Personal Finance: 10 Money Rules From Ramit Sethi

In this video I share my personal 10 money rules, why they’re important to me and how I decided on each one.
You can find a list of my 10 money rules here: ramit/status/1127...
These are MY money rules- and I encourage you to create your own. Leave a comment below with yours!
WHAT ARE THESE FIRESIDE CHATS ABOUT?
With so many of us stuck at home for the foreseeable future, I wanted to help.
The best way I know how is to teach.
I know money, business, careers, and psychology, so tonight - and every night until this is over - I'll be sharing what I know and answering your questions.
Please join me Monday-Friday at 8:30 pm EST on IG Live (@ramit), with new topics every night during the week.
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#financialadvice #financialtips

[@jessejustsick]

Rule 11: books must be kept 10 feet away from fireplaces at all times

[@magentaswagg2808]

Rules I used: increase your mortgage payment every year and pay down biweekly, bring lunch to work, do my own nails (NON NEGOTIABLE)…. I got out of mortgage debt SOOOO fast with these rules I forced on myself… a few years earlier than originally forecasted and on my own…. I scheduled my mortgage closing on my birthday because that’s how I roll. Was a nice achievement that everyone should feel!!!! Now I can concentrate on learning the stock market… new season.

[@muhammadfikri9130]

Niceee. How old are you sir?

[@NikStar210]

Don't try to pick stocks.

[@INTJ_poetics]

That's an amazing strategy. I'll definitely try it out! How's the stock learning going?

[@suzanneemerson2625]

Paying off mortgage early is stupid. Mortgage is a wealth building tool. Invest extra money in stock ETFs, not paying down mortgage balance. It’s arbitrage. Plus, you get tax benefits from the deductible mortgage interest.

[@TheShmooze]

The 10 Money Rules 1. Always have 1 year of emergency funds, cash. 2. Save 10% and invest 20% of gross income, minimum. 3. Pay cash for large expenses (engagement ring, wedding, dream honeymoon) 20% minimum down on a house. 4. Never question spending money on books, appetizers, health, or donating to a friend's charity fundraiser. 5. Business class on flights over 4 hours. 6. No limit on spending for health (personal trainer) or education (courses, events, etc.). 7. Buy the best and keep it for as long as possible. 8. Earn enough to work only with people I respect and like. 9. Marry the right person. 10. Prioritize time outside the spreadsheet. Thanks for sharing!

[@kumarj5628]

Tq

[@elvisfragrances2360]

Thanks!

[@scholaroftheworldalternatehist]

Save that health money to when you actually need it. Personal trainers are useless, you can walk and lift weights on your own.

[@shana5300]

Thank you!

[@MEATX512]

Great rules!! Love them all!!🫶🏻❤️

[@tonia2483]

Marry the right person was the main one that made sense to me lol

[@venivediveciprather4741]

"In fact let's do it right now" You love to say that. This is my new challenge for myself. I love it

[@nicolekeating4062]

1. No limit on organic food or clean products 2. Keep Credit cards 30% or lower at all times 3. Buy as many colored pens as I want 4. Save 20% of every check or payment 5. Nice budget for Skillstacking and tech gear and experimenting 6. Spend Aligned with my values 7. Beautiful journals 8. Roadtrips unlimited 9. never let checking account lower than 500$ 10. 6 month emergency fund

[@elle_9136]

1, 6, 7, 8 I got you girrrrrrl!!

[@Andy7050]

I can't say I identify with #3 but I totally respect it! :D

[@anzaamennanyaro7343]

U r going to heaven

[@landondean4701]

Get rid of #2 and cut up the credit card...

[@flipseflapse1620]

I always wanted to fly business class from Europe to USA but can't afford it and found a way around it. Now i book red eye (nighttime flights) only and get zolpidem (sleep medicine) from my doctors office for 10 euro and a really really nice neck pillow. Result is: I don't even notice the flight time/comfort level and have no neck pains/headaches.

[@maameyaansiah3154]

I love the one about work with the people you like. I run my own cpa firm and the ability to choose my clients it’s Awesome 🎉

[@fruitloopygurl]

1. Experiences & People over things 2. Have 1 year of emergency expenses in cash 3. Pay cash for large expenses - always 20%+ down , no new cars 4. Take a vacation every year, exploring other places is fun and memory building 5. Save 30% of my income

[@KellyBoettcher-qo9tx]

I really like yoour view of money. Glad i found you!

[@christianheld9720]

1) I put money into my Stock & Shares ISA 2) I use a cash ISA for a down payment for a house 3) Invest in my wife and myself 4) be patient and what I can’t afford I don’t buy and don’t tap into investments

[@Max-cd8fm]

Great videos !!! I’ll keep following

[@christinacarter3335]

Can I just say I appreciate you so much! I appreciate how you confront the shame-ers and guilt trippers right off the bat. I’ve never understood what value it brings to make comments of that nature. Anyway, I’m catching back up on fireside chats and wanted to shout out to your wife, Cass (I believe she goes by Cass?).. thank you for taking your time to participate in these convos with Ramit ❤️ I see you and I appreciate you! Cheers from Chicago ✨

[@ramitsethi]

Thanks for watching!

[@JoshStine]

Thanks for sharing and talking through these!

[@sandrapark8705]

Always have the money for the vacation before I go. Also to splurge and not scrimp while on vacation.

[@SzaboB33]

"buy the best and keep it for a long time: me: *closing 23 aliexpress tabs*

[@teekay0211]

I just bought your book last week at Barnes and Noble.

[@abrahamwolfe6916]

Starting to adapt from DR and finding your information refreshing. I look forward to buying your book.

[@mikepawlikguitar]

This is the type of dude I wanna be great friends with. Could sit and listen all day. Ramit is a money mastermind and I'm sick and tired of my loser-ass surroundings. You are a true godsend man I can't wait to be rich because of you.

[@bethupton4787]

The first thing I noticed was prioritizing self care. So many people don't put themselves first.

[@mbongoyanguba2071]

Very good content, thanks!

[@justinsongnj]

I like what you shared about what a true rich life is towards 30:00

[@kateseverein7650]

Excellent, thank you!

[@runningrigert]

Your book by the fireplace is making me nervous... But I love the videos and your books!!!

[@HinduBoy]

🤦‍♀️ this defines this view base... making rhis guy a millionaire. And Marry like a Jew in the US 💎⛏

[@georgettefogarty5838]

This really resonates with me !!

[@williamreeder3660]

Thank you for this video

[@kaidrewry552]

Very much appreciated and insightful vid! :) There are some things I have questions about tho: 1. ONE WHOLE YEAR OF EMERGENCY FUND? Isn't that a bit too much? Cuz, usually an emergency fund doesn't even gain interest due to it being super liquidated or even in physical form. 2) "Marry the right person..." when would you say it's a deal breaker when it comes to financial differences? For example, I'm super frugal... not sure I will be able to be with someone who is a spender.

[@overatourhouse4026]

Hey Ramit, I homeschool 4 teens. I love to hear your story and thoughts when you were younger as I'm trying to help them develop a good money plan. Do you have anything posted about your younger self and plans then?

[@carolannstevens5814]

Wonderful video!

[@OlleyThorpe]

Your book had a big impact on me and changed my mindset, I have now grown multiple streams of income, one of them being the youtube channel which is SOLEY around making videos helping others make more money online.

[@ruleyourfitness]

My first rule is to love and respect my money because it can create a fun life for me and my loved ones. I used to hear as a child "money doesn't grow on trees" "money is the root of all evil" those sayings people just said because someone else was saying it. I buy from a clothing brand I love for the quality and practicality (for pilates) and I know exactly things that I love like eating at an Italian restaurant with my granddaughter (we both are learning Italian) Getting together with our family of foodies lol trying out special desserts and telling each other where to find them. I invest in an index tracker and it feels good. I have fun, stay out of debt and I am doing an awesome favour to my future self. Karen :)

[@alevierci8497]

😂s

[@magentaswagg2808]

I like your reply here… way to go! You sound financially healthy which is great for an example to your granddaughter! You enjoy life and have fun!!! That’s so important! Cheers to you!

[@Daph2023]

I just watched you on Netflix. I searched you here on KZbin. I’m glad to have discovered you! I never thought about breaking up my check and putting my money in different accounts for different purposes. Thank you for helping many of us. We never learn about money in public school.

[@rumkisaha6021]

This tutorial always provide us with good content.... Wowww.... This is really amazing video.. It's very interesting and valuable information.... I will definitely follow them!

[@heckyesitsjess84]

I love that philosophy you have. The pay yourself and bills first and then everything else is GUILT FREE spending! Your book is the one of the very few books I never sold to the book used book store after.

[@ramitsethi]

Yes!

[@brianshannon712]

Always buy Italian ice / gelato, when passing by a store that makes it fresh.

[@Irene1208Lano]

That you can be frugal but still enjoy a good quality of life!

[@OlasticViews]

What I notice before you dive into the explanations is that you’re putting great emphasis on still living a good life where you care for and treat yourself while working your way up. This is really vital! It’s important to treat yourself right and be happy while you work your way up unless you’ll never really be happy or content even when you eventually reach your money goals. I talk about some of these things in my channel as well! And hope to grow and make an impact like you 🌎🌏🌍💞💞💞 Thanks again!

[@ramitsethi]

Thanks for watching!

[@2wheezy2reachya]

Great video!! Found it very interesting about how long it took for you to think about your rules. When I first read your book 2 years ago, I had some rules that I still stick to but as my income has increased I've learnt new things that became rules I never explicitly thought of till now watching this video E.g. a new experience with friends, they suggest we do something I haven't done before? I say yes straight away and don't even wonder what the cost is because too meet that matters most. It feels very freeing!

[@MissaLifeStyle]

I like those rules!

[@reekeendude]

I loved his pitch for negotiating salary from another video. He is a very talented and tactful speaker and makes it sound very easy. Try his pitch and keep practicing it till you nail it down. I was able to negotiate my salary very well based on his teachings.

[@mrsm482]

Great rules! Thank you, Ramit.

[@novenebainter6866]

2 year of saving, max 401K, Max Roth, Max HSA, be generous, buy quality

[@kaylamcgrath3761]

I’m stealing some of your rules for my rich life! :-) 🎉😊

[@HitenPatel]

I always get the “best” I can at the time, and it nearly always lasts me. That’s a rule I’ve always had. I believe in buying quality and not waste resources and you’re absolutely right, when you divide the cost over 10 - 15 years, then the cost is often £100 per year or less. For instance my PC and Laptop both well over 10 years old but still run nicely (have had a couple of upgrades here and there). Another one, is food. I love eating and will spend whatever on good food. It’s a rule my dad imprinted on us.

[@robertndikolansubuga909]

Great podcasts 👌🏿👌🏿

[@tennesseenana4838]

I 'discovered' you last week while watching you on 'The Minimalists' podcast. Do you have specific advice for those of us 65+ and already retired? Not interested in building a business or saving for retirement since I'm already there. Thanks!

[@fi1920]

Very inspiring and practical. The only thing about Remit’s videos is he raises his voice all of the sudden, and it always scares the shxt out of me! Also the vocal is quite low so I always turn the volume to max

[@rosepetal9067]

I'm a definite believer in buying the best/something of great quality that will last and this is also good for the environment too.

[@vladaldi3749]

Thank you Mr Sethi for sharing your brilliant ideas. I feel so privileged and fortunate to hear and watch an A-class talk.

[@corneliahaegele5325]

you could check the book out at your public library and then buy another sweater :)

[@nityanandsharma1291]

193k subscribers...And only 775 likes to this awesome n important video...?????? 🙄🙄🤔🤔 Any shit tik-tok video having thousands sometime lacs of likes Really..The people always complain.. Keep up the good work.. With live from india..✌✌🇮🇳🇮🇳🙏

[@collisf3872]

1. Outside of our normal investments, I have a 10 to 1 rule. For every $10 I send, I will invest $1. 2. Monthly money date with my wife, we've gotta be on the same page about our finances. 3. It's a hard one for me, but I'm learning to enjoy it now, vice 20 yrs from now. Plan for it, save for it, pay cash for it.

[@spencerseibert5164]

What about when you are saving for a house? Does your 10% save - 20% invest rule change?

[@TC-mb2dl]

I think in my relationship, I'm the dud partner lol 😅 but I'm working on it! glad to have found your channel and resources.

[@Purplepinkmom]

Thank you for sharing with us. The fact that you explain them is a gift and a bonus.

[@debbykoendjbiharie3441]

I haven't thought about moneyrules, but I realise I do have a couple of them. 1. Put aside 10% to invest. 2. Give my money a job (for example use it for education, clothes, safe for certain things etc) 3. Create what I want and desire

[@georgevadakkel9363]

I wish I heard your first rule when I was younger. I had to make some decisions based on the lack of money although I was earning.

[@sylvia9290]

Ramit lookin cozy in the thumbnail

[@cindyadkins135]

Ramit, I love your cause about children at the border!!

[@glendypineda9213]

I wish I would’ve follow you sooner but, its never too late right😉

[@LuisUnionmainHomes]

love it

[@ajoyfulsound5311]

Still a work in progress but so far.... -save 10% of gross -invest 20% of gross -no limit on books, courses and music (some limit on instruments!lol!) -create budget for socializing, travel and just plain enjoying time with my people!! -grow emergency fund to 6months cash and 6months PMs -keep utilization of CCs from 10-30% -amap take January off for rest and travel

[@sciencelabvideosl7558]

2:30 - Ramit. I’m curious as to what were your money rules before you made money. I only ask because you mentioned your money rules changed with time. .

[@ivanpadilla4479]

I’ll have to think of mine. So far a rule I have lived by are: never order take out food myself.

[@cleek8472]

Could you do a guide for a newbie 64 year old investor!!! Not just young people?

[@bayareaspeedsource2255]

Bought your book last week. About 50 pages in so far. Looking forward to implementing your ideas and teachings.

[@surendersharma3818]

This is good

[@nishantsrinivas5036]

Does 20% investment include retirement account savings?

[@glendypineda9213]

Any suggestions on how to get my family on board too.

[@kaylasileo8629]

I just read your book and I love your outlook on everything!

[@carriereininger9291]

Gah Ramit makes me laugh with his bluntness. ("Bleh bleh...must be nice!") haha I can definitely see where you probably get that a lot. I find these podcasts to be amazingly helpful and I'm hoping that I can "automate" my finances....first step is to figure out where they all go! Thanks so much for sharing your wisdom!

[@ProperlyDwell]

fire

[@towhomitmayconcern5527]

Rahmit what savings account would you recommend?

[@Herfirsthouse]

I need to become friends with rule #5. Frequent trips between sydney and new york in economy -_-

[@jannie629]

1. 1 year worth of expenses in cash 2. Eliminate any expense out of which you are not getting full usage. 3. Prioritize people, charity, and travel 4. Try not to pay full retail price on anything you purchase frequently - those types of things are usually on sale *somewhere*

[@JJ-cd6lc]

I have a deferred compensation plan 457 thru work and invest $100 .Is that a good plan to have? And should I invest more?

[@youtimeful]

My friend has a rule that there is on budget for the grocery story. They both love to cook and often prefer to eat at home so getting filet mignon or lobster tails works for them. One of mine is that I can go out to eat one time per week anywhere and/or eat anything I like. As you say, it took all the decision fatigue and worry out of the equation. Book idea is exactly this topic money rules, money dials, conscious spending plans, how not to worrry and how to dial into what you value. Your current books touches upon it but more in-depth would be great (exactly as this chat and your online conscious spending tool is GREAT!). Thanks to you and Cass for this.

[@robertcampbell1307]

Does the surgeon who performed the cataract procedure also do the YAG procedure?

[@barbarascherer7623]

Not ranked yet, but 5 of my rules, starting with the most fun: a) Go skiing in the mountains for at least 5 days every year (Rockies or Alps) - bonus*** go on two trips for 10 days total b) Do the right thing and follow my true convictions and the money sorts itself out in the end-- this usually involves discomfort upfront, but call it God or the universe, it has proven true in my life time and time again c) Only have 'good' debt - no credit card debt, buy car outright d) Only take on work that furthers my goals. Complete a (consulting) contract, but don't renew with 'difficult' clients. e) Spend the extra money on humane certified food. Also- 'No thanks - I already won the game, no need to keep playing'. -This was food for thought for me around how much cash to have available .

[@winromeo]

Loved your Netflix show. I stand by #8 always! That’s my motto and motivation and it’s been working well to my preference. Some of these rules are desperately needed in my life, thank you so much.

[@djack915]

I saw that too . My rule #1 keep money safe #2 grow money #3 refer to rule one and two 😅

[@annelynn3506]

I love this video. Finally common sense, no BS, real talk xx

[@marypladsen5231]

1. Pay off what you owe and don't borrow any more.

[@andrewjackson2924]

what is a high yield saving account

[@tiffanycrystalclear]

I’ve always wondered why do people spend so much $ on a wedding ? When they will be divorcing 10+ yrs later . 2021 people! Is what I see most nowadays. Anyway I always pay on CC but I pay in full . I’ve never paid interest to no ones! I use others people money monthly . They probably hate me ha ha. Good talk and thanks for sharing ! My MONEY RULE IS to pay all in full 3-5 business day before that credit card DUE DATE!

[@dtorresdt97]

Yes I've been learning a lot with you thank you 😊 🙏🏻

[@meelas9781]

I had a Honda Civic when my friend had an Alfa Romeo. He was impressed at how well-behaved and smooth-to-handle my Civic was. I later got a new Mercedes Benz E class and drove my friend’s Toyota Camry when I was at her home. I honestly couldn’t tell much of a difference in the handling. But I do love Mercedes Benz’s service.

[@freddy21ify]

9. Marry the right person..is the number ONE rule, get the right person by your side!!!

[@DeniseSkidmore]

Our family rules: 10٪ of take-home is tithe. No optional spending if the last credit card wasn't paid off. Don't get a new car unless you can put down more than you did on the last one. Don't go grocery shopping hungry, stop for fast food if you need to. When grocery shopping, only three impulse items are allowed that are not on the shopping list. All money is family money, consult your spouse before making any large purchases above personal spending allowance, any large purchase for yourself is consent for your spouse to spend the same amount for themselves. Half of every raise goes into investment or debt payment (higher interest rate takes priority.)

[@tylernol1566]

Rule 1. There is no fear in my budget (aka "conscious spending plan"). The numbers are a reflection of the actual money tree I have growing.

[@user-wq5pf4vo2z]

To continue my comfortable s/p retiring at 57 cash in high interest saving for 30 years traditional IRA since 21. Homeownership at 21. Roth IRA at 35. Married at 55 to my husband who didn’t invest was working g at Home Depot and was uncomfortable with my high income and savings. So for our honeymoon I gave him his savings account and checking account I split my paycheck and bonuses in three for the eight years of just living together and gave it him when I got on my knees in front of the jewelry store in the mall and I popped the question and we went in and bought white gold Rings matching Still frugal but not when it being a Rich life.

[@danicegewiss862]

My rules: 1: Invest and save as much as possible. 2. No interest baring credit card accounts. 3. Life insurance savings. 4. Pay debt off asap. 5. Live under my means. 6. No retirement in my 60's. 7.Take care of my health and my mind. 8. Make things last. 9. Always have an emergency fund of at least $1000. 10. Always have money set aside for one year of living.

[@susanx5370]

Marry a rich man, got it!

[@serlasco]

please tell me you're planning on keeping up the youtube content after quarintine is over

[@alphawavesready6639]

I got checking account to be scwhab and savings are all in Ally bank. Came from chase it is weird to switch

[@VybzKartelClassics]

I use the 10% rule, if something is over 10% of my net worth that means I can’t afford it so I don’t buy it.

[@girldaddividendinvestor]

@22:21 bookmarked

[@artventurespro]

I resonate with most of the rules except rule #1 .. personally year worth of emergency fund is too much to be sitting as cash or even on a checking or savings account that is only gaining less than 3%. I recently shifted that mindset into just keeping at least3 months worth of emergency fund In that avenue and putting them in my own bank which is my life insurance policy which is kinda like cash yet grows more than savings and checking is I get life insurance , and have the option to loan from it when I need cash ..

[@yanyanjay]

After watching your Netflix show, I realized how much more people are making in USA than in Canada.

[@magentaswagg2808]

Yeah but if they get sick all of their savings will be gone paying for healthcare.

[@chrisoconnell2556]

I love his delivery, enthusiasm and knowledge, but the chart depicting the automatic distribution of his money was not discernible. I’ve tried several times to manipulate it to make the type larger and therefore legible but to no reflect. Pity!

[@CandycaneBeyond]

Impossible for those of us living paycheck to paycheck