The Common MONEY TRAPS You Need To AVOID To Build Wealth | Ramit Sethi
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- Опубликовано: 26 сен 2024
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On Today's Episode:
There are lies about money that you believe to be true right now that are dictating so many aspects about the way you live and the relationships you have. When was the last time you stopped to think about your money beliefs?
If you’re like most people, chances are you’ve never given it so much as a thought and you’ve been working, earning, and managing (or mismanaging) money for years.
Ramit Sethi is a personal finance expert that’s been teaching millions of people how to be rich and live a rich life. In this conversation he doubles down on the need to understand money, and learn how to keep your investments simple. There is no room for your emotions when investing your money and building wealth, and it’s a truth most people need to hear several times.
Some basic money ideas you can take away from this episode with Ramit is that investing doesn’t have to be complicated and you don’t need to buy a house to build wealth. You can get wealthy with investing, but it’s going to take time.
Simplicity - simplify your investments and manage your risk
Check Out Ramit’s last interview on Impact Theory: • Everything You’ve Been...
Order Ramit Sethi’s book, I Will Teach You To Be Rich: amzn.to/2VmKbKk
QUOTES:
“The problem with money is that we’re told all these things and because we don’t really understand how it works we just accept it.” [1:02]
“By the time people turn forty the number one thing they’re worried about is money, and yet the vast majority of people have never read a single book on personal finance.” [2:15]
“If you want to become confident with money you have to be competent.” [2:56]
“What savvy investors do is they do not try to make individual bets. In their portfolio they just acknowledge, ‘I have no idea’…” [10:39]
“People’s thinking calcifies into dogma, and so they think they got it, they think they’ve got everything figured out.” [14:12] Tom Bilyeu
“There are a lot of simple ways that you can make a lot of money, it just takes time.” [28:52]
“Saving money is really important, but spending money is also important.” [59:55]
Follow Ramit Sethi:
Website: www.iwillteach...
Podcast: www.iwillteach...
Facebook: / iwt
Instagram: / ramit
Twitter: / ramit
WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
One of your Best videos ever!!! On a side note what is this AZ44 Spam s***! Ban these addresses permanently if they are that desperate!!!!
Make them earn the right to be here! The real ones will beg to come back and say they were hacked...lol Even then permanent channel probation!
Charge them the $5 they made for reinstatement
let him talk more Tom
Thanks Tom I'll let him wait for my call👍
Thank you. Just what I needed to watch. My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
consider financial planning.
It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the invt-advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@jeffery_Automotive Would it be okay if I asked you to recommend this specific advisor or company that you used their services? Seems you've figured it all out.
Finding financial advisors like Julie Anne Hoover who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
My daughter encourages me to spend money on myself. Yesterday, it was, “Mom, let’s get ice cream.” It’s also been, “Mom, let’s go get facials,…let’s go to a concert, …and let’s go to Mexico.” We’ve done it all. I guess I should thank her for encouraging me to spend money on quality time with her.😊
My portfolio has good companies, however it has been stalling this year. I’ve approximately $700k stagnant in my reserve that needs growth, any suggestions to grow my portfolio will be highly appreciated.
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
@@isaiahsaldivar2379 very true, I started investing before the pandemic and that same year I pulled a profit of about $600k with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisorr, you can be passively involved with the aid of a professional.
@@hillaryflinch2334 How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@lathamwilfred1181 “Isabel Linda Dueri” is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@hillaryflinch2334 Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call
Most people or programs that teach about money want to profit way more than they should. Which is deceiving like Robinhood. I've been looking for speakers who I can trust to learn how to invest. Tom and Ramit's discussion is overwhelming because I have no idea about finance. However, I am very thankful they have been trying to point us in the right direction.
Real, raw and unfiltered. Business mogul meets Financial guru. Their best conversation to date.
I appreciate how KIND Ramit is during those podcast interviews. Unlike a certain financial personality out there who calls everyone who calls into his show stupid on air..
An amazingly valuable conversation between a realist and a dreamer. Thank you so much for this, much neeeded.
I know how hard is to be right and how easy it is to be wrong That’s so good
Ramit...man your fireside chats during covid were legendary!!! I kinda miss them to be honest.
I love the money dials and have implemented them. I now drive a 2019 SUV instead of a $90,000 pickup.
My house is going on the market this fall and moving to an apartment.
But I love running...so I no longer look for the middle of the road kicks on sale. It's one of my dials...I get the good shoes I like. Double the cost, but it's part of my rich life.
Thanks for the insights.
There are a lot of strategies to make tongue wetting profits especially in a down market but such sophisticated trades can only be carried out by proper market experts.
That’s true , I’ve been getting assisted by a FA for almost a year now , I started out less than $200k and I’m just $19,000 short of half a million in profits.
*Magdalena* *Olivia* *Jones* is actually the one that guides me ,she's a highly-sought out advisor who I found on a CNBC interview where she was featured,you can look up her name on Google and reach out through her page.she understands the job perfectly.
I'm originally from Auckland friends gave her a try she's really performing wonders *Magdalena* *Olivia* *Jones* gave us a very nice and relaxing attention
Her resume is mind blowing 😮just checked it out 😮😮..I really would give her a try
thank you Tom & Ramit. i really appreciate your humility and transparency in breaking down investing, and the psychology behind how people think
This is the best wealth creation advice EVER EVER
I would love to see Ramit Sethi have a livestream with Jaspreet Singh from Minority Mindset. Make it happen!
This!
I love what Tom just said at about 45 mins ❤ Such a perfect perspective 💕✨
I love that Ramit brings up the word "Contributes" and how disillusioned people are when it comes to the things that can't be quantified. My husband may work 8 hrs, but in the house I would work 12,16, 36 hours. Anytime I save my husband money, it costs me time and effort. If he doesn't want to buy an $800 piece of furniture, that's fine, but then I have to find a $25 used piece and refinish it over a 3 month period, so who do you think paid more for that? I pay more in labor for almost everything. How much does the average gardener make? Maid? Cook? Nanny? Dog Walker/Groomer? Secretary? Add all of their salaries up for each hourly task..sadly..husband doesn't get it at all...reason why I plan to get the hell out of here.
Did you explain this to him like how you comment here? He may not see it and you should bring it to his attention. I think any husband would reflect on what you said and show much more of an appreciation.
I have a solution for you, why don't you get a job and buy your own shit.
But also, you can't just add up all of their salaries. That is absurd. What you woulf do (at best) is average their salaries and then multiply them by the actual hours. But then you'd have to factor in how much better they are at their respective professions because they specialize, and then take a discount for that.
I wonder how much appreciation you actually show your husband for what he contributes by working those 8 hours a day.
And lets be real....you are NOT working the entire time you are at home. There is NOT 8 hours of work to do in a home every day, unless you already let the house go hell by not working on it for an extended period of time.
Congratulations on your decision! He doesn’t get it because he doesn’t want to. You are being used and disrespected. There are better people out there.
Laurieclarkson It seems you and your husband have different expectations which would indicate you have a lack of communication between the two of you. I get where you're husband is coming from that if you're home all day he doesn't just want you sitting home doing nothing while he's out working hard to earn money then he has to turn around and spend $800 on a piece of furniture so you can sit at home and do nothing some more. On the flip side of the coin you feel like he's taking advantage of you and treating you like a slave and looking at you as an investment instead of a human being. This is where the two of you need to communicate your expectations out and come to a compromise. I work 12 hours a day at my job 3 to 4 days so therefore I get 3 to 4 days off a week and my wife works 8 hours a day Monday through Friday so I have time off during the week. So on my days off I'm either throwing a wrench on my car, repairing something on the house, running the vacuum, mowing the lawn, doing a load of laundry, doing the dishes, or putting dinner on the grill in the backyard so she has a hot meal ready for her when she comes home. Conversely when I'm at work on the weekend she takes care of the laundry, dishes, or vacuuming, etc. The point I'm making is we communicate our expectations to each other and just get it done. Truth be told I do more around the house than my wife as that's okay simply because I have more days off. You two need to sit down and discuss your expectations. My two cents from a guy that's been married to the same woman for 30 years.
What is a rich life ? Real questions by the way . Great interview amazing geamz. What is a real a rich life
Check out his book I Will Teach You to be Rich - and his podcast where he shares all about what Your Rich Life is, and how to create it, because it is different for every single person (and it's not a $#)
I like this dude. Very smart and great communicator.
It's bot land in the comment section...
always is
My two favorites delve into financial conversations with such clarity and ease. I wish to connect with a wealthy mentor who can guide me similarly.
So good episode! I felt hit. Overconfident, crypto and greed. Should only held to my index funds.
Very instructive - much thanks Ramit [ my Mentor].
*EVERY GREAT THINGS TAKES TIME!*
Again, thanks Tom 🙏🏽
Thank you for bringing ramit on your channel. Another really good episode.
Keep it up tom ,you work really hard
Keep going
Thanks Tom and Ramit! You both continue to share both valuable and thoughtful ideas. I really appreciate it you both.
I look at my cousins: Both their parents went through college, have an advanced degree, very talented and smart. The public education system in their town was below-par. Most of the families were quietly wealthy, and professionals, and they sent their kids to nearby private schools. Therefore, my cousins mostly went into the military or skilled labor. All of them are intelligent and interesting and I love them, but I feel sorry they were shorted by their town’s schools at that point in time.
I’m a physical therapist and only took out $80k for a 3 year doctoral program. I’ve never heard of PT debt being that much
Really applicable, thank you
love this. Thanks Tom. I wish someone created loans for strong ETFs, that didn't have a margin call. This is why property investment is seen more favourably in some circles.
bot?
I like how Tom Bilyeu interviews Great questions
I think crisis can negate the first 10 minutes. When covid happened I went all in on airlines, because they were all closing down and stock was dropping, then sold when they started picking back up. I couldn’t figure out, and still don’t know why everyone wasn’t doing that
Love this interview. Ramit is super kind and nice 😂cracked me up how he acted like he’s never heard of this before. I am sure he has heard from a lot of people. I am like Tom😅 are you an money therapist 😂 gosh you are so hilarious and direct.
when i noticed Ramit Sethi doing a summary i heard Tom Bilyeu correcting /clarifying him... i realised that a negotiation was going on... an interesting metalevel
Ramit said "it's so easy, what's the catch?" There is one catch -- investing requires discipline, which most people don't have.
Amazing when you see free information from a super successful entrepreneur, people still put there head in the sand, and still think they are going to beat the market with individual stocks.
Is there an index fund of only high quality dividend paying stocks?
Thanks 🌎 very nice video. Greetings from Colombia. The Venezuelan immigrant writer 🇻🇪
Thanks for making my morning great!
Thank you so much Tom🙏
Love it!
Great discussion!!
Loved this 🎉thank you
How do we get started investing into index funds? Like what website or platform?
Vanguard. Check out Tony Robbin’s book “Money, Master the Game”
I have invested on presale, we will see I am also very confident this will be easiest 100x.
Love this interview.
I’m 75. How do I know if I have enough. I feel safe and secure, but I come up with ideas that, if I follow through, will generate revenues. The creative juices are flowing- but why do I want more money? This is a real question for me!
I’m in my 3rd year of “No-Target Year”. So far, so good. It’s insanity in a weekend. The cashier line goes all the way back to the detergent aisle. What a waste of valuable time.
Awesome interview, both very knowledgeable! How can we not like this channel!?
The best comes unexpected and this is Amazons which is completely changing the course of the game here. They are offering a product which makes sense and will be used in far more ways than just hoping for quick rich stuff. This is how it should be and how it will be in the future and it is a big leap forward to making this whole industry somewhat believable
That was a great share ❤
Outstanding
I wish I could thumbs up this twice. Thank you. :)
Too bad the comment section is full of these long elaborate spam threads. Not that I think any non bot falls for them but still they take the fun out of reading comments....
What’s the best company app idk to invest in U.K. I never had saving account but was thinking to set up saving account with bank as it’s easier if I got no knowledge about saving
One of your Best videos ever!!! On a side note what is this AZ44 Spam s***!
Ramit is always spot on!
Facts 👍
When traveling for work, I drop by super market and eat the same. Pre-made salads, veggies and proteins.
I use Robinhood and I invest in Vanguard index and REITs on their platform. I really love the auto buy for compounding. They also offer free educational tools to teach newbies. To each it's own I guess. #See ya at the boatyard
Shortsale gamestop?
Here's a thing the people that are trading are trying to generate income, people who are investing are just building a retirement fund that's gonna take more than 20 years, in those 20 years no spendable income is taken out. In Trading IF YOU MAKE IT you get to spend what you make right away the next day.
I hold AZ44T. Very promising project, and its ecosystem maintains complete anonymity
10 million is good enough for me… I can take a million out a year and live any way which I wish to live. At 75 I will have it on my last double / rule of 72… I started in 2023. I’m 42. I am opening my own AI business so it could happen a lot sooner, but that is the latest date. 33 years from now. If I can make 10 million sooner, I retire from showing up to a job when my business earns 120k. I live in Santa Barbara CA. Cost of living is hi so for just the base level of living a quality life with no major purchases, 120 is the top of spectrum for poverty. I am earning 12-17% a year… conservatively. I would love to have either one of you on my future podcast!!! I agree with everything you are saying…
AZ44T gang in the house! Thanks for the analysis!
Am I the only one who thinks the is table is too high or these chairs are too low , just doesn’t look good
Loving your talk, but I am disabled, low income (under $1,000.00 per month), senior, who was never taught anything. I am hand to mouth. Could I still work your program?
Grab a copy of Ramit's book I will teach you to be Rich from the library (and ask for it as a gift) and listen to his podcast even if you think they don't apply to you - there is gold there. I'm 67, a former professional accountant, and totally changed my money story and direction with his book and program as a part of my growth journey. Your asset right now is time, and learning is free :)))
So to summarize this 2 hour podcast… DCA into VTI and call it a day…?
Yeah, something like that, and a look to the next 10 years or more, and have no panic along the way, it will have dips -30% or something.
Put also a ishares gold etf 5% to 10%, and its fine
1) The title of this initially turned me off. It felt like too obvious a hook, but this is a great episode.
2) Can we cut down on the number of ads?
3) U hit home when u called out cheap people who don't have a dining room table 😅
tom legend mate keep it up
It would be nice if you let the interviewee speak rather than hijacking the interview.
What’s the best personal finance book?
Tony Robbins has two good ones on finance. One is called “Money, Master the Game”. He wrote one right after with less pages because that one is thick. I can’t remember the name of that one. Both are super. I haven’t yet read the guest’s books yet though.
The Simple Path to Wealth by Jim Collins
should you sell a little of AZ44T when you start to make a profit or just hold?
Stay away from that scam
Thanks for killing that stupid analogy about the weight vest, Tom.
Guest sounds like he makes that 1% and wants a lot more.. diversify and concentrate
When is naval ravikant comming on the show ???
You say how fast you can get promoted in that person's company. But when you work for someone else. Nothing is in your hands. I'm there. Had my business then went back to work. And the harder I work for this new company. The more I stay in the same position because they cant loose me. It's fucked
LOL, some people cannot be helped. I've been saying that for years.
#replay Tuesday June 6, 2023
It's so true just yesterday a teacher told me how those rich people got lucky and 90% of people are not🤣
You should repost this one
Just invest in index fund i.e. VTSAX….this summarizes this video.
Buy xrp, wait 5-10 years, will be the greatest investment you could ever make
Super cool video ! Do you think amazons AZ44T will pump before ETH ? I ask myself if there is a pattern in the order of the altcoins pumps.
❤❤❤
Amazon released AZ44T the first market change this year simply cus of that release 👍
22:25 👍🏻
40:45
I was sure the year would end badly for me but I think Amazons AZ44T is spot on with what they do and how they do it. Can't say for how long it's gonna work and for sure it is overyhped right now but even for half a year or something it would be smart to ride the wave and then eventually jump away but the thing is why this is smart right now is because it's so cheap, won't ever find a better entry than now
1:15:22 as somebody that also doesn’t have a table, I am a little offended. I just don’t care, and am not home enough to warrant a table. It is not one of my dials. 😂
Goog and raw...More !!
What's wrong with RobinHood?..
Hell yes AZ44T. Going to have a huge Q4
Well guess what we just had FTX crashing and now we have the new giant. Just few hours ago Amazons AZ44T asset hit the roads. I think they have a better chance to run these things since their funds are pretty much unlimited?
There is a reversal expected reason is that AZ44T is made by Amazon and pretty hot
The word play is crazy😂buy high😮high on what?
Lost everything. 40 years old. Never going to retire.
Cryptocurrency is the future, Investing in it now will be the wisest thing to do especially now.
@Princess Williams Wow I'm just shocked you mentioned and recommended Mr Eli Brawn, I thought people don't know him... he is really awesome!
@princesswilliams1619 He has really made a good name for himself
@Dominique Alfonso Same here it's four months now I started investing with him and it's been a good experience.
@@maryeden7560 Please how can I get in touch with Mr Eli Brawn? I've lost a lot trading for myself
@@pauldunbar2624 His availability is on telegraph.
Rumors were that Amazon would launch AZ44T this month and judging from this it's pretty accurate haha
Look like Algorand has the same chart then Amazons AZ44T
From my perspective it seems like the rich get richer because they have enough money to remain in a bad investment and let it ride like being able to keep a house in a bad market when you are forced to move on due to other life influences
Tom I need your help make my company grow !