Ramit answers your questions: Recessions, getting married, firing an advisor

[@ramitsethi]

What surprised you from the video? (I read all of your comments.)

[@lisag9493]

Nothing surprised me, you give great advice ,, with a wonderful sense of humour ,, very funny and you made me laugh out to myself ,, personally, I would always recommend to young people to pay into a pension as soon as you get paid, then you won’t miss it ,, if you can’t pay off your credit card every month then don’t use it ,, best wishes, Lisa

[@serotines]

You literally have helped me get my life together so much, thank you so much

[@mamalovesthebeach437]

Not to focus on the minutia and focus on the $30,000 question! I really needed to hear this. I'm likely considerably older than your typical listener/reader (60+) but find all of the questions and topics helpful.

[@mygoodlife204]

@@mamalovesthebeach437 me too. 56

[@raheelakhtar7]

If you don’t manage the $30 questions well early on, you won’t even get to $30K or $300K questions.

[@JnDocV]

I finally did it! I broke up with our Financial Advisor today with the help of this podcast. We are a military family and sadly there is a company who preys on the military. I thank you so much for all the help and guidance you have given me to make the break and the confidence to do it on our own.

[@AudreysBrains]

We also fired our financial advisor after watching Ramit! Index funds all the way!

[@livin4racks191]

I love that Ramit finally made a KZbin channel and podcast! This solo episode 🔥

[@mamalovesthebeach437]

The B of A debit card comment 😂 Marrying the "right" person is the BIGGEST decision of your life, period. In my first marriage (26 years) we never discussed our values, children, etc. Aligned VALUES are #1!! Now in my second marriage (19 years) we did things vastly different. We actually wrote down on 3" x 5" cards everything we could think of that had the potential of destroying our relationship. There were a couple of deal breakers for me but we worked through them (nothing as horrendous as "Live-Laugh-Love sign). One was finances. He was a strong earner (self-employed) but horrid with money. He was in debt. I had none but I did have a maniacal ex). In many hours and days of conversations he admitted right from the start his lack of skill and commitment regarding finances but that he was willing to learn and get and stay out of debt. Together we set a plan, attended classes and he hammered down his debt and got clear in less than 2 years. He has a good sense of finances but hates dealing with the management. It took a few years but I eventually I took over all administration of household and business finances. For the first time in his life he was regularly contributing to retirement, HSA and several savings accounts for things such as taxes, equipment, equipment maintenance, etc. We have monthly financial meetings where I bring the spread sheet and we both discuss our plan. The recession in 2008 knocked us down hard. Without making this into a book, it was a very dark, difficult couple of years. But we came back stronger in many ways. We are still not in a great position to retire (we're 60+) but we're decent financially overall. We both work in the business and we've purchased equipment (with no debt) so that my husband, who wants to continue his work, can work for another 10 years. We're both in good health and take full responsibility to keep it that way. We listened to your book together even though I had implemented most of the strategies you suggested. One thing I was really lagging on is getting rid of one of my big banks. About the same time you were discussing big bank blues in your book I had an issue with my big corporate bank. I'd banked there for nearly 30 years but I was dealing with corporate heads not local bankers. I finally cut ties this week. I had investments w/Schwab but no checking account. I applied for a new account and will be transferring over my accounts next week. It feels FANTASTIC! Boomers like us may feel they know it all, they've got it down, they're doing fine but I found your book refreshing and an ideal tool to check-in with how I'm managing things. I wish I'd thought more about investing when I was young and single. I took all of my extra income (in my first marriage) and put it into his 401K (I got 0) instead of starting my own.🙄 The information you share in your book and on KZbin could be a perfect high school finance course. I really enjoy your energy, humor and wisdom. I find it fun to listen to your podcasts and KZbin. Thanks again Ramit for all you do!

[@psychic_orgy]

The live, laugh, love thing is 100% going on a checklist

[@LeaMcCaw]

Re: Firing a "financial planner". You dont need to tell them at all. Set up your receiving account. Set up a transfer. Assets move.

[@그레이스-z6n]

Combining finances with a partner: 1. One joint account (covers fixed expenses, joint savings, joint investments, joint "guilt free" spending) - both people contribute proportionally based on income 2. Remaining cash goes to individual checking accounts for "no questions asked" spending Create a joint future where your love and commitment is reflected structurally. 3. Decide which situations fall under which catagory

[@Uneerie]

OMG The bit about the financial adviser 😂🤣 I freakin LOVE IT! 🥰

[@ld5690]

One of my favorite episodes because of the unfiltered raw and authentic Ramit!

[@miyukishouse4647]

So thankful! I am introducing you to my children. They just started working after college, they can start early. Sent this video to them now. :-) Thank you!

[@lowlowseesee]

hell yea!

[@33Jenesis]

I am a life long single in my old age. I hated asking my mother for money to go out with my friends. I hated having meals paid by BF. I have to be financially independent to feel free. At my age I don’t write off relationships but marriage is never gonna happen. I like to live in my own house instead of feeling like a guest in someone else’s house.

[@Hidden2u]

You may be human my spirit animal because you’ve said something I haven’t ever been able to put into words about myself: I have to be financially independent to feel free.

[@jamieoteri]

glad you're making more of a KZbin presence again. I want to Join your Coaching program

[@ramitsethi]

Thanks! Excited to share more here. And when you're ready, I'd love to see you in Money Coaching

[@DaveJMorten]

The only thing to put on the marriage checklist: Would you put a "Live, laugh, love." sign up in our house? Ramit: "Obviously the answer is No! Holyyy shit! Can you imagine being married to someone who wants to put that up?" Had me cracking up. X-D

[@melimevivzla]

Big fan of your book Ramit. I just gifted the journal to my 17yo brother. Thanks for this video, make more of these please!

[@ramitsethi]

Thank you 🙌🏽

[@purple_giraffe24]

I want to buy your book to help my kids their manage their money. I have a spender and a saver. I need to have a plan too even though I am getting closer to retirement … 🇨🇦🇨🇦

[@melanielien5625]

36:00 is why I am liking this video because I completely agree 😂

[@bradleyroberts5869]

Ramit, I love how entertaining you make your content, highly valuable and I enjoyed the Netflix series! I totally binge watched it, I need to get your book next! 😊

[@isagoldfield7393]

So eye opening, thank you Ramit⭐️⭐️⭐️⭐️⭐️

[@candecarro]

Ramit, I appreciate your political leaning. Dave Ramsey CONSTANTLY makes disparaging comments about Democrats and Dr. Fauci (a brilliant non-political figure). Drives me NUTS!

[@jordash325]

It's still early, but I'm surprised at the lack of comments from realtors 🤣🤣

[@laurenvalverde6447]

I’d like to hear more about how all this fits into “the limits to growth”, global warming and loss of biodiversity, which are facts rarely mentioned in financial planning (denial/too big to address?). It’s like we’re solving financial debt on one side, and digging our global debt on the other. If I’m doing all this partly for my children, but that they have no means to sustain in 40 years, what do I do with that? Any way to address this perspective? 🌎

[@theAppleWizz]

I was just laid off with severance and the emergency funds I have a run rate of a year. I’m already interviewing at 3 companies I should get multiple offers around Feb 😅 they really fucked me by doing the layoff on the first week of dec.

[@steverocksyo]

My parents (80) must be on the pulse because they want to give us money now (so we can enjoy it) and we're like no, we don't need it, you do. I guess times have changed.

[@Joce123]

Amazing video

[@sannaekfeldt9241]

Which podcast episode is the one about recession and the couple?

[@MistaRowland]

I’m wondering this as well! Sounds fascinating.

[@donnaallgaier-lamberti3933]

ITs easy to have a "no debt" policy if you are making a lot of money. I hear you saying $2,000 every month towards savings and investing. Most of us don't make thousands of dolllars per month and can put aside $2,000 on the sbove. That was my total salary before SS and taxes etc. I have multiple autoimmune conditions and this limits my working hours and my earning capacity I was able to have no debts except for a home but certainly did not leave enough money to invest etc.

[@arh1234]

The numbers may not apply, but the concept may still be helpful! It's hard when the audience has diverse backgrounds.

[@LeaMcCaw]

Dollar cost averaging. When the market is up, you buy fewer shares. When the market is down, you buy more shares for the same $. Over time your shares will appreciate. Keep buying over time.

[@livelaughlove4635]

Omg! I have a Live, Laugh, Love pillow on my bed 🙈 You could turn it around. Haha 😂

[@ronwill06]

The info abotu the recession was interesting

[@abenovy7795]

In talking to a friend of mine recently, she was asking if I thought it would be better to pay off her credit cards slowly over 3 years at their high interest rate, or to take out a Home Equity Loan or HELOC to pay them off at a much lower rate and save a huge amount on the interest payments. While she has never once been late on her payments, she has variable income and she is nervous about the idea of her home being the collateral. Any thoughts on this Ramit?

[@tylernol1566]

There's a common approach called a balance transfer, I recall it being to a chase slate card that popularly has a 0% bal transfer fee to a new account (normally it's 3%). I believe (look this part up) you can then take advantage of the 0% APR for the 15 months of the new account--different cards have different promo rates. This would be my preferred first option. Otherwise just by the numbers it's a no-brainer to consolidate debt and pay way less interest. It's not like her home is going to be taken if she's late once lol. Now, I don't KNOW, but I will bet you foreclosure doesn't happen for months of no payment and silence. Just look it up. "Defaulting on a HELOC"

[@ForWorkPurposesOnly]

How do you talk to your parents about giving you your inheritance now? I would not know where to start. My parents once said they have all this money set aside, they will never need, for us when they die. Well, if you will never need it, I do! Please give it to me now. How do I start Remit?

[@ramitsethi]

Let's talk in iwt.com/moneycoaching. I do live Q&A there!

[@vulpixelful]

56:36 I do the clothes thing, but according to my bf, having my everyday clothes out in a basket is "messy" 😁

[@ceciliaruns72]

1 year later that magical drone drops the item on my front doorstep! 😅

[@Mac-pluto]

What’s the need for the “No questions asked account” if you have the joint “guilt free” spending account?

[@victorvanquish1041]

The difference between me going fishing with the guys &/or me & my wife going on date night.

[@Mac-pluto]

@@victorvanquish1041 why can’t that come from the same account?

[@victorvanquish1041]

@@Mac-pluto I guess it could if the couple worked it out that way. But there are things a wife would like & enjoys doing that a husband wouldn’t & vice versa. So just makes everything less complicated when your common hobbies & excursions are pulled from one account. & her hobbies are on her no questions asked account & his come from his account. things could get sticky when it comes to imbalances of purchases if everything did get pulled from one account but it’s also a couple to couple thing that could be worked out.

[@jamirova]

Why using BoA debit card is bad? Smb pls explain to me

[@PaigeKite]

BoA (and "monster mega" banks) are known for charging unnecessary fees.

[@jeremyhelquist]

Why do we, as a society, feel the need to leave an inheritance for our children who we already took care of for 18+ years‽ My parents raised us to be an active contributing members of society who can take care of themselves. They should enjoy their money and their retirement for themselves and have stated, they have no plans to leave us anything.

[@AlphabetRock]

Lol. I can't stand the "Live Laugh Love" and other signage that people put up in their homes. It's often part of staging condos and houses, and it's such a turn-off.

[@LeaMcCaw]

Re: Leaving money. We call it "control from the grave" . Don't do it. Split equally unless there's a special needs situation. Split house as market value.

[@genowefamensching3146]

At what financial level do you need to put your money in a rust for you kids? Is it 5 million or 25 million or 100 million?

[@vein3780]

Thank you Ramit! I've always said, marriage is essentially like running a business. Your spouse is your business partner, and women have a hard time understanding that 😂. Love just ain't enough

[@lmb4876]

Sometimes, it is the husband that has a hard time understanding…I was married to a surgeon ( we met in college) and HE was a spendaholic..live for today-type guy. I was always pulling in the reins… We are now divorced & he married his MUCH young nurse. She has NO problem spending his money! I am now retired and he is still working..oh well😂

[@bull_chops]

Yo !

[@Trix897]

Excuse me? OLD SONG? That song by Patti Smyth and Don Henley was popular when I was in college, son! 🤣 Gen Xers are NEVER old. 😁

[@mnardz16]

What is the problem that marriage solves?

[@jmc8076]

@49:06 first advisor we let go was first scenario. Shockingly unprofessional and rude. Almost predatory. Second (yes two) was retiring from Ed Jones Canada. He was great incl helping w/trans back to us. We talked in person. Rare maybe. Funny I had a sense the first was going to react as he did but still unprepared.

[@LUK0BA]

Bank of America has been good to me! I think they have changed to be good.

[@aljohnson2790]

You always talk about “x percentage” to be allocated to investments. But you never say what those investments should be. Where is that info year after year?!?!

[@ramitsethi]

All of this is covered in my book in great detail

[@candecarro]

The importance of politics in choosing a partner? When do those attitudes develop? My first husband and I were perfectly aligned in that regard, and though we haven’t been together for 40 years, we still are and because of that we can still be close and have a strong relationship. My second husband (I’m now a widow) and I were not aligned politically but it wasn’t on my must-have list (and I DID have a list!), it was just something, unfortunately) we could not talk about.

[@steverocksyo]

Its funny i was born for worry free spending lol

[@candecarro]

I’m retired. Should I regret my decade as a Realtor?

[@mandypdx]

I will not spend on a partner. I spend $1000+/mo on my dog

[@livelaughlove4635]

It’s so disappointing that you brought politics into this.

[@ramitsethi]

Money is political.

[@gracie2375]

Is the potty mouth necessary? You content is great besides that.

[@mirandawalker6600]

I've saved a pay stub from every job I've had to show my kids. Started at $6.42/hr @ Fazolis back in 2003 (highscool)❤

[@jackiehofs6315]

what would be the Canadian equivalent of ssa.gov?