This is a YouTube video titled "A Billionaire in Debt" containing an English conversation recorded in August 2024. The discussion features two speakers, including Rich Schefren, debating the merits and risks of using debt as a financial strategy, contrasting views on financial education, and the role of figures like Dave Ramsey in promoting debt-free living versus leveraging debt for wealth.
I am a billionaire in debt. You know why? Because I get tax breaks for borrowing money. And the reason I am so rich is because I'm in debt. My friend Dave Ramsey says, live debt free. I'm going, well, you're an idiot. I like debt. He says, I know, but most people can't handle debt. I said, I agree. That's why there's no financial education in schools. Because if you knew how to handle debt, you wouldn't save that crappy dollar you have in your hand. I'd rather borrow the money tax free. And then do what with it? I have to invest it to make more money.
I don't know. He makes his money selling financial education, so it's really kind of. It's convenient, isn't it? I also think that he's a little bit. He's a sleazy guy. I'll say it. I think Dave Ramsey is saying the right thing. Can you make money off debt? Yes. Do you get tax breaks from debt? Yes. Are most people capable of handling debt the right way? No. Financially it can make sense, but if the shit ever hits the fan, then you end up being royally screwed. And so, yes, it's a great story. It's a great way to get people to enroll in your financial courses who are poor because they believe that they can leverage their way to greater wealth. And maybe some can and maybe some will, but most won't and most will end up in a worse spot. So I disagree with this video, and I think that it's. It's financial hysterism. That's what I'll say.
