Personal Finance Basics In 8 Minutes With Ramit Sethi

[@biggerpockets]

SAVE your money or SAVE the excuses!

[@ArnoldGia]

100%! Understanding the value of money and where to spend it was one of the best realizations I've had. There's really no excuse if you don't understand how money works and spend it all! The knowledge is out there(like on this video)

[@superficialgeek]

He said. $3 a day doesn't add up to that much.... First thing you want to do is start saving.. it could be $20 a month... $3 a day adds up to $90 a month

[@chrisbravo7997]

morons

[@kemigisaallelua7061]

​@@ArnoldGia.

[@aslye]

Ramit’s book was such an impactful book for my personal finance journey. I just hit $500,000 net worth and it feels great to have a strong personal finance plan. Thanks for the wisdom!

[@LetstalkaboutMulla]

That's great

[@DJwassabi2011]

Wow! that's awesome, Good for you man, hope you've scaled even more since this posting.

[@SpicyPretzel]

How are you doing now?

[@chessadvance5276]

Send the link please for his book that helped you. Thx

[@SterlingWhiteRealEstate]

00:17 If you're living paycheck-to-paycheck, you need to get out of that cycle: C - Cut cost. E - Earn more. O - Optimize your spending. Effective yet often overlooked.

[@WinningInLife-Podcasts]

What does optimise your spending mean?

[@personalfinanceprofessor4554]

Time is truly our most precious resource. Being frugal and cutting out the fat in your budget isn't simply a masochistic exercise. You are literally buying yourself more stress-free years. It shouldn't be weird, or looked down on to be frugal; if only everyone knew at 20 years old what people understand at age 60. -Personal Finance Professor

[@MicahBuzanANIMATION]

100,000K a year is not what I would associate with living "paycheck to paycheck" lol.

[@sunhaochhay5479]

It depends on where you live for example 100k in New York is not that much.

[@shawnbenoit3774]

You’d be surprised. Some of those you think look wealthy are trying to live up to the lifestyle

[@LibertarianFury]

All depends on your lifestyle 😉

[@louissolomon2703]

You are living paycheck to paycheck if you have no passive income coming in and you live off of your active income. If you have to actively work to pay your bills then you are living paycheck to paycheck

[@ecamacho7726]

@@louissolomon2703 Not really. You're only living paycheck to paycheck if you literally spend pretty much the entirety of each paycheck on expenses. You can have 1 source of income (job) & spend efficiently and aren't broke by the time you get paid again.

[@WestonScally7614]

I had $150K in cash savings sitting in the bank with minimal gains, so I decided to invest in stocks after hearing about people profiting even during market crashes. However, my portfolio isn't performing as well. How should I invest at this point?

[@FelineAirstrip]

i guess you did not do enough research on stocks you bought. there are strategies that can get you a lot of profit in the market, but you have to consult with a finance expert to help you diversify your porfolio

[@SaintYvess]

Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor. I've achieved over 80% capital growth this year, excluding dividends.

[@sting_grayl]

Pls how can i meet this advis0r? i want someone to help me invest an Inheritance, i dont want to lose it to inflation

[@SaintYvess]

My advidor is *Jennifer Leigh Hickman* She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her.

[@SaintYvess]

*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@bob.weaver72]

To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?

[@lipglosskitten2610]

There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

[@kenanporubsky2122]

Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

[@kenanporubsky2122]

@Dan Brooks My advisor is ‘’Christine Jane Mclean’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

[@susannicky]

The BIGGEST LIE You've Been Told About Money is that it doesn't grow on TREES!! 😆

[@ibrahimaisaadan]

I agree with you!! Money actually grow on trees but only on trees that was planted by you!! These tress are referred to as investments. How you diversify your investment portfolio matters

[@bahijarhafiri]

Diversification is the key. My portfolio is well diversified with the help of a financial adviser. This helps me make more than +400% monthly on my investments.

[@BaffySchenck]

I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

[@bahijarhafiri]

I've experimented with a few over the past years, but I've stuck with ‘’Julianne Iwersen Niemann” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@BaffySchenck]

Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info

[@escubasteve]

I drink instant coffee from ALDI and I’m proud of it

[@krukov100]

"$3 per day doesn't even add up to that much" I guess $1095 per year isn't that much. I get you point but $1095 per year is my property tax

[@QuattroFour4]

Buy a Nespresso machine and some Bestpresso pods--BOOM! 🤯

[@rmercedes971]

$1,000 would only cover a month of property tax where I live 😢... where is this blessed place where taxes are only $1K a year?

[@SpaceLegendsOfficial]

Paycheck to paycheck keeps the masses going. BREAK away. Great vid

[@businesswithsam]

Paycheck to paycheck cripples too many people

[@iordanchis2437]

I just came here from How Money Works video "The Problem With Laughing At Poor People" and am glad to see Ramit, of who I've never even heard before until now, give good financial advice.

[@Squintillions]

Buying a home is absolutely the place to make smart use of debt. Thinking differently about mortgages vs personal loans or credit card debt is important.

[@timcoady7095]

I think is more like saving and then investing, the world of Investing is changing and allowing in new participants at every turn. The best way to secure once future is through investing and as an individual seeking a good financial future these should be your ultimate goal.

[@farisnajmibahari5468]

That correct ✓✓✓

[@arjunreyansh5302]

Hello Tim, I have been thinking of venturing into the stock market for a while now but what's keeping me from it is that i have no educational background about the market.

[@jacobaltman9923]

The stock market is not an adviceable place to invest in if you lack the knowledge, I know how risky it can be.

[@timcoady7095]

There are different ways you can choose to invest in the stock market, you can choose to invest independently thats an individual stock trader or have a pro market analyst mange your trade account. Virtually many pro brokerage firms offers these services, which invest your money for you based on your specific goals.

[@timcoady7095]

@@jacobaltman9923 Well I can tell you it's not easily and making those trades can be risky for new traders that why to be safe I invest with a professional brokerage, where my trades are been handled by a pro market analyst and strategist Eric Grinwis.

[@JackSimplesPersonalFinance]

Love this, thanks very much.

[@kennethdorothy5401]

It is always good to have a financial plan. I work with a professional planner and a fixed-income strategist in NY. the fixed-income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio but will provide legitimate income.

[@Olivia-sz8xe]

I remember just after my layoff early 2020 admist COVID outbreak, I needed to stay afloat,hence researched for licence fiduciary advisors. Thankfully I came across someone of practical knowledge,and decades of experience.I liquidated 200k of 325 k from my 401K, it has yielded nearly 1M after subsequent investments.

[@kennethdorothy5401]

I'm currently looking for where to begin putting in some funds that will aid me after retirement. Saving up isn't giving anything in return. It's no secret that the role of financial advisors can never be downplayed. Who's your advisor if you have any?

[@Olivia-sz8xe]

Male financial advisors are doing way better than the Female ones now, The likes of Lauren Simmons, Kathy lien and the most successful of them all JACKSON STEN MARSH 🔥

[@kennethdorothy5401]

I have shuffled through a few experts in the past,but settled with JACKSON STEN MARSH.the strategy they use is recession-proof,more specifically profit-oriented.most likely you will find his basic info on the internet.

[@Olivia-sz8xe]

I started out with JACKSON STEN MARSH,great advisor. I got very lucky to have found him especially after my marriage crisis & consider him a good friend now.

[@davidtompkins8145]

Any savings in a day add up in a month or in a year.

[@limitlesslumens]

That power of momentum and compound interest 🔥

[@gannongamer2428]

Don’t allow ur emotions to decide what u do with ur money

[@Marbles53]

Change my insurance saved $30/month, change where I get groceries saved $50/month, changed my internet saved $50/month, canceled subscriptions saved $40 = $2,040/year

[@kamalnotcamel]

Personal finance channels like these motivated me to start my own

[@WellBalancedWallet]

Living paycheck to paycheck has been what many of us are raised on. This is great and I hope that many take this information and share it with others that simply don’t know that there is a better way.

[@muhindipersly3722]

Thank you for this informative video on personal finance. time is such a precious time i don't consider watching this as part of losing but I am ready to cut costs earn more and optimize my spending. I like the video, a pen in hand is just magical. Be better than average powerful encouraging words

[@wealthpotion]

Cut costs - Start with the big expenses Earn more - Re-negotiate your salary Optimize spending

[@timelybills]

Hey there, loved the video! Your explanation of the personal finance basics was really clear and insightful, especially the point about earning more rather than reducing your spending. Get that bag!! This is definitely something we’ll be recommending to our audience as well.

[@OlleyThorpe]

Ramit's book is an absolute killer, helped me understand finance and start building multiple streams of income! *keep going people.*

[@JoshuaMackos]

Ramit's book was extremely eye opening. I really do recommend everyone read it. It gives you simple systems for your financial life. And the mantra of cut mercilessly what you don't care about.

[@hayleigh7074]

This was my first time hearing of the CEO strategy; I definitely will be applying them to my day to day now.

[@JolyTematio]

Currently re-reading Ramit's book! Love his appraoch to personal finance and money management!

[@BlakeJames42]

Joly Tematio - Achieve Financial Freedom first ive heard of him, which book should i read?

[@JolyTematio]

@@BlakeJames42 I'll teach you how to be rich is my all time favourite. You should give it a read :)

[@ParkerAntoine]

Tripod of stability I like that - so important for peace of mind

[@DanielIles]

Great one Ramit! Loved your book too!!

[@NatarajanPonnuswamy]

Is it worth to pay off mortgage vs investing in stock market

[@biggerpockets]

Great question, Scott & Mindy who host our BiggerPockets Money podcast answered this exact question recently here's a link to the episode. Let us know what you think!link.chtbl.com/uLsJQkjz

[@aogrant]

I just bought Remit’s book 📚 great read, informative, and straight to the point.

[@DanielIles]

Ggo I loved it, It’s a fun read!

[@businesswithsam]

Just picked it up myself !

[@SchoolofPersonalFinance]

Income is the game changer..solve that piece and the rest becomes much easier. Still need to understand the basics but much more room for trial and error.

[@adamjoshuaberlin]

what a fantastic video! thanks for sharing and providing this great and informative content to your loyal viewers :D

[@xiction]

Whoot, I'm currently listening to his audio book :D

[@businesswithsam]

Jenny Wu audiobooks are the way to go!

[@limitlesslumens]

Podcasts and audio books are a game changer... plus the benefits of being able to multi-task : )

[@USA50_]

I'm saving this to my watch later list to revisit again! 👍🇺🇲❤️💪😊

[@Daniel-qj3tp]

Wow this guys smart! Good teacher

[@businesswithsam]

Daniel yes, one of the best out there

[@faezmohtar947]

Please enlighten me more about Optimize Spending. I really appreciate it

[@anastasiassharings]

Technologies are changing quickly, new jobs are being created all the time and schools just struggle to keep up... in 2023 everyone should learn personal finance!

[@sdiggly]

Love you Scott & Mindy! This was a great podcast (as usual). You guys always mention "going really long at 1 hr" but I could easily listen for 2+ hrs!

[@MichaelP-ke1tm]

If you're making 25k a year, you shouldn't be spending $6 on starbucks coffee every day lol. That's $2,000 right there. Obviously the cutting back costs on coffee isn't necessary for people making 6 figures. Same thing with tobacco and alcohol. Broke people shouldn't be spending 5k a year on that.

[@DanielIles]

Pat L so many people still do! Pretty wild!

[@MichaelP-ke1tm]

@@DanielIles Ya I worked at a convenience store my 1st year in college and the amount of money people spent on cigs, alcohol and lottery was crazy. I don't know how people spend $20 on lottery games every day when you're playing to lose. The world is crazy.

[@obcane3072]

Buy a Keurig and for 90¢ you can have the same cup of latte.

[@quellessence5232]

Agreed, I agree with him on some things, but not on the coffee thing. Some people might even buy 2 $6 lattes a day, which could be around $4,000 a month. That could be rent for 4-5 months for some folk.

[@businesswithsam]

Patrick yes, you nailed it

[@methylenegrey]

I want personal finance advice from people who aren’t trying to sell me something

[@JohnOnDemand]

I love your videos. You've totally inspired me to start my own channel as well. I hope to be just as big and to positively impact others just like you do 🙂. Great content and keep up the good work.

[@retiredpolicelawrenced6846]

I have a question sir. I had a job and with a investment plan KBS (reits) with an amount of 2000.00. I am no longer at this job. Id like to pull it out and invest it myself in one of the investment apps I'm currently investing in for long term. Do you think i can do that without any tax penalties?

[@financialcounting5603]

Great podcast! A lot of important advice. I think that a good understanding of accounting will show you how to think about your personal finances.

[@DanielIles]

Financial Counting I definitely agree with this!

[@PassiveIncomeTom]

Great insight in this interview. 🔥🔥🔥

[@Beenuy420]

Very good 👍video

[@modernadulting6857]

Save Save Save. That should be the mentality. Stop buying nonsense things and focus on what is important and save the rest or invest big.

[@growthenetworth8108]

Great point on being conservative on certain areas allows being risk seeking in other areas. Earn more and spend less = higher net worth

[@limitlesslumens]

Totally, and not falling victim to that lifestyle creep

[@jamiehush]

Heads up: you spelled “minutes” wrong in your video thumbnail

[@Da_Pallet_Dude]

Great content!

[@RedShnow]

Cutting the latte is to get you to start thinking about every dollar you spend. Just like saving $20 is to get you to start thinking about leaving money at the end of the month and not spending everything you earn.

[@annielin2894]

I have saved 26k what do I do with it the 26k is in different account like IRA, pension, annuity what do I do to streamline and how do I find a financial coach to direct me what I should do?

[@limitlesslumens]

@annie lin - Depending on your investment horizon, you probably want to start a Roth IRA account asap because upon retiring your withdrawals would be tax-free.

[@HB-yq8gy]

Great topic. We were always frugal me & wife. The problem is my kids they're not. They like all the new gadgets & electronic stuff today. I grew up frugal not cheap this generation different.

[@DanielIles]

H B I was raised to be frugal too. It think it’s the abundance younger kids grown up with now.

[@HB-yq8gy]

@@DanielIlesMy daughter's a good saver my son he's the one likes to spend on gadgets. I told him once you graduated from college for computer technology in 2020. I hope you land a good job cuz you like the latest gadget.

[@DanielIles]

H B haha, a computer tech degree is bound to keep him involved in gadgets. But it pays well too!

[@HB-yq8gy]

I just hope he finds a job. So he could be self sufficient.

[@financialcounting5603]

I think being frugal is a good habit. While keeping your expenses stable, it is also important to make residual income. Increase revenues while decreasing expenses. That's the name of the game!

[@cdavis7764]

I feel like renting is a waste of money So how do you feel about this?

[@JustFrugalMe]

I agree! Renting is great for a short-term solution (maybe a few years)

[@LucasDanielSantoro]

Hey, good content! Merit of both the questions and the answers. Congratulations!

[@dpowell964]

Ramit you are on point looking forward to getting your book . I have started other resources for income cleaning business and Ebay business and starting real-state investing living a very frugal life and putting back 75% of my income to buy investment properties . I make my own ice coffee with freshly brewed coffee and sugar and milk and ice and it only cost me .55 cents and not five or six dollars at a coffee house. I

[@DanielIles]

D Powell Go you!

[@AlexisCarterNotaryMentor]

These are always geared to people making over 30k yearly. What about people who make less? They need tools too!

[@trsshup]

I think the biggest tool would be to increase your income 🤷‍♂️

[@miltonc463]

I want to master personal finance.

[@arcticrest8368]

Becoming a millionaire has a lot to do with increasing income!!

[@limitlesslumens]

Yea I agree it's so important to increase the top of the funnel with a larger cash inflow that lead to more saving and investing, which then leads to more passive income 🔁

[@katrinamillings3651]

He says buy as many lattes as you want while Graham Stephan says never ever buy a latte. I find somewhere in the middle works best. I treat myself to a latte once in a while, but if you can't even put 20 bucks savings away each check, that's only like 2 and a half lattes.

[@byrontully1908]

Great video. Math has no opinion, as Kathy McNeil says. And it's a lot easier to live better and spend less when you adopt an overall Old Money philosophy, understanding the Core Values of Old Money. Helps to know why and how to increase your quality of life. Love this podcast.

[@Glanzern]

Yeah we'll just make more money. Simple!

[@Matthew8473]

The wisdom here is remarkably compelling. A book with akin insights promoted significant development in me. "Mastering Money Mindfulness" by Benjamin Hawk

[@cletokings4302]

I stopped drinking for 2 months instantly saving 100 per month👍

[@candyli1969]

But what do people who have no idea how to invest, learn step by step? I just got dinged by the CRA fir accidentally contributing too much in my TFSA

[@brianormonde2175]

I can't get past the latte thing. $3-$4 a day actually does add up to a lot lol. Definitely worth cutting that out

[@amp2193]

And "If your living pay check to pay check, stop it" 🤣

[@Moraez135]

Bom dia muito bom

[@rthelionheart]

Pakistan's finest

[@fLiPnoTTiC]

I like this guy

[@quentinmenager922]

Useless subscriptions is definitely something to cut 😉

[@JohnWelchy]

i thought the girl had a lint roller as a microphone for a second

[@laughinghard1441]

3x30=90 x 12 = 1,080

[@Badger1776]

Wow what a guru. Can’t wait until he comes out with a self help book named “how to cut down on expenses. You don’t need that yacht.” 🙄

[@hannahhuhn9001]

I wish people understood that study guids doesn’t help ANYONE

[@hannahhuhn9001]

Everyone *

[@JLW667]

1:09

[@financialorderofoperations4721]

Always follow the standard FOO and you'll be just fine.

[@iamanairman]

$50-$100k is middle class? Well fuck I'm poor.

[@STAXONDECK1]

I’m surprised biggerpockets had this guy on, here is so off base on so many topics especially when it comes to real estate

[@crazyfurbabieslady]

FIRST

[@iordanchis2437]

Anyone earning 100k a year, yet lives paycheck to paycheck, are doing personal financing terribly wrong and must seek financial advice.

[@ironuckles]

$3 a day is $1000 over the course of a year. If you’re broke this matters, a lot.

[@neilazeez101]

🙏🏽🙏🏽🙏🏽

[@ashlingley6569]

3 dollars a day actually does add up when you live paycheck to paycheck. thats an extra THOUSAND dollars a year that could go to rent, or insurance, or food or other NECESSITIES. if coffee is your only joy, boy do i have some news for you...

[@financialthriving9079]

Big fan of Ramit! Great guest. It guys like him who inspired me to create my own personal finance blog: FinancialThriving.com

[@The_Bronze_Spoon_Investor]

If your living paycheck to paycheck you should just get out of that??? Hmmm I think that is why folks are watching the channel ;)

[@amp2193]

Hey man you got problem? Know what you should do? Fix it! This dude is wild 🤣

[@The_Bronze_Spoon_Investor]

@@amp2193 😄

[@lazyhomeowner]

wtf did i just watch. 7:47 and still nothing usefull

[@gummy5862]

He said the one year savings model was aggressive, but as we know from COVID shutdowns, the standard 3-6 month recommendation is not enough at all.

[@rkerkins1551]

I want to be a nerdy.

[@reshadmeetsworld3692]

Personal finance management is done better when done earlier: kzbin.info/www/bejne/iKmuaZagm7KNqtk

[@zacharysherry2910]

I know very little and that's why I'm here but hopefully everyone knows a Roth IRA is the way to go lol. By the way what he said about Suze Orman made me laugh pretty hard. 24 million more reasons than you... Haha

[@GoatZilla]

Lol

[@SofiaLogisticsLLC]

he is telling bunch of shit, go listen AndreW Tate kid, this 0 minutes, there 0 lesson to get except how good he is

[@ricohomeservice4674]

😂 a few dollars a day 😂😂 pointless to cut lattes dumbest way to start tour video. Almost 10$ a day on a latte is $3,650 annually hmmm almost the same as 1 dollar an hour raise

[@kashn1052]

You are giving bad advice on waiting to buy a home until you have 20% down. You should do more research before you give this type of financial advice.

[@JustFrugalMe]

By having 20% down you are actually saving more money in the life of the loan. You are saving from the overpriced PMI and other outrageous fees.

[@billjohnson7904]

Ramit Sethi is a Con.

[@Jophlo78]

Please elaborate...

[@billjohnson7904]

Its mainly about targeting customers with high-incomes, and then getting those people to loosen their wallets, to purchase his expensive products. He is teaching you how He can get rich.

[@LittleTimmyO]

@@billjohnson7904isn’t getting wealthy over time just really simple and logical? Getting rich on the other hand…

[@Meraj_123Merajkhan]

Help my contact her😮❤

[@Robin-Feldman]

Any savings in a day add up in a month or in a year.