I Will Teach You To Be Rich // 10 Favorite Takeaways

Timecodes:
0:00 - Intro
0:26 - Spend Extravagantly
1:35 - Focus on Big Wins
2:47 - Action Trumps Intelligence
3:50 - Automatic Money Flow System
4:53 - Beat The Credit Card Companies
5:46 - 1-1 Coaching
6:13 - Systematic Approach To Salary Negotiation
7:41 - Financial Experts Are Clueless
8:47 - Real Investing Is Not Sexy
9:51 - Be Wary of Advanced Tips
10:53 - Don’t Live In The Spreadsheet
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

[@Gwillis7]

This book has had the greatest effect on me financially, and I have read all of the classics

[@chefalbert223]

I AGREE.

[@seanmcgory4172]

Absolutely. This book changed my life.

[@shaynegs1834]

Me as well

[@jimbo7042]

Any other good ones

[@LadyBunique]

What would you consider the classics?

[@EM3Finance]

Being Rich is about not looking over your shoulder when it comes to money. Wealth in time will trump all else 🎉

[@dorahmulinge3800]

Ramit is one financial coach that i almost agree with everything he says. I mostly love the rich life and conscious spending tip, and renting as well

[@CarolineLody]

Stock market dividends prompted my investment journey. The goal is to live off dividends, ensuring continuous income and potential generational benefits. With over $600k in dividend stocks so far, I'm consistently adding more, even in anticipation of price drops.

[@kelbenjamin]

Receiving insights from an experienced investor who weathered crises and emerged victorious is consistently inspiring. While watching your portfolio shift from profit to loss can evoke anxiety, remaining invested in robust companies should entail ongoing growth while adhering to your objectives.

[@thewilliams-]

@@kelbenjamin I share the sentiment entirely, which is why I place immense importance on delegating decision-making to an investment mentor. Their distinct expertise, formal training, and adeptness in managing risks significantly diminish the likelihood of underwhelming outcomes. They essentially act as a safeguard against possible setbacks. Having engaged with a financial guide for more than two years, my earnings have amounted to nearly $1.5 million.

[@kelbenjamin]

@@thewilliams- I need suggestions to assist me recover my portfolio and create more effective strategies because of the huge dips. How do I locate this coach?

[@thewilliams-]

@@kelbenjamin Consider exploring an individual bearing the name Eric as their first, Thomas as their middle, and Witt as their last. This person boasts an extensive reservoir of expertise.

[@kelbenjamin]

@@thewilliams- Impressive! I'll definitely check him out. I believe in the idea of hiring a Financial Advisor because finding that balance between saving and living requires guidance.

[@BusterDarcy]

Haven’t read the book but am happy to say that over the years I’ve fully embraced all ten of the principles you’ve shared and am well on my way to my early, wealthy retirement goal while still enjoying life today. They’re all fairly intuitive tenets, so long as can block out all the noise trying to convince you otherwise. The thing about noise, though, is that once you recognize its pitch and tone it gets much easier to identify and filter out.

[@seanmcgory4172]

The delivery of the concepts is key. It makes you relaxed and willing to accept them and then take action.

[@michaeleekim]

I really liked this book too! I liked his stance on whether to buy and rent and that there are so many hidden costs to buying that people don’t consider 🤩

[@thumpr1]

WOW... I just became debt-free and your segment on living in the spreadsheet is how I feel, I still keep analyzing the spreadsheet, even after paying everything off.. now I'm analyzing how to stash for retirement.. and I've been thinking lately about how I'm still scrutinizing the spreadsheet... Thanks for that...

[@justintx75]

Tae, thanks for providing such knowledge in each of your videos. I enjoying watching them find myself agreeing with much of what you say.......keep up the great work sir

[@andrewpagan]

I've been binging his Podcast and it has helped me and my wife a lot. Excited for this video!!

[@UtotheJ]

I was just recently recommended to this book yesterday! This summary couldn’t have come at a better time!

[@Opm0316]

I love Ramit’s philosophy on money. A different perspective from most financial ‘gurus’. My big takeaway is knowing my rich life, and rich life is doing for everyone.

[@RussellRonnebaum]

Thank you for reminding me that slow and steady is ultimately the best solution for saving and investing. I automated all my savings and investing a year ago and got really bored really fast. Definitely not sexy, but I’m proud that I’ve built a reliable savings machine…all I need to do now is stay the course and oil the machine once in a while. Thanks for all your great content!

[@skfotedar]

Calculate the total amount of spend on your CCs the last 12 month. Divide by 52. Divide by 80%. Take that number and pay that once a week via an automated payment.

[@sheila3936]

Put 125% of your equivalent CC spending into savings. Simple 😂

[@Bailey1879]

Thanks! I re-watched this 3 times to make sure I caught everything.

[@francisyuweh706]

living outside the spreadsheet, something i need to hear right now and reflect😊

[@commcody2914]

Hey Tae, Once again thank you for providing a lovely synopsis of a book you see as valuable. I haven't yet read the book but plan to in the near future. It's nice to have both a preview of what to expect and something to come back to as a qucik summary in the future. Continue with the great work!

[@AKim-uu4hg]

Tae

[@commcody2914]

@AKim-uu4hg thanks for the catch. Must've been auto correct on me.

[@AKim-uu4hg]

@@commcody2914 - yes! It tried to auto correct to “Tar”.

[@nathanielamenuveve127]

Thanks for another knowledge impacting video

[@coreyjordan2745]

Excellent, Correct. Very educational.

[@Joethebro101]

Your videos are excellent. Good job.

[@AwkwardWhispers]

Credit cards scare the sh*t out of me.

[@diane.moore-]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.

[@mariaguerrero08]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

[@ThomasChai05]

Over the past three years, I have been working with a professional who has provided daily guidance on my investment decisions. With their expert analysis, I have realized gains of over $875k. Their insights have helped me avoid losses and capitalize on market breakthroughs, particularly during downtrends.

[@mikegarvey17]

@@ThomasChai05 How can I contact your Asset-coach as my portfolio is dwindling?

[@91ScottieP]

I just looked her up on the internet and looked into her credentials. I wrote her a letter outlining my financial objectives and planned a call with her.

[@Joethebro101]

Hi Tae. Let’s say you’re in the S&P 500 for many years and doing very well. When should you start to put it in safe stable or bond accounts, maybe 5 or so years before retirement?

[@ahnottingham]

Well done! I like his stuff. 🙂

[@hangho5981]

How come you can convey all of things in 15 minutes constanstly without any interuption in your sentences. So great! I admire your speed talking as well. It is equal speed 1.5 with other's video.

[@joshr.5199]

Hi, does Veqt count as a broad market index fund?

[@gRatedContent]

Love it. I mean, you do have great hair, so it’s working lol. Good financial tips as well.

[@peterl2767]

Great info 👍 👌 👏

[@robertparsons313]

Great points here.

[@user-zj1bn6mu9j]

You have a great channel. I love the title “The Financial Tortoise 🐢.” The tortoise 🐢 always beats the hare 🐇

[@Nika-Dubai]

Thank You

[@stevedo6949]

“It’s boring, just like this channel.” Amazing 😂

[@DuaneJasper]

Your hair looks good Tae

[@kevinpeppler3143]

While I agree with your overall point about not living in the spreadsheet, the difference between a 0.1% expense ratio and ,say, a 0.05% expense ratio is not pennies, it is many thousands of dollars over the life of the investment.

[@BusterDarcy]

Thousands of dollars over a lifetime is in fact pennies when you zoom back into your daily life and the time over which you would spend that money.

[@cechzc1u]

No, it's negligible. 0.1 percent is $10 per $10000 invested annually. And .05 percent is $5. So to have spent "thousands" over 30+ plus years, your account would be in the millions of $$.

[@chefalbert223]

If you are reading this comment, I am begging you to please read the book. This is a great breakdown, but please, read this book!

[@leckenrod1]

i watch all of your videos and wish i would have seen them earlier. Most of your content is directed towards younger people. I am 56 and would love to hear your opinions with your suggestions taking age into considerations.

[@jeyantony279]

Thanks

[@TaeKimFinancialTortoise]

Thank you!

[@anastasias9053]

I didn't get what's wrong with backdoor Roth IRA?

[@wdeemarwdeemar8739]

Analysis paralysis is always something to work through…

[@ELconomics101]

Good morning coach TK

[@TaeKimFinancialTortoise]

Morning!

[@lilytea3]

0:00: 💰 Rumi Sethi's book 'I Will Teach You to Be Rich' provides tips on living a rich life by spending extravagantly on things you love and cutting costs mercilessly on things you don't. 2:36: 💰 Taking action and getting started is more important than being the smartest person when it comes to getting rich. 5:20: 💳 Credit cards can be a useful tool in personal finance if used responsibly, offering benefits such as tracking spending, warranty protection, and travel rewards. 7:24: 💰 Financial experts are clueless when it comes to money and investing. 10:08: 💰 Having a long-term financial plan and sticking to the basics consistently is more important than obsessing over small details. Recap by Tammy AI

[@alfredhitchcock45]

Cutting back - i heard kimbap

[@antepara1629]

The real question is how do you have such nice hair!?

[@richarddixon3081]

actions trump intelligence is key. Just do it like Nike

[@ssharma1834]

As a Korean you dont need to spend money on hair. Its God given

[@maxt1617]

Hello Tae, great video but could you please articulate all of this on a spreadsheet? Excel preferably. Thanks. 😊

[@FascinatingFacts562]

So if someone is you can’t rely on a financial advisor, who can you rely on? I think some people are good at studying the market and picking undervalued stocks like Warren.

[@keithmcneish3190]

“Premium hair treatment “🤣🤣

[@magdaemmert]

Love your videos, thanks for the advise! Can you try to speak a little slower? you speak too fast for me! :)

[@jeanalexandre1105]

Save your money so your money could save you.

[@sarahuber8567]

I really liked listening to Rammit until he talked about buying a 9,000 sweater and hiring a personal trainer. Then I realized I respect frugality more.

[@oliviab3807]

❤❤❤

[@christopherholden66]

Being rich is sexy😂

[@AmericaRevere]

lmaoo 0:58

[@user-cq4hd1ng6w]

I think that it will be more productive and reasonable to earn in Utopia p2p ecosystem by mining Crypton cryptocurrency on favorable terms.

[@dkirk500]

All the "Making you rich" kinds of books are the same. Pay yourself first, manage your debts, save every penny, increase your income, and invest. The ideas are not original. They are rewriting the 100 years old book "The Richest Man in Babylon" without thou, thee, and thy.

[@dorahmulinge3800]

You haven't really watched the video. Because as a Ramit follower, he never once said save every penny

[@dkirk500]

@@dorahmulinge3800If he didn't state that, it would be foolish. If not from savings, where would the investment originate? You're overlooking the main point. The point I'm attempting to convey is that no magical formula can be gleaned from a "get rich quick" author. We are all aware of this, yet few of us achieve success.

[@jogmas12]

Ya gotta teach them to be rich for free because otherwise they will think the only you have gotten rich and are getting richer by is charging for books and public speaking seminars. And if you get rich doing that, then what’s the point??

[@user-zj1bn6mu9j]

Get rid of ALL CREDIT CARDS 💳

[@ExtraGuac007]

The problem I have with Ramit is he never tells people to cut their expenses. He just tells people to make more money. I think it's dangerous to tell people they can always make more money to cover all their wants.

[@davidglad]

1000% true, but even more dangerous to tell people to go into debt to fund what is essentially a lavish lifestyle.

[@vulpixelful]

He does. He says on the podcast and in his book to keep "needs" at 50% or below. And he has guests name things they can cut to pay off their debt or invest more. If they get that far in the convo, anyway

[@johnjsal]

0:32 He literally says "cut costs mercilessly on the things you don't [love]."

[@ExtraGuac007]

@@johnjsal There is a difference between cutting expenses and reallocation of expenses and Ramit preaches the latter. Dave Ramsey tells you cut expenses and eat bean and rice. Ramit tells you to reallocate expenses and continue to eat lobster and filet mignon.

[@johnjsal]

@@ExtraGuac007 Have you even read his book? He gives plenty of suggestions for how to cut costs, such as renegotiating credit card interest rates, canceling monthly subscriptions you don't use, declining invites to expensive dinners if that's not your thing (which specifically contradicts your claim of continuing to eat lobster and steak). There is a section in the book about allocating your free spending money, and only a certain percentage of your take home pay is to be used for that. He isn't saying to increase this amount for the things you love. He still says to stay within this limit, but to use all of that money for the things you care about more than for the things you don't.