10 Money Rules to Build Life-Changing Wealth

[@ramitsethi]

Oops, I made a mistake in the video. I meant H&M but accidentally said Uniqlo! Sorry about that

[@rvin2665]

LOL I was gonna say Uniqlo has really good basic that's hold up decently well. Now H&M....looks good for 1 wear before you know it there's a hole in your pants near your anus.

[@lyndelacruz6998]

It's ok nobody is perfect thank you for this interesting video ...

[@DrakeHornby]

How dare you say Uniqlo 😅 H&M is shit.

[@paddingtonbear760]

Yes, Uniqlo is great quality & the owner donates huge amounts to refugees and other charities.

[@avici0182]

10 Money Rules to Build Life Changing Wealth 1. Always have one year of emergency fund, cash. 0:56 2. Save 10% and invest 20% of gross income, minimum. 1:55 3. Be able to pay in full for large expenses. 3:12 4. Never question spending on books, appetizers. or donating to charity. 5:13 5. I fly business class on flights over 4hrs. 7:01 6. Buy the best and keep it for as long as possible. 8:41 7. No limit for spending on personal development. 10:25 8. I earn enough to work only with people i respect and like. 11:34 9. I prioritize my time outside the spreadsheet. 12:54 10. Marry the right person 13:54

[@trackee2024]

My husband and I doubled our household income when he decided to stay home with the kids and homeschool. It exploded my career and earning potential, and cut a major expense from our budget: private school and daycare for 4 kids. Marrying a team player is EVERYTHING. The best part is that we have budget now to invest in actual experts in areas of life that my kids love - private soccer lessons, dance lessons, piano, chess lessons, new languages, etc. We spend less money per month on their education now and their education improved dramatically.

[@excitedaboutlearning1639]

Speaking of languages, there's a fantastic resource called Language Transfer. They make the best courses money can't buy! I found them in 2015, and I've learned Spanish & Italian from their courses. They're phenomenal! It's basically a one-guy + a group of volunteers. So, it's run with donations. I've been donating 10 bucks a month since 2019, and supporting it is definitely part of my rich life as the courses have greatly impacted my life.

[@IAmebAdger]

Sounds like a rich life. School can offer diversification in social skills and different perspectives from exposure to different characters at school. However they can get that from university also, so not a huge loss.

[@strangerdanger8462]

Wow! That's awesome.

[@smartguy1008]

YEA... until your WIFE decided to divorced YOU after she got promoted.

[@Lisekplhehe]

@@smartguy1008 Well yeah, that's why there is alimony. Makes sense now, does it?

[@MrsSheffield]

Just subbed, sucks I didn’t hear of you 10 years ago! But better late than never. I’m a single mom, 2 kids in post-secondary school, living outside of the house. Growing up in an East Indian household, my parents immigrated to Canada in the 80s and worked factory jobs all their lives. They NEVER talked to us about money, or education and the importance of these things. I don’t blame them, but all those years of hearing “we can’t afford it”, we didn’t go out to eat ever, except maybe once a year we would stop at McDonald’s for breakfast on our way to a day trip somewhere local. We couldn’t afford much, no Christmas presents, no name brand clothes, no movies, but we had what we needed for survive and have a good childhood. We never travelled, or took “vacations”, and still to this day, in my 40s, I have not been on a plane. I married young to the wrong person and we were broke the entire time, until I left the relationship and went back to school for a career. Still, it took 10 years to dig myself out of debt, and start putting money aside for myself and my kids. Still can’t afford a house, not even rent, so I live with my parents, for financial reasons and for the social aspect of us helping each other out. I’ve been duped too many times (my own fault) on MLMs, “get rich quick” schemes, but I have learned my lesson. My question is - do you have any fund options for Canadians? I do have an account with Questrade, and have some stocks, but they’re not diversified I think. Can you recommend a few options for conservative long-term growth ? Thank you from a single mom, in Ontario, Canada 🇨🇦

[@annekawilliams7554]

Steph and Den on KZbin are good for Canadian investing... Or an S&p 500

[@perotal]

Canada has all in one ETFs that are globally diversified. Vanguard, BlackRock, BMO...all have one. Pick one based on your risk tolerance and investment horizons. For example VEQT is 100% equities, VGRO is 80/20, VBAL is 60/40 etc. You can do a google search for Canadian portfolio manager model portfolios to learn more. The website is by Justin Bender who is a portfolio manager in Toronto and extremely respected in the DIY investment community.

[@AwesomeAly]

My personal finance has definitely improved since following Ramit, I am 24 and contributing 20% of my net income to investments while also having my guilt free categories!

[@BoostUnbox]

Congrats. You are already ahead of many for starting at that age. Just stay consistent and you will be set for life.

[@Madchris8828]

That's really awesome. I started investing when I was 25 or so. 24 is an amazing age to start!

[@sergioreap]

Wait until you get married 😂

[@mitchellshaw1536]

Same! It’s so great to just have an account for literally whatever you want haha!

[@aaronf.186]

Well, assuming you marry a like-minded person when it comes to money, it can only accelerate your financial goals. Easier said than done though@@sergioreap

[@dannytetreault]

1) Always have one year’s worth of savings (12 months of expenses) 2) Save 10% invest 20% of gross income (if not ….invest 5-10% of net income) 3) Be able to pay for large expenses in full 4) Never question about spending on charity, appetizers or books (what’s your thing? True abundance?) 5) Permissive abundance (fly business class on flights over 4 hours); have a simple, clear rules 6) I buy the best and keep it forever 7) No limit for spending on business development 8) Earn enough money 5o work with the people you respect 9) Prioritize life outside the spreadsheet 10) Marry the right person Thx, Danny.

[@IrnBruNYC]

When you were discussing Rule #4 and asked "What's your thing?" I got really emotional, because I had never really posed that exact question to myself, and I immediately knew the answer: headphones. I should never feel guilty about buying a very expensive pair of headphones, because of what music means to me. Possibly the best headphone manufacturer in the world is Grado, based in Brooklyn - they are craftspeople, like the Italian clothing people you love so much that you visited while on vacation. This year I am going to invest in a pair of Grado headphones and not feel guilty about it, because audiophile-level headphones are part of my rich life. Thanks!

[@ramitsethi]

Beautiful!

[@charliipresley]

Yea like my thing is film photography but I look at what I spend on a roll + shipping + development…. I now shoot digital…

[@awakenedtarot7306]

Hello person from 8 months ago. This comment hit me because your thing is my thing. I never skimp on a great pair of headphones and I've never regretted it.

[@PASCALDAB]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[@mikey43221]

Exactly ! That's my major concern and what lucrative investment can one venture into with the current rise in economic downturn

[@mikey43221]

I'm actually interested in this idea of investing through an analyst. Sounds like the most sensible thing to do in the market right now. Could you give me a pointer to who you work with, please?

[@mikey43221]

Well-done. Vivian Carol Gioia appears to be highly knowledgeable and very qualified, came across her consulting page just after inputting her full name on the web. In fact, Ive seen commentaries about advisors, but not one looks this phenomenal.

[@dkamara1717]

Amen

[@lowlowseesee]

I got ramit lol dont really need prayers

[@Hell2Kaiser]

I used to be a hardcore, and still sort of am, a spreadsheet nerd and I’m glad I started watching Ramit. It helped me to stop living so much in my spreadsheets. I’ve been using his method for about two months now and the alleviation of stress of not needing to over analyze my numbers has been wonderful. I was literally sweating over if I wanted to add an extra 50 dollars into my spending budget when I already have a good buffer but I treated it like if I were choosing to pay a bill or eat this month. Spreadsheet syndrome is real and can be bad.

[@ramitsethi]

So happy to hear this!!

[@MarvinOrieh]

Number 10 is a key. None of the other areas will work long term if you marry a person who is not in alignment with 1-9. My wife is my biggest cheerleader but that doesn’t mean everything flies. I know if I sell her on an idea. I’ve really fleshed out all aspects and not just overly excited. Teamwork makes the dream work.

[@billionairevsns]

I use to be overly cheap. Watching your videos gave me more peace of mind.

[@AAPAI_24]

These are incredibly close with mine. A year and a half ago I decided that I wouldn't work with people I don't like or respect and whose values and behaviours are not only aligned with mine, but also exceptional. The people I spend most of my time with and I have around at work influence my own standards and drive. IN a short time, my income started to increase significantly, the quality of my work also improved, and my overall wellbeing improved. I have become much more driven and positive to be around. The other rule for my rich life is: wake up/go to sleep earlier! A 5.30 or 5.00 am wake up call give me extra time in the morning just for my own stuff: meditation, refection, fitness, reading. Then I have plenty of time in the day and by the time i am done, I still have room to socialise and do whatever else i want... including more creative space to improve my work. I love my rich life

[@abhishekjaiswal895]

Couldn't agree more Ramit, specially on the last one "Marrying the right person". I have been a conscious spender for quite a while, but I have finally curated rules and vision for rich life with my wife. And I am extremely delighted to see her cutting back on things that break our new rules and speaking my and your language of rich life. I know I have already won in this life and it has nothing to do with how much I earn.

[@terrillschrock]

Tip for the booklovers: if your library doesn't have it, get it through their inter-library loan service...all for free! Your library might have an app for listening to the audio-version for free, too. Then you can save hundreds of dollars per year and use that money elsewhere.

[@eileenwatt8283]

Save on space too

[@tcdan-c2m]

Excellent tip!

[@supkirsten]

I also follow your rule 7. In my field I’m required to get a certain number of CEU’s yearly for my licensure. However, like you, I decided long ago I would never put a cap on that learning. For instance, I took a training that lasted for 6 weeks in November to December last year and clearly exceeded my CEU requirements. I loved it so much, I’m continuing that path for certification. I LOVE personal development 😍😍😍

[@HoustonTom]

12 months of expenses frees you from many worries. If you lose your job, you know your life could be unaffected for 1 entire year! It doesn't mean you wouldn't work to find a new job ASAP but you can also work to find the right new job. Now in my mid-50s, I'm working up to 36 months for when I retire. I'm adding 3 months per year so I know it's not easy.

[@chriss3625]

I was unemployed just before Covid, and I was covered for a year… when Covid happened and no one was hiring, I used the time to take remote classes and learn new skills. It buys time, it buys options…

[@JayJayInDaZone]

I am so happy, that we have a social net in Germany. So the basic needs (flat, heat, food) would be covered. I would get unemploment coverage for a year of about 60% of my salary in the last 12 or 24 month. But when you earned a decent amount of money and are used to a certain standard, you need more than that. I blew through a few thousand the last time I was unemployed (9 month since I wanted to regenerate and didn't want any job) which was a bit sad. But I had it, so...

[@kozyk5927]

Can confirm Honda Accord is an absolute unit. I had a 2001 Honda Accord with over 250,000 miles on it. I treated her bad, but she always treated me good. Best car ever.

[@ANEGRON69]

My brother I appreciate your videos....I'm still working on Rule #10 (13:57) as I'm 0 for 2....I have to say that I am grateful to have three (3) beautiful children combined from my previous marriages....I'm not losing hope and know that there is that special woman for me to be discovered.....May the Lord continue to provide you with the strength to continue providing us with those GOLDEN nuggets!!!.....Peace my brother!!

[@chrism9037]

Honda Accord LX 2019 owner here. 28,000 miles and looks brand new. Love it. I plan to keep it "forever". Like Ramit, I don't care that much about cars, so I'm not going to spend a lot on a fancy car. I'd rather spend richly on other things. To each their own!

[@JR_Villablanca-de-Mendoza]

You are soooo smart Ramit! And so very eloquent! I have always wanted to help folks with financial education but I don’t deliver ideas as well as you do. You are someone I aspire to 🤙

[@candy2325]

Great video! I paid off my car loan last month which frees up money to save towards other categories. I have a category called “Fun experiences” and I allocate money weekly to build up money to do something fun like going to the movies, a comedy show, a concert, a fun day trip somewhere, event, etc .. and I don’t have to stress about paying because I saved up for it. I’m all about creating memories with loved ones and rather save for experiences than having “stuff”.

[@HoustonTom]

Awesome. I also recommend starting a Next Car savings. Have fun with the new available money but $100 per month towards the New Car will make that next loan much less.

[@MarinaGiovannelli]

@@HoustonTomI bb b bb BBB b BBB b BBB b BBB b BBB

[@JayJayInDaZone]

Yeah, my brother told be to get an electric car, since it was proportionally financially supported from the German government. But I just paid my Opel off was so happy to not pay the 250 Euro a month anymore and didn't want to start that anew.

[@mdyunusansari3677]

I started following you in 2022 and then made my financial goals for saving, investing, fixed costs and guilt-free spending for the year 2023. And I achieved first three of my goals in 2023. As for guilt-free soending, I couldnt as I sometimes crossed monthly allocated amount and ended up spending more than that. However, I have become able to cut way down than what I used to spend for eat-out. So thanks Ramit.

[@HoustonTom]

On the personal development, I would expand it to self-care. I know people that put off necessary dental care due to the costs. I'm not talking hollywood veneers but fixing problems. Teeth don't heal themselves and it will cost more later.

[@dorahmulinge3800]

I did this last year, mind you in my country in public hospitals it's quite affordable, when i went to the hospital I was told it's too late. It needed to be plucked out. And i had the money

[@JayJayInDaZone]

@@dorahmulinge3800 In Germany the public health insurance expects you to get your teeth checked every year. If not you would have to pay a higher surcharge, if something big has to be made (e.g. a crown).

[@CatherineCarol]

Good points Remit. Most of the rules I have already adopted. No debt policy, spending within my means for what I love, not having to think about budget on things I love, not buying a house until I can fully afford it in 2028 in cash and marrying the right person. Last but not least having emergency funds for 1.5 years. I am enjoying my freedom 😀

[@ChrisZecco]

Had an 03 Honda Civic I got in college until 2017 when it met its untimely demise being side swiped on the highway. My goal was to keep the car long enough to be able to get "Antique" plates for it 😆.

[@MiraMira0ntheWall]

Still have mine he he. Really great car to me 😆

[@k_kelsey]

Now that is a worthy goal!

[@LKDelahunty]

What an awesome car!! My favorite car was my '05 civic. We just had to get rid of our '09 civic because the gas tank fell off of it last summer 😔. We still have our '13 civic, have had it for ten years now.

[@ltgemini1599]

Would have kept both of my old car had the bottoms not rusted out. Traded one for the next. Now in a cRV. Planning to ride this one the same way!

[@StorytellingHeadshots]

One quick thought: I love keeping an old “beater” car to save $$. But consider the big picture: if you have a car with less than modern safety standards and you get into an accident with one of the heavier newer cars, you can end up with injuries that set you way back. I once heard the car guys on NPR suggest a ten year rule of thumb to keep up with car safety standards. Ie definitely drive a used car, but if your car is ten years or older you are starting to take unnecessary safety risks, and it becomes a false economy. (Ie saving on your car but losing on your health doesn’t put you ahead.) Just something to consider.

[@theactualizationagent]

Interesting perspective.

[@Travisb238]

I make my clothing from Uniqlo, H&M, Target (Goodfellow) and Nike last for YEARS. Just gotta take care of the clothing and be selective while maintaining a minimal wardrobe. It can be cheap and last for a decent amount of time. I also only buy new clothing on Black Friday once a year if anything has worn out to get it half off.

[@tatianagarcia9501]

Oh yay!!! Finally someone who feels the same about the Honda Accord ❤. Debt-free nurse making 6 figure income and drive a 2004 Accord by choice 🙂.

[@thebigredfish]

Ramit, I'd love for you to do a survey of peoples money rules, and then have you share and discuss the best. I'd be super interested to hear other people's rules!

[@ramitsethi]

That's a good idea. I've asked in the past and people's first attempt at creating their own rules is almost always restrictive: "Only buy generic. No eating out more than 2x/week." I'll be like, do you actually feel good looking at these rules? And they'll say, "No." I'm like THEN WHY ARE THESE YOUR TEN MONEY RULES??? People think that "rules" means "restriction." It's my goal to show people rules can be fun. Highlighting some good ones might be a good way to do that.

[@SuzanneU]

This is going to be a really good challenge. What am I saying YES to?

[@willbalkovec2631]

@@ramitsethi Would agree this would be excellent to also see other examples - moving from a space of restriction to a place of empowerment and fun is liberating.

[@eileenwatt8283]

I love beautiful contemporary furniture. I renovated my home and bought new furniture. My nice says" auntie your house looks like something out of a magazine ". It gives me comfort when I come home to a beautiful space with fresh flowers. It's my rich life. My car is 2008 and it's the most reliable car I've every owned. It's so banged up people leave " we buy junk cars" flyer on it. My bff drives a Mercedes Benz and almost got car jacked. She wanted me to buy one. I told her I can ride in hers so I rather invest in a vacation home. 😁

[@JuanRamos-wg5ol]

I drive a 2020 Prius and hope I can still be driving it 15 years from now. I do not care for cars either.

[@qanittakmeel]

#6. Buy cast iron pans - and pass it on to your kids so they can pass it on to their kids etc. One of those things that I wish my great grandmother had left for me. Also, Toyota > Honda.

[@cristia.6477]

1) when pandemic strikes, or any other serious event, a 6 month average budget would suffice for a 1 year expenses. Because your monthly spending routine will narrow. You won't wear cologne tomorrow. Plus, if you keep it all in a bank account, that's vulnerable. When the type of event you mentioned occurs, banks won't allow you to withdraw more than $XX/day. 2) you already have an X months savings in cash, why need more? Plus, 1%+1% yearly addition is less than the 2,5 or 2,8% inflation 3) I love this one 4) ok 5) it's not about if you can afford it or not, but if it worths. Besides, how a 3,65 hrs trip differs from a 4h one? Intrinsec value, I mean. 6) love this one too. Honda and Subaru owner here 7) Personal development is important, but "no limit" is kinda far, this is not NLHE 8) Nope, I happily interract with people that add value to my life, without considering if I like them or not. 9) actually, no. You probably are what and who you are today because 22yo Ramit was an optimising freak. That's actually a math statute; reciprocally, you might not have ended up being this version of Ramit 10) Choosing who you spend your life with seems important, ty for the input :D

[@tenathdilusha3640]

I'm still 20 and Im learning so much from u

[@bikenraider99]

Good talk. What I really think is helpful is how you emphasize what works for you and why, but that it is for you. It is tailored for you, and others can learn from it and pick and choose a mix that works for them or fulfills their goals.

[@hypersynesthesia]

On buying the best... I love to do this, but I especially love to get it for cheap. Bags are a good example. I haunt eBay for the designer bags I want. I will never buy that stuff new, for inflated prices that primarily reflect the company's marketing spend. I just don't want them to take up that much of my budget. Recently I bought a second-hand, 10 yr old, squashy leather Marc Jacobs bag. It cost me £12.50, which is RIDICULOUS. I took that bag on holiday and got mugged on NYE. I was wearing it cross-body, so when he tried to snatch it, no joy. He knocked me over and struggled with me for more than 5 mins trying to get that damn bag off me. It had a bunch of vital & personal things in it - it would have wrecked my holiday to lose it. I crouched over it, held onto it, and eventually he gave up and ran off. I examined the bag afterwards. No stress to the leather; no pulled stitches, despite how hard he was yanking it. The strap held firm. Not even any scratches. Nothing fell out of the bag because the magnetic closure was legit. I went home a bit bruised and scraped up, but not losing my stuff meant I could still enjoy the last week of my holiday. (Plus I felt good about winning that little skirmish.) That bag is now my favourite bag. Phenomenally durable, passed a serious stress test, and cost me £12.50. That is SO SATISFYING to me. I'm trying to be much more selective about books though. I have limited space and if I buy too many they sit around in untidy piles, unread. I agree about debt. A mortgage is essential for me but it's the only debt I carry and I hope I can always keep it that way. I buy cheap groceries but I will not buy cheap butter or crappy alcohol.

[@astroborne]

Honda Civic LX 2012 got it for free from my mom. Been saving me lots of money and I'm thankful

[@MultiScotty24]

Hi from South Africa. You are my favourite Financial Guru. I have read many books, listened to many Podcasts, and you stand out

[@MaPrajna1]

I totally agree with you on the Honda 'best' comment. I drove a 2005 Oddysey for 15 years (200K miles) without any issues. Now I've got a like new CRV with 16K miles that I plan to drive for another 15-20 years!

[@shawnjuarez5469]

I just started my rich life journey. In the early stages getting my system in place.

[@niiamon]

i still got my 2006 Honda Accord... Shift Stick.... 425,895 miles and still going.

[@tatianagarcia9501]

Wow! This is so encouraging 🙂 Thanks

[@billionaire.chicago.1973]

bum

[@codelessunlimited7701]

We had Mazda CX-5, it was totaled and we didn't get nothing from the clown who wrecked our car because she had nothing. But the government didn't put her to prison though, instead she drove again with probably stolen car.

[@lindseym6534]

8:57 Ramit! I've had some of my Uniqlo stuff for 10+ years!

[@jessruizserrano]

And I was thinking I was allowing me something good buying Uniqlo. This guy is in another level 😅

[@opeamodu8553]

haha😂 same

[@juli6497]

100% on Honda. 99 Honda Accord LX. Baby girl gets nothing but dealer maint on the owners manual schedule. YES! on the "Antique" plates, Chris!!

[@vza123]

Man!!! I love this guy. So life changing!!! Thank you ❤

[@MiraMira0ntheWall]

2003 Honda Civic.😂 I'm getting rid of it this year since I'm now out of debt. I love my hoopty. Currently in a what's next limbo. This is helpful.

[@alohastateofmind3565]

Watch out for that lifestyle creep though.

[@MiraMira0ntheWall]

@@alohastateofmind3565 So true.

[@tomaszp2027]

Good refresh. I like that you state so many times that those are your personal rules and there are still people who will try to push them on others. The spreadsheet one hits home.

[@renemontenegro6143]

I drive a 2015 F-150 i keep it clean and always keep it well mantain looks brand new 100K miles runs great and im a millionaire!

[@Peteliao]

I care about cars, and it is my passion. I got my dream car cost 45k. I am still able to invest 25% and save another 40%. I love my rich life now, can’t wait to live a richer life in the future.

[@dylanschang6386]

HONDA LX V6 MENTIONED!!! I’m 23 in my masters program and my dad had gotten a Honda accord V6 from 2000 for me and my sister to use for high school. She graduated and moved and got her own car, so I got the Honda. I still drive it and plan to drive it to the ground. It has 150k miles and I love it, I don’t want a new car and DEFINITELY not the payments associated. If that car lasts another 20 years I’ll drive it for 20 years, no questions asked

[@kimberlychin1996]

1. Always have 3-6 months of emergency fund 2. Save 10% and invest 20% of gross income, minimum (start at 5-10%) 3. Be able to pay for large purchases in full 4. Pick something that you give YOU "permissive abundance". Give yourself permission to spend money on things you love. For him, it's books, appetizers, or charity. For me, it's working out. 5. Clear and simple rules. For him, it's business class for flights over 4 hours", because he can afford to. Only if you can afford to, and it's important to you. 6. Buy the best and keep it for life. 7. No limit on personal development. [ok to be fair, I think this is bias]. For me, it's reading books (cheap) and fitness (kinda expensive. orangetheory). 8. I earn enough to work with people I respect. [hahahha true] 9. Prioritize time outside the spreadsheet. At the same time, you know your numbers. 10. Marry the right person

[@JMH2022]

Hey, do you count workplace pensions in your 'invest 20%'? And if so, does the employer contribution count towards it as well? Thanks

[@dennyfong6257]

Without going into the big debate about buying a home with a mortgage vs cash, I was just wondering how do you plan for the tax liability of selling assets to pay for home in cash. It's one of the reasons we don't pay off our mortgage, tax liability and of course our investments are generating more cashflow than our mortgage interest. I assume your savings for the house isn't in cash. My friend has the same philosophy of zero debt but when he purchased his house finally, there was a large capital gains tax burden since he needed to liquidate his portfolio to purchase the house. At some point we will sell some of the portfolio to pay off mortgage, but need to balance the tax liability. BTW, I do love your idea about money rules and about a rich life. Often times my wife and I are caught up in maximizing the efficiency in savings and investing, that it is hard to pull the trigger to spend on things that are meaningful to us. I think setting up some money rules will guide us easier to the right decisions. Thanks.

[@dawnkoplitz1825]

Good question! I never thought about the capital gains when selling that asset.

[@princxssa7711]

What do you recommend for persons who are new to the US with no financial history or debt. I currently have a credit card and I’m thinking to buy a car this year but I’m also kind of lost how figuring out ways to stay out of debt as I build my life here especially seeing that everything revolves around having by a great credit score (which obviously is only done by having loans et ) So I guest my question is how do I build my financial portfolio in the US without failing into crazy debt.

[@alexanderrenz1680]

Thank you Ramit, your words and your energy hit me right in the heart and in my mind. You must have helped thousands of people to enrich their lives that you know of, but I'm sure tens of thousands more that you don't know of.

[@dmitrycx]

Hey @ramitsethi Quick question - what is savings mean? Investment - clear. Put in etf, forget about it But what is savings? Emergency fund, but besides that? The question is. I know I need to change my phone once in 24m and it costs 1200 so I save for it 50. Or I save for vacation 200m Is it still saving if I will spend it later on phone/vacation or not? Thanks

[@martinzihlmann822]

The point of a budget is to spend it, the point of savings is to spend it, the point of investing is to spend it. The difference is the timescale. Savings is for everything that can't be paid out of your monthly salary right away but will be paid in the next 5 years, could be a phone, could be a vacation, could be a downpayment too. The key is that you know what you want, when you want it and how much it will cost you, so you put something away for it every month and store it risk free.

[@maen_rich]

I and my wife are the one team! we are doing all of things together about money rules. today video so much good!

[@jonathanholmes8408]

Ramit, can you do a video on car maintenance. It would be awesome to know how you have successfully maintained your car for 19 years. That’s outstanding!

[@TheCarlaProject]

Got my first Honda at age 16 with a big bow on it from my parents! Drove it for 17 years and sold it for 3K. Now on my second Honda year ten. They don’t die!!

[@miak5653]

Thank you so much! I know my husband so well that I would know what he would focus on spending unlimited money: upgrading video game computer. Unfortunately, I don’t know mine yet 🤣

[@PhillipDrumz]

Great video! I’m a Lexus/Toyota guy but love the advice and ideas

[@michelejohnson6459]

I am also a Lexus Toyota girl. I drove my Previa for 25 years!😂😮

[@teachercomadretorres6611]

Truly grateful for your content for me personally, but more importantly, I teach HS in a low income community and Personal Finance is not taught! Therefore was wondering if you have any financial literacy curriculum you recommend ?

[@stewartcanahui6668]

What brand blank t-shirt do you buy?

[@brontec9769]

haha love this, especially the buy it once and keep it forever, this is a wonderful rule

[@TeckClipz]

I love how the simple things still mean a lot to you.

[@smile15kz]

Thanks for the video! Loved it😻

[@MrShinobi797]

GOOD Content Ramit...GOOD Content 👍

[@amandajohnson3651]

I am still trying to get my csp to my goals. But whenever I splurge on eating out or stay at a hotel. I autotomatically tip 20% or leave $20 tip for each night. I found this is something I enjoy and feels right, saves me thinking time (or deters me to find another option if money seems tight). I just ended a relationship with someone I almost married, and he did not agree with this rule which I realize is now a huge red flag for my money values.

[@Great_PatBingsoo]

Solid content. Thanks, Ramit.

[@hoangsonGwi]

Roulette's been my go-to There's nothing like the suspense of that wheel spinning

[@motavice3499]

Im here from your book. I'll be watching more of your videos soon. Thank you very much for helping people. Financial education lacks in american school systems therefor most parents suck at it and kids learn bad habit then the cycle repeats.

[@eileenwatt8283]

I'm so happy I had one year emergency saved All my appliances needed replacing this year. The washing machine started leaking after 19 years. All the toilets needed replacing. I was able to replace them by purchasing them cash. I'm bumping up my emergency fund to one year net salary in an interest savings account. My retirement is coming. The first year I'll have that plus ss and minimum deductions from retirement. I'll rather be over prepared than under funded. My rich life is financial freedom and spent on experiences. I'll take my adult niece along. She loves going to places with me.

[@Madchris8828]

Wow you started investing at 14? Thats a good amount of years of compound interest. Very cool

[@denisemcdougal6445]

Omg I had a Honda accord v6 LX it was fabulous. Then after it was all paid off and i was still driving it still in love with it!! Rain snow it preformed great. A crazy ( probably drunk or high) ran a stop sign , drove into my driveway and hit the rear end of my car so hard it almost went into my bedroom at like 4 o’clock in the morning on a Saturday night. I was so distraught because the car was a 200three and it really had hardly any book value, so there wasn’t much I got it from the insurance company. It was a big brew ha ha about the person who drove their car into my car that was parked in my driveway. It was a hot mess now I had to get rid of it, but whenever I see a Honda, especially a Honda Accord LX V6 my heart skips a beat.

[@mattbenz99]

Your 1st rule of a 1 year of emergency fund is very similar to what the author of The Psychology of Money recommends. He considers it to be psychologically like having bonds in a portfolio. Essentially, if you have so much liquid cash to the point of almost feeling uncomfortable by the excess cash, you will have less fear about the state of your portfolio. This is important because the #1 reason why people underperform in investing is because they sell during bear markets out of fear and miss the recovery. But if you know that you are secure due to you having an oversized emergency fund, that becomes less of a worry.

[@muhammedlaminceesay7881]

I love this man wow u are such an amazing person. thank u for teaching me for free

[@JayJayInDaZone]

Love no. 8 ;) If I get the same amount of money elsewhere (and I don't earn a lot), I would rather look for another job, than working with people I don't respect. I don't own a degree, but do have a lot of experience in my field and since we have an employee market in Germany (meaning more open jobs than potential employees), I most likely wouldn't have problems getting a new job for the same or more money. I work in a small company, but just a few bad apples with a much lower work ethic are enough, to worsen my workday (meaning its already happening). I already have a fall-to solution, since another company wants me, so that's good to know ;) BTW: Most companies in Germany allow "capital-forming savings" (Vermögenswirksames Sparen). Sadly I never partissipated in that. It's even more common than a retirement fond. In Germany everyone gets a pension anyway, so something additional (e.g. Riester Rente) is just for adding to the pension (and that's necessary for most, since the pensions are low for a lot of Germans). Ah, but when they are too low, the government adds a bit to it.

[@Sanjay-S-Nair]

Rule No. 10 is a real twist

[@MustaphaFerhat]

Inspiring video. Thanks Ramit

[@nyongbelanda]

LOVE THIS!!! Thanks a lot, Ramit!

[@ChâuKhảDiên]

I might but the wheel games have really caught my attention. There's always something new to try

[@rpawloski1982]

Great video… I’m working on being ok with guilt-free spending and not feeling like I have to save/invest most of my income!

[@noelleliszkay1000]

Love your content. You helped me shape my money philosophy 😊

[@HànDuyTâm]

True the live casino games have that personal touch which makes it more engaging. Ever tried poker there

[@ey7349]

I like your shirt so much. You look great in that.

[@embarkmountain7178]

Favorite video yet! I want basically the same setup for our finances, too. Also, previous owner of a 1981 mint green Honda Accord. It was a death trap, but I sure loved it anyway. Haha

[@WEALTHY_RICH_how_to_get_rich]

Great video. We are all seeking financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, my wife and I never earned more than a middle-class salary. We plan to get retired at 58 with a stock portfolio worth $1.7M. We have never sold so much as one share of stock.

[@respect27093]

Hello Ramit I have a request for you - Can you please make a video for parents of special needs kids? we are the one and trying hard to manage our expenses. However, all the above rules you have mentioned are not fully possible for parents like us. I would appreciate your help on any advise, thanks in advance :)

[@VanTuyetDuyen]

I m more about the long game with cricket. Analyzing the players and conditions makes the bets more interesting

[@Robert-3691]

I'm hooked on every word. I recently read a similar book, and I'm completely hooked on every word. "Mastering Money Mindfulness" by Benjamin Hawk

[@genesisjpadilla]

Do you recommend put a secure damage on the phone?

[@PhùngHưngCư]

I tried those crash games you mentioned. They’re definitely a rush. Think you’ll stick with them

[@papafinance]

Great Content man , amazing value

[@GajodeAlfama]

Keep up the good work!!!!

[@mariamafzal3262]

Woah woah woah, Ramit. Uniqlo is great quality - best in its price category! (For those who cannot afford the fine Italian goods yet.) Shoulda called out a different brand :P Props on everything else, though. Thanks for the video and advice.

[@jihadelosta]

Thanks for the summary

[@Adman-p4j]

I'm investing 40% of my gross income and it feels great. I started late but I'm catching up quickly.

[@lanimessmer8571]

HONDA ACCORD LX V6 driver from 2003! 189,000 miles and going strong!

[@ramitsethi]

YES!!!

[@kholoudgherbal2242]

Excellent 👌

[@dlyroadrunner]

I loved my Honda accord!!

[@Rigs_1980]

Number 10 is tough!! 😂😂😂. Not easy in Los Angeles.

[@bookwormbon482]

Thanks for sharing your numbers and being open with us. Was wondering if they were your real numbers?