5 Rules Every Rich Person Uses to Make Money

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Күн бұрын

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@sirheisenberg4459 Ай бұрын

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!!

@mariahudson9939 Ай бұрын

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

@belobelonce35 Ай бұрын

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

@type-r3x Ай бұрын

I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?

@belobelonce35 Ай бұрын

REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.

@vanessahopkins-g5y Ай бұрын

I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.

@GalvanizedPlays 2 ай бұрын

Thanks Ramit. After reading your book, I'm now debt free, created and auto invest into my retirement account, and automatically save using an HYSA. I closed my savings account with Chase and I'm never going back to my old ways of transferring from my savings to make a non-essential purchase. Having a money management system has truly made this all a no brainer. You're the man!

@ebonybeauchamp5380 2 ай бұрын

Whats the name of his new book?

@frankpace5510 2 ай бұрын

@@ebonybeauchamp5380Same as his channel. I will teach you to be rich

@lowlowseesee 2 ай бұрын

@@ebonybeauchamp5380 Money for Couples, out in Jan

@iris_fink 2 ай бұрын

@@ebonybeauchamp5380 "I will teach you to be rich "

@th8132 2 ай бұрын

@@ebonybeauchamp5380 It's literally in the caption. Goodness.

@arnabchatterjee694 2 ай бұрын

1. Do an X-ray on your finances 2. Make systems for everything 3. Plan before you need to plan 4. Follow the 80/20 principle 5. Consider value over cost

@stevenporter863 2 ай бұрын

4:30 A few months ago a utility company cancelled my scheduled payment. Only discovered because I logged in to check. The answer when I called: 'system update, and good you caught before the due date otherwise it would be considered late. We are not responsible for system errors or updates.' I usually agree with Ramit, but life is not set and forget - it is set and spot check since NOTHING is 100%. Computers are only as good as the people running them.

@MissGirl1450 2 ай бұрын

I still balance my checkbook every two weeks on my checkbook app. I have all my regular expenses set up each month to pay and in the app. So if my account doesn't match that app, I know something is wrong.

@rebeltheharem7028 2 ай бұрын

Yeah, same thing happened to me with my trash bill. It was on autopay, but they switched systems, and never sent a single message about it. I only found out about it when I was doing my occasional bill spot check, and wondered why I was underspending on my trash budget.

@manojipereira9169 2 ай бұрын

Agree, automation is only as good as the IT system behind it, and the security of that system (ie will there be a data breach, which is not cheap)

@undrtkr1000 2 ай бұрын

Yeah I NEVER automate bill payments. Automate investing..sure. But bill payments? Manually every time. I don't have that many bills anyway just necessity and a few credit cards. Only takes 15 min to manually pay all of them.

@lalalalalalee6311 2 ай бұрын

Trust but verify!!

@murphydaquan 2 ай бұрын

I invested for the first time in my life last month. Gonna do it every month now.

@EDunn21 2 ай бұрын

Keep at it and be disciplined! Time in the market is better than timing the market. Or the old Chinese proverb: the best time to plant a tree was 20 years ago, the second best time is today.

@Oddy4-s3r 2 ай бұрын

🎉🎉🎉🎉🎉🎉🥳🥳🥳🥳🥳🥳🥳🥳🥳

@KnineFeline 2 ай бұрын

Automate it so you decide one time and it runs without you.

@Salaction Ай бұрын

Invest where?

@Itsdjsigi Ай бұрын

You took the first step, congrats 💪

@CyrinaSwanston 2 ай бұрын

Thanks for the video, Ramit!! I think the hardest part has been figuring out what my values are (I'm 26, so still a pretty young adult) - identifying what I actually value versus what I simply like or enjoy on occasion has been the latest challenge for me. I've finally got it figured out, but it took a few years! Now, I have to figure out how to fund those values with time and money.

@NathanielFriend 2 ай бұрын

Love the bit about $3-5 coffee. Something I think worth adding for folks to consider - If you don’t spend the $155 a month at the coffee shop, how much is it costing you at home? If it’s $55, then the extra cost is really only $100 to you. You then have to ask you whether your time, convenience, and happiness is worth $100 for that coffee. - I did this exercise with purchasing lunches at work (hybrid 3x a week), and found spending $132 for a whole month of lunch was incredibly cheap considering I do not need to do any planning, prepping, or transporting food for lunch. I also don’t feel pressure to eat the food I’ve prepped when the end of the week comes and the food isn’t as fresh. - Food for thought.

@justxdruu 2 ай бұрын

personally i like checking my accounts on a daily basis (not my retirement though) and moving money manually while i keep track of spending because it keeps me on track of where it goes and how close i'm reaching my short term and long term goals financially. I think you just have to find a strategy that works best for you and be disciplined and stick with it. I do spend on things i want as well, i just don't OVER spend , or if i don't have the money liquid for it i just don't get it. All about balance,

@NicoleJurek488 2 ай бұрын

I'm one of those people that wear the same thing every day! 🎉 I wear nice clothes but I make it easy.

@the1337fleet 2 ай бұрын

Got called out not being productive at work 😩 3:45

@BabyBearRudy 2 ай бұрын

I was like, “how dare you!”

@theredpilllion5922 2 ай бұрын

People generally fall into an economic class because of their psychology and their values. Each of the three classes has a characteristic psychological profile. For the lower class, it’s apathy. They have nothing, they’re ground down and they don’t really care. They’re not in the game, and they aren’t going to do anything; they’re resigned to their fate. For the upper class, it’s greed and arrogance. They have everything, and they think they deserve it - whether they do or not. The middle class - at least in today’s world - is run by fear. Fear that they’re only a paycheck away from falling into the lower class. Fear that they can’t pay their debts or borrow more. Fear that they don’t have a realistic prospect of improving themselves.” - Doug Casey

@markanthonyganotice1498 2 ай бұрын

Thank you for always inspiring. Content suggestion (out of curiosity haha). Ramit review his CSP.

@ntimn8r 2 ай бұрын

Oh shoot, how did you know I was watching this at work? haha

@Safeway_Sage 2 ай бұрын

Thank you for this valuable video. I would like to highlight a component you touched on but didn't explicitly label: personal financial KPIs (Key Performance Indicators). You mention these when discussing the questions listeners should ask themselves. For instance, define your KPI for the percentage (or dollar amount) you aim to contribute to your emergency fund each year. Once you've defined your KPIs, you can set up automated systems and develop SOPs to ensure you're meeting these goals or know what actions to take if you fall short. Having SOPs or systems without clear financial KPIs leads to a lack of direction and hinders continuous improvement.

@milabolognini6305 2 ай бұрын

Interested in this, where did you learn about KPIs?

@Safeway_Sage 2 ай бұрын

@@milabolognini6305 John Doerr wrote a really useful book called, "Measure What Matters". He talks about a few different systems including KPIs. There is also a book called, "Key Performance Indicators for Dummies" by Bernard Marr. Both books are really good primers on the subject. Enjoy!

@SamPerez-21 2 ай бұрын

Damn first comment! lol Thanks for all these videos you’ve helped my wife and I so much in the last few months! We appreciate your hard work please keep it up!! Can’t wait to read your new book

@philp3234 2 ай бұрын

Ramit would tell you to borrow the book from the library. So do that.

@ramitsethi 2 ай бұрын

Thanks for watching!

@FrugalFamilyFocus 2 ай бұрын

YES!!! My Roth- auto, 529s- auto, sinking funds- auto, Thursdays- jambalaya, Mondays- spaghetti! It’s a system and happens regardless of life going on around us.

@BabyBearRudy 2 ай бұрын

If I’ve learned anything from Ramit, it’s that he really doesn’t like the FIRE community ppl

@NM-hq1io 2 ай бұрын

After going through your book, I learnt how important it is to have that guilt free spending bucket, else you’re going to dip into your savings & feel like a douche

@jensans Ай бұрын

omg I am literally watching this while at work and I'm being so unproductive because I can't stop watching your videos. They are helping me so much lol

@ChrisO-c1j Ай бұрын

Thanks 👍 from Uganda

@AwakenWealth999 Ай бұрын

10:18 Learning the habits that matter to grow wealth instead of sweating the small stuff is a valuable takeaway.

@xiiinzi Ай бұрын

Thanks Ramit.

@gurbym5513 2 ай бұрын

The book is a must read for anyone/everyone. Thank you.

@bitboycrypto5975 Ай бұрын

Beautiful ideas ❤

@seanhenriques808 2 ай бұрын

Another entertaining and informative video from you! I really do enjoy your content and I pre-ordered your book so I am not a loser lol

@TatiH28 2 ай бұрын

Not Ramit calling me out for watching this at work lol 😅

@el_chilango2953 Ай бұрын

I log on to my accounts everyday. Any inconsistency reported earlier will always have the best outcome when you need something resolved. Also being aware of the numbers tells me where I stand in my budget. What if the paycheque you receive was incorrect? What if you got charged USD amounts rather than CAD? Leaving it automated will likely not flag you of these inconsistencies.

@Yourmission9 2 ай бұрын

I love getting my weekly dose of no nonsense financial advise, keep calling us out on our bad habits, it’ll stick eventually! Keep it gangster Ramit🕶️✌️

@Didi-hh9hx 2 ай бұрын

Hey Ramit, thanks for all you are doing to help people make informed financial decisions. I really appreciate your videos. I thought it would be great if you could tackle some issues with college finance because like mortgage and car, this is also a big financial undertaking for Americans. Thanks in advance!

@xanderberry5727 Ай бұрын

*I didn't become financially independent until I was in my late 40's, and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market.*

@notafallacy9749 Ай бұрын

I am wanting to increase the amount I'm putting towards investments. Currently, as a state employee, I am contributing a mandatory 7.5% pre-tax to my 403b and my employer matches it 100%. As a state employee, I have two other accounts that I am eligible to contribute to: a second, voluntary 403b and a state-sponsored DCP 457b, both of which can be pre-tax or Roth. Is it better to put as much as I can to the second 403b or divide it between the two? Should one be pre-tax and the other Roth? TIA for any advice!

@pgplaysvidya Ай бұрын

i know fitness and nutrition. like all of those questions you had the start the video, if you changed them to fitness and nutrition questions i could answer them without thinking. Applying that to finance is such an obvious game changer but what was mind blowing is realizing that we need finance systems for our budgeting investing etc. There are strategies/theories in the psychology of fitness and nutrition that can apply here. basically we are creatures of habit and laziness and if things are made easier for us, we will choose those. so put the healthy snacks within reach. hide the unhealthy snacks so it is a chore to get. automate your shopping list - have a shopping list app that tells you when you need to go out for avocado and kiwis. you can't adhoc your nutrition and fitness any more than you can adhoc your finances and investments. It's SO OBVIOUS why didn't i think of that. Amazing video

@michaelwiebeck3 Ай бұрын

One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I hope I make profits.

@Derekhoffman312 Ай бұрын

You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.

@el_chilango2953 Ай бұрын

lol. You’re hoping you’d invest in stocks this year and hope to make profits? Sounds like what you’re doing in gambling rather than investing. You’re betting on making a profit which you can’t do in the stock market, what if the market experiences a down turn? No one can time the market. Time in the market > timing the market.

@coastergirl98 2 ай бұрын

Uhmmm, I actually enjoy logging into my accounts everyday.

@Joda30088 Ай бұрын

I've heard from other rich people to log into your accounts regularly. That a little dose of paranoia goes a long way to stay rich or not be blindsided and lose your money

@MixedG80 Ай бұрын

No one claimed it isn't or shouldn't be enjoyable... especially if your assets move in one direction... the point is there's little benefit to be gained/more to be lost from doing so in the grand scheme.

@coastergirl98 Ай бұрын

@@MixedG80 Maybe for a "normal" person. My depressed, autistic ass finds the math and numbers to be pretty damn stimulating. Like it ain't the best hit of dopamine, nor is it anywhere near as nice as getting high off my ass on weed, but it's better than nothing. Emotions have no bearing over how I invest for retirement. Sure, I don't like seeing my portfolios going down, but I know damn well that they're eventually going to go back up, and when they shoot up, that's also a pretty nice hit of dopamine. There's also the fact that I currently don't have an emergency fund that leads me to check daily, but at this point, it's become a part of my morning routine.

@sanasiddiqi7372 Ай бұрын

😂

@arnescehic374 16 күн бұрын

Haha me too. I'm a recorder!😂😂

@rebeltheharem7028 2 ай бұрын

I keep accounting records for myself (former accountant here), so I know my financial situation to the exact dollar.

@CarlosAguilar-st3mp 2 ай бұрын

Ramit you help me a lot. I’m not blind about money no more thanks

@Jungles_of_Lustria Ай бұрын

Thank you Ramit. Today starts my journey, I have 0 investments, 0 retirement, I'm $108 K in the red and am barely hanging on with my wife and I working. I need my money to make money so that I can get out of debt and fight for the future. I have maybe 25 working years left. My Rich Dream is to have a quiet, paid off small home on a 5 acre piece of land near water, far enough away from people but close enough for emergencies, where I can hike, fish, enjoy nature, have an older truck and raise my Amazon Rainforest dart frogs in peace and quiet, with the knowledge that I can CHOOSE to work a job, that I can go into work every single day knowing that if I decided that very moment that I wanted to get up and walk out that I could do so without it destroying my life. THAT is Rich to me.

@Sincrow 2 ай бұрын

Let's goooo, let's get our bread up and WIN at life!

@anitafrancis2786 Ай бұрын

Where can I find the video on the annual review?

@ramitsethi Ай бұрын

It's in my Money Coaching program (iwt.com/moneycoaching) -- you have access to past episodes as a member

@user-hu5os2gk3m 2 ай бұрын

Génial thank u goods tips

@Hariharasubramanian-i5w 2 ай бұрын

Hi am seeing your videos for the first time.its very thought provoking and I thoroughly enjoyed your humour sense 🎉 a new subscriber 😊

@xPOOPDog7 2 ай бұрын

Love the video!

@thewarthens Ай бұрын

🔥”Subscribed”

@avedurham Ай бұрын

I think knowing our money scripts is really challenging because they're so much a part of us that we can't really see them. I would love a tool that asks me questions to help me understand my money beliefs. Is that a tool you guys have?

@StephanieG.Augustus Ай бұрын

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025.,..

@MixedG80 Ай бұрын

Saw "hope" used twice... maybe start with an achievable goal of growing that $350k by 10-20%, which would be a great result for 1 year, before talking about 10x-ing in the same period. That won't happen by investing as Ramit advises, you'd have to trade for those latter results, which would also be much less certain.

@amirnaderi8470 Ай бұрын

Yooo, where you get that shirt from ?

@filb 2 ай бұрын

10:40 Reminds me of David Bach's book where he does all the calculations for a latte over time.

@lowlowseesee Ай бұрын

i follow a lot of ramits stuff but i definitely have to work on how i pay bills lol. i do like to pay them early but thats probably still a control issue.

@kimberlygrasso1494 Ай бұрын

As someone who loves spicy food, I appreciated the broccoli bake joke

@0utta_Bubblegum 2 ай бұрын

dont be throwing shade at the broccoli bake. =P enjoy your content

@JBoy340a 2 ай бұрын

Great content. I use dividend reinvestment to automatically grow my accounts and that has worked well for the last 30+ years for me. Debating if should continue to invest aggressively as I move into later phases of life

@MotiveTales-zo3pl 2 ай бұрын

Ok sir I will start the following rules

@kckuc310 Ай бұрын

2M here , 57 age listen to this guy

@elizabethobioha1145 Ай бұрын

Good ideas

@jamesgibb9341 2 ай бұрын

Hey, thanks for the advice all throughout your channel. My expenses are way too high and not within 50-60% of my take home income. A year ago, I created a vanguard account. I could only afford $20 a fortnight. As soon as I started trimming down my expenses. Im now on $100 & I've set up automation. I have nearly $1500 now and I'm investing in 2 ETF's. Those are (VAS & VGS) as I'm Australian. Im 34 now, I'm hoping to eventually increase my investing to $500 a month to become a millionaire by the time I'm close to retire. There's a lot of BS out there when it comes to financial advice. Your advice is easy to understand, easy to implement & has helped me get started on setting up generational wealth for my family.

@jamesgibb9341 2 ай бұрын

I started with a very small amount, just to get started. I automated those deposits so I didn't think about it. Then gradually increased it when I could afford it. That's my advice to anybody. But I do have a question about what I'm investing in. Right now, I'm focusing on VGS & VAS ETF's with vanguard. This covers Australian market & international markets. Do you believe I should stick to those two ETF's or should I expand into other ETF's or stocks or whatever?

@michellegreen1072 2 ай бұрын

Can you put the commercials back into the box so I can skip past them faster?

@lowlowseesee 2 ай бұрын

shirt matching the beard, take notes youngins

@Nb61777 2 ай бұрын

1:14 what gets measured, gets managed!

@mcoffeecation2153 Ай бұрын

The system for automated payments is easier if you’re paid on the 1st and the 15th each month or 1 time monthly, instead of every two weeks.

@Adventures_with_nick 13 күн бұрын

As someone who was raised by a hard ass dad, this tough love talk is comforting. Ha!!

@dreamleaf6784 2 ай бұрын

remit never had costco pizza. lol

@baddboo 2 ай бұрын

The sarcasm is music😂

@erendiralanda-godinez9555 2 ай бұрын

Ramit….. wooo wooo woooo…. I’m being productive 😂

@Trewq79 16 күн бұрын

When it comes to "don't get bogged down over the $3 decisions", I agree.....mostly. It's not the one time someone buys a $5 coffee that makes them poor. It's the 500 $5 decisions within a month that make them poor. I used to religiously watch Dave Ramsey. And while I don't 100% agree with him, I did develop the "red flag" sense he has when it comes to spending on things. When I see a Starbucks $8 coffee, a little voice in my head says "are you sure you want to spend that much?". I believe that little voice is instrumental in the amount of money I've saved and invested. You may make a good decisions here or there, but a solid behavior behind you will lead to consistent good decisions.

@dom7019 Ай бұрын

How do I automate bills that are not fixed amounts? Major oversight there IMO

@ohchristineho Ай бұрын

You put them on autopay, the amount shouldn't matter if you've budgeted for the variable (average out the annual cost of that bill per month and budget for that amount)