Money Expert Reacts to Finance TikToks

[@antillie7]

I like how you understand what generational wealth really is. Its not passing down a house, or passing down anything. Generational wealth is not inherited. Its having your parents pay for your college so you never take out student loans. Its having your Roth IRA fully funded each year for you once you start working. Its having a custodial account opened when you are 2 and then using that money to put 35% down on a house when you are 26. Its being taught from a young age what interest is and that outside of a mortgage, debt is to be avoided when possible. Its being given a bunch of EE bonds when you are a kid so that when it comes time to buy your first car you can buy a new one with cash that lasts long enough that the next one can be bought with cash too. Its being taught to only buy reliable cars (Honda/Toyota/etc...) and to always keep them for at least ten years. Its just as much about mindset and education as it is about actual money. Generational wealth happens long before the parents pass. If you want to make your kid rich you need to do things early in their life. 50k won't make much difference when they are 55+, but at 18 it can be game changing. By the time someone who has benefited from true generational wealth inherits their parent's assets, they are already wealthy.

[@Iamjk84]

Underrated comment! Generational wealth is built through parents not only practicing good values and behaviors but teaching the same to their children. If your parents contributed to childcare, travel, first car, college tuition, taught you about investing, opened a roth for you, helped with your wedding, or took care of their retirement, that all contributes to generationsl wealth. Enjoy life, spend responsibly and don’t fall into the trap of social media consumerism!

[@ramitsethi]

Great comment

[@BenFranklin1776]

Not trying to be rude to anyone else (ramit included) but this comment is better than literally every financial video Ive watched the past couple months. Absolutely excellent breakdown.

[@marisolania2696]

This is an amazing comment and so true. Generational wealth is emotional stability, financial literacy, social support, financing your education/business. This is infinitely more impactful than leaving you a house when they die.

[@dlproductions9574]

yup, generational wealth is teaching your kids to be wealthy. A majority of first generation millionaires will see everything get erased by their second generation, sad stuff. EDUCATION IS KEY!!!

[@suecummings650]

I started 4 years ago in a Roth IRA and I was 56 . Never too old to start!

[@Skadivore]

That is motivating. But will it be enough when you retire?

[@suecummings650]

@@Skadivore it will be better than nothing.

[@Skadivore]

@@suecummings650that is true. Sorry if my question was rude. I’m anxious myself that I start later than what all financial advisors propose.

[@mmp495]

I started one in my 30’s but wasn’t funding it enough. Fixed that one!

[@lancercool1992]

how do you like it given the recent events

[@zoeblush]

I've been watching your channel for a few months now and my partner has also (surprisingly, she doesn't usually like talking about money) become interested in your content. I am generally the 'manager' of the money, we've only been together just under two years and yesterday she asked me on a 'finance date' (her words!) where we spoke openly about income, outgoings, debt pay off plans, future savings and investments where we shared absolutely all the details with each other. I am beyond thankful for all of your advice - I'm so excited for our finance future!

[@ramitsethi]

I love hearing this!! Congratulations and let me know how it goes.

[@jmc8076]

🙌👌🎉

[@besverjin5130]

Finance date. That’s a cool idea!!

[@janoraj4667]

I find it interesting how other couples work. I've been with my man for 11 years and we are managing our finances separately. I would never have trusted someone I know less than two years making financial decisions for me 😂

[@gulabdhaliwal3795]

Hey Ramit, Love your content, May you explain further how you would save for house expense

[@melaniegenuinely]

Sir, I had to pause your video to leave this comment. As a person who was never taught financial literacy, I have to find the education on my own and with having 2 girls of my own, I am in a mission to not fail them in this area. What you said about generational wealth and it being in the form of your parents actually teaching you how to grow your money rather than just leaving you a house blessed my soul. Thank you so much!!!!

[@dismurrart6648]

You're doing it right. My dad refused to teach me money knowledge but was rich. I'm a bastard so, while he threw plenty of money at me, he refused to ever tell me how it works. I had to learn that all on my own. His knowledge on how money works would have been way more helpful than him one day leaving me a windfall of cash. I went no contact so I don't even expect that, not that I ever wanted it.

[@ohdag]

Proud of you Melanie!

[@melaniegenuinely]

@@dismurrart6648 wow thanks for sharing that!!! I don’t want to just hand my children money and not explain it’s value and how it should be used to make it work for them and others. I plan to have table talks with them, invite them to see my finances and how it costs to maintain things and pay bills, and how to invest and etc. I don’t want them to think money just happens. I want them to actually understand how it works and how to make it work. Thank you so much for sharing that with me bcz you honestly didn’t have to. It encouraged me that I’m on the right path 😊

[@melaniegenuinely]

@@ohdag didn’t expect your comment to make me teary eyed but thank you so much for the encouragement 😊

[@johnkelly9451]

​​@@dismurrart6648Did you ever ask and talk to your dad about your wish to learn more about money? Very glad that you learned on your own. Many parents may not realize this was your desire. Many kids never think to mention to their parents. Throwing money at you is your view. Providing for you when growing up is two very different views. I get what your saying though. The way I looked at things when I was little is very different that I looked at as an adult. Speaking for myself and my own view.

[@amcwhorter5]

I bought a home in 2007 to help my family. I was single and I took in my mom, brothers, a niece and nephew that lost their mother, aunts, cousins and so forth. I bought it before the crash and felt like I over paid for it. I was under water within 5 months. Now I'm paying three times less than the average rent. I'm very thankful.

[@dietzyfly]

57 years old....never bought a house. Invested relentlessly, lived well within my means, and now semi-retired....working for fun :) Let me also add (recent edit)...after making some mistakes in the 90s, this woman was determined not to let the TechBros pass her by again. I did a deep learning dive into AI/crypto/tech...buying into BTC in 2018...soooo sitting quite prettily now...😊 FAR exceeds real estate!! So free!! Keep learning, and listening to folks like Ramit, and you can't go wrong.

[@rafaelosorio3134]

What do you think the pros and cons are of never buying a house, in your particular situation?

[@Enmanuel_V6]

@@rafaelosorio3134yes would love to hear her view

[@coya8coy]

Hope to be you one day

[@betitos11]

Looking at home prices now, buying a house would have been a great investment too ✌️

[@elmateo77]

@@rafaelosorio3134 Cons: lose out on possible investment growth, ability to customize your living space, not having to deal with a landlord, and lower expenses once the mortgage is paid off. Pros: Much easier to relocate as needed which may lead to higher income if you can move for a job, more consistent expenses as you're not the one who has to pay out $10k when the AC unit dies.

[@devorahanatolia8999]

Boomer here, and I'll be the first to tell younger people that the average wage earner can't afford to buy a home in many parts of the US. I bought my first home at 41, and thought it would be a starter home and I would eventually move up. 30 yrs. later, I'm in the same home, and the only way I could afford to buy another home would be to move 50-100 miles outside the city. However, don't lose hope. I've been thru several real estate booms and busts in my lifetime. If owning a home is important to you, keep saving towards that goal in the hope you may be able to catch something on a downswing.

[@angelahaudenschild2749]

My husband and I just bought our first house at 39. Planned for it to be an affordable starter house and getting our foot in the mortgage world while also finally trying to start a family and now I'm wondering if we're going to be in this house for 30yrs lol

[@abm672]

Nothing wrong with that.

[@Ihateteenagerstheyrecringe]

Boomers ruined everything. You don't get to talk.

[@peterzeller5736]

My wife and I were saving for a 20% downpayment and then covid happened. Rates hit rock bottom and we knew we had to buy while rates were good. We put down 7% and locked in a 30 year fixed rate mortgage at 2.6% which would be unimagineable now. Low downpayments can be good if you take the market interest rate into account. We still pay PMI but it is so much less than the additional amount that a higher interest rate would've gotten us if we had waited until we had 20%.

[@GTM9164]

2.6% interest rate is the biggest flex in the comments 😂

[@JuanTorres-zu3ws]

You make a great point! Something to consider on the PMI is that you can request it to be removed if you have a conventional loan and the appraisal on your home puts you above the 20% equity line. You still need to consider if the option works well for you since it does require a new appraisal, but it is definitely worth researching.

[@obietravels652]

Good move! 💪

[@WeatherHappens]

How much more did you pay for the house because of the lower rate? People were paying well over the fair market value during those super low rates.....

[@obietravels652]

@@WeatherHappens good question. In my area, people were already paying well above asking price years before COVID, and during the COVID years, the market slowed to an absolute crawl. Then, houses were advertised well below expected market value just to get buyers to look.

[@flim-flammington]

I'm NOT saying there aren't people who are sacrificing and living paycheck to paycheck without wasting money. I AM saying that there's a lot of people with terrible spending habits who act like they are those people.

[@SWAGKINGSBD]

Most of America are those people so his pints are mute. He should put a disclaimer that this is classism

[@sleepingrogue4130]

@@SWAGKINGSBDand why is that? Life is hard but there’s always something we can do to make it easier. The time “most of America” spends online watching crap on TikTok could be used learning to code or trade or something else.

[@coreyburke3493]

There's tons of people in a bad spot, there's also tons of people who would rather complain about their situation than do something about it. I've been both lol. I grew up super poor and for the first 10 or so years of my adult life I blamed my situation for my lack of success. Then one day I decided to do something lol. At 30 I went back to school after researching job outlooks I was able to get a cheap degree from a community college and I'm doing much much better. People can be in a bad spot but generally we all have the opportunity to do better it's just how hard we're willing to work to better our situation.

[@k5sss]

Agreed. I was living paycheck to paycheck on $180k a few years ago. I finally learned how to get my debt and spending under control, and now my life is completely different.

[@karllistana3526]

SO TRUE!

[@Gus_Souza]

Ramit, I read your book and followed your tips for just over 6 months now… MAAAANN, change my financial life 180 degrees. For the first time in my life I can tell you that my Financial is working by itself in my favor. I own only a small loan on my car, I have saved over 20K, my partner and myself have had probably one of the best holiday ever, paying interests no more and actually now I’m earning interests on better banks and investments choices and using all the benefits of my credit card… got promoted and got a pay rise. I can’t tell you how thankful I am, you are a legend mate!! The only regret is WHY I haven’t seek to get Financial LITERACY 10 years ago, I am 43yo now…

[@kap849]

Me: I know i don't have an extra $500 a month. Also me: I know I need to figure out how to get an extra $500 a month. I've always had money since I changed my mindset.

[@cmerr2]

You caught him slipping, but Humphrey is generally quite good. Also for context, he lives in the Bay Area - a place you need to be either filthy rich to put down 20% or comfortable with putting down less. Also it's a place with a totally absurd economy - a skilled technologist will have a job and strong income progression.

[@Trix897]

Although it’s not as bad as in SF, it’s a similar scenario where I am in Seattle.

[@BostonCycling_]

Agreed, I enjoy his channel and he’s pretty on point. The Money Guys also advocate/allow for lower down payments for first time buyers

[@joker32101]

Humphrey normally just doesn't say anything of value. It's not that he's good, it's just that he doesn't have any actual opinions that aren't in a personal finance 101 course

[@o0usf0o]

@@joker32101his channel is basic information, and that’s okay

[@valerieproctor517]

He gets basic info to the people who wouldn't normally get it though, ​@@joker32101

[@ChristopherSwanson]

I never got the “The millions is going to be worth less in the future” comments. What is your alternative, don’t save so your couple thousand is going be worth absolutely nothing? It’s just another excuse to not put in any effort. Great video.

[@alyxxa6182]

Plus, if you invest in commodities, they go up during times of inflation

[@cooledcannon]

If the comments are right, it means you should be more aggressive with your money

[@TalkingMoneyWithNozi]

​@@cooledcannon they might be right but they use it as an excuse to not invest anything because 'what's the point?'

[@humanaffectation9021]

It's all sour grapes. I feel that they think they can't do it so they make excuses why no one should try to do it.

[@anushgopalakrishnan]

It's the broke mindset. They can't fathom that their financial health may actually be in their control to some extent. They would rather blame x,y,z external factors instead of looking themselves in the mirror. It's literally for your own good and you're choosing to not do anything

[@lilyhong7293]

I really like these reaction videos, especially the part Ramit disagrees with the others. I subscribe to Humphrey Yang's channel, too, I usually enjoy his research and references to all the data. Listening to intelligent people disagree with each other is such a good learning opportunity. Thanks for the video!

[@sepi7922]

Yes, i love Humphrey. Most of his advice is very good. Ramit showed that unfortunate video sponsored by advertiser. Also the only thing i disagree with Humphrey is on quiet luxury which Ramit also mentioned. Difference in opinion is good. Not everyone is right all the time even Ramit.

[@jessejustsick]

Thank you so much for pausing the video and not just talking over it. Great stuff Ramit!

[@Shr0ct]

Can I just say that I usually tune out long videos like these. But I literally watched all 45:13 of this video with my fullest, undivided attention. This video provided a lot of informational impact and makes me feel more empowered to be more financially sound. Really glad I came across this in my algorithm. Thank you Ramit.

[@ramitsethi]

Thank YOU for watching!

[@BigEMU1]

It's the "what-the-hell" effect that leads to progressively indulgent behavior. If people can't have the wealth immediately, or the wealth isn't life-changing, they'd rather YOLO it down the drain instead of finding some type of balance. Not to mention that a lot of people are generally bad at setting and sticking to long-term goals.

[@th8132]

When it comes to the internet, I often say people suffer from severe cases of IGS. Instant Gratification Syndrome. If it ain't quick and easy, it's getting ripped to shreds in the comments.

[@Atlas-tp8dw]

👏

[@sweetkwaku123]

Me and that’s my biggest hurdle, discipline

[@Mo_rena-ch2pu]

I love Ramit, do you think he realizes how funny he is 😂😂😅

[@arh1234]

Yes. The funniness/entertainment value is clearly deliberate😂. I appreciate the effort.

[@michaelswami]

Humphrey Yang is generally straightforward and honest.

[@thedon9670]

Except when he schills for a sponsored add for the money.

[@NoNo-ng9sl]

Yeah. I'm pretty shocked he released that kind of content. Never thought he'd sell out.

[@Rekeaki]

Humphrey would actually agree with almost everything said in this video. He says almost the exact same things himself. I think the short format of the video clip that was used (and the fact that it was a sponsored one) gave a really bad impression of what Humphrey is normally about. That bad impression is on him, he probably would agree it wasn’t a good look, but as someone who has watched him for a couple years, it wasn’t representative of what he normally preaches. In fact I am quite surprised to see it. I hope he’s aware and isn’t planning on doing it again.

[@MarieCorbo]

Dang, Ramit dunked on Humphrey Yang. I had no idea HY was doing ads for a real estate company, cringe.

[@pinktfatrabbit]

I showed my nephew using a compound interest calculator that if he invested the money he spent on smoking, he would be a millionaire by the time he was 60. He's seriously quit!

[@NotAvailable_na]

It's nice to see a Good video. Typically a video of reviewing other people's video is garbage. Yours is useful and genuine.

[@Marl-hj8hh]

Ramit is the Deadpool of Financial KZbinrs

[@lavonnealexander6936]

😂😂😂😂😂he really is

[@christiany.m.3604]

wait, in a good way or bad way? because deadpool can be a very helpful person.. or he could be a sarcastic misleading person too..

[@codyjohnson1572]

32 with $250k in retirement. Plan on retiring at 55 and this will be $1.7 million just from the compound interest alone. Compound interest folks!!!

[@bubblyunicorn]

Nice! How much are you investing per month? Im 37 with about 120k but have been investing as much as I can. I want to retire at 55 too but I have a ways to go 😅

[@chetjackson5244]

same! 36 with 220k in retirement accounts. Will retire at 55. and got my 400k mortgage paid off last year!

[@jedidahcmelly4508]

Wow

[@WeatherHappens]

​@@chetjackson5244 nice job! Sometimes, it works out.

[@BrandonTalksFitness]

Bbbbbbut bbbuttt that won’t be worth anything then!!!!! /s

[@Kay-mx5wn]

Just a thought, but if you live in CA, and plan to stay there and want to own, putting down 3% on your first starter home makes more sense than paying high rent and waiting until you have 20%.

[@bambellaaa]

Bingo! And some cities are less expensive than others. I moved out of the Bay Area because there was no way I would’ve been able to afford my condo. My mortgage, HOA, and utilities are significantly less expensive than rent or similar to the lower end.

[@SWAGKINGSBD]

He’s out of touch with the normal person, we call this accidental classicism

[@jamesadamgleason9471]

I read your book about 5 years ago and its honestly a staple that EVERYONE SHOULD READ. 10/10

[@ramitsethi]

Thank you. Glad you read it!

[@markwilhelm6938]

Best moment in your video… giving me permission to buy my $2 QuikTrip coffee 😅 ☕️

[@CyrinaSwanston]

I really needed this video. I had no idea about NIMBYs or the government's involvement in why major purchases were so much more expensive than they have been. I didn't even really understand that home prices were exponentially more expensive - I had an idea, but didn't realize to what extent. I've been trying to figure out whether or not I want to save for a home after I pay off my loans, and I feel like this was the most honest and transparent description of what's actually going on that I've been able to find. Thank you for this!!!

[@ramitsethi]

Thank you for watching. I have so much more to say about NIMBYs!

[@SydPeppa]

2:03 My fellow millennials, DO NOT PUT OFF INVESTING. DON'T! Even if you have a business/you're employed.

[@terencegreen9932]

1 of the Greatest Advice giving on the internet. Millennials re read these capital words.

[@Bcp69]

As a middle class millionaire with no debt, I actually enjoy renting. As ramit has pointed out before, I take the difference between rent (which is the max and I dont have to worry about 'phantom costs') and a mortgage and invest it for retirement and dont feel like I'm throwing away money as most other people say

[@impyrobot]

Interesting way of thinking though I still feel like the satisfaction of owning your own house is worthwhile and the difference between rent and mortgage is negligible rent is an expense whereas a mortgage is paying towards an appreciating asset. The main reason to rent is the freedom of not being tied down to a house that and people who can't afford to get on the property market.

[@serenax.3622]

I'm there with you. Also I find it very satisfying to simply submit a maintenance ticket and use my time and money for other things that I value.

[@Silidons91]

But rent is something that is always going to go up. It's not going to come down. If you had a mortgage, that's a fixed cost. You know what to expect. Then at the end, you own it, and you don't have to make a payment (besides property tax and insurance) anymore.

[@Emmere]

@@Silidons91 Not necessarily. When you buy a home you still have to account for property taxes. Depending the house or where you live this can go up significantly. My mothers property taxes tripled in a few year due to her house appreciating. Different strokes for different folks.

[@dcc9345]

​@Emmere That goes the same for the appreciation and there are tax deductions when you own a home. Buying a home at the right time is a powerful tool to build wealth.

[@michaelwalker685]

I felt that NAR comment in my spirit! They denied my grandfather years ago when he was active in the marines and the government was literally going to give them a check for the house my grandparents wanted, but they denied it for some made-up reason! Ended up buliding a better house in another state on a lake! LOVED growing up in that house!

[@Grassology-vs1hn]

I don’t care for your attitude but I love the confidence you give the community and myself. 5:46 Remit keep helping us.

[@laurenlovesstories]

So many people only see a zero-based budget as valid when it isn’t the only way. I didn’t get ahold of my money for so long because I thought budgeting meant having a million categories to manage which felt overwhelming. When I learned about reverse budgeting (which is pretty close to the philosophy of Ramit’s conscious spending plan), getting control of my money suddenly felt possible! It was much more simpler to just figure out how much free money I would have every month after expenses and savings etc and know I couldn’t spend below that. This system worked when I made 30k and still works now after several large raises. You gotta find what works for your psychology.

[@stop08it]

Amen!!

[@CSpottsGaming]

I agree, though I'm a zero-based budgeter (YNAB). It's so much easier for me to incrementally lower costs in different areas when I know exactly where the money's going. But I also recognize that it doesn't work for everyone and it's more important for people to be successful at budgeting than it is for people to do it my way.

[@bfbrmm]

It took me 17 years to figure that out, lol. But I'm so glad I did

[@k5sss]

That was basically my first pass at “budgeting”: pay all my bills for the month, and then spend until my checking account hit zero. The problem was that I didn’t include any savings, so zero meant zero, and any unexpected expense was an emergency. All it took was changing my direct deposit to put $X in a savings account first, and everything improved, almost overnight. The next time I needed a major car repair, I just transferred the money over, paid the bill, and it replaced itself within a couple months. Such a simple thing, but it changed my entire relationship with money.

[@CSpottsGaming]

Wasn't familiar with your channel before but this video absolutely earned a sub from me. Solid advice throughout, heavy emphasis on both the risks and benefits that exist, and a dash of humor throughout. I've got a background in finance (IB, not wealth management) so I can generally spot the BS when it comes along but you're doing something super important that not enough people have exposure to.

[@ramitsethi]

Thanks for watching! I appreciate you subscribing too

[@roburb73]

It's odd, Humphrey normally provides solid advice. He's also a prior CFP, but this one is perplexing! 🤣

[@AndroidG101]

I agree with him its an option, I've successfully bought 2 500k properties

[@FinancesOnBitcoin]

He’s up and down, he thinks unless you make $150k/year you can’t afford anything more than a Corolla. Maybe if you’re only getting 6-8% a year 😂

[@criminalelement494]

Cuz this guy choose a sponsorship short he did. So not fair to him.

[@hellfire0332]

@@criminalelement494 It's fair because he's putting it out there. People are going to listen to it. You shouldn't be upset when people criticize your inconsistencies.

[@roburb73]

@@criminalelement494 , I didn't realize that, so it makes more sense now.

[@chriscarmona7725]

Just found you. Holy shit I love this guy. Your being genuine and thoughtful earned a new subscriber. Thank you, from a first gen Cuban-American who’s the first to break free from the generational poverty of my family caused by their conspiratorial thinking.

[@m7b327]

Best channel on KZbin. Should be mandatory viewing in schools!

[@elmateo77]

I don't think it's quite right to say the median household has a net worth of $193k and therefore people are doing well, because in many cases the majority of that net worth is in their house, so they can't actually access it in an emergency unless they want to sell their home. Also, remember that stat includes people of all ages including retired people who are living off their investments. The median net worth of people in their 20s is $7,500 and in their 30s it's $35,000.

[@brettfolkerth7612]

You have moved the goal posts with your statement. He stated that the median household and you are quoting "average" net worth....maybe post the median net worth to keep the comparison on level footing?

[@thadiusvannburan4255]

​@brettfolkerth7612 in his reply he is saying household net worth might not be a good thing to use because most that can be in the house.

[@elmateo77]

@@brettfolkerth7612 Sorry those numbers are medians, I just used the wrong term. Average net worth in the 30s is actually 298k, which is an insane difference compared to the 35k median. I guess because it includes the people who inherited billions or something...

[@brettfolkerth7612]

@@elmateo77 Ah. Fair! Thanks for clarifying. I was not trying to argue one side or the other, but was making sure we were looking at the same things.

[@scotthanlon8412]

Take out all the household with a net worth of $1M+ and those household numbers will drop dramatically. Which will make Ramsey’s 70% closer to being correct.

[@jenlollygag6815]

I love that he called it a skeleton icon and not a skeleton emoji 😂😂😂😂

[@ramitsethi]

Ahhh damnit

[@jenlollygag6815]

@@ramitsethi 😂😂😂😂😂😂😂

[@boppo2780]

And people are still complaining that it's impossible to save when they are switching cars and paying 1000 for a car payment.

[@russbilderback]

And spending $500-1200 eating out every month. Or taking 3 large vacations every year. Or partying like a rock star or rap mogul 3 times a week. I know young people who make fairly modest incomes and do ALL 3 of those and don't even have $100 invested, nor any plans to do so.

[@ae86takumi]

@@russbilderbackI spend almost $1000 a month in just food for 2 people ..

[@russbilderback]

@@ae86takumi do you cook at home? Or just go to restaurants?

[@ae86takumi]

@@russbilderback cook at home .. each trip to the supermarket per day is around $60 or less .. each week 4-5 times a week

[@jdeux3677]

​@ae86takumi hmmm might the trips to the groceries that's hurting you. We have 3 adults here, and budget is under $300, and I cook A LOT, rarely eat out. You may need to get the Basics and only go to the grocery store when you need to supplement the basics

[@Erin-rg3dw]

I love Ramit's comeback to the comments on the first video. I see similar versions of those comments any time someone tries to give any sort of helpful idea, and I think those people are so determined to miss the point and make it all about themselves, rather than take the concept and adjust it to their needs. For example, someone recommends turning off AC to save money, and the responses are all "I live in FL, I can't turn it off." Fine. Maybe turn the temperature up a few degrees or leave that tip and try something else. It's not all or nothing.

[@ecuasteelo]

Love your content Ramit. The way you deliver your content keeps me locked in with your humor. I have your book "I will teach you to be rich" and I'm looking forward to get through more chapters during the holidays. Keep up the great work on your channel and your other ventures.

[@alchaudhari]

Love it. Hit the nail where it is needed. Always appreciate everything you talk about Ramit. Thank you.

[@raining1975]

I recently had this conversation where I tried to explain that I can't afford a house. Just because I could make the payment, doesn't mean I can afford the house. Afford means it's a financially responsible decision (to manage to bear *without serious detriment*). People also forget that your 6 month EF is going to need to be higher if you buy a house because your housing fixed costs is going to increase drastically, and that isn't even factoring in savings you should do for maintenance. Just the Rent vs Mortgage (Loan, PMI, Property Taxes) for the cheapest house in my area would be 1650 vs 2900. That means my EF would need to go up by at least $7500. Double that for a 12m EF.

[@AStockTradersJourney]

I started at 55! I invest as aggressively as possibly affordable!!!

[@mariannagreenlee]

I started at 50, it’s never too late!

[@Trix897]

I started at 44. I get it.

[@benjaminfox7105]

Nice one! I started at 52! Onwards and upwards! :-D

[@ZhiyingHarp]

i start at 47.

[@cojut]

Don't forget to enjoy life too!

[@AdonisNesser]

Thank you for helping me learn and internalize the difference between an optimized life and a rich life

[@HeatherValentineMsFoodie]

David Bach coined the phrase latte factor. That is how that coffee thing started. I think buying a home is smart BUT the golden rule is location, location, LOCATION!!! Buying new used cars is my favorite and learning to fix and build for yourself rather then hiring 🙌💕 Great video, can’t wait to check out others. I do think it’s funny that you give Humphries a hard time for advertisement, and then you did the same thing.😂

[@oluchinwagboso7996]

His ad is within his money beliefs and values. Humphrey's was a tad out of character for him. The problem isn't that he has ads but what he is promoting taking a specific ad.

[@EhteshamShahzad]

Hi Ramit. Can you make a video going deep into whole life insurance and why it doesn't work out? There are some people on KZbin that vouch for who life. If you can analyse their arguments, that would be awesome!

[@testit1902]

i probably take it for granted that whole life is a rip off. But if you were to look at policy genius and get a quote a 30 year term policy for 500K for a 30 year old is... $35 a month. Same policy for whole life is....$472 a month. Charitably, if you invest $440 a month at 8% you are going to have 550K at the end of the 30 year term. So you are way overpaying for the 500K of insurance, getting less than a market rate of return on the whole life. And that is just apples to apples. The far better play is to get a 1mm policy for $50 a month have way more coverage for the 30 year term during your peak earning years and still have 500k in cash at the end of the term by investing the difference.

[@hughmungushugh]

In addition to what testit said, they tend to take a lot of your money as fees and they invest what's left super conservatively so you get very poor returns with whole life. And the only way to actually get the cash value into your hands free and clear is to cancel the policy (and pay even more fees.) They'll give you a loan secured by the cash value but you have to pay it back on terms the insurance company decides. Of course if you invest for yoursef you can use the money how you want to whenever you choose. Finally, when you die, you lose all the cash value and your heirs receive only the death benefit.

[@DallinBunnell]

​@hughmungushugh some of this is not true. If you take a policy loan, you are in control of the terms. There are no terms, actually. It's all up to you if and when and how you repay it. You can structure a policy to pay your heirs more than the growth in your cash value, so they're not "stealing it." Yes, the investments are in fixed income, so you should not expect a stock market return. You should expect something a little better than a savings account, and thus should be used like a savings account and not an investment account.

[@DallinBunnell]

​@@testit1902yes, you would be overpaying for the insurance given your example. I wouldn't recommend it the way you've described at all. That doesn't mean it's always a rip off.

[@testit1902]

@@DallinBunnell not a registered investment advisor, and not a fiduciary, but am a CPA and I have never met the client that brought me a whole life product to look at that was the best product for them. Most that I see are sold as low risk, reasonable upside with tax advantages. The tax advantages are way overblown compared to sound asset location strategies and the upside is way lower than low cost index investing. Investment products should be investment products, and insurance should be insurance, or you tend to end up with sub par insurance and sub par investments. I suppose there are a range of people for which it meets the suitability standard, but that is a pretty low bar. Insurance company's offer a really valuable service in term life and I suppose one day someone may come to me with a whole life policy that looks like a good buy, but hasnt happened yet.

[@makayla4292]

I can’t handle the “I can’t put away $500 a month” people. I’m a graduate student making $40k and pay $1400 in rent per month and I invest $500 a month and save $200. I get there are other situations that can make it challenging but if you make solid choices (especially re: car payments and other big fixed expenses) you can put SOMETHING away EDIT: just wanted to add that I’m not saying everyone can have the same savings/investment rate. I have health insurance covered through school which is a huge benefit but I know personally earlier in school I had the mindset that it would be impossible to save so I just didn’t. I just think most people are capable of putting something away but we let ourselves get so bogged down that it seems impossible!

[@padhatam]

I know people making that much who bought new BMWs with $1200 monthly payments... That's where all their money goes

[@DataConnectors]

It’s a little weird to compare yourself to unknowns.

[@DataConnectors]

Side-note: I do agree they can put something away.

[@williamparrish2436]

40k - 20% in taxes = 32k take home. That leaves you 2700 a month. 2700 -1400 = 1300. 1300 - 700 for investments and savings leaves you 600 for car, insurance, food, phone, clothes, dental, doctor. And how are you paying for grad school? Something doesn't add up here.

[@makayla4292]

@@williamparrish2436 Well you get paid to get a PhD which is how I make $40k and my blended tax rate is way less than 20%. I bring home ~$3200 a month. I am definitely blessed in that the university covers my health insurance (including dental), so I just have the relatively small copays when I need care. That is super helpful. My point wasn’t that everyone should have the same ability to save as me, just that often times we think it’s impossible when it really isn’t. I know that first hand because starting out in grad school I thought there was no way to save or invest and I didn’t even try. Then I found Ramit and got serious and found that it was totally possible. I think most everyone can find a way to put something, even a small amount, away for their future self. That’s all! I recognize I have a lot of privilege in my situation for sure, I just know what it’s like to think something is impossible and therefore not even try. $50 saved is better than $0

[@damienbates]

Ramir I think the small things are what eat away at the wealth of many Americans because it is part of a psychological habit of refusing to delay gratification. This bad habit often leads to debt through credit cards and borrowing because they “just can’t wait”! But you are correct that if they get those fundamentals of saving and automation with spending set up and only use the remaining cash to satisfy those little pleasures then they can be successful. Delayed gratification is an important habit to inculcate in your children as well. When they become accustomed to it they find themselves more content with what they get. Children who don’t develop the ability are constantly disappointed despite getting what they wanted after a short period of time.

[@dylanjonesSD]

I think Ramit’s focus is on being conscious and smart. If you can only afford either vacations or eating out, Ramit suggests that you should figure out what is the most important to you and cut out paying for the other. Instead of focusing on maximizing money, Ramit’s focus is on making life goals and aggressively changing your money habits to meet those goals

[@damienbates]

@@dylanjonesSD I love his philosophy, we just have to remember that aggressively changing our money habits can't really be separated from our daily habits. I see it all the time. People will eat out and get those daily coffee's which end up adding hundreds of dollars to their spending on small immediate pleasures. They're inextricably linked.

[@douglascamus8207]

Yeah, all this info is very helpful. I've had a LOT of bad luck in the past 7 months. In order: Outpatient procedure went horribly wrong, sending me to the ER. Got T-boned, totaling my car. The day I get out of the hospital, the hot water pipe burst under the house. Lastly, the HVAC completely died. All that together, adds a surprise ~$44k debt we weren't expecting.

[@SWAGKINGSBD]

It’s okay the average household has 198k according to him smh

[@Winston0Boogie]

The mindset is so important. I was making 10/hr and worked 60-80/hr week about 15 years ago. I dropped 100/mth back then, then went to to 200 a few months later. It's about the mindset. Now as a nurse I fully fund my 401k, Roth IRA, 529, & HSA. I drive a 2008 Toyota Prius paid off... I don't anything more. I only need to go to work and back.

[@alyssamarie54]

Thank you for addressing the cynicism surrounding investing. It helps to be reminded that bite-sized contributions still add up over time and circumstances often change over a lifetime.

[@jakealberda4487]

Ramit calling out Humphrey had me rolling 😂😂😂

[@christopherduncan803]

20:18 As someone who has worked retail for 25 years, I can tell you that you are wrong. Most people in America are stupid. We have customers who come in claiming to have an iPhones and show us Samsung or Motorola phones. Now when a customer asks for a "UBS cable" instead of a USB cable, I simply tell them we don't have them because I got tired of correcting them just to be told I didn't know what I was talking about. They can't find their cars when they leave. Its only a 30k piece of machinery they are still making payments on. Why would they not know where they left it? We had a gal last week who called the cops to claim her car was stolen and upon review of video she suddenly remembered she brought an Uber to the store instead of her own car. Even better is the customer that asks you where something is and the reply I give them is "You are standing right next to it." This happens at least 4 to 5 times a week at minimum. I've worked in 5 locations across my state over the years. People are just fucking stupid in this country. Why would they be any different with their money?

[@Anna-qz6xw]

If you really think you’re smarter than them, why have you been working in retail for 25 years… umm, selling phone cables and stuff?

[@NotTehJon]

25 years working retail dude holy cow most people don’t stick around for 25 months usually cause they earn way more in almost literally any other work.

[@ZhiyingHarp]

What is it like to live a life where you never allow yourself to do anything "stupid", otherwise you will shame yourself harshly for being stupid?

[@freefree1664]

I agree, I work in customer service & deal with stupid people everyday. They can literally google the simple answer to the question but my time is wasted instead 😆

[@mikec9409]

​@freefree1664 You work in customer service but when a customer seeks your services, you consider it a waste of time? Perhaps consider another line of work. Some people prefer speaking to customer representatives over Googling answers.

[@jor2754]

You are so brutally honest - I love it! Watching you comment on other videos is so much fun and also really educational 🎉 thank you! PS 50% phantom costs for housing are absolutely right - we bought our house 7 years ago and that is our reality.

[@TheEliteMixer]

I LOVE THIS GUY! This video alone saved and changed my mindset

[@FlyinRyan31310]

The comments of people giving up bothers me a lot. especially after you look at what car / house they bought.

[@IGetAround29]

I have a co worker that always complains about how the dollar is collapsing and there’s no point in funding a Roth because of the New World Order etc. I don’t even talk about money anymore

[@bethworthley]

They didn’t “give up”, they changed priorities

[@ryanmorrissette27]

It boggles my mind because odds are I'm making less money than them and learning about what to do with my money has made me excited rather than defeated

[@mannya_realtor]

I know so many people with $600+ car payments wondering why they can’t get ahead.

[@SoulRBG]

I was watching sports clips on KZbin as I got into my car for a 2 hour drive and your video played next, thanks algorithm! I’ve listened to a lot of these financial content creators as well as you so this was a great piece for perspective. Really valuable stuff you’re sharing and I’ll definitely be coming back to it as I start to improve my financial literacy and work on deciding between home ownership and investing in the next year.

[@excadrillo99]

I like that you're giving a nod to the same series The Money Guys do!

[@hyperfocusworkshop]

I bought a house with 5% down... in 2012, which at 12:44 says was the most affordable they've been in my lifetime. We got so, so lucky in that we watched the housing market, realized the amount of time it would take us to save up $40k for 20% down on a 210k house would mean by the time we got there, $40k wouldn't get us even close to 20%, and made a risky decision. We were incredibly lucky that we could time our purchase so well, and it's meant our housing cost (mortgage + HOA + Escrow + home maintenance savings) is about half what it would be to rent the house we live in now. But we couldn't have made the same decision today, and we certainly wouldn't have.

[@humanaffectation9021]

I think this is my first encounter with your content. I absolutely love this video. You're inspirational without being fanatical(which is oddly difficult to find in the financial KZbin space). Thank you for what you do.

[@pairofdragonflywings]

I've never been this early to a ramit video in my life.

[@jerrystauffer2351]

I was half an hour behind you

[@fulascience]

hour behind lol

[@Laurenasmity]

SAME!

[@crashtestdummy1972]

Same lol

[@Richard-Reloaded]

It almost feels like an invasion of privacy.

[@nina-111]

I came for financial knowledge and also got some comedy lol. Thanks Ramit!

[@awjaaa]

Old poor-to-rich story guy, here. Did not disagree with one single thought/strategy in this video. "More in than out" is only one tiny little part of making the dream happen. Everyone gets too hung up on that. It's more about how what comes in is managed. Every penny should be working for you. Never settle for any lazy money. I am the weird uncle who gives two books away for wedding gifts. One of them is "The Richest Man in Babylon". I always get the same sour look on their special day. But, I also often get the same "thank you" many years later. It's an old and odd book, but it will give you 95% of anything anyone else honestly sharing successful money strategy is going to give you. So, I see he spent a bit to boost views on this. I'm ok with that. Liked, subscribed, bell'ed, and commenting for the algorithm. Keep on keepin' on, brother.

[@impyrobot]

What is the other book may I ask?

[@awjaaa]

@@impyrobot "The Five Love Languages" by Gary Chapman.

[@R_Jon]

2:42 this is great advice. When I was younger, $500/mo. seemed so out of reach. Now I’m 46 and my wife and I save $25,000/month. Start young and get into the habit. Wealthy people don’t get wealthy by accident. It’s very intentional, and it started when we were stretching to only save $50/month.

[@RockyVegaTV]

Dude...I've been wondering for quite some time why people don't just build new homes in a lot of places (just an on and off thought I've had for like 15+ years no biggie lol) and you answered my question telling us about NIMBY's. I had no idea this was a thing but it doesn't surprise me in the least bit! You definitely gotta be the real deal cause you definitely just earned a real sub. 🙏

[@danfordtv]

23:11 "How is that American's are spending record amounts on travel, cars, restaurants?" hmmm one possible answer... CNBC: "US Credit card debt hits record $1.14 trillion"

[@basilman121]

Yeah, Ramit cites government sources often like government unemployment statistics or inflation. But the numbers are all manipulated. CPI measures on food are clearly bullshit when you do a cost comparison. Ramit trusts the government too much, but he does give some good advice so I come back to listen.

[@puppetofonlyone1433]

​@@basilman121 fully agree because it's a lot harder to get employed with no experience than it has ever been. Also jobs are artificially inflated by the government. Like it isn't as easy to get a job as people think it is. I am going to try and get his financial book though because he has some solid advice.

[@rebeltheharem7028]

@@basilman121 CPI measures aren't actually bullshit, but the basket of goods they use, sometimes are. For instance, in what world would a yacht purchase be considered as part of a basket of normal consumer goods. If you based CPI only on necessities, such as utilities, housing, insurance, transportation, and food, it would be much higher than what is officially recorded, over 20% in the past 3 years.

[@mrmistmonster]

lmao now look up how much of that isn't paid off fully each month. there's more people every year. people use cards more than cash. you people are regurgitating talking points without knowing anything about them. the debt load to income Americans have right now is the lowest it's been since 2000 except for the lockdown year. it peaked in 2008 at around 140% and is right now at 85%.

[@satsujin22]

@@basilman121 Hell, Ramit manipulates the numbers to suit whatever he's trying to emphasize. The median net worth being 192k includes every home owner in America who has a house in their portfolio. If you don't have a house (like 1/3 of Americans) the median net worth is about 10k. It's like he read the headline of the business insider article and stopped there, neglecting to read the rest of the article that actually breaks down where different segments of the population stand. 192k sounds like "everyone is fine" but it ignores that for minorities the median is like 44-60k (including home owners). If you're black or latino and dont own a home you're likely listening to Ramit and screaming at the screen here.

[@KingNull_]

I want to see Ramit react to the guy that finances a down payment for a dodge hellcat 😂

[@alexise5376]

EXCUSE ME WHAT?? Where do I find that lol

[@brooksnewyork3626]

A lot of the people I know who complain about not being able to save make their own poor financial decisions. They have a $800 car payment because they wanted the newest car or the new iPhone. They overspend on things they don’t need and can’t budget. They go out drinking and spend $100-$200 a night every weekend.

[@ppraish]

Spending once a week on restaurants is not a bad thing if one can afford to do so. Don't have to live on noodles like some influencers say in order to build wealth. That will ruin the health and cost more down the road.

[@sonjamclellan]

Great review. My pet peeve is a Canada bank slogan that I think first appeared during 2008... "You are richer than you think!" Maybe true if you learn to focus on the less tangible riches in life, but everytime I hear it I just hear "Come on borrow more money so we can get rich off you." The one comment on focusing on the $30,000 budget lines, and just enjoying the small luxuries is I believe we teach our kids that the small luxuries are necessities, and when they step out on their own, they likely can't afford all the small luxuries that their 40 something parents do. And that is a sudden shock, and contributes to the sense of hopelessness. I think educating kids on the financial difference between 20 years and 40 years old is critical, but also sometimes living by example is important too.

[@98of99]

Ramit is the GOAT of financial advice

[@MaxQ02]

This is fantastic. I love that you are calling out the Debbie Downers in the comments of the videos. A guaranteed way to never get wealthy is to believe you can’t get wealthy. Thank you Ramit! ❤

[@elutrition]

I learn a lot from your videos ... Thank you for the great content 🙏

[@UNLIMITEDVISA]

Let’s gooo people living their rich life 🎉

[@GaniSultanov]

I genuinely adore Ramit’s videos where he roasts some nonsense. Keep up with great content!

[@aleatheaann]

Man, that middle of America comment hit home haha I bought a house in Missouri in 2017, I was 25, for 75k. I now have family living there and I rent an apartment in Seattle because I refuse to live in Missouri 😅 my rent for a studio apartment is 400 more a month than my mortgage, but I'm a much happier person here renting than I ever was there owning a home.

[@desiv1170]

About the house one, "If your house price goes down just a little bit, with a tiny amount of a down payment, you're in the red, you've lost all your money..." Well, you are in the red, but you haven't "lost your money." You have lost your equity. Not the same thing.... As long as you can continue to afford to pay the mortgage and other costs, you still have the house. You have lost flexibility to do things like refinance and/or sell the house... I'm not saying it's a good thing... But the only thing you have "lost" is the equity... If you are buying a house you plan on living in for 10+ years, the odds are you will catch up. I do totally agree with the second point. IF you can only barely afford the 3%, then you are putting yourself in a really bad spot. That said, if you can barely afford 10%, then maybe a 3% down might be the right choice... Like a lot of things, it depends. And I do also agree that buying a house isn't always the right option financially. Especially today. But while today isn't a great time, there's no guarantee that today isn't a better time than the future will be. And if home ownership is something that is important to you, now might be the right time and 3% might be the right path, if not the mathematically/financially best choice. Those aren't necessarily always the same thing for everyone... I do agree with your main point tho. Just because you can, it doesn't mean you should... That said, just because it's not the most financially positive decision, it doesn't mean you shouldn't.

[@mwedzi]

The amount of equity lost is the same, in fact, regardless of how much you put down. Regardless of down payment, if the value decreases by $40k, you've lost $40k in equity. Just with the lower down payment, you're more likely to be upside down on the loan. I'm always a little sensitive to this topic because in my own life, I've put down less on both a house and a car than is recommended which allowed me to purchase earlier and in both times, I saved money because the increase in the cost of the asset in the time it would have taken me to save the extra was pretty substantial. I recognize, though, that luck played a factor there. Personally, I'm glad I didn't wait ...

[@irish721i]

I totally agree. A primary residence is not an investment. If you're not going to sell it in the near term, then it doesn't matter what the numbers on Zillow say that it's worth. I bought my house in early 2007 -- right on the bubble and one of the worst times in history to buy a house as far as values go. Over the next year, on paper its value plummeted nearly 30%. But it didn't really bother me all that much because I knew that I wasn't moving anytime soon (I'm still living in it today) -- so what does it matter?

[@robertwright8844]

@@irish721i It's great that your situation worked out, but many people need to move unexpectedly, and don't appreciate the risks of putting so little down that they're instantly underwater (i.e., their equity is less than closing costs).

[@jmc8076]

Many bank repossessed or must sell listings to show it often doesn’t work out. Cue pre 2008 lead up.

[@mrmistmonster]

People who slept through math class in school grow up to be adults that complain school never taught them anything useful and then don't understand how compound interest work. It's never their fault. Also I feel like the entire "spend less on your home payments and INVEST" comes from a zero interest rate environment. Now that mortgages are 6%+ I'm not sure that's right. Edit - thank you for addressing zoning laws and NIMBYs.

[@irish721i]

YES! Whenever I hear people call for adding a personal finance class to school curricula, it makes me want to scream! It's just math! It's already taught! Putting a dollar sign in front of the numbers doesn't change the arithmetic.

[@BaileyMxX]

@@mrmistmonster in fairness though, when have you ever used Pythagoras Thereom or Trigonometry in your day to day life?

[@mrmistmonster]

@@BaileyMxX It's not about any individual formula. It's about being able to casually think in terms of numbers. The amount of damage people do to themselves by not understanding how numbers work is catastrophic. It's not just finances, it is every aspect of your life. Numeracy is the most basic skill that the most people don't have. It is impossible to even fix those issues individually because it's like talking with somebody who is illiterate that thinks the word "dog" is actually "cat" and refuses to budge.

[@angelamueller8167]

Nooo not Humphrey getting called out!! lol 😂

[@jonnanashko5170]

Just found your channel I am glad there are people like you giving out good information and educating people about people who propagated misinformation ….

[@SQootSMEChannel]

So true. This video definitely educates people about the facts of how wealth is built and the pit holes of what isn’t. Good video

[@gracesimplified3860]

Ramit, can you address the impact of second homes and Airbnb rentals on the housing market, as well as investment rentals? I know in my neighborhood in the Bay Area as well as my brother’s in San Diego there are a lot of second homes that are unoccupied for long periods and many Airbnbs. This must have an impact on the availability of homes to purchase or even long term rentals. What are the facts? Our homes are small 900 to 1500 sqft., but new purchasers are remodeling homes to 4000 sqft. Some are even buying adjacent homes and expanding their lot size and home. By the way I don’t understand the need for such a large home.

[@Michael-ds6sp]

Nope. It's NIMBYs. You heard it. They should just re-zone and build more.

[@madtired]

Nearly 1 in 5 single family homes are purchased by investors. It's not just NIMBYs.

[@flower5185]

Thank you for responding to the deeply cynical comments. I see them everywhere and it's driven me off social media, I just can't fill my brain up with this nonsense. Some people want to be miserable and I also think a percentage of these are inauthentic accounts to spread negativity and hopelessness in the US.

[@TalkingMoneyWithNozi]

It's all over the world. I post about investing on Facebook and Twitter im South Africa and I get the same cynical comments and sometimes insults

[@susantom4400]

Almost 60 and terrified of investing. Got burned in the 90s. We are finally out of debt and have money to invest but not a lot of time to recover from a downturn.

[@233kosta]

Hold off until the next big crash. Then buy in while everyone else is still selling. Even if you don't quite catch the bottom, or if you skip past it and buy as it's rising, the fact you bought in near the bottom is going to bring you much more value. Plus, given western central banks' ways of dealing with recent recessions, that money will be worth a lot more in the market than it would be just sitting in a 4% savings account.

[@lichling8071]

My grandad bought a house at 19 for 25k. He worked for $3/hr 40-50hrs/week during the winter (let’s say 3-4 months). The year before, he took a 30k loan while he was in high school so he could work with his dad who didn’t pay him. He understands that can’t happen today but my grandma thinks her success can be replicated. She went to college, her dad paid for the first quarter at UGA (you read that right) and she exited college DEBT FREE. Yeah a few scholarships and grants but she still had to pay. Oh yeah…she washed planting pots in a lab for $1.50/hr….

[@aerone25]

Damn, this is high-quality content.

[@EtherBunny-z7k]

I usually really like Humphrey Yang’s videos/advice, but yeah, that one was not the best…

[@andysol2002]

You are right. He got picked in this case. Its Humphrey's turn now, Ramit caution he is coming :)

[@beachballofdeath8888]

This is a great example of why you can't completely trust an online personalities and always have some kind of skepticism

[@imonyahoo87]

Came here from a Humphrey video and usually he is really good. It's just that this might have been a bad sponsored video. But still, he is worth following for financial info.

[@Rekeaki]

@@imonyahoo87 I hope he has the good sense to delete it as soon as he is contractually allowed to (I know some sponsors require a minimum up time). This is not a good look for Humphrey and I normally really like him

[@Jai_BestLife]

THANK YOU for addressing the oversaturated, and misunderstood meaning of "generational wealth"!

[@AbrahamFoo-h7s]

Hey buddy! ive got to say i really enjoy watching this particular podcast of yours as I drew amazing truths out of many financial myths out there, especially the concept and approach to building "generational wealth" is driving people nuts not in the US but also in SG. Great stuffs buddy! keep it going!

[@KBos72]

Ok, so this is the first video of yours that I've ever watched, and I had to subscribe. Maybe I'm just trying to live in my own echo chamber, but I agreed with everything you said. There's so much "conventional wisdom" out there, but the world doesn't usually work that way. Sometimes I just shake my head and wince at what some of the "experts" are saying. There's a way to set yourself up with retirement and still behave like a normal human being with an average salary.

[@HyperFocusedNinja]

Want to see you do a review on Caleb Hammer one day !

[@pairofdragonflywings]

Why subject ramit to that type of craziness? It will pull Caleb's insane fan base and commenters into the relatively chill space of ramit's comment section.

[@pairofdragonflywings]

Actually, that might be a good idea. The crazies will quickly leave, but those who are growing tired of Caleb's sensationalism will find a new home for personal finance content. Take my like. Hopefully, ramit and his team will consider it.

[@maryakpadock34]

What a great idea! His channel went to 💩 it's sad

[@adamcox7280]

Absolutely want to see this, Caleb's content comes across as pretty toxic to me

[@LabradorsAreGoodDogs]

​​@@adamcox7280 what ARE you??!?! (My least favourite of his lines)

[@edipires15]

Oh oh, Ramit criticizing Humphrey Yang? I wasn’t expecting this

[@edipires15]

@@JaNouWatIkVind I agree, this is the 1st time that I saw a bad video from Humphrey.

[@joannat1898]

I don’t think Humphrey owns real estate either. Sort of funny.

[@sbkpilot1]

the problem with renting is that it exposes you to crazy market volatility and creates instability if you are forced to move because of it... during this last cycle there were plenty of cases where landlords jacked up the rents 10, 20 and even 30+% in some markets and renters were forced to leave.

[@jeremyperkins1890]

Buying years ago vs renting now is different than comparing the cost to buy today vs the cost to rent that exact same place today. Houses are anchors, that’s a good or bad thing and may cost you more in the long run.

[@SP-lt5xr]

The biggest takeaway from your advice that I absolutely love, is the concept of money dials. I love to travel, so making my own healthy lunches is no hardship for me. Keeping myself fit and healthy means i can get the most out of my travels. It's my money, I choose were I let it flow.

[@SocialCapOfficial]

Glad you're continuing to spread the good word, Ramit! Keep up the great work.

[@huajiluhai]

okay I have to jump to Humphrey’s defence, cuz he’s my fav finance KZbinr after Ramit and he practically give the same finance advice. He even has many videos showing the maths on whether you should rent or own a house. But I guess ppl need that ad money sometimes 😂😂😂

[@Andre-Nader]

You can still lose credibility even if you are normally legit.

[@andysol2002]

Its a syndrome of everyone trying to prove I am right. It might be a one off on Humphrey's side as I have seen some very good videos of him.

[@basilman121]

"I dont think people are stupid." I didnt think this either, until I met a lot of people. But seriously, a lot of smart people make many, many stupid decisions.

[@MarioLoco03]

The asian dude you are talking about at 11:00 says more in his video. He doesnt say that buying a home at 3% is a good idea at all.

[@Tyler746]

I saw him in the thumbnail and I said “ohh noo way not my guyyy”. Then I realized it was out of context

[@tacrewgirl]

@@Tyler746same

[@nancydudley5382]

Watching great financial KZbinrs like Ramit has motivated and given me the knowledge to begin making real and sustainable financial changes in my life. This is a great feeling!

[@antiquehealbot6543]

Your attitude toward money is exactly aligned with mine. Probably that's why KZbin showed this on my first page. Thanks for the reinforcement.