: The Mold 2nd EditionMy Profile

      Reply
  10. Debt and the Girl says

    September 3, 2014 at 17:40

    I never cared much for Suze Orman. I think she says a lot of things that do not benefit her fans. I know she came out with a prepaid card with her name on it that actually charged a ton of fees. It was in the news at some point.
    Debt and the Girl recently posted…On Running Out of Steam…My Profile

    Reply
  11. Jay @ ThinkingWealthy.com says

    September 3, 2014 at 16:48

    I was fully expecting to see myself on this list. Now I’m just disappointed. Kidding (maybe) aside, I didn’t know much about the guy behind the Rich Dad, Poor Dad book. Good to know!

    Jay
    Jay @ ThinkingWealthy.com recently posted…What Can Kid’s Movies (Particularly The Mighty Ducks) Teach Us?My Profile

    Reply
  12. Amanda says

    September 3, 2014 at 10:04

    I had heard of the Rich Dad, Poor Dad before, but like Suze Orman and Dave Ramsey, I knew very little about them. It was very interesting to actually do some research into the names that I kept seeing popping up on various PF Blogs.
    Amanda recently posted…Another $225 Spent at the VetMy Profile

    Reply
  13. Femme @ femmefrugality says

    September 3, 2014 at 06:58

    On Suze Orman…I don’t think the college thing is that big of a deal. But the card was and the way she conducted herself. I don’t agree that you should pay off all debt THEN do an emergency fund either; I think they should be done simultaneously otherwise you get stuck in the credit cycle again.
    Femme @ femmefrugality recently posted…The Best Place to Book Hotels for CheapMy Profile

    Reply
    • Amanda says

      September 3, 2014 at 09:53

      I feel the same way about the emergency fund, especially after having to turn to mine on more than one occasion. And, if you’re like me and have upwards of $50,000 in debt, it will take YEARS to pay that off, regardless of if you put money into an EF or not.
      Amanda recently posted…Another $225 Spent at the VetMy Profile

      Reply
  14. debs@debtdebs says

    September 3, 2014 at 06:33

    I’m so glad your list includes Gail Vaz-Oxlade! It would not be complete without her on it so it’s awesome you saved the best for last! 😉 Yes, I’m biased because she’s the first I followed, plus she’s Canadian but I really like her no nonsense approach. Yes the others have that too, but Gail is kinda funny and quirky and I like funny and quirky. #strangebuttrue Another strange but true fact is that I could not bring myself to watch her show initially when I knew we had money problems but was avoiding it. It was going to be too painful to acknowledge so I refused to watch the show Til Debt Do Us Part. Later, I couldn’t get enough of it! I’ve read one of her books too ~ Money Rules!
    debs@debtdebs recently posted…Financial Mistakes of the Worst KindMy Profile

    Reply
    • Amanda says

      September 3, 2014 at 10:02

      Haha, she’s also the very first Personal Fiance celebrity that I ever came across, so I imagined that was the case for many other Canadians, too. I remember watching Til Debt to Us Part as a university student and being flabbergasted at how clueless some of the people were about money – not realizing that I wasn’t much better, myself!
      Amanda recently posted…Another $225 Spent at the VetMy Profile

      Reply
  15. Alicia says

    September 3, 2014 at 04:48

    I’m not that familiar with the Rich Dad author, but I’m very familiar with the other 3. I don’t really love Suze Orman’s delivery, or Dave Ramsey’s, but I do credit GVO with giving he the kick in the pants to start digging into personal finance and getting my act together. Plus, I write for her site, so it’s pretty obvious I am on board with her 😉
    Alicia recently posted…Bizarre Line Of Credit CalculationsMy Profile

    Reply

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