During a review of financial advice from top influencers available online, multi-millionaire author and host of Netflix's "How To Get Rich Show" Ramit Sethi couldn't wrap his head around how some experts view the middle class. During the review posted on YouTube recently, Sethi was surprised when he saw a clip of real estate investor and equity fund manager Grant Cardone describing the middle class as "the most oppressed, suppressed, held down, lied to, tricked, and naive" group of people in the world. Cardone believes the biggest mistake of middle-class people is that they bought into the idea of the middle class.
Sethi Concerned About Influencers' Irresponsible Portrayal Of The Financially Vulnerable
Sethi retorted that his two decades' experience in business taught him that it doesn't bode well for a multi-millionaire to blame the middle class for buying into the idea. Cardone slammed the system, highlighting that Americans have an illusion of control or freedom by feeling they are "good" when they secure a job, buy a house, or have "two BMWs" they can't afford. He continued that children are stuck in a "17-year prison system called schools."
Sethi appeared beyond disappointed before noting that there exists a "systematic effort" to mock the middle class from influencers online. Linking the middle class with failure doesn't make sense because he thinks being part of the American middle class should be celebrated as they represent one of the "powerhouses" globally. Sethi also advocates for a stronger middle class where the wealthy are taxed more to fund robust social services infrastructure but is concerned that some rich influencers are conveying that you can be "incredibly wealthy" or you are "a loser."
Cardone continued to share his demeaning outlook. He said the middle class is "hoodwinked," where a college degree is supposedly equivalent to "jail" for four years and 30 years (mortgage) if you buy a house. Sethi apparently took offence at Cardone's perspective of linking college education with prison. He shared data revealing that college degree-holders have much higher lifetime earnings than those who didn't attend college, and Cardone's way of conveying his thoughts is irresponsible.
Sethi Concurs With Cardone's End Goals
Sethi has no friction with Cardone's idea that it is pointless to own BMWs, buy a house without running the numbers, or that everyone should go to college. However, he highlighted how two people can have similar goals but can present them differently. The impact of Cardone's view that you are a loser if you are in the middle class can be undone if influencers focus on helping teach how money works and help create unique financial plans designed for a prosperous life.
Cardone believes studying people at the top is the way to escape middle-class problems. However, he asked everyone to analyse every interview with Warren Buffett and then urged them "not to listen to what he says" but "match that with what he does." Sethi was amazed at how Cardone ended the clip with a "conspiracy theory." He noted that Buffett will tell you to live beneath your means and invest in index funds, but does that mean the middle class should do what he does, like buy a private jet company?
Sethi also stressed that he had a problem with people who think if you are wealthy, you are also morally good, which isn't true. While highlighting how he knows many middle-class people who are morally amazing, he refuted the idea that money makes you a better person. Being wealthy means you simply have cash, according to the author, who added that it doesn't make you smarter. While acknowledging that Cardone might have more money than him, Sethi said he wouldn't trade his morals for Cardone's money. Sethi concluded that if you seek money advice from influencers, understand if you admire them and if they exhibit the same values as you and live the rich life you imagine for yourself.
