26 Minutes of Brutal Financial Advice (from a Millionaire)
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- Опубликовано: 9 окт 2024
- I’ve helped millions of people just like you radically improve their finances. In this video, I’ll give you the brutally honest financial advice you NEED to hear if you want to become financially free.
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I only make about $50k/yr right now but I have my paycheck automated like this, 6% goes into my 401k (my company matches up to 6% so free money) and 5% goes directly into my emergency fund/savings which has a 4.7% apy. It’s not much but it’s a good start. I started this bc of you so thank you Ramit!
Bro thats a great start keep it up especially on that salary
This is an amazing start! I am doing the same thing too 😊 still working on automated other things but happy I’m setting myself up for the future self (with savings and retirement)
Good start. Keep pushing. Try to increase by at least 1% per year until you get to double digits and eventually to the 401K max per.year. Also, try to start investing some in a brokerage account (maybe s&p 500) as well especially after interest rates drop.
6% match is gold 🎉
Steven Curry... 😢
I just have to applaud your content man, well done. I remember having a consultation with a trade analyst last September, and it was incredibly insightful, at least $50k---$1M profits. Can’t stress enough how helpful experts in this field are!
Please how do i go about it, am still a newbie on investment trading and how can I make profit?
A better way is to get proper guide!!!! The most important thing is the technicality
I started working with Sonia back in February, and my financial goals have been clearer. It's like having a strategic partner for my money with a solid track record.
Thanks for keeping us informed. I feel for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Ms Sonia Karen ! Imagine I invested $2,500 and received $18,200 after 2 days days.
She is my family' personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
"Cell C13 is not going to keep you warm" is such a fire line tbh 😩
@@RubieKanary Ramit the coldest finance RUclipsr fr
Of course cell C13 won’t
That’s what cell E32 is for
C4 sure will! 😁
@@pirateslife4meprofile pic checks out
Ramit correctly guessed my only texts are financial app login codes 😂
I’m guilty of this too…lol
Though most of my texts are appointment reminders, multifactor authentication for my work computer, as well as some texts with friends.
Oh shit, he knows! 😂 Ramit, stop peeking!
I like the hope you’re giving to people. Sometimes when I think of how simple I want my life to be then I hear people talking vision and other things. I sometimes feel as vision is small, I enjoy watching you this morning.
Most videos who have this kind of title do not have advice that is this high quality.
*that
I love when Ramit switches voices. It sounds exactly like the voice in my head now. 😂
For retirement planning I (amongst other things) started a journal where I write down thoughts of what I want to do with the rest of my life. Glad I did. Retirement is more than just the money.
Living my rich life now-
-Financially free by age 34(quit the toxic boss and job)
-Focusing on health and family- spent months with my aging parents nursing them back to health
-Redeeming my childhood- learning new sports that we couldn’t afford growing up
-Watching my kids grow and not missing any moments with them
-Traveling the world
-Creating solutions to problems I see daily
-Helping my community for free
Financially free to me means I can pay for all of my expenses for the rest of my life without ever having to return to a job. I can withdraw 4% of my nest egg annually and never feel strapped for cash or run out of money during the year.
Humanities are such a waste of time…WTF are you talking about?!
Absolute gold😊
“That’s why you are sitting alone and your text messages are blank”
Ramit really felt like personally attacking me today
Unhinged Ramit is my favorite version 😂 thank you for this excellent advice! 🙏🏽
Understanding what truly matters to us personally can make the journey to financial freedom much more fulfilling.
I really appreciate you sharing these valuable info which I had no clue about. I realize how important the mental health is since when I earn much less but in a less stressful job, I actually saved up 70% more than high-paying job with lots of stress
Rule number one when ramit post videos like this. He generally says the same things over and over. Just by the book... That also says the same things in more detail
There was no "Brutal Financial Advice" in this video. In fact it all ranged from the common sense to the enlightening and even inspiring. You can't make excuses and expect your life to change. If you can only afford to save or invest $20 a week then that is what you should be saving or investing. You don't lose by taking the first steps and continuing to move forward.
Ramit!!!! Your shady comment made me instantly check my text and phone call log 👀. Several calls and text this week so it looks like I still have some friends at my big age 😂
I find Ramit really inspiring and gives folks hope. Thanks Ramit and Team for your RUclips insights.
Hey Ramit, it would be interesting to see you do a video with another financial youtuber to discuss and compare your methods. Someone like the Money Guys or a Ramsey personality would be an interesting clash of opinions, or someone like Caleb Hammer where you could compare a compassionate approach with a more in your face "scared straight" method. It seems like your method may have better results than Hammer's, but hard to tell with the limited follow-ups.
Thank you!
4:57 collecting pens sounds thrilling
You are so entertaining. Thank you for your knowledge. 😂❤
5:30 Ramit pls look into other mice, personally I love Logitech's vertical mouse but that's just me. Apple's mouse is so bad, especially for larger hands 😭😭. Most mice are just too small regardless of shape. Yes, my rich life includes finding a great mouse and it actually is such a relief to have a good one
I believe a lot of people who are watching this video know what rebalancing is.
“I got other things to do like eat!” 😁
Yes, only 34 wife is 32 been dividend investing since 2010.. Now we're home i trade CC and cash secured puts and rack in dividends on top of the premiums
*Smacks lips* “tskk.. listen up, you jabronies” 😂😂
Advice #1: don’t buy a truck.
…oops, too late (for 95% of Americans who complain about inflation)
Everybody email ramit because the APY goes down 😂😂😂😂😂
I keep it very simple, I just buy TSLA stock whenever it's cheep
7:44 ..."accepted to the NBA?"
Obviously, you're not a golfer.
unfortunately, i have to pick individual stocks in my country to hedge against currency risk, because in my country, we don't have such a good index fund like SP500. It's tough to do all that research to pick stock, urgh!
Well…my rich life requires about 35M. I do all the steps, but I certainly don’t see how I’d hit that in my lifetime.
0:47
After a certain financial point those continuing to 'chase' the next dollar may not think of it as a task to do, but fun, a challenge or something to keep them occupiecd.
My rich life requires lot of money .....lolz
Kentucky catching strays 🤣
Ain't able to save $1000 correctly, still have poor habits. It seems that the sacrifices vs the saving money habit is outweight by my low willpower. Sometimes, you need to fix the habits and psychology behind money before you think of a number that seems unrealistic.
I'm not sure target date funds are necessary, because you wouldn't be taking out all of your retirement right at day one of your retirement, ideally, right? (I'm not a financial expert by any means! Just a thought)
I work in finance and I wouldn't do target date funds. I would do an index fund and pay a planner to do a financial plan to optimize taxes. Index funds should do you well until 50 depending on when you want to retire.
Buy assets that put money in your pocket and grows not liabilities.
The target date fund my 403B offers has an expense ratio of 0.72.
My Roth IRA s&p 500 expense ratio is .04 and is up 16% for the last 5 years
Yeah, my 401k TD funds are similar. I built my own portfolio there as they offer good low cost index funds. I assume Ramit is referring to something like an IRA where basically everything is available. He should have mentioned that.
If there are funds with cheaper expense ratios then you should choose those but sometimes you're stuck with really high expense ratios and your best option is to only contribute enough to get whatever match is available and put any additional investments in an outside retirement account like Roth IRA or traditional IRA.
I currently have my TFSA maxed out in a managed account through wealthsimple. The fees are low, but they are starting to add up. I can't remember what the fees are off the top of my head. But, would a target date fund be cheaper than a managed account even though it's also technically managed by someone?
Found it, 0.4% on a managed wealthsimple account.
For high earners who are independent contractors, do you recommend to invest first on a back Roth IRA then in target day funds? Or at the same time? I’m a bit confused about how to invest, but most information out there is for salaried employees that can take advantage of the 401Ks provided by their employer…
A Roth IRA is just a brokerage account you can contribute to if you meet all the requirements. (the requirements are you can only invest 7k per person a year and your earned income must be under 146k as a single person or 230k married ). A Target date fund is a collection of stocks and bonds that someone is taking a small percentage of your earnings to manage and making the portfolio more bond than stock, as you get closer to retirement. Bonds are safer investments that don’t grow as fast and stocks are more risky investments that grow faster. Personally, I put everything into a mutual fund that tracks the S&P 500 that has really low expense ratios because I am younger and have 20+ years to let it grow. The reason you want a Roth IRA is because it’s a tax advantage account and you pay all the taxes upfront so you won’t be taxed for the earnings later when the tax rate goes up. (As it has done historically.)
We maxed out our 401(k) and back door Roth IRA, then invested the remaining in a traditional brokerage account with index funds.
Do target day funds work for independent contractors as well? Also at Vanguard?
Hey Ramit, I love your videos, would you consider making a video for Canadians hoping to live their rich life with special tips for us north of the border? Appreciate you
Why do you and we still reference the average % across standard banks when we know most people today don't keep their money in a traditional bank?
That SM7B sounds kind of dark and muddy. It's definitely a "sound", but you might be able to do better.
An EQ tweak can resolve that and bring out more brightness which is there but underpumped.
Getting sick of “pay yourself first!” BS! Pay your fricken BILLS first!
that is how you stay broke and living paycheck to paycheck. If you want to get ahead, you need to think ahead. Put money in savings THEN pay your bills. Anything left after that you can enjoy on yourself (within reason).
You dont even need to put a lot. Like $100 each paycheck is enough. something to get the ball rolling and build up habits. Little by little and you will pay bills, save money and turn your life around.
I have been paying myself first for years and glad I did. Paying yourself mean investing and saving. Why would I work hard to let everybody else have it. Lol
@kingsgold so true! While paying myself I have reducing my bills and avoiding lifestyle creep. It's working out nicely...
@@kingsgold I did not say don’t save! Of course you save and invest but you pay your bills first!
@@MM36577
The point is to save/invest an adequate amount. The rest is your allowance to live on. Make your bills fit into that. So many people spend too much on houses, cars, etc. Then they barely have anything to put aside for the future. That's the meaning of pay yourself first.
2nd
First?
You made it bro
i was actually 1st to the video but i didnt post a comment so i was first and you were probably 2nd or 3rd sorry
@@harjimbaugh4234you're both wrong. I was first but I didn't comment because I was updating my spreadsheet.
@@southfloridadabbler9589 😭🤣