Brutally Honest Financial Advice to Fix Your Sh*t

[@mariannagreenlee]

My favorite investment story is when Fidelity decided to interview the people who had really strong performances with their portfolios. When they contacted them they discovered the person forgot they had the account or they were dead. 💀

[@qcspt]

🤣

[@rebeltheharem7028]

Honestly, that's exactly as expected.

[@dinyahome]

@@mariannagreenlee 😅

[@anhdo2196]

Where did you find this, I need to see 😂

[@aking1196]

😂😂😂 makes sense

[@blurrydog1]

“Do not confuse desire with affordability” is the best advice. as soon as you put your desire over affordability you turn to justifying every excess purchase.

[@DMDvideo10]

Buying quality food is not "excess". Just putting 3 meals a day on the table has increased $1000/month...

[@einstein1102]

Ramit woke up on the wrong side of the bed today and decided to spill real facts on us. We all need and could use someone who is telling the truth like this.

[@paulaooook]

I can’t imagine the foolishness he gets in his inbox. He snapped lol

[@vmolina2002]

😂

[@YourFrienjamin]

Passion is a powerful thing

[@DWI_JUiiCE]

That’s why he needs to invest in a good bed 😂

[@evaschoenfeld3186]

@@DWI_JUiiCE 🤣😂🤣😂

[@RobDob1569]

These videos make me think Ramit has a split personality. He’s so patient on the podcast with situations that would make me lose my mind, but here he is popping off. Get out the frustration! I love it!

[@Adman-p4j]

If I was listening to people talk about justifying their debt all day I would have a split personality also. 😂

[@tonyalaw8197]

😂😂😂😂​@@Adman-p4j

[@SilverSaabArc]

@@RobDob1569 I like "Dark" Ramit! 😄

[@TonyCox1351]

He’s like all of us…completely nice and mild mannered when talking to people IRL, and a complete asshole to strangers on the internet 😂

[@DavidSmith-wq3wu]

He's like all of us; he contains multitudes.

[@robyn_southafrica]

You're brutally honest so I'd take that over sugarcoated shit any day. Thanks!

[@geovanierguera9330]

My parents providing me with “generational wealth” by teaching me to be smart with money trough their example. Thank you for opening my eyes to this truth.

[@dancarbone1742]

My millionaire morning routine is listening to Ramit’s new KZbin videos! 😂

[@eileenwatt8283]

😂😂😂stop doing that. Ramit says routine won't make you rich.

[@neodro4831]

Great one!!

[@thugsy15]

I work with somebody who worries about her credit card debts and always says she has literally zero in her bank account. Then she recently took out a loan to build a pool. Amazing how financial illiteracy is rampant in America.

[@jvinsnes]

A buddy of mine took a loan for a $20k jaccuzi. a month prior he asked me to borrow $80. I just don’t understand how people let this happen.

[@tushiyakey9677]

@@jvinsnes😂

[@IrisP989]

How was she even given a loan? smh..

[@Carmen88888]

A friend told me about her friend in her mid 40s. She decided to do a shitty degree in college, then blamed her dad for having encouraged her to do a degree that wouldn’t pay out. Then she wracks up a bunch of debt treating her friends to gifts she buys while on vacation. Then says she’s essentially waiting for her dad to die so she can inherit money to pay off her debts. Thank GOD she doesn’t have kids to pass this kind of irresponsibility on to 🔥

[@will201084]

​@IrisP989 she has a house to sue for collateral lol

[@mikefallert1306]

This is very inspiring. I'm working on my dream and feel bored. This video made me motivated to move forward. When I was 24, my company hired a consultant to give us retirement planning advice, and I had just started saving. The class, called "Starting Strong," recommended investing in a target retirement fund aligned with my 65th birthday. That was 20 years ago, and it's the only investment I've made. What other ways can I grow my finances?

[@Joeknowsball247]

target date funds made me a multimillionaire but i also watched them drop 40% in a very short time and take a long time to recover. my best suggestion is that you seek the guidance of a fiduciary to avoid mistakes

[@camille_ann3]

Great! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement.

[@Joeknowsball247]

I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Teresa L Athas turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.

[@AaronTilt]

I found her profile online and reviewed her credentials. She has impressive experience. Thanks for sharing! I've already sent her an email.

[@sgc1401]

@@Joeknowsball247😂

[@rachelesmith3342]

This content is top tier!! Too many people want shortcuts or miracles but the real answers and truth are very boring and simple. Trying to live a life you can’t afford or be something you’re not will leave you broke and desolate.

[@TheRailwayDrone]

One of the main reasons I listen to Ramit is because he keeps the shit real.

[@georgelane9738]

How do I decide if I can afford: 1) $2k mattress - Do I have at least $2k in undesignated cash reserves? 2) $80k truck - Annual income of at least $400k (20% limit), net worth of at least $1.6M (5% limit), and pay cash 3) $650k house - Limit amount borrowed to twice my annual income, financed on a 15 year note (if age 35 or less). If over age 35, then additional cash would be put down so that the monthly payment on a note that is [50 minus my age] would be the same as the amount borrowed on a 15 year note.

[@TeoBurrito]

Lemme fix all this for you. 1) a $2k mattress is stupid. 2) An $80k truck is stupid. 3) You should focus on the mortgage interest rate, first.

[@georgelane9738]

@@TeoBurrito You don't need to fix anything for me. What I laid out is how I operate.

[@davidtibbetts6274]

😂 A few years ago, I went to a urologist because of an injury. I was 55 at the time. During the exam, he asked me how often I woke up at night to urinate. I told him, and he said, "That's a lot. How much water do you drink each day." I answered, "12-18 glasses a day. He asked me why l was drinking so much water. I said, "That's what every health expert says to do for health." He snickered and replied with this: "Your body already has a mechanism for telling you how much water to drink. It's called thirst. Drink water when you're thirsty." I took his advice, and now I don't go to the bathroom so much after falling asleep.

[@aking1196]

😂😂

[@Mrmajellan123]

You needed a urologist to tell you that?

[@youtewbJC]

That's what yourologist told ya? Now I need to chat with myologist!

[@JC-tb1qx]

Lol. Firstly, I’ve only heard of 8 glasses a day mostly, I think you over did it. But yes, I never measure or count how much I drink. Always go with your body needs. As long as you are mentally stable your body will tell you what it needs. 😂

[@shockwave1126]

Lol. As I dietitian I would say don’t allow your urine to look the color of apple juice. Should be the color of lemonade. However, sometimes meds change urine color, then I’d say don’t allow yourself to get thirsty. Once you’re thirsty, you’re already dehydrated.

[@sherrieludwig508]

When I opened my first business, my accountant said, "You make the money, I'll worry about the taxes. Make as much as you can, don't stress on taxes."

[@matthewjurawan9697]

Do we have the same accountant 😂

[@Azeteck_casual]

Always understand what is Happening. Do Not and your so called mistakes will shape into the meaning of destiny

[@weebly_]

An accountant that wants to keep information away from you is not your friend.

[@sherrieludwig508]

@@weebly_ where did you get that he was keeping info from me? The meaning was to maximize profit without taking in to account tax ramifications. This was for a retail business, so uncomplicated taxes, unlike real-estate or stock trading.

[@peerguy]

That’s a good accountant

[@soumyajeetchakrabarty6872]

The 3 lessons that resonated the most with were 1. Worrying about taxes - That I am currently having OCD with. 2. Think about the 30000 dollar question and not the 3 dollar question - that I have come to terms with after listening to like minded people like you and you have drilled it in my brain. 3. If you want to buy something come up with the number , basically delayed gratification over instant dopamine hit - this is thanks to my dad who was an accountant in an MNC and conservative Indian when it comes to money

[@lesbo37]

As a tax accountant, the tax advice was not good. You absolutely should minimise your tax and be actively trying to do so. To not do so is just as bad, or even worse, than paying financial planner fees that he complains about thanks to his sponsor later in the video. The refund stuff is also garbage, you need the self control that having the extra funds isn't going to be wasted, the idea of letting the tax man hold your money because you can't is terrible. If you can't do this simple thing then you're doomed anyway. It's literally advising to another financially bad thing because you're already bad with money.

[@IQLion]

​@@lesbo37Ramit is not saying that you should not look for tax advice or try to minimize your tax obligations. He is all about increasing income and reducing spending. What the video addressed is people who obsess with how much they spend on taxes and how taxes make them poor. An extra 100 per month is unlikely to help them if they are living paycheck to paycheck, because they have high CC debt. It is more beneficial to get your spending under control and increase your income, rather then spend hours and/or more money trying to save an extra $100 on taxes.

[@latimer442]

@@soumyajeetchakrabarty6872 According to the IRS website, the underpayment would have to be by more than $1,000, or it would have to involve other situations such as self-employment or whatnot where you have quarterly payments. The trouble with discussing these things is that you have to start with a base assumption of the individual behavior. The same person that can stick to a budget should be able to go without a refund without wasting it. They should also have enough sense to be able to go "Well, I had a 3k refund last year, so if I adjust my withholding bit by bit to eliminate that, I won't drastically underpay by thousands of dollars" On the other hand, the people that don't have the discipline to pay off their cards or follow a budget won't have the discipline to properly manage their taxes. Unfortunately, I see Ramit lumping these 2 kinds of people together in the same sentence without distinguishing them.

[@suzanneemerson2625]

@@soumyajeetchakrabarty6872 You are not correct. If you pay a little bit less than you will owe, you do not pay a penalty when you pay your taxes in America. You are misleading people. There is a tax law about this. Your English is confusing.

[@soumyajeetchakrabarty6872]

@@suzanneemerson2625 sincere since apologies , I agree that I lack the required knowledge about taxes , but somehow I believe after 2 months we have digressed from the topic.

[@Lili-p1b5t]

Lowkey I knew all of this already but it's nice to get a gentle reminder. Thanks!

[@aprilracine]

Gentle 😂

[@brennanleyen]

If that was gentle, I wonder what you think brutal feels like? Lol.

[@tekneiq]

Ramit's ad transitions are legendary. Only KZbinr I actually actively pay attention to their ads.

[@nonna628]

Amen! I wish I could share the beginning segment about taxes and inflation on my FB page. I’ve been alive 65 years, made some good choices and a lot of bad ones, but I continue to learn. My neighbors have 130k dollars of shiny huge pickup trucks in their driveway that they use solely to commute to office jobs. The vehicles represent approximately 1/2 of their home’s value. I came out of my house at the wrong moment last week and got a lecture about rising grocery prices while standing underneath their very offensive and extremely ironic political flag. That’s all. Thanks for listening. I love your show.

[@wardensworld6308]

i bought a purple mattress. I had the same rough mattress for over two decades and now my back is doing so much better! While true, in all seriousness, i waited for a sale, compared my hourly paycheck, saved the money, then bought during the sale in full. Got sheets and pillows with it. So, took planning.

[@keithskoglund10]

@@instrumentalI bought a $3k bed 5 years ago and it’s still going strong. Most beds last 10 years.

[@sgc1401]

@@keithskoglund1026 years ago I bought a queen bed. It was a mid-priced quality brand. In relatively terms, about $1100 in today’s money. It is still absolutely fine and you would think it’s just a couple years old.

[@amandalashua7684]

Your videos are so much better than other financial people on the Internet. As someone who grew up poor with parents that had very bad money practices it has been extremely hard to transition to having money and not knowing wha to do with it, so many people out there helping people out of debt but so few people tell you what to do when you get out of that lifestyle look around and go what do i do now? I was shocked at how unprepared i was 2 years ago when i got rid of my debt got a raise and was just completely paralyzed. My SO helped me alot having grown up in a family with very good money practices, he helped me find your channel. Is it wrong that I watch your podcast, see how these people live and think to myself I am ok and have my shit together? 😅

[@christinasaywon155]

The $30,000 questions rather than the $3.00 ones … MAN ! Thank you!

[@thewickedpen]

I had to laugh when you said: "Follow the basics and once you master those you earn the right to be different". It's literally what I would say when I had a training guild for World of Warcraft! Show me you can make the template work, then you can deviate. It's a lesson I learned from WoW, and it's very applicable to a multitude of situations in the real world. Thought others might get a chuckle out of this.

[@Abhi_0893]

I like that "decide how you can afford something". I started doing this in my late 20s and it's a great habit for any young person to develop. Now, I can even plan for something that I really want but can't afford right now. Run the numbers!

[@wineladycandace1134]

Ramit this video was brilliantly done! Thank you! Just the right amount of being passionately pissed mixed with humor to get the message through. Generational wealth hit home with me. My parents died and left me nothing. Of course they were never good with money which made me hyper vigilant about learning about money. I like how you point out that just teaching my kids about money is also passing on generational wealth. Again, great video. Thank you!!

[@cur244]

I lived in FL for years and one thing I could never understand were people refusing to work OT because the taxes. I tried telling them not 100% would go to taxes and it got me nowhere. It was unbelievable. The same people blame inflation for why they have $0 in retirement.

[@ramitsethi]

Darkly hilarious. Some people truly cannot be helped

[@mninoskaflores7555]

@@ramitsethi I live in FL, and I never pick up an extra shift. Working as a nurse is mentally and physically EXHAUSTING. I rather have less money, and enjoy my days off working in my garden and walking my dogs. THAT IS MY RICH LIFE!!

[@rory644]

@@mninoskaflores7555what’s that got to do with taxes?

[@stevemaurer2259]

@@ramitsethiwill there be a season 2 of How To Get Rich?

[@Somebodyelse141]

My sister is like that haha

[@cathybawlf7282]

So many people on the internet shilling luxury items as “investment pieces”. They’re not investments! Thank you for calling this out Ramit!

[@pyronic120120]

Seriously. Just look at the sneaker market. 😂

[@irish9691]

I agree 100% but can we also put some male coded stuff on the list?! Golf clubs/memberships, trucks, season tickets?!

[@emem2863]

There are lots of rich people who consider art an investment. Most things that aren't necessities aren't investments.

[@sp4hybridized]

Affordability questions: you can afford the mattress if the money is coming out of house bills/maintenance, guilt free spending, or money saved for this purpose (assuming you have no high interest debt that needs priority). If you have to put it on credit or financing, you cannot afford it. For the truck, if it is 10-20% of your annual income then you can afford it (so minimum 400k annual salary for 80k truck), and you could save the money over 1-3 years to buy it outright; if emergency replacement, you can finance it if you're paying 10% of your monthly salary and will have it paid off in 1-2 years. You can afford the house if over a 20 year fixed mortgage with x interest rate combined with annual taxes, HOA, and any other local fees, the monthly cost is less than 30% of your monthly income.

[@lkumar4295]

💯!!! Many are “winning at the wrong game.” Love your straight talk!

[@Justin_vesting]

Thank you so much for stating the fact that personal finance isn’t so personal. Yes we are all in different positions in life. But I think in the grand scheme of things we’d all like to increase our wealth. Too often “finfluencers” cop out by saying this isn’t financial advice specifically tailored to you. But who is is specifically tailored for? The vast majority of their viewers are in the same position. A 70 year old with 2.5 million is not looking to KZbin for wealth preservation advice. But 18-45 year old working-middle class individuals that typically hate their job and are looking for a way out certainly will look to KZbin for advice. And in that regard, almost all of the viewers would find advantages with general wealth building advice. Plain and simple.

[@jnachtig2]

So true. The foundational principles are universal. Spend less than you make, keep debt to a minimum or zero, invest early and often in boring index funds. If everyone did just those 3 just think of how much better off everyone would be. The personal parts are at the edges and at the middle to end of the journey where you actually have a pile of money to protect. One thing I wish the advisors your say is you dont have to optimize to win. example, moving your money around in a high interest savings account every quarter to get $20 extra in interest instead of concentrating on life and expanding your career is the example that kills me. The amount of electrons killed every month with finfluencers taking about the newest high interest "bank" makes me scream

[@TheNicoliyah]

In my old job I sold property and part of it meant that I had to check peoples ability to pay by looking at their credit scores and bank statements and yeah we are all more similar than you would think 😂

[@eddiemalvin]

As a 50+ individual with a healthy net worth, I still follow the most basic financial principles that I learned in my early 20s. They're what got me here so why change it?

[@danwilliams6206]

Gratitude journals or just thinking about things you are grateful for is important. It's so easy to take good things in your life for granted; being grateful is key to a happier life.

[@janegarnham]

yes but it can be done any time of day lol😂. And more than once a day even. you can even mix it up and do it before bed .

[@nr6010]

I cancelled all subs I do not use…after that I realised I could afford a $50 a month Gym that will genuinely give me health benefits. 0 changes to my finances but a better life. Cut back on takeaways, focused on fresh groceries and planning meals for the week. The money saved goes to buying my clothes, outings, and spending money on vacation Still earning the same (since I started a few months again but due to change in a few more months) but so far, I eat better, I am healthier, I have more money And continue to save 15% of my income for my investments & emergency while slowly paying off my credit card debts. With the rest going on necessities & what I enjoy…. Life has never been better, less stressed and more in control. This guy…literally changed my life

[@M_SC]

I’m glad for you but boy would I be bored

[@nr6010]

@@M_SC it’s completely what you value, but I still go out to eat, vacations etc so still fun.

[@michaelmoore-realestate]

That’s awesome! I saved 3 months of bills in an emergency fund then prioritized paying off all my high interest credit card debt first. The high interest on credit cards is brutal and will crush all returns on any investments

[@brews_and_views]

@nr6010 it is you who have changed your life ;)

[@msmaluu]

I buy more or less the same thing at the grocery store. A quick run for fruit and dairy used to be $30-40 now it is more like $70. You don’t need to write down every cent to know things went up

[@pyronic120120]

While this is true, it's also true what he said. Many people don't actually track what they spend money on and lifestyle creeps in often times even without the person having an increase in income. What happens is people slowly get used to living with debt and they feel more comfortable living with debt more and more. It's like the frog in the boiling water. The frog doesn't feel the danger of the water increasing in temperature of the water until it's too late and it's unable to jump out of the pot even if it wanted to.

[@msmaluu]

@@pyronic120120 while I generally agree with you and debt is a hole you can get sucked in fast and it’s hard to get out of- the frog in the water is actually a bad analogy. Not only it’s actually not true and the frog in reality does jump out as soon as the temperature becomes uncomfortable, also people feel things went up in price even if they only live swiping credit cards. The payment is keep on going up every month. And while yes, it registers less when you swipe a credit card vs paying cash or even debit, no one is that oblivious not to see the prices being higher. Groceries, rent, memberships, literally everything!

[@tinytotsLC]

Exactly

[@JustLIkerapunzel]

@@pyronic120120Maybe americans due to the credit card society built there but here in Europe I don't know people who live in debt. Like the whole deal with colledge loans I don't get when you guys have community colledge.. It's like just picking to go to a private school for the fun of it as if yoh were rhich when you're not. Ridiculous! 😂

[@janegarnham]

@@JustLIkerapunzelyes credit cards are a scourge on society . Yes some (few) people can use them wisely but most can’t . Governments if they were serious about helping their own people out would demand only the use of debit cards cards. When I was a child credit cards did not exist and people got by.

[@Squintillions]

I seem to be on the opposite schedule as Ramit. I get a lot done in the morning and couldn’t stand to watch Netflix that early, but I am practically useless after about 4pm. Glad he mentioned about the marginal tax rate. I am surprised by the number of people I come across who don’t understand it.

[@barose1]

I am the same. After 3:30 PM I am done but I get up at 4:30 AM to go to the gym and commute to work.

[@sparkleparticle]

Riled Ramit is exactly how I need to hear things sometimes, thank you!

[@garettkemp4927]

Bro, you are the man!! There is a lot of information out there that we, as a population, need to search for. It's nice to have some knowledge dropped on us.

[@jeanineweise]

Your view on taxes resonated most. I also agree with you about morning routines!

[@lovelyyoori4265]

Best video ever, Ramit is a sage. Ramit’s angry voice would be so motivating at the gym lol… Love the advice on generational wealth- knowledge is wealth.

[@zarifshoeb]

What I love about your videos is that you just spill straight up facts; no fluff, no bs. You don’t sugarcoat anything and say things as they are. Many people need to hear these strong words to actually get working. Thanks Remit !

[@JCizzleSoCal]

I agree with most things on your list but let’s be clear that INFLATION is real. My household spending habits have remained the same for the past several years however I have noticed that the cost of insurance, groceries, eating out, fuel, transportation, housing, utilities, etc. have all gone up significantly. I have receipts and bank statements to prove it!

[@motoryzen]

Yes inflation is real AK the declination of the value of the dollar. This has been a fax it's guaranteed within the first quarter of the year 1914 vastly thanks to an idiot named Woodrow Wilson who pissed away the power of our currency on officially December 23rd 1913 off the coast of Jekyll Island when he made a deal with a bunch of foreign bankers giving them the power to print and control our currency with what he dubbed as the Federal Reserve Act. And this has nothing to do with our own federal government and this this act this deal was never legally voted upon by Congress which is supposed to be the voice of the people Ron Paul spent many decades as a Texas Congressman trying to educate any and all political Powers coherent enough that would have the power to finally put a stop to this crap but not enough nor anyone would listen. John F Kennedy was the last Obama understanding by memory the only president who tried to do something about that with the executive order of 01111 or 11110.. Notice one thing that's a coincidence or it may not be in my opinion that he was assassinated not even 6 months later. What's one of the first two or three things that Lyndon B Johnson did when he took office, reverse that executive order This literally would have struck at the heart of the vast majority of all debts that our nation owes and I'm willing to bet today even if our nation was in debt it would nowhere nearly be big as it is had Ron Paul or JFK's Mission succeeded

[@beefrempong]

I’ve thoroughly enjoyed watching your Netflix segment, and since then I’ve been hooked to your content. I appreciate your brutal honesty. I can relate, coming from someone who is always told how brutally honest I am. I’ve learned so much from your content, and since then; I have started a plan for my rich life. Thank you for all that you do. Your wisdom is much appreciated!

[@Chris-hr2uj]

I have to agree with your point on the misuse of the term "investment". Its astonishing how many people use it when describing a consumption transaction. In accounting, i recall the specific definition is an "asset that appreciates in value". And i never thought about it, but you are right, people use it as a way to justify a large consumption expenditure. Even the use of the term "asset" is wrong sometimes, as an asset is something that provides future benefit.

[@chocolatemint9225]

Generational wealth used to mean community service as well. It meant you were supposed to use your money, influence, and connections to help the arts, those that are less fortunate or special causes. In 2024 wealth seems more about just hoarding it and flaunting it.

[@ramitsethi]

Yup. Disgusting

[@eddiemalvin]

Don't let a few greedy folks spoil the idea of "Generational Wealth". *True* proponents of generational wealth view themselves as the custodians of their families wealth rather than the sole owners of it. They seek to ensure a smooth and efficient transfer of that wealth to help improve the lives of their family, friends and/or community members. I think it's a beautiful way of approaching wealth vs. buying a bunch of stuff that ends up in a landfill.

[@dinyahome]

I clicked *LIKE* before the video ends because Ramit says it's ok to watch Netflix after waking up. 🎉

[@TheCoppergoat]

Ramit had to plug in Netflix cause he has a show in the network and its a great one !

[@tevii3514]

😂

[@pentoo988]

This was a good one Ramit. Covers both financial fundamentals and our human bias really well.

[@fargnbastage]

Well...inflation is up. I do keep track of my spending at the grocery store and make an amount where I really don't have to worry about what I'm buying. However, I grew up with immigrant parents who taught me the value of a dollar. Dog food is up $12 from 4 years ago. It spiked $10 in just a year since Covid and $2 over the past 12 months.

[@hikingpeaks4377]

Dogfood😂 wait for the vet bill and dogsitting expenses!

[@fargnbastage]

@@hikingpeaks4377 I've got family to watch my pets when I travel. Vet bills are only expensive the few and rare events they get sick. I only pay for rabies vaccine which is cheap. flea/tick meds haven't really gone up. Grooming prices are about the same. Dog food is something I buy on the regular so it's why I mentioned it. Just shows that inflation for services haven't really been impacted. Goods, however, have been impacted heavily.

[@stevemaurer2259]

“Spend guilt free on the things you love, and cut costs mercilessly on the things you don’t”

[@fargnbastage]

@@stevemaurer2259 100% I'm just pointing out inflation is real, much more than the normal 2% we've been use to.

[@fargnbastage]

@@hikingpeaks4377 I have family to watch my pets when I travel. Dog food is something I am buying constantly, not a here and there purchase. Vet bill and grooming have stayed pretty consistent over the past 5 years.

[@AdrienneMcheapo]

Thanks for the call-out on taxes. I blew off that barb, and paid off my mortgage. I feel free!

[@NancyRichmondTarot]

Great video! Most people don't want to hear that they don't have a clue about money and they sure don't want to be accountable or responsible. I'm a fan of keeping it real.

[@masterfiddler11]

Yes, inflation is not destroying our grocery bill!!! I tracked my groceries expenses 10 years ago and today - yes, they’ve gone up, but not at a doomsday rate. So glad Ramit mentioned this!

[@maiaheiss2991]

It’s a doomsday rate for people who have less money than YOU, which is a large part of the demographic. So it effects things economically on the broader scale which will effect you subsequently, it’s just not effecting you personally. Good for you.

[@krisg2355]

I agree that groceries haven’t skyrocketed. I spend about the same if not less than what I spent 4 years ago. Planning and limit junk food is key.

[@archeanchaos-s4c]

@@maiaheiss2991 No its because most of the people are not intentional with their spending and buy crap.

[@BTrain-is8ch]

​@@maiaheiss2991 "You don’t find out who’s been swimming naked until the tide goes out." A lot of people have been swimming naked and want to sell rest of us on the idea that their current predicament is through no fault of their own.

[@mmmd3429]

​@@archeanchaos-s4cPeople who make less money are failing to adjust their spending. You're dead on about them buying crap, you can see in real time at the store.

[@diedralorraine5665]

Lol!! I had a good giggle when you talked about the morning routine! I have one, I don’t know what category fits into but it works for me! The first 15 minutes of the morning I take my meds, take my blood pressure do a short meditation/affirmation. Then I pick up my tablet and I start walking. I walk for an hour while I organize in detail every step of the work I wanna get done that day. I get in the first practice hour of the day, (I’m a professional musician.), have coffee and breakfast while watching the news and your videos. 😉 Then a quick shower and I get to work! It takes about three hours, but I am self-employed and my time is my own. I love my life! And, this is what my best life looks like!

[@charletfoster8917]

Ramit, thank you for busting these crazy myths, thank you 🙏🏿

[@jennsurfbruja]

"the way you feel about money is highly uncorrelated" BANG ON. simple. great. practical. advice.

[@ryebread447]

Can u afford the 2k mattress? Do u have automated savings rate of at least 10%? A fully funded emergency fund 3-6 months if a stable job or 7-12 months for a less reliable job? Do u have discretionary funds saved to where u can pay for it twice? If yes, buy it. -IMHO

[@Adman-p4j]

Well said. I had a FEELING about making this comment but I knew Ramit wouldn't accept that. 😂

[@debraodom9153]

Does your back hurt? Does the store offer 0% interest? Can you make monthly $200 payments? Buy the king pillow top mattress and improve your health and happiness.

[@Five0Music]

Every financial channel needs a rude (I.e. honest) rant every other month or so. For one, it’s needed. For another, people forget a scolding faster than ice melts on asphalt in a Texas summer. I am definitely sharing and saving this one. Subscribed.

[@michaelburton]

I saved 15 % by switching to geico.. Now I can eat Avocado toast in luxury 😂😂😂😂😂

[@elmateo77]

Avocado toast is an investment in your taste buds...

[@tspencer661]

😆

[@ariella1357]

Nice marketing gimmick 🤓

[@plot229]

Rich bastard😂😂😂

[@dfaro8453]

Geico is an expensive insurance company. There’s no savings in south Florida.

[@i.m.7777]

Truth! Unfortunately I already found out the hard way... put in $118k into home renovations and when it came time to sell, appraisal came in very low. I will never renovate again unless it is for extremely good reasons other than to "improve" for improvement's sake.

[@archeanchaos-s4c]

I've sold multiple houses and primarily renovate myself, replacing flooring and painting. Get it inspected and fix anything that's reasonable before it goes on the market. The main thing people want is a move in ready home. I've never spent more then 10-15k before I sell. The only home I ever felt was a loss was my first one I bought in 2007 that just never got back to the price I paid and I finally gave up and sold it, was able to rent for about 14 years and the people that bought it took it "as is" and wanted to put renovate the whole thing because they bought it as an investment. I was like good luck and good riddance.

[@coreyburke3493]

It makes sense. People renovate often based on things they want or need. But the next person may not care or may want to put their own spin on the house so paying extra for things they plan on replacing isn't reasonable.

[@lightweightben]

We spent more than that renovating, but at least because we wanted the place to live in for us, not for profit. We had the place revalued and it came in at what we paid for the place, plus the cost of the renovations. Sounds like break even, but I did a lot of work myself and if I had paid myself for the time, I’d be at a loss.

[@coreyburke3493]

@@lightweightben I think we would all be better off if people had your attitude. We should buy homes because we want to live in them not because it's an investment.

[@sailorz3]

You renovated for the wrong reasons, I'm renovating my house right now. I plan on living on it in it for 30+ years and then willing it to my children. My renovation's going to make my life extremely comfortable in this home and into old age

[@smileyspoon1]

I totally agree with this. I actually have 2 sets of morning routines and I have built in morning routine for designated productive days and rest days. For productive, I wake up at 4am, immediately start studying or working depending on the need at my job. I keep going until about 630am and get ready for the day. This is super effective when you have a busy schedule and you get to study about an important topic or work on high priority work projects with tight deadlines. It's amazing to have about 8 hours of uninterrupted productive time per week. On rest days I sleep in or I wake up early and watch KZbin, Netflix or play games. I have 3 productive days and 4 rest days. I change them up as needed as based on my stress level. I have young kids so sometimes I get no sleep and need more rest days.

[@Bo-lu4po]

Interesting routine you got. I tried to study 5 days a week for two hours. Two days fun/relaxing. But I still felt burnt off with that system.

[@smileyspoon1]

@@Bo-lu4po yeah I tried that and it's hard to keep up the pace especially with kids. 3 days seems to be the max for the early morning study routine for me. I would play around with the number of productivity days until you find the one that doesn't burn you out if you did it for a month straight.

[@jodeanoconnor6906]

Ramit, can I just say that I loved this video?! Refreshing, honest and down to earth. The crutches, the excuses and the money myths people believe is hair pulling. If a situation is continually getting worse, then obviously something is wrong and needs to be changed (course correction). The importance of self educating, critical thinking and being open to try new things, can't be understated. Thank you for the laughs and breath of fresh air ❤

[@sunshinejuliannetv]

Great video! I may have missed this- when he talked about #6 and what you can afford, how do you calculate if you can truly afford it if not based on the monthly payments? Ramit mentioned "running the actual numbers". Thank you!

[@ericmedrano77]

NICE?!?!?! Who said anything about being nice? I don't want nice. I want someone to give it to me straight. If that hurts my little baby feelings, then I can cry about it later. Let's get down to brass tacks. I feel your advice is honest and truthful. That's all I need. Keep making great videos!!!

[@jrbrannan]

The answer to your affordability question to me is fairly easy. For the mattress and the truck I would say if the buyer has a fully funded emergency fund, no debt, saving 15% of their paychecks or more and can pay cash for the truck or mattress then they can afford it. For the house it is the same as above plus 20% down and no more than 35% of your take home for housing costs.

[@luisdiegocr]

a person in that position should safe that cash of that truck and invest it, grab more cash of the same amount and invest it, doing that some 3 ~ 4 times you will have investments that can pay the leasing of such truck. Affordability of very nice things have to come not from your income source, but from the investments returns of your income source. That is were you can really afford it

[@andresgarciacastro1783]

Matress and shoes, I don't save money. You will spend 99% of your life in either one of those.

[@StevenChristenson]

@@andresgarciacastro1783 The question wasn't "is it worth it" the question is: "How do you know you can afford it?" Lots of worthwhile and quality things are unaffordable absent the right plan (income, savings, and spending). I know someone who leased a $1k / mo vehicle while already in $60K of tax debt AND also unable to cover basic expenses. Also, to point out some errors: unless you sleep with your shoes on or are confined to bed all the time, 66% is the most time you will spend wearing shoes. About 40% of your life - assuming you get 9 hours of sleep a night - is what you'll spend in bed - unless your bed is also your couch, and easy chair. The number 99% is the kind of rationalization that gets people in financial trouble. The better plan is to buy a pair of shoes and a mattress you can pay for outright in cash now without going into debt or jeopardizing your financial future. When your situation improves you can buy a better mattress and more shoes.

[@Elemblue2]

It took forever but I am hyper intentional about my time. I really agreed with the philosopher who said free time is only free time if you have decided it is. Feels good to look back at your day and know you spent them well.

[@ElaineGoldhammer-r5p]

Ramit is the best. Im not concerned that the cantaloupe water people are going to revolt

[@aif1502]

I came across your book in 2019. follow all the steps. similar principles apply to canada. I read over the book while waiting for appointments and on weekend. without exaggeration, that gives me hope in managing my personal finance. before that I feel really small facing money issue. feel like I could never earn enough. dont know where money went. keep stuff in checking account because I dont know what to do with them. since then I read more and more personal finance books and Ramit’s book still remain the most practical, actionable, basic but not too entry levels finance book that could change someone’s future life. this getting rich slow and automated path is useful for average people.

[@cbcbcbable]

A little more than halfway through this video and I think it’s my favorite of yours yet!

[@meeganbarnes7240]

Randomly came across this channel. So honest! You tell it like it is. I like it

[@amandascharf3870]

Oh my, I love this so much!! I am constantly telling people that my grocery bill has gone up 11% over the last SIX years--and I went from having elementary school-aged children to two teenage boys in that time, so I KNOW that they eat more now than then. But people just tell me no, no, no, I MUST be wrong, I MUST not be buying the same stuff now as then. Which, true--I try to avoid the prepackaged food more now than then. But I know that my bananas and cilantro are virtually unchanged in price over the last 6 years. Because, yes--I track it.

[@shashankshekhar2611]

this is such a good video for most people who are not aware of how money really works in the system or against them in some cases. I still learn so much from videos and I have been working in finance for some time now. it is kind of a great time to learn /observe all of this for free on a platform like this

[@GroovyCycleworks]

Best life/financial advice this year, thanks for being honest and blunt… subbed!

[@Nb61777]

11:15 that’s a really good question. Don’t know what’s the best way to decide but I would start with: (1) do I have the cash, yes or no. (2) if yes, how much liquidity will I have left after purchase and am I okay with giving that money. (3) if no, how much leverage would I be taking on with financing and am I okay with the payments.

[@nathinger]

Hell yeah to the taxes comment!! Literally the reason WHY this is a great place to live and work.

[@tommymack3210]

Just don't get seriously ill..😅

[@shadowninja6689]

The worst part about the "the US has the highest taxes" lie is that taxes are at a historic low today. Given our deficit & national debt situation there's every reason to believe that taxes are going to have to go up eventually just to pay interest on our debt.

[@prettybrwneyez7757]

@@tommymack3210exactly

[@denisemcdougal6445]

I’m so happy I found you and your videos.

[@loganocchionero6621]

Shoutout to the dads that got us investing when we were teenagers. They don't get enough credit for this stuff

[@sailorz3]

Not sure how I've done so well in life, but maybe it was. I need to do the opposite of my dad. When I was a teenager he was gambling his paychecks at the casino.

[@hunchung2172]

I see lots of great wisdom to be gained from this video. The points I liked the most are the ones related to [1] not buying stuff you really can't afford (especially status symbols) and [2] focusing on building wealth in a diligent manner, the boring-but-correct way. Something I'd add is to question yourself for a clear and honest understanding of why you want to build wealth. This requires some introspection. And, once you have an answer to that question, never lose sight of your purpose. Personally, my desire for wealth is for the peace of mind that financial independence can offer to myself and my family so that I can be master of my own time and my of my own life.

[@aprilracine]

I work at Trader Joe’s and I’m tired of customers coming up to me telling me that the prices have gone up so much and it’s killing them. I always ask them do they keep a budget, and they always tell me no.😂

[@ramitsethi]

lmao

[@HerAeolianHarp]

I have a sound conscious spending pla n, AND TJ's prices in connection with shrinkflation are a real problem for me.

[@archeanchaos-s4c]

@@HerAeolianHarp Agreed, probably should'n't be shopping there if worried about money.

[@aprilracine]

@@archeanchaos-s4c Fortunately for me, I like beans and rice with lots of veggies and fruit. A lot of people at Trader Joe’s are buying trendy new items that just came out. Having been schooled by the Detroit Public School System and needing to self educate myself about saving and investing and living below my means, it can be hard to have any sympathy for others when I wouldn’t allow any for myself. I’m on track to be financially independent by the age of 49 and I’ve never made over $45,000 a year. However I refuse to go into anyone’s establishment and complain about the prices.

[@Yourmission9]

I hear the same thing all the time from people I speak to, they say “these prices are insane at the grocery store! How can we afford this?!” The hilarity (or rather stupidity of it all) is that these were the same people taking talking points from faux news when they tried to raise the federal minimum wage “If we raise the minimum wage then a gallon of milk will be 15.00!!” So now what we have is higher prices and the same federal minimum wage since 2009

[@Kat-cu9zp]

In my 20's I thought being good with money was denying myself the expensive thing at the grocery store that I longed to get or not trying the new streaming platform because I would get attached to it and want to keep spending money on it. In my 30's I finally realized that denying myself was not the answer. I also learned that most of the time it was better to try the thing I longed for once, and demystify whether I actually liked it or not, instead of denying myself. It is sad how many things I was using will power to deny myself that I did not even end up liking. One of the best advice that someone told me was you don't like it, don't eat it. This is true a lot in money too. You need to determine what you are spending your money on that you don't like or value and cut that.

[@hebelu959]

I love the consistency in Ramit’s message no matter the angle he is approaching it from ❤

[@audisiojunior21]

One of the best videos from the channel. You can actually right a full book on this video alone.

[@justkimintheworld6298]

I agree with people who say that a good bed is important. I slept on a bad mattress for a long time before I could finally afford to replace it with something really nice and it's night and day difference in my sleep quality. But, I did it by making it a priority and my budget to save the money to buy the mattress.

[@IQLion]

Exactly, if it's a part of your rich life, you will find a way to save for it, or at least get a low-risk loan to get it.

[@HerAeolianHarp]

I appreciate the 30k q's and the idea that generational wealth is more about teaching kids good money habits than handing them money. Thanks, Ramit. I enjoyed this video, which harkens back to some of the tough humor in your book--good advice and actually an enjoyable read.

[@ruffethereal1904]

Thank you for that bit about being happy to pay taxes. Folks out here believe that they personally paid for the roads, the public infrastructure, the reputation with the international market, and all the regulations that ensure their products are safe and labeled properly, they have a weekend and labor protections for their job, and that there's important, boring work being done in the background that we'll never see. As Oliver Holmes said, "I like to pay taxes. With them, I buy civilization."

[@TheThreatenedSwan]

That's his most asinine take. The government is extremely inefficient and haphazard with how it spends money because it has bad incentive structures. Rather than patting yourself on the back as if that's a good thing and we should actually spend more money for worse outcomes, we should try to align the incentive structures more toward better outcomes. You can look at almost anything, crime, health, education, where the amount spent could be slashed and we could have even better outcomes. Crime especially because it costs trillions. Those are probably gross underestimates due to downstream effects, and most crime is done by a relatively small number of people

[@ruffethereal1904]

@@TheThreatenedSwan I've seen changing incentive structures from the government to the private sector and it resulted in both the US healthcare and prison systems. I'd rather stick to government. What is your idea, anyway?

[@TheThreatenedSwan]

@@ruffethereal1904 Having the government do everything is not a panacea, and you do know the US has a bad underpolicing problem, right? And when policing is cut, it's the "oppressed" communities who are most affected. Locking away violent criminals=less victimization

[@ruffethereal1904]

@@TheThreatenedSwan You didn't answer my question. What is your grand idea of changing incentive structures that would work better than government? Where is your theory? Where is your experiments, if available? Because a good idea would generally have people trying to study how to do it better.

[@michaelavery3964]

[@annhope3210]

The $30,000 questions to ask is an awesome way to put things in perspective. Thanks for all you do!

[@chrism9037]

Someone’s corn flakes were soggy this morning. Ramit telling it like it is 😂

[@withthetrans]

it's the best 😂😂

[@KellysKoncept]

love it man!!!! so many people use excuses and shields and then hates others for making it!

[@fredfinger7092]

How do I decide if I can afford a $2,000 mattress? 1. No mattress is worth that. 2. I can't. That's how I decide if I can afford it. The truck? Same answers.

[@divineohnine]

I’m new to your channel but pleasantly surprised that none of these were mistakes I’ve been making. I am currently working two pretty high paying jobs (and trying not to burn out), saving aggressively, and my only real luxury is paying for my dog’s medical expenses. She has insurance, but dang vet care and medications are pricey. And I am honest with myself that it’s a choice I am making and worth it for me. I budget for it, and everything else. I have room for improvement in places, but I feel good!

[@marisa2072]

I’m an avid luxury handbag collector - it’s where I spend the most money. I just absolutely love them! I know they aren’t an investment to make money but I also feel like it’s not money wasted. I thoroughly enjoy them and sometimes sell pieces that I no longer like or use.. no I usually don’t get my full amount back from the sale but I also don’t lose the entire purchase price 💁🏼‍♀️

[@Sia388]

Damn man, that was awesome. Love your humor and vision upon the getting rich.

[@ExpansiveReviews]

The worst investment I made was buying an individual stock my uncle insisted would do well. It’s a lesson I learned the hard way 😅

[@jnachtig2]

that is a valuable lesson. I am the uncle that gave my niece and nephews $1k. They got to pick and individual stock with half and a SP500 fund with the other half. Just so they could see the difference. 10 years later it was a lesson they could not ignore.

[@TheCoppergoat]

Shoulda bought NVDA stock😂

[@excitedaboutlearning1639]

My aunt recommended I buy a pharma stock. I bought it. It wasn't the worst possible investment as I made about 4.5% a year for the seven and half years that I owned it. The price of the stock was down up to 25% at times. Without dividends it would've been way worse. I barely broke even stock price-wise. BUT when compared to an S&P 500 ETF or MSCI World ETF, my return was horrible as I would've more than doubled my money had I invested it in one of the said indices via an ETF. When I made the investment - which was my first one - I didn't know index funds existed. My aunt's piece of advice was to invest in stocks that pay a high dividend. I've since learned that what matters is not the dividend yield but the total return compared to risk (risk-adjusted risk + understanding the difference between compensated risk and uncompensated risk). The only other individual stock I invested in was Coca Cola. I invested in it before I knew about index funds, too. It has done decently. But it has still underperformed compared to an index. When I bought the stock, I decided I wouldn't sell it before I turned 50 years old. So, I'm keeping it. It's less than 5% of my portfolio. So, I'm just going to keep it. Rationally, it would make more sense to sell it, but I'm going to keep it anyway as reminder that individual stocks will most likely underperform indices as well as keeping my promise to myself.

[@cindythrall8122]

Thank you! Bravo!! My favorite: "feelings" have nothing to do with being able to AFFORD a purchase. AND I've just added you (already subscribed) to my MORNING ritual!!!!

[@janaynmelis5250]

Your brutally honest moments are my favorite. 😅❤

[@Kelle-Michelle]

Ramit...u are my favorite money guy right now. Definitely motivating me to take my good to better. Keep up the good work.

[@cherylvargas8861]

Brutally honest: Wake up 5 a.m.and watch KZbin!! I'll make my pre workout drink, yes it's Bucked Up. Maybe eat an apple or be later on in the morning. I'm living and working on my rich life!! Yes I been tracking all my finances. Learn to pay off debts and invest for the past three years and I'm Blessed Beyond Measure!!

[@stainsonmycouch3655]

Lit af gummy worm, tastes better 🐛

[@Run_Taff_Run]

It took me 20 years to learn what was shared in 21 minutes here. That was the gold standard in taking control of your finances and wealth management. 👏 👏 👏

[@rebeltheharem7028]

Inflation is killing me. I used to be able to buy 4~5 corn hobs for 1 dollar, now I'm lucky if I can get 2 for 1. And tomatoes, when was the last time you saw round tomatoes for less than 50 cents a pound? Oh and gas, man, I remember when it was less than 2 dollars when I was a kid. And don't get me started about burgers. I remember when A double stack at Wendy's was .99. Now? In the span of 1 decade, the price of everything increased by 100%, and fast food by 200%. That's crazy high. I recognize I'm an exception. I keep a mental track of prices on things I buy all the time. All of these things don't apply to me because I'm slightly crazy and manic. I even keep a tight double entry level accounting spreadsheet for my finances due to it, so I know exactly how much I have in all of my accounts, at any time. Now that I've typed this out loud, I think I should probably relax a bit on some of these things, since I'm not living in childhood poverty anymore.

[@StevenChristenson]

Those numbers are most relevant if your income / savings / investments haven't grown proportionally. Inflation has always existed. Rising fast food rates are linked to grocery costs, minimum wage hikes and in some cases corporate greed.

[@Jdm_fl5]

Just started watching this guy and im so impressed by his brutal honesty.

[@diptisingh6762]

Love it! No meditation, journal, or drink a boat load of water! 😂❤

[@omarlittle5802]

How have I just found you!!?!? I needed this REAL talk in my life! TY!!!!!!

[@problematicpolarbear6065]

THE PEN WAS INNOCENT 😢 !

[@chocolatedaisy]

The bit about generational wealth is so good, I never thought about that but passing financial knowledge and habits to your children is probably sooo much better than just passing on money that they could likely just blow because they _weren't_ taught how to manage it.