And when I hear those, Im like, Im not giving you a list, because the minute I say, lets do this, thats not being thoughtful, thats not being planful. Charles: [00:13:10] Again, I think the AirPods may be worth it, but the jeans, it just seems like its a waste of money. And I just figured, you know what, that doesnt affect me. He can do what he wants. Lets be thoughtful and make sure that something you put forward is something that you put some thought into. Its a fancy car. Sethi is the author of the 2009 New York Times Best Seller, I Will Teach You to Be Rich and founder of GrowthLab.com,[3] owner of IWillTeachYouToBeRich.com, and owner and a co-founder of PBworks, a commercial wiki website. Why are we waiting for payday if we make $140k?, Episode 61. This is how most people view the world. He'd actually been saving for his wedding since he was 24 years old, several years before he even met his wife, he tells CNBC Make It. His name is Ramit Sethi, he's the author of the book I Will Teach You To Be Rich. What are your rules? Historically, investing in the stock market will have a much better return than anything you could get from a savings account. And so, I try to give them the right kind of tools, like accounts, and talk about investments, et cetera, but I dont want my cheapness and my issues to kind of rub off on them. Is Michelle a good mom? Ramit Sethi: [00:13:15] Okay. Brittney started her writing career in the world of science, putting her physics degree to good use. You would never only have one instrument. The problem is we make more. Charles: [00:26:17] I dont think she would do that intentionally, but I think that she could or has spent money in ways that I thought that we should not have spent in this way. I mean, I remember another podcast you did and you asked them to rate it from zero to 10. Michelle: [00:00:05] Youre netting 80,000 a month and youre questioning my Audible 12-dollar subscription every day? Money rules are important to keep your finances on track. Michelle: [00:16:22] His idea of spending is spending to make more money, and then make more money. Michelle: [00:39:57] I dont know, because I do believe that he wants to change, I do believe that he realizes the damage that has been done. And number two, I want you to teach me how to live a rich life. It's out now as a revised second edition 10 years after the publication of the original. Ramit Sethi: [00:08:34] When I have these conversations, Im always looking for a clue thats going to open up something deeper. Im saving all of us right now. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. Its not based on analysis reports on jeans. Ramit Sethi: [00:15:17] Sp, my question, Charles, is what is the cost of your beliefs? Youre cautious about hope. Just rewind back to what you just said. Michelle: [00:42:57] I do believe that he wants to change. I agree also. I wouldnt do that. Why cant we take a vacation?, Episode 76. Who should pay on a date? This totally blew my mind, because as a guy who used to be a logical dork, I still have remnants of it in my mind. I try to get her to sit down and talk about different things that I do, because before, I would make an investment without talking to her about it. I do. The most common money lens is cost. What did Ramit Sethi do? Charles: [00:03:39] Were having a very toxic discussion about money. Ramit Sethi: [00:24:27] Shes shaking her head. I had to sign $175,000 per month. We have $200,000, but were afraid to take a vacation, Episode 55. And they asked me, how good is this guy? Whos reinforcing it? And its everything to me. Charles: [00:13:29] Yeah, I think thats right. When I get a great deal that I go to the dollar store, I load up on good deals there, I just love the feeling, the fact that I got a good deal. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. He originally signed up for the 35,000-dollar Tesla until we found out what the actual body looked like, and then he like upgrade it a little bit. Ramit Sethi had more than 189.7K followers on Twitter. He does make a little leeway for housing, allowing that it's not necessarily feasible to buy a house in cash. So, his beliefs, if he were a single guy, would be fantastic. Michelle has been pushed to the limit. I do believe that he realizes the damage that has been done. So, you should take care of it. But I think the biggest difference was like, Im very intentional. Just don't take on debt for your purchase; have the cash on hand so you can pay off the purchase right away. So, again, its that negative spin to it, and Im like, yeah, I want to do that, whats wrong with that? But ironically, I went one day, and I was kind of, wow, this is a good deal. "Let's be honest," Sethi says. He suggested some advisors may steer away from these accounts because they can't make commissions from them. It went hugely viral but TikTokers overwhelmingly supported him. Ramit Sethi We've been talking about it. Were worth $5.7 million but were arguing over the price of chocolates for Valentines day, Episode 41. I had to stop him from some long monologue that he was about to go on. 4.7 out of 5 stars . "The 85 Percent Solution: Getting started is more important than becoming an expert.". "Spend extravagantly on the things you love, and cut costs mercilessly on the things you don't.". You would never only have a trombone. What Types of Homeowners Insurance Policies Are Available? Michelle: [00:35:18] The house is my biggest thing. Ramit Sethi: [00:15:04] Fair enough. I think it was just this feeling of, we dont have enough, we dont have enough, but the numbers always showed that we did have enough. Theres security, like knowing you can call someone to fix your car. When was the last time you actually heard real people with over $10 million talk about how they really feel? But how much should you have on hand? Anyone involved in the Internet marketing world knows that there are plenty of amazing mentors to learn from: Melanie Duncan, Marie Forleo, James Wedmore, Brandon Burchard, Chalene Johnson, Amy Porterfield, and Ramit Sethi, to name . Charles: [00:05:27] I dont. For example, if you're starting a new hobby, go with cheap equipment or supplies at first, then upgrade when you know you'll stick with it. Theyre logical. My yard is in shambles. Biography Sethi was born on June 30, 1982, in California, USA. Ramit Sethi: [00:05:34] When you get a good deal, what does that feel like? Hold on. Its unromantic if my boyfriend doesnt pay for date night, Episode 33. Why do you think shes shaking her head? [4], In 2015, Sethi announced the launch of GrowthLab.com, an end-to-end online marketing resource.[5]. We make $145k per year but have $828k in debt and feel totally paralyzed, Episode 35. We make almost $300k per year but we cant afford our mortgage, Episode 68. I earn almost twice as much as my fianc, but I make him split the rent, Episode 72. "Money is overwhelming, so we find instant gratification elsewhere" Episode 9: "I hid thousands of dollars of credit card debt from my husband" Episode 8: "My wife is spending too much money" Episode 7: "My parents keep expecting us to pay . Why is that? I think weve both worked hard, yeah, I do, Im not ashamed of that. Charles: [00:25:21] Because I think she may be offended at my thinking that shes not being thoughtful or planful, et cetera. The Master Key to Riches - Napoleon Hill 2012-03-06 . Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. I didnt even know how much we made. While Ramit loves setting up models and spreadsheets, . Theres experience, which could be an amazing restaurant or a sunset trip to the beach. Im very punctual. Maybe buying this condo was a mistake (Part 2), Episode 49. Imagine youre wearing a pair of glasses. Ramit Sethi: [00:16:17] You couldnt find anything to spend $1,000 on. Also, notice how its all focused on what can go wrong, but its never focused on what can go right, and $10 million later, he still feels the same. I am going to die in 5 years. You've got your husband or your wife's family, you've got other family members that need to come, maybe you need to pay for them to fly in.". 39. Michelle: [00:07:42] Initially, when he would come home from the dollar store, I would just kind of laugh and just chalk it up as thats another notch of his cheapness, and I would swear that I would never do that. The story is told by Cyril's son Danny, as he and his older sister, the brilliantly acerbic and self-assured . So, you can understand the sadness, the anger, and the resignation that I saw in her face. After reading Ramit's content for years, I have teased out these underlying messages in all of his teachings: Disproportionate results. By investing 10% more than others into preparation, research and figuring out the strategy, you can get 10x - 100x better results. Im hearing a lot of that from you. You have a lot of dynamics that are at play. Okay. Ramit Sethi was born in 1982. It's a great book. How do we create our Rich Life when we dont trust and respect each other?, Episode 25. I mean, were accurate on how to save it and why save it, but theres a big divide on spending, how to spend, what to spend it on, why spend it on these things? Send me a screenshot. Ramit Sethi: [00:13:57] You ever heard stories about people who go out with their parents, and they go to dinner, and their parents are still tipping like 5% or 10%, and youre just like, no, dad, cant do that anymore, here, Im going to slip an extra 20. And then, another thing that I kind of picked up as Charles was talking is its what he finds valuable, is what he finds pleasure in. Im giving away a signed copy of my book. Sethi says he automatically flies business class (or first class, when flying domestically) for any flight longer than four hours. Michelle has her views about money. This isnt like talking to two people who are ignorant about money, shy to talk about it. Ramit Sethi, I Will Teach You To Be Rich. I mean, literally, like you only need 150, youre netting 80,000 a month, and youre questioning my Audible 12-dollar subscription every day? Now, theres just one more catch with Charles here, he actually has that kind of money, and yet he cant stop making more of it. Ramit Sethi: [00:01:04] Hi. In other words, Sethi says, it's important to sit down with your partner and come up with a plan for wedding expenses that you're both comfortable with and that also takes into account the aspects of the wedding that are most important to you and your family whether that's springing for the nicest flowers, paying to fly in a family member or whatever. Wheres that coming from? I plan, I research, I weigh and measure, I dont just willy-nilly just say, hey, I want to buy couch today. This is going to take a totally different approach from my end. My husband wont talk about money with me, Episode 11. I was also the self-appointed Social Chair. So, everything that hes saying is fantastic. 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