Ramit answers your questions: Feeling guilty about money

Ramit Sethi of I Will Teach You To Be Rich answers questions from members of his Money Coaching program. In today’s episode: How to stop feeling guilty about spending, how to deal with peer pressure around your finances, and what to do if you worry about investing.
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Can’t-miss moments
00:00:00 - 1: Opening
00:01:48 - 2: How do I stick to my spending plan when dealing with pressure to spend?
00:05:09 - 3: I'm afraid of losing all my money if I invest. How do I overcome this?
00:13:17 - 4: How do I stop feeling guilty about my guilt-free spending?
00:18:21 - 5: I'm sending my brother and his wife to the movies while I watch my nephews.
00:21:48 - 6: Should I use my savings to start my own business?
00:27:51 - 7: How did Ramit find his personal trainer?
00:33:32 - 8: Do I prioritize investing or building an emergency fund?
00:35:21 - 9: What do I do when my partner refuses to talk about money?
00:43:19 - 10: How do I invest during a recession?
00:48:11 - 11: How do I encourage my husband to dream bigger on his Rich Life?
00:52:00 - 12: Should I get the Chase Sapphire card?
00:55:26 - 13: How do I get on the same page with my partner?
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If you and your partner have a money issue and you want my help, I occasionally select a couple to work with, free of charge. Apply for my help here: forms.gle/pjYMaLeThJM3z9uN6
Produced by Crate Media.

[@joshualepik]

I’m finding so much value in your book. I was hesitant because we have no debt other than $97k left for our home, actively investing 30% in our retirement, doubling pur mortgage payments and still keeping money for our rich life now. This book has helped me automate more and be less stressed about managing all the money. Appreciate so much you provide here on KZbin and in a book that costs less than $20. Appreciate you so much😊

[@mygoodlife204]

Dave Ramsey PTSD!!!! Oh how I'm trying to unlearn the guilt!

[@branditrautman1342]

Yes, me too! So glad I’m not alone!

[@rosieone4533]

​@@Jake-tt2iv The answer to why was explained in this video. An extension of the answer in this video, directing more at DR is DR doesn't deal with the core issue of this stuff. Most likely because that isn't his USP.

[@darbymori350]

I think both gentlemen have good ideas, maybe just different approaches. The core is about living below your means and being intentional. I do like Ramit's 'dream' approach, but understand that some people need to be 'smacked in the head' to get their financial life cleaned up.

[@holisticallyme556]

This shit is real! Lol

[@emmahdez8826]

My boyfriend is reading his book and I’m all about Ramit 😅 sooo we’ll see how this goes! 😮‍💨

[@katet.3543]

Good work, loved these Qs and As thanks

[@flomystictarot]

4:20 I love THIS. Looks like I am already doing this, but would like to add to the practice "sharing my financial goals-- IS IT PART OF MY RICH LIFE?" That feels liberating. New to your content. YES, saw the Netflix show. Love the variety of guest that was filmed for the show.

[@HelenSab]

Excited for your show! Congrats!! Well done!

[@me0101001000]

6 hits home. My dad and I started a company, but rather than quitting, instead we worked on our careers and have been using them as launchpads for our company. Obviously we did a lot to save and find business grants, but I think if your job/career are in line with your business idea, and there are no NDA-esque documents tied to your occupation, I highly recommend doing what we did. And it's an even bigger bonus if your workplace encourages this type of thing.

[@lowlowseesee]

you guys sound extremely wise. congrats!!!

[@crazyT_44]

Does anybody know the podcast number for the episode Ramit is suggesting to listen to in regards to Michelles question (the last question on this video)? He says a Denver couple or maybe from Colorado. Thanks

[@aishafadhil4426]

Hi Ramit, what do you think about the wealth simple app? Would you recommend it for a first time investor?

[@beckygust6797]

My husband and I are in our mid fifties and have never really done any investing or saving. I’m concerned we won’t have enough to retire. Is it too late for us to start right now? We still have a large amount of debt and I have returned to school so that I can get a higher paying job. I’m so worried about our financial future. I have ordered your book and I am looking forward to reading it.

[@lowlowseesee]

you should definitely consider joining Ramits money coaching. if you feel afraid to do that you should definitely send your Conscious Spending Plan in for review . He does one a week and just started putting them in the community posts and always sends the email out Saturday. I can tell you now if you haven't done any investing you likely DO NOT have enough. investing beats inflation. gotta get on that immediately

[@YourFirst100k]

Link doesn’t work Ramit

[@ramitsethi]

It's fixed now: iwt.com/netflix-youtube Thanks!

[@mini_special]

I have a friend who does plumbing. And I am buying a dishwasher from a company and was thinking to ask my friend to install it. I knew the quote from the company selling the dishwasher to install it and I asked for a quote from my friend. My friend's quote was 125% more than what my company would have charged. Would I just ask my friend to install the dishwasher because we are friends and I know he is self employed? Well, I know that we moved to a new house and expenses have to be budgeted, while I did not want to hurt my friend's feelings I knew it was going to be a tough discussion with him, but I manned up and said we appreciate his offer but we have to chose the option that is best for us. And my friend understood, as he has a wife and kids too. If friends are real friends they would understand, no matter what.

[@ThePeacesweeetie101]

TRISTAN IS TRULY AMAZING ❤

[@user-yt5dg8nf6y]

My son is only 24 and well on his way to making his 1st mill. He is laser focused and used all his talents and interests to make money. He doesn't spend a cent.

[@chanelnoelle4127]

Ramit, should I invest for retirement while paying off high interest debt (11.5%-29%) or should I just apply it all to the debt payoff?

[@Takkaho]

From what I learned I think he would suggest you paying off the high interest debt first because you are instantly making yourself those 11%-29% interest with that money.

[@carnini]

Dave Ramsey PTSD....ha love it! So glad I did not go down that route of using Dave Ramsey

[@tians.6116]

Como lamento no saber bien ingles 😂😂😂

[@eli19151]

I’d love to invest 15k a year, but I’m a 31 yo first-year phd student on 15k a year stipend 🥲 I’m doing £20investments per month just pretend like I’m doing something. And that’s only coz I live with parents so rent is just about low enough to cover the electricity I use. Why is life so expensive 😭

[@eileenwatt8283]

Ah wait until you have children then you'll see how expensive life is. You are doing well investing 25 pounds. As you make extra just increase it every time. 5 pound increase is worth something. Don't get into debt especially pay day loan that's in UK or buy now pay later in Australia. Stay away from them. Don't give up investing. Just keep it up. You'll get to a million in your 50s plus. " one one potatoes fills a basket " as we say in my country of 🇯🇲

[@peace-a]

46:48 if I receive an unexpected $500, for example, and want to invest it, can I just send a check to my 401k Schwab account?? Not sure if that's ok. I've never invested a chunk on my own. I just let Schwab deduct from my paycheck biweekly. Thanks.

[@phoenixnmhesq]

I have $10000. This would be a year’s worth of mortgage, or a fully funded Roth or taxable brokerage, or vacation fund. Which would be better for someone with emergency fund funded?

[@TheVistastube]

Search for the financial order of operations on KZbin or Google. It’s a clear order of where your next dollar should go towards

[@MinnieOnCam]

I get you need to make money, but that's a lot of sponsored ads for the KZbin channel, when KZbin will run it's own ads.

[@rosieone4533]

Use an ad blocker. :)

[@MinnieOnCam]

@@rosieone4533 The ad comes in the podcast recording from Ramit himself, how are you suppose to block that.

[@eileenwatt8283]

​. Skip that part if you're not on the live feed.

[@phf3238]

I don’t agree that if you kept your money in cash for 10 years. If you have $10,000 @ 3% in cash and add $100 every month at the end of 10 years you would have $15,000 which is $2000 more that you put in. I agree that it is not the best way when you could compound 6% in the market.

[@phf3238]

My math is wrong. The initial investment is $1000