It’s amazing really. We have a financial crisis, caused by greedy, reckless financial institutions. Congress passes legislation requiring those institutions to be less greedy and reckless. The institutions then lobby to have those restrictions removed, usually in the name of “remaining competitive”. This leads to another financial crisis. It’s completely predictable, and we have been doing this dance since the Great Depression almost 100 years ago.
Agree; the rules should be applicable to all banks - big or small. First; very few meaningful laws are passed and then this cycle of doing-undoing seems to support deregulation risking the economy and the faith in banks.
I believe using an investing advisor isn’t a terrific idea. In the midst of the 2008 financial crisis, I was literally experiencing horrible dreams before I spoke with an advisor. In conclusion, I was able to increase my initial investment from $320k to almost $2.5 million in 2011 with the aid of my advisor, and I later bought my first investment property.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I only make about $50k/yr right now but I have my paycheck automated like this, 6% goes into my 401k (my company matches up to 6% so free money) and 5% goes directly into my emergency fund/savings which has a 4.7% apy. It’s not much but it’s a good start. I started this bc of you so thank you Ramit!
This is an amazing start! I am doing the same thing too 😊 still working on automated other things but happy I’m setting myself up for the future self (with savings and retirement)
Good start. Keep pushing. Try to increase by at least 1% per year until you get to double digits and eventually to the 401K max per.year. Also, try to start investing some in a brokerage account (maybe s&p 500) as well especially after interest rates drop.
Net worth snowballs after $1M! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this: if you want to grow big this year especially in your finances, be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldn't have to worry about savings as much as you do now. Thanks to my FA, my portfolio is doing really great and I'm proud of the decisions I made last year.
Very true. People often underestimate the role and importance of CFAs. Over 50 years of data reveal that those who work with CFAs typically earn way more than those who do it alone. I've been fortunate to work with one for 4 years, resulting in a $400k portfolio, largely from early investments in AI and other growth stocks
Becky Lou Gordon is who I work with. Have worked with her for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Becky sure knows her onions in this industry, from her intimidating profile which I went through, on her web home page. Hopeful that Kathleen will attend to my message.
I am 36 years old and retired with a net worth of 2.8 million. I saved aggressively from age of 16. I moved to Thailand, bought a beachside condo for 150k. This is my rich life, waking up to the view of the beach and have a coffee outside my balcony.
@@aaronalquiza9680yes it should. Cost of living cheap where he is and his money is continually making him money ( the interest). If he didn’t want to risk it ( for example if part is invested and half is in cash (1.4 million), then he can put that in a good money market (5%) and make 70,000 per year. They are too young to touch the investments. I can live off 70k easily. Good job sir. Enjoy your Rich life😊
Besides the financial aspect of your videos it's refreshing to hear a point of view that is not talking about rich as just a financial aspect but also as a mental thing. It's not about getting super rich, it's about finding a balance between saving/investing and spending to be able to live the life that makes you happy to be alive. Thank you 👍
Living my rich life now- -Financially free by age 34(quit the toxic boss and job) -Focusing on health and family- spent months with my aging parents nursing them back to health -Redeeming my childhood- learning new sports that we couldn’t afford growing up -Watching my kids grow and not missing any moments with them -Traveling the world -Creating solutions to problems I see daily -Helping my community for free
Hi Aparna. That sounds amazing and I guess you are living everyone’s dream life. I am very much motivated by you. However, would love it if you could shed some light on how you achieved financial freedom? Was it through starting your own business? And if yes, then which one? Or was it achieved through investment? If yes, then which ones? Would love to know your inspiring story :)
I like the hope you’re giving to people. Sometimes when I think of how simple I want my life to be then I hear people talking vision and other things. I sometimes feel as vision is small, I enjoy watching you this morning.
I’m 38 years, I work 6-7 months out of the year & make over $275k annually. Dividends stocks & real estate(mainly triplex or quadruplex) bought my time back. It started with, 15 years ago investing $200 weeks in index& dividends stocks then learned how to trade options. My core Dividends (Voo, Eem, O, Mo, Ko, Gil, Vz, Et, Pg, Pep, JnJ, Mmc) Growth( Nvda,Aapl, TSLA, Wm, Blk,)
For retirement planning I (amongst other things) started a journal where I write down thoughts of what I want to do with the rest of my life. Glad I did. Retirement is more than just the money.
I’m a Brit, left the U.K. During lockdown I inherited a lump sum and set about learning about investing. Three months later the penny had dropped. Sold up and put majority of my net worth into two index funds (aside from a 6-9 month emergency cash fund). Best decision. Now I just rent and let compound interest work its magic! People still think it’s all about owning a property in the U.K… I’m looked down on because I ‘only rent’. I prefer the flexibility and freedom I have to manoeuvre (if desired). I also don’t see the point of owing a property if you have no children to pass this on to.
Financially free to me means I can pay for all of my expenses for the rest of my life without ever having to return to a job. I can withdraw 4% of my nest egg annually and never feel strapped for cash or run out of money during the year.
We need $1.75mil invested and to pay off the house to be financially free. This would maintain exactly the same lifestyle we have now while only withdrawing 4%. Also I think Ramit is confused about how much people want to work… I don’t want to start a business! I already have the flexibility to be with my kids. I want no job at all! Backyard farming, daily workouts, knitting like it’s my job, coffee and social outings, weekly restaurant meals, plenty of time to cook from scratch, and 2ish annual vacations… that’s my rich life!
@@sandravalle4111 I am being realistic! Neither of us make six figures, but with a combined household six figure income and investing via work matches (401k of 10%) plus 20% of take-home, we will have $1.75mil invested by 49 years old, having only started investing at 30 years old. Neither of us will ever make 6 figures, neither of us will ever inherit money, but by living on 80% of our take-home and investing the rest, we can retire early as net worth millionaires. Cutting lifestyle by 20% isn’t unrealistic unless you believe no one on planet earth survives on 20% less than you…
@@sandravalle4111 30 years or so of steady investing can get you that amount for retirement.Plus a home,in retirement look at downsizing the home to free up more money ,to live on or add to investments to create more living money.
I've been looking into cryptocurrency investments, but I'm still unsure about the best and safest way to go about it. Any advice or insights you could share?
Maren heule howard is a highly sought out advisor who I found on a CNBC interview where she was featured, she understands the job perfectly. I recommend her
Financially free means working because I want to. Right now my job is not toxic and my career is fulfilling and my net worth is almost usd1 million. As a single African woman I have surprisingly done well.
I really appreciate you sharing these valuable info which I had no clue about. I realize how important the mental health is since when I earn much less but in a less stressful job, I actually saved up 70% more than high-paying job with lots of stress
I am FURIOUS that I went into my bank in my 20's and got set up with a "financial advisor" who basically JUST set up my auto contributions and parked them in Bank product mutual funds that were absolutely SHITE. They should not be allowed to call themselves financial advisors. I'm furious with myself for not seeking out the correct information on how to invest in index funds and about compounding etc.
Really great video. I like the "don't wait until 55" stuff a lot. One thing I'd add about an emergency fund (ok, you can call this bucket something else, but cash savings) is being able to relocate and take a better job in a new city. Lots of times even if you get a relocation package, you don't see the money until your first paycheck, which could be 3-4 weeks into the job. Even if you float stuff on credit cards for a month, wondering if you can afford to make a move like that shouldn't even come into play for a much better opportunity.
My rich life… I want to work but only 3-4 days a week and with a morning shift schedule, a 9-5 or 10-5 I want to go to the gym 4x a week, cook most of my foods at home, learn to bake and cook my foods from scratch, have a small garden and be able to afford having a comfortable but small house, getting my nails, hair, toes done and going to the dermatologist and dentist 1x year, traveling 1x year and that’s pretty much it. If I make 80k I’ll be happy I think.
A lot of that has to do with luck. I got lucky so now I am working part time with 2 different employers who never interfere in my work, give decent pay and complete freedom.
Honestly thank you for these videos!!! They have helped me so much to learn about personal finances and long term goals in a stress-free way Growing up this wasn’t talked about as much, so it’s nice to have online resources to learn a bit more :)
Idk i lost a bunch of toxic ppl who i thought were friends once i started to grow. im in the same socially slow spot right now, but im seeing this as a blessing during this high inflation, and use this time to save instead of spending aimlessly and wasting my time with aimless people who are a time/spirit/money drain. Now im using my free time to invest in my education and future and growing myself so i can meet people more in line with my goals and vision. With moderation its worth it…but i dont think its a stage you want to live in for more than a couple years
You spoil us Ramit! I've digested a plethora of personal finance oriented channels here on UA-cam over the years and the only two that I can still stomach are you and Erin. You give the very best and spot on advice and ask thought provoking and unbiased questions that help listeners like myself become better. More importantly, thank you for recommending Abby Joseph Cohen Services my investment portfolio with her has been quite sustaining
Abby Joseph Cohen Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
I know this FA, Abby Joseph Cohen Services but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
Great share! Out of curiosity, I searched Abby Joseph Cohen Services online, found her consulting page ranked at the top, and scheduled a call session. I've read many reviews about advisors, but none seem as impressive as hers.
I only make ~$25k a year, but if I were financially free like I'm trying to be, I'd NEVER go back to my toxic, shithole job that literally makes me want to die (I only stay because my abusive parents force me) and would NEVER work again. I'd probs move out of my parents' house to my own apartment (economy/housing in my HCOL area keeps me here), spend almost all my time on my hobbies and volunteering (espec at my beloved library), read all the fanfics I want, watch all the cartoons/anime I want, play all the video games I want, visit Japan probs a few times a year, and just be able to live my life (which I've never been able to do before)! It'd be AMAZING! I'm reading your book and watching a ton of your videos, Ramit! I hope it can help me figure things out! Thanks so much for all you do!
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
Ms sule understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch
Wealth is built in both bull or bear market and also wealth transfers from the impatient to the patient. One of the best ways to succeed in crypto is by trading your assets with a good strategy.. .
I'm retired at 47, went from Grass to Grace. This here reminds me of my transformation from a nobody to good home, honest wife, $35k biweekly and a good daughter full of ❤ I’m forever grateful mrs michelle sule
I’m guilty of this too…lol Though most of my texts are appointment reminders, multifactor authentication for my work computer, as well as some texts with friends.
@@perotal Other options that are available to me are highly ableist to people with disabilities. SMS is the only thing that works for me as someone who has cognitive and sensory processing issues.
There was no "Brutal Financial Advice" in this video. In fact it all ranged from the common sense to the enlightening and even inspiring. You can't make excuses and expect your life to change. If you can only afford to save or invest $20 a week then that is what you should be saving or investing. You don't lose by taking the first steps and continuing to move forward.
I think the best portfolio allocation for the 95% of the people is the one that Warren Buffet recommends: *90% in the S&P 500 (well diversified) *10% in treasury bonds (short term investment o cash on hand) The target date funds is for the people that are in their 60s for ULTRA conservative investments. Btw Ramit, I like your content and recommendations, I always encourage the people that I know to watch it.
Hey Ramit, it would be interesting to see you do a video with another financial youtuber to discuss and compare your methods. Someone like the Money Guys or a Ramsey personality would be an interesting clash of opinions, or someone like Caleb Hammer where you could compare a compassionate approach with a more in your face "scared straight" method. It seems like your method may have better results than Hammer's, but hard to tell with the limited follow-ups.
Hi, watching from Canada! Just wanted to mention that target date fund fees here tend to be higher-around 0.35 to 0.40-compared to the U.S., where they seem to be as low as 0.08%. Still found the info really helpful, though! 18:41
I remember getting Ramit’s book thinking how cheesy the title was. Welp, that cheesy ass book made me automate my finances and made me open my first ROTH and brokerage.
I gave his book to both of my kids when they graduated this year. Son with a masters degree in Architecture and daughter with a BA in education. My son said it was a great gift and he is really flourishing in his field, debt free and investing his money. My daughter is back in school to get her MA in education and hasn’t even opened it. I pray she will one day
My Rich Life: - Working being an option, and not a requirement to satisfy my current lifestyle - Being able to travel whenever I want (preferably in semi-luxury, but cheap is also fine) - Being able to afford a home with a big back yard that I can make into my own garden. - Travel with the family - Afford dog school
My definition of "financially free" is quite simple: that I have enough money so I never have to work another day for the rest of my life. Then I can choose to do whatever I want with my time.
@@RonniiV Good question, and thank you for it, but if I don't "work" at something I dislike, then money will run out, I'll end up deep in debt, and I will have to get another job out of desperation and feel I am even further behind. Do you have a better alternative?
@@johnnyc4357 You work hard for a few years and get to a point where you can have your fixed costs at 50-60% your income, your investments at 5-10%, Savings at 5-10%, and Guilt Free Fun Money at 20-30%. At thet point you don't need to wait till you're old to find out what to do with your time-- 20-30% of your income is for that fun. You also simutaneously get to retire in 30-40 years and have more free time then too, without losing your youth.
@@johnnyc4357the alternative is Ramit wants people to start thinking NOW about what they will be retiring to, and then find small ways to incorporate some of those aspects sooner rather than later. E.g., do you want to retire early to homestead? Then grow a small garden in a raised planter on your apartment patio now. Do you want to buy your dream muscle car and restore it? Take an auto shop class. If you don’t know what you want to do, then figure out what interests you and try turning that into a hobby. After talking to Ramit, Brandon from the Mad FIentist started roasting his own coffee beans because he was really enjoying drinking coffee from small roasters.
My target date fund in my 401k returned an average of 5%. I think its best year was 8%. I sorted my avaliable funds for largest % over longest amount of time and got 23% on year and 20% the next. My 401k doubled in 2 years, including my contribution of 15%.
I started and maxed out my IRA for the first time this year as I came into an unexpected windfall after reading your book. I am 35. I have been working for my State and have a mandatory 8 percent for my pension for the past 6 years. You never talk about pensions or I haven’t seen it. If you see this let me know what you think. 😊
You’ll be glad you have that pension later in life too. A lot of companies are not offering that anymore. Keep investing outside of that pension too and be debt free. Best decisions I ever made
As an "individual investor" that's extremely profitable (10x last 4 years) I can say the way I do it is investing in high beta technologies I understand (I work in tech), understanding market mechanics (like options, I personally like covered calls and short straddles) and finding a way to keep peace of mind (the way I do it is sending half my profits to fixed income).
5:30 Ramit pls look into other mice, personally I love Logitech's vertical mouse but that's just me. Apple's mouse is so bad, especially for larger hands 😭😭. Most mice are just too small regardless of shape. Yes, my rich life includes finding a great mouse and it actually is such a relief to have a good one
Yes, only 34 wife is 32 been dividend investing since 2010.. Now we're home i trade CC and cash secured puts and rack in dividends on top of the premiums
my rich life is going on trips when i want, having a lover who loves me(nailed already), and not worrying about the taxes and insurances that come up every year.
One of my goals in life is to learn how to invest. So much so that one day I can pass that knowledge onto my sister's kids, and young brothers. I want that for the betterment of their future🙏
Rule number one when ramit post videos like this. He generally says the same things over and over. Just by the book... That also says the same things in more detail
Financial independence for me is having enough money each year to cover Needs. Hence enough money to cover the minimum. Covering Wants is the next level.
I think a lot of people would benefit from a video about how to navigate the challenging, or even just changing periods in life and still staying on track. Maybe a better phrase would be "big win choices throughout life." When you decide about your own education, take a new job (or not), decide where to live, get married or not, have kids or not, decide how to educate your kids, get divorced or not, manage a health crisis or two...In my life, it's the times when I went into "emergency mode" and said "the heck with it, I'm just trying to stay alive and well over here" that I got off track. Then the emotional decision making takes over.
@@bbb_888 I think I did a bad job describing what I meant. I was thinking of encountering a situation where people often use emotions instead of numbers to decide, and then modeling what it would look like to make a decision based on the numbers. And then repeat that over and over again for decades.
@@rjones3955 For big life decisions like marriage, divorce, kids, house, etc. I think you would financially plan these ahead of time with your partner. Your plan to financial freedom is never written in stone, and it needs to be flexible for the ever changing economy and markets and your life situation. That's why it's important to talk to your financial advisor regularly. I used to feel the same way until I realized the market doesn't care about how I feel. If my emotions don't control the market, why should I let the market control my emotions? When making investment decisions, I have learned to remove my emotion from the equation.
@@rjones3955 For big life decisions like marriage, divorce, kids, house, etc. I think you would financially plan these things ahead of time with your partner. Also your plan to financial freedom is never written in stone. It needs to be flexible for the ever changing economy and market and your life situation. That's why it's important to talk to your financial advisor regularly. I used to feel the same way until I realized the market doesn't care about how I feel. My emotions don't control the market, so why should I let the market control my emotions? When making investment decisions, I have learned to remove my emotion from the equation. (Did my reply not go thru earlier?)
How is 26% interest rate even legal in the developed world at current interest rates from the central banks? I am pretty sure it isn't in the most contries but the US just loves their FREEDOM!
Ramit!!!! Your shady comment made me instantly check my text and phone call log 👀. Several calls and text this week so it looks like I still have some friends at my big age 😂
The concept of pay yourself first definitely works. Heck, that is why IRS made it law that you pay them first - even before you can pay yourself. They take their payment out of your pay check before even giving your pay check money to you!! If IRS said to W2 earners you can pay us last or anytime during the month, I wonder how much would they collect 🙂
Love your channel, and your books! You always hit the essence of whats important och how to get there. But here is another question for you: where to buy that shirt you wear in this video? Its awesome!
Hi Ramit. I don't like target date funds, but perhaps that is old knowledge passed down from my father and thanks to you I have started to broaden my horizon. I live in Sweden and have not access to target funds at expense ratio around 0,1%. Here it is 0,35%. I don't know which indexfunds is picked, but my best guess is they will pick among the ones costing 0-0,4%, but there are also indexfunds costing 0,7%. Do you think this is a good deal? I'm 38 years old. In Sweden we also have a good pension system, so I can afford a bigger risk. Big thank you for your show.
I don't automate my savings. I think the better goal is to work toward financial and self-discipline, rather than basically tricking yourself into saving money. If you have a compulsion to spend EVERYTHING, you have a deeper weakness that should be addressed. Long term, this seems more beneficial
That's fine and dandy if you're neurotypical, but one size doesn't fit all. For those of us who are neurodivergent, especially with ADHD, impulse control, even with medication is a daily challenge. This is why I don't even bother with the bank transfers like Ramit recommends; I set up multiple direct deposits, so that the money doesn't even hit my cash management account (the account I use to pay bills). That way, I know what the maximum is that I can spend and I still am able to save and invest money. Not everyone has a brain like yours. It's important to have a much more flexible mindset to make room for ALL of us. Once you start doing that, you will be able to live a richer life as well, because you will be more open to so many different kinds of people.
@@Trix897I use my ADHD to calculate the most-value-for-money item to buy and research the heck out of something until I almost don’t want it anymore. Delayed gratification take practice.
David's Baby step zero: make a mini emergency fund of $1,000 for emergency expences because if you don't the $500+ you need to put tires on your car, you are risking a car accident on bald car tires, and you are just going to go further into debit at a 29% interest rate. Tip of the day: Credit Unions have an 18% maximum rate on credt cards like the video I say on NFCU today, for example.
I’m very anti target date fund, especially for younger folks, they start out way too conservatively and are just a 3 fund portfolio with a higher expense ratio than a DIY
I'm not against them but I thought investing in a low cost global 100% stocks tracker was a sensible approach. As it's spread globally, any fluctuations shouldn't be too severe...I think! Not sure if I should look at adding a bond fund now.
@@kk813personally i mostly only invest in domestic indices as i’ve seen a lot more promising returns with them and it aligns well with my intended risk tolerance but if you feel comfortable with global equities then go for it, thats not the part of target date funds that i am against. I am against starting the fund with 10% bond allocation at inception that increases about 0.5% YoY
Enjoying the videos you have put up although my situation is different due to being in Malaysia (Taxation system, exchange rate, cost of living differences) However the main concepts are truly sound. I would like to suggest to perhaps look into the financial management mindset of the recently retired. If this not so suitable perhaps you could recommend other resources. Thank you very much.
I currently have my RRSP & TFSA maxed out and I have a non-registered account with Wealth simple. I have a $17,000 investment portfolio and my plan is to grow it to a million dollar in the next 15-20 years. Do you think it makes sense for me to invest in a non-registered account long term? I opened my RRSP & TFSA 4 years back and I have invested in various mutual funds. Any thoughts? Thaanks Remi for this amazing video
Target date funds are horrible-they put you in bonds lower % earned as you get nearer to retirement-see Ramsey-he is like why would you want 2% instead of 10% plus-if you want low%-roll over to retirement CD fund-if you play stockmarket play it-not in bonds unless you want low returns-this way CD is safe-and then you earn big bucks in stock market with stocks-not bonds-but you have some in safe CD-there is your diversity
I really don't understand the paying off debt before at least building a small emergency fund (like 1 months worth of living expenses). Every time I get at least $1.5-$3k worth of savings I have to get my car fixed which most recently cost me about $2.2k. If I didn't have the emergency fund, I would have just needed to swipe credit cards in order to pay for the repair and rental car.
Hey Ramit, I love your videos, would you consider making a video for Canadians hoping to live their rich life with special tips for us north of the border? Appreciate you
Question: doesn't you "rich life" change as you grow up? I know my rich life changed from when I was 21 and thinking about trvaling the world, getting with girls etc. Now at 34... my rich life has completely changed... how often should we be doing this exercise?
Ramit, I enjoy your videos and appreciate all of the financial education you provide to us for free. What I’m not enjoying is derogatory remarks that your viewers are stupid and ignorant about finances. Many of us are fairly astute about finances. We all came here to learn more. Some of your viewers are desperate because they’ve ignored their finances. I would venture to say that none of us comes here to be reprimanded like a child. I often chuckle at your sharp humor. That said, it feels as if it’s bleeding over into disgust which tends to then bring up shame not motivation. This of course is just my opinion and I’m sure many will disagree. I will continue to watch, but I have noticed that I’ve hesitated recommending your channel to others lately.❤ .
I’d take him any day over Dave Ramsey though. He has just gotten worse over the years ( too political and should just focus on finances ). I do enjoy his daughter Rachel. Ramit is like giving people a swift kick in the butt to get up and do something about your situation . If he’s too much then just recommend his book to others.
High yield accounts for parking money. Stocks, selecting quality undervalued stocks with growth potential will have your money flowing like water. ETF's are ok, but too safe for my liking. Btw, I'm talking about buying and holding these stocks for many years, taking profits years down the road, certainly not trading and chasing money. I have a strong abhorrence for scalping and trading stocks because that is impulsive emotionally driven behaviour.
It’s amazing really. We have a financial crisis, caused by greedy, reckless financial institutions. Congress passes legislation requiring those institutions to be less greedy and reckless. The institutions then lobby to have those restrictions removed, usually in the name of “remaining competitive”. This leads to another financial crisis. It’s completely predictable, and we have been doing this dance since the Great Depression almost 100 years ago.
Agree; the rules should be applicable to all banks - big or small. First; very few meaningful laws are passed and then this cycle of doing-undoing seems to support deregulation risking the economy and the faith in banks.
I believe using an investing advisor isn’t a terrific idea. In the midst of the 2008 financial crisis, I was literally experiencing horrible dreams before I spoke with an advisor. In conclusion, I was able to increase my initial investment from $320k to almost $2.5 million in 2011 with the aid of my advisor, and I later bought my first investment property.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
I only make about $50k/yr right now but I have my paycheck automated like this, 6% goes into my 401k (my company matches up to 6% so free money) and 5% goes directly into my emergency fund/savings which has a 4.7% apy. It’s not much but it’s a good start. I started this bc of you so thank you Ramit!
Bro thats a great start keep it up especially on that salary
This is an amazing start! I am doing the same thing too 😊 still working on automated other things but happy I’m setting myself up for the future self (with savings and retirement)
Good start. Keep pushing. Try to increase by at least 1% per year until you get to double digits and eventually to the 401K max per.year. Also, try to start investing some in a brokerage account (maybe s&p 500) as well especially after interest rates drop.
6% match is gold 🎉
Steven Curry... 😢
Net worth snowballs after $1M! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this: if you want to grow big this year especially in your finances, be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldn't have to worry about savings as much as you do now. Thanks to my FA, my portfolio is doing really great and I'm proud of the decisions I made last year.
Very true. People often underestimate the role and importance of CFAs. Over 50 years of data reveal that those who work with CFAs typically earn way more than those who do it alone. I've been fortunate to work with one for 4 years, resulting in a $400k portfolio, largely from early investments in AI and other growth stocks
This is very insightful. Hope you don't mind me asking you to recommend your cfa
Becky Lou Gordon is who I work with. Have worked with her for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Becky sure knows her onions in this industry, from her intimidating profile which I went through, on her web home page. Hopeful that Kathleen will attend to my message.
I am 36 years old and retired with a net worth of 2.8 million. I saved aggressively from age of 16. I moved to Thailand, bought a beachside condo for 150k. This is my rich life, waking up to the view of the beach and have a coffee outside my balcony.
do your investments cover you for 50 more years?
Would you entertain the idea of becoming someone's mentor?
You must have been making over 250k for over a decade to hit those numbers! Great job
@@aaronalquiza9680 yes, my monthly spend is 1k which is food, medical insurance, transportation, and utilities.
@@aaronalquiza9680yes it should. Cost of living cheap where he is and his money is continually making him money ( the interest). If he didn’t want to risk it ( for example if part is invested and half is in cash (1.4 million), then he can put that in a good money market (5%) and make 70,000 per year. They are too young to touch the investments. I can live off 70k easily. Good job sir. Enjoy your Rich life😊
Besides the financial aspect of your videos it's refreshing to hear a point of view that is not talking about rich as just a financial aspect but also as a mental thing. It's not about getting super rich, it's about finding a balance between saving/investing and spending to be able to live the life that makes you happy to be alive. Thank you 👍
Living my rich life now-
-Financially free by age 34(quit the toxic boss and job)
-Focusing on health and family- spent months with my aging parents nursing them back to health
-Redeeming my childhood- learning new sports that we couldn’t afford growing up
-Watching my kids grow and not missing any moments with them
-Traveling the world
-Creating solutions to problems I see daily
-Helping my community for free
Sounds like you started your own business when you quit your old one. What did you decide to do?
Hi Aparna. That sounds amazing and I guess you are living everyone’s dream life. I am very much motivated by you. However, would love it if you could shed some light on how you achieved financial freedom? Was it through starting your own business? And if yes, then which one? Or was it achieved through investment? If yes, then which ones? Would love to know your inspiring story :)
I like the hope you’re giving to people. Sometimes when I think of how simple I want my life to be then I hear people talking vision and other things. I sometimes feel as vision is small, I enjoy watching you this morning.
I’m 38 years, I work 6-7 months out of the year & make over $275k annually. Dividends stocks & real estate(mainly triplex or quadruplex) bought my time back.
It started with, 15 years ago investing $200 weeks in index& dividends stocks then learned how to trade options. My core Dividends (Voo, Eem, O, Mo, Ko, Gil, Vz, Et, Pg, Pep, JnJ, Mmc) Growth( Nvda,Aapl, TSLA, Wm, Blk,)
Thank you for sharing those!
For retirement planning I (amongst other things) started a journal where I write down thoughts of what I want to do with the rest of my life. Glad I did. Retirement is more than just the money.
That sounds like a great idea
Most videos who have this kind of title do not have advice that is this high quality.
*that
I’m a Brit, left the U.K.
During lockdown I inherited a lump sum and set about learning about investing.
Three months later the penny had dropped. Sold up and put majority of my net worth into two index funds (aside from a 6-9 month emergency cash fund).
Best decision.
Now I just rent and let compound interest work its magic!
People still think it’s all about owning a property in the U.K… I’m looked down on because I ‘only rent’.
I prefer the flexibility and freedom I have to manoeuvre (if desired).
I also don’t see the point of owing a property if you have no children to pass this on to.
I own a house, and I look at renting as more fun lol. You get much more mobility. You can have a change of scenery every year if you want.
@@jrg_lmnopas a house owner, you can move as much as u want. Just rent your place out and your tenants pay for your mortgage.
@@smendes2004 I agree with your solution but the “just” part, I don’t know lol. Being a landlord in California is an absolute nightmare.
Financially free to me means I can pay for all of my expenses for the rest of my life without ever having to return to a job. I can withdraw 4% of my nest egg annually and never feel strapped for cash or run out of money during the year.
Bruh, you missed the point of his video
Yes, in our present society the only thing that can take care of you is money. No one wants a freeloader. Money is King
I love when Ramit switches voices. It sounds exactly like the voice in my head now. 😂
We need $1.75mil invested and to pay off the house to be financially free. This would maintain exactly the same lifestyle we have now while only withdrawing 4%. Also I think Ramit is confused about how much people want to work… I don’t want to start a business! I already have the flexibility to be with my kids. I want no job at all! Backyard farming, daily workouts, knitting like it’s my job, coffee and social outings, weekly restaurant meals, plenty of time to cook from scratch, and 2ish annual vacations… that’s my rich life!
Be realistic please!🙄
@@sandravalle4111 I am being realistic! Neither of us make six figures, but with a combined household six figure income and investing via work matches (401k of 10%) plus 20% of take-home, we will have $1.75mil invested by 49 years old, having only started investing at 30 years old. Neither of us will ever make 6 figures, neither of us will ever inherit money, but by living on 80% of our take-home and investing the rest, we can retire early as net worth millionaires. Cutting lifestyle by 20% isn’t unrealistic unless you believe no one on planet earth survives on 20% less than you…
@@sandravalle4111 30 years or so of steady investing can get you that amount for retirement.Plus a home,in retirement look at downsizing the home to free up more money ,to live on or add to investments to create more living money.
@@sandravalle4111This is totally realistic, actually.
I've been looking into cryptocurrency investments, but I'm still unsure about the best and safest way to go about it. Any advice or insights you could share?
I do see it that forex and crypto trading is one of the profitable money exchange services that elevates investors and their financial status.
Talking to an expert like Maren heule howard to reshape your portfolio is a very smart move.
Who's she
Maren heule howard is a highly sought out advisor who I found on a CNBC interview where she was featured, she understands the job perfectly. I recommend her
Maren is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.
Financially free means working because I want to. Right now my job is not toxic and my career is fulfilling and my net worth is almost usd1 million. As a single African woman I have surprisingly done well.
I really appreciate you sharing these valuable info which I had no clue about. I realize how important the mental health is since when I earn much less but in a less stressful job, I actually saved up 70% more than high-paying job with lots of stress
I am FURIOUS that I went into my bank in my 20's and got set up with a "financial advisor" who basically JUST set up my auto contributions and parked them in Bank product mutual funds that were absolutely SHITE. They should not be allowed to call themselves financial advisors.
I'm furious with myself for not seeking out the correct information on how to invest in index funds and about compounding etc.
Having strong self accountability like your last line will ensure you are successful
Really great video. I like the "don't wait until 55" stuff a lot.
One thing I'd add about an emergency fund (ok, you can call this bucket something else, but cash savings) is being able to relocate and take a better job in a new city. Lots of times even if you get a relocation package, you don't see the money until your first paycheck, which could be 3-4 weeks into the job. Even if you float stuff on credit cards for a month, wondering if you can afford to make a move like that shouldn't even come into play for a much better opportunity.
My rich life…
I want to work but only 3-4 days a week and with a morning shift schedule, a 9-5 or 10-5 I want to go to the gym 4x a week, cook most of my foods at home, learn to bake and cook my foods from scratch, have a small garden and be able to afford having a comfortable but small house, getting my nails, hair, toes done and going to the dermatologist and dentist 1x year, traveling 1x year and that’s pretty much it. If I make 80k I’ll be happy I think.
A lot of that has to do with luck. I got lucky so now I am working part time with 2 different employers who never interfere in my work, give decent pay and complete freedom.
@@hatebreeder999 that sounds amazing! 🫶
😂😂 oh wow you really like to dream. Anything else you might want to add 😂😂😂🤣🤣🤣
I find Ramit really inspiring and gives folks hope. Thanks Ramit and Team for your UA-cam insights.
Honestly thank you for these videos!!! They have helped me so much to learn about personal finances and long term goals in a stress-free way
Growing up this wasn’t talked about as much, so it’s nice to have online resources to learn a bit more :)
I LOVE your advice!! It’s because of you that I was able to negotiate a 20% raise! Thank you sooo much!!! Working on not being a 53 year old freak! 😂
“That’s why you are sitting alone and your text messages are blank”
Ramit really felt like personally attacking me today
Yeah I felt that too 😢
Well, get busy and do something about it!!!!! Now is the time to make some changes for the better. You got this👍
Idk i lost a bunch of toxic ppl who i thought were friends once i started to grow.
im in the same socially slow spot right now, but im seeing this as a blessing during this high inflation, and use this time to save instead of spending aimlessly and wasting my time with aimless people who are a time/spirit/money drain.
Now im using my free time to invest in my education and future and growing myself so i can meet people more in line with my goals and vision.
With moderation its worth it…but i dont think its a stage you want to live in for more than a couple years
Same 😂 those login codes count for smth though, right 😅
"Cell C13 is not going to keep you warm" is such a fire line tbh 😩
@@RubieKanary Ramit the coldest finance UA-camr fr
Of course cell C13 won’t
That’s what cell E32 is for
C4 sure will! 😁
@@pirateslife4meprofile pic checks out
no, but it'll give peace of mind. and that's more important than keeping warm
You spoil us Ramit! I've digested a plethora of personal finance oriented channels here on UA-cam over the years and the only two that I can still stomach are you and Erin. You give the very best and spot on advice and ask thought provoking and unbiased questions that help listeners like myself become better. More importantly, thank you for recommending Abby Joseph Cohen Services my investment portfolio with her has been quite sustaining
Abby Joseph Cohen Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
The very first time we tried, we invested $7000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
I know this FA, Abby Joseph Cohen Services but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
@RAKelBerquist Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find her details to set up an appointment.
Great share! Out of curiosity, I searched Abby Joseph Cohen Services online, found her consulting page ranked at the top, and scheduled a call session. I've read many reviews about advisors, but none seem as impressive as hers.
I only make ~$25k a year, but if I were financially free like I'm trying to be, I'd NEVER go back to my toxic, shithole job that literally makes me want to die (I only stay because my abusive parents force me) and would NEVER work again. I'd probs move out of my parents' house to my own apartment (economy/housing in my HCOL area keeps me here), spend almost all my time on my hobbies and volunteering (espec at my beloved library), read all the fanfics I want, watch all the cartoons/anime I want, play all the video games I want, visit Japan probs a few times a year, and just be able to live my life (which I've never been able to do before)! It'd be AMAZING! I'm reading your book and watching a ton of your videos, Ramit! I hope it can help me figure things out! Thanks so much for all you do!
Waking up every 14th of each month to $210,000 it’s a blessing to I and my family… Big gratitude
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
Assets that can make you rich
*FX
*Btcoin
*Stocks...
Ms sule understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch
Wealth is built in both bull or bear market and also wealth transfers from the impatient to the patient. One of the best ways to succeed in crypto is by trading your assets with a good strategy..
.
I'm retired at 47, went from Grass to Grace. This here reminds me of my transformation from a nobody to good home, honest wife, $35k biweekly and a good daughter full of ❤ I’m forever grateful mrs michelle sule
Ramit correctly guessed my only texts are financial app login codes 😂
I’m guilty of this too…lol
Though most of my texts are appointment reminders, multifactor authentication for my work computer, as well as some texts with friends.
Oh shit, he knows! 😂 Ramit, stop peeking!
I feel called out
You shouldn't use SMS for two-factor authentication
@@perotal Other options that are available to me are highly ableist to people with disabilities.
SMS is the only thing that works for me as someone who has cognitive and sensory processing issues.
There was no "Brutal Financial Advice" in this video. In fact it all ranged from the common sense to the enlightening and even inspiring. You can't make excuses and expect your life to change. If you can only afford to save or invest $20 a week then that is what you should be saving or investing. You don't lose by taking the first steps and continuing to move forward.
I think the best portfolio allocation for the 95% of the people is the one that Warren Buffet recommends:
*90% in the S&P 500 (well diversified)
*10% in treasury bonds (short term investment o cash on hand)
The target date funds is for the people that are in their 60s for ULTRA conservative investments.
Btw Ramit, I like your content and recommendations, I always encourage the people that I know to watch it.
Hey Ramit, it would be interesting to see you do a video with another financial youtuber to discuss and compare your methods. Someone like the Money Guys or a Ramsey personality would be an interesting clash of opinions, or someone like Caleb Hammer where you could compare a compassionate approach with a more in your face "scared straight" method. It seems like your method may have better results than Hammer's, but hard to tell with the limited follow-ups.
Spending more time with family , working part-time and not strss about money. Thas freedom for me!
Hi, watching from Canada! Just wanted to mention that target date fund fees here tend to be higher-around 0.35 to 0.40-compared to the U.S., where they seem to be as low as 0.08%. Still found the info really helpful, though! 18:41
I remember getting Ramit’s book thinking how cheesy the title was. Welp, that cheesy ass book made me automate my finances and made me open my first ROTH and brokerage.
After Ramit's book, you should check out Millionaire Fastlane by MJ Demarco.
I gave his book to both of my kids when they graduated this year. Son with a masters degree in Architecture and daughter with a BA in education. My son said it was a great gift and he is really flourishing in his field, debt free and investing his money. My daughter is back in school to get her MA in education and hasn’t even opened it. I pray she will one day
My Rich Life:
- Working being an option, and not a requirement to satisfy my current lifestyle
- Being able to travel whenever I want (preferably in semi-luxury, but cheap is also fine)
- Being able to afford a home with a big back yard that I can make into my own garden.
- Travel with the family
- Afford dog school
My definition of "financially free" is quite simple: that I have enough money so I never have to work another day for the rest of my life. Then I can choose to do whatever I want with my time.
Are you really going to wait till you're in your 50's + to do what you want?
@@RonniiV Good question, and thank you for it, but if I don't "work" at something I dislike, then money will run out, I'll end up deep in debt, and I will have to get another job out of desperation and feel I am even further behind. Do you have a better alternative?
@@johnnyc4357 You work hard for a few years and get to a point where you can have your fixed costs at 50-60% your income, your investments at 5-10%, Savings at 5-10%, and Guilt Free Fun Money at 20-30%.
At thet point you don't need to wait till you're old to find out what to do with your time-- 20-30% of your income is for that fun. You also simutaneously get to retire in 30-40 years and have more free time then too, without losing your youth.
@@johnnyc4357the alternative is Ramit wants people to start thinking NOW about what they will be retiring to, and then find small ways to incorporate some of those aspects sooner rather than later. E.g., do you want to retire early to homestead? Then grow a small garden in a raised planter on your apartment patio now. Do you want to buy your dream muscle car and restore it? Take an auto shop class. If you don’t know what you want to do, then figure out what interests you and try turning that into a hobby. After talking to Ramit, Brandon from the Mad FIentist started roasting his own coffee beans because he was really enjoying drinking coffee from small roasters.
Solid sound advices ... definitely the top 10 here
My target date fund in my 401k returned an average of 5%. I think its best year was 8%. I sorted my avaliable funds for largest % over longest amount of time and got 23% on year and 20% the next. My 401k doubled in 2 years, including my contribution of 15%.
4:57 collecting pens sounds thrilling
5:18 alright Ramit, came here to learn things, no need to be personal you know 😅
Ha ha same
😂😅 ...he wants us to get it 😅
I started and maxed out my IRA for the first time this year as I came into an unexpected windfall after reading your book. I am 35. I have been working for my State and have a mandatory 8 percent for my pension for the past 6 years. You never talk about pensions or I haven’t seen it. If you see this let me know what you think. 😊
You’ll be glad you have that pension later in life too. A lot of companies are not offering that anymore. Keep investing outside of that pension too and be debt free. Best decisions I ever made
As an "individual investor" that's extremely profitable (10x last 4 years) I can say the way I do it is investing in high beta technologies I understand (I work in tech), understanding market mechanics (like options, I personally like covered calls and short straddles) and finding a way to keep peace of mind (the way I do it is sending half my profits to fixed income).
That was you at dinner last night on the quad!! I wanted to say hi and thank you for all the info in person but you were enjoying the cool night :).
Unhinged Ramit is my fave 😂 thank you for this excellent advice! 🙏🏽
Honestly, the moment he said ‘Pay off your credit card debt first,’ I felt attacked 😬. But seriously, this is a wake-up call!
5:30 Ramit pls look into other mice, personally I love Logitech's vertical mouse but that's just me. Apple's mouse is so bad, especially for larger hands 😭😭. Most mice are just too small regardless of shape. Yes, my rich life includes finding a great mouse and it actually is such a relief to have a good one
“Blank it out”-brilliant!
money as the end goal is an illusion, took me a long time to realize this. thanks Ramit
Yes, only 34 wife is 32 been dividend investing since 2010.. Now we're home i trade CC and cash secured puts and rack in dividends on top of the premiums
my rich life is going on trips when i want, having a lover who loves me(nailed already), and not worrying about the taxes and insurances that come up every year.
Being the captain of your own ship is true freedom. Meaning, you are the main director in your life.
It’s amazing you can churn out so much content for the same thing
I was till end..Thankyou for great the lessons❤️
One of my goals in life is to learn how to invest. So much so that one day I can pass that knowledge onto my sister's kids, and young brothers. I want that for the betterment of their future🙏
"Listen up, you freaks." I'm freaks because the making-friends-at-55 analogy hit home for me 4:48
Me too
Rule number one when ramit post videos like this. He generally says the same things over and over. Just by the book... That also says the same things in more detail
I love the fixed costs chart idea. Im gonna steal it
Thank you for this, it’s actually made me think of what i want more than just a number
Target date funds rebalance as you age! I didn't know that. Thanks Ramit
Trato de seguir tus consejos Ramit. Tu labor es admirable, inspirandonos para ser mejores. Gracias y saludos desde Bogotá.
Financial independence for me is having enough money each year to cover Needs. Hence enough money to cover the minimum. Covering Wants is the next level.
I think a lot of people would benefit from a video about how to navigate the challenging, or even just changing periods in life and still staying on track. Maybe a better phrase would be "big win choices throughout life." When you decide about your own education, take a new job (or not), decide where to live, get married or not, have kids or not, decide how to educate your kids, get divorced or not, manage a health crisis or two...In my life, it's the times when I went into "emergency mode" and said "the heck with it, I'm just trying to stay alive and well over here" that I got off track. Then the emotional decision making takes over.
Isn't that what Emergency Fund is for??
@@bbb_888 I think I did a bad job describing what I meant. I was thinking of encountering a situation where people often use emotions instead of numbers to decide, and then modeling what it would look like to make a decision based on the numbers. And then repeat that over and over again for decades.
@@rjones3955 For big life decisions like marriage, divorce, kids, house, etc. I think you would financially plan these ahead of time with your partner. Your plan to financial freedom is never written in stone, and it needs to be flexible for the ever changing economy and markets and your life situation. That's why it's important to talk to your financial advisor regularly.
I used to feel the same way until I realized the market doesn't care about how I feel. If my emotions don't control the market, why should I let the market control my emotions? When making investment decisions, I have learned to remove my emotion from the equation.
@@rjones3955 For big life decisions like marriage, divorce, kids, house, etc. I think you would financially plan these things ahead of time with your partner. Also your plan to financial freedom is never written in stone. It needs to be flexible for the ever changing economy and market and your life situation. That's why it's important to talk to your financial advisor regularly.
I used to feel the same way until I realized the market doesn't care about how I feel. My emotions don't control the market, so why should I let the market control my emotions? When making investment decisions, I have learned to remove my emotion from the equation.
(Did my reply not go thru earlier?)
Humanities are such a waste of time…WTF are you talking about?!
Absolute gold😊
I tried to sign up with betterment but it's not excepting for UK residents... 🤷♀ Oh...well.
How is 26% interest rate even legal in the developed world at current interest rates from the central banks? I am pretty sure it isn't in the most contries but the US just loves their FREEDOM!
Amazing video brother love this God bless you wishing peace and prosperity on you
Ramit!!!! Your shady comment made me instantly check my text and phone call log 👀. Several calls and text this week so it looks like I still have some friends at my big age 😂
Same...lol
Though there's a LOT of texts from financial apps in mine too!
The concept of pay yourself first definitely works. Heck, that is why IRS made it law that you pay them first - even before you can pay yourself. They take their payment out of your pay check before even giving your pay check money to you!! If IRS said to W2 earners you can pay us last or anytime during the month, I wonder how much would they collect 🙂
Love your channel, and your books! You always hit the essence of whats important och how to get there. But here is another question for you: where to buy that shirt you wear in this video? Its awesome!
Love this content. Thank you!!
Hi Ramit. I don't like target date funds, but perhaps that is old knowledge passed down from my father and thanks to you I have started to broaden my horizon. I live in Sweden and have not access to target funds at expense ratio around 0,1%. Here it is 0,35%. I don't know which indexfunds is picked, but my best guess is they will pick among the ones costing 0-0,4%, but there are also indexfunds costing 0,7%. Do you think this is a good deal? I'm 38 years old. In Sweden we also have a good pension system, so I can afford a bigger risk. Big thank you for your show.
I don't automate my savings. I think the better goal is to work toward financial and self-discipline, rather than basically tricking yourself into saving money. If you have a compulsion to spend EVERYTHING, you have a deeper weakness that should be addressed. Long term, this seems more beneficial
That's fine and dandy if you're neurotypical, but one size doesn't fit all.
For those of us who are neurodivergent, especially with ADHD, impulse control, even with medication is a daily challenge. This is why I don't even bother with the bank transfers like Ramit recommends; I set up multiple direct deposits, so that the money doesn't even hit my cash management account (the account I use to pay bills). That way, I know what the maximum is that I can spend and I still am able to save and invest money.
Not everyone has a brain like yours. It's important to have a much more flexible mindset to make room for ALL of us. Once you start doing that, you will be able to live a richer life as well, because you will be more open to so many different kinds of people.
@@Trix897I use my ADHD to calculate the most-value-for-money item to buy and research the heck out of something until I almost don’t want it anymore. Delayed gratification take practice.
David's Baby step zero: make a mini emergency fund of $1,000 for emergency expences because if you don't the $500+ you need to put tires on your car, you are risking a car accident on bald car tires, and you are just going to go further into debit at a 29% interest rate. Tip of the day: Credit Unions have an 18% maximum rate on credt cards like the video I say on NFCU today, for example.
Hi, im italian but i love your lessons… u did some videos or write something specific for italian people? ❤
I’m very anti target date fund, especially for younger folks, they start out way too conservatively and are just a 3 fund portfolio with a higher expense ratio than a DIY
Agreed. Even for my risk tolerance at 52 (I plan to retire at 70), it's too conservative.
I'm not against them but I thought investing in a low cost global 100% stocks tracker was a sensible approach. As it's spread globally, any fluctuations shouldn't be too severe...I think! Not sure if I should look at adding a bond fund now.
@@kk813personally i mostly only invest in domestic indices as i’ve seen a lot more promising returns with them and it aligns well with my intended risk tolerance but if you feel comfortable with global equities then go for it, thats not the part of target date funds that i am against. I am against starting the fund with 10% bond allocation at inception that increases about 0.5% YoY
This has been insightful
Thank you!
Awesome n necessary video👍🏿🙏🏿😊🙏🏿👍🏿
love fired up Ramit
Enjoying the videos you have put up although my situation is different due to being in Malaysia (Taxation system, exchange rate, cost of living differences) However the main concepts are truly sound. I would like to suggest to perhaps look into the financial management mindset of the recently retired. If this not so suitable perhaps you could recommend other resources. Thank you very much.
Understanding what truly matters to us personally can make the journey to financial freedom much more fulfilling.
It would be super helpful if you did a video on non-retirement taxable accounts since Im assuming TDFs don’t really work for those
I currently have my RRSP & TFSA maxed out and I have a non-registered account with Wealth simple. I have a $17,000 investment portfolio and my plan is to grow it to a million dollar in the next 15-20 years. Do you think it makes sense for me to invest in a non-registered account long term? I opened my RRSP & TFSA 4 years back and I have invested in various mutual funds. Any thoughts?
Thaanks Remi for this amazing video
Advice #1: don’t buy a truck.
…oops, too late (for 95% of Americans who complain about inflation)
Buy assets that put money in your pocket and grows not liabilities.
Target date funds are horrible-they put you in bonds lower % earned as you get nearer to retirement-see Ramsey-he is like why would you want 2% instead of 10% plus-if you want low%-roll over to retirement CD fund-if you play stockmarket play it-not in bonds unless you want low returns-this way CD is safe-and then you earn big bucks in stock market with stocks-not bonds-but you have some in safe CD-there is your diversity
Great vid!
You are so entertaining. Thank you for your knowledge. 😂❤
My Ritchie life includes joining the dollar shave club. 😊
I really don't understand the paying off debt before at least building a small emergency fund (like 1 months worth of living expenses). Every time I get at least $1.5-$3k worth of savings I have to get my car fixed which most recently cost me about $2.2k. If I didn't have the emergency fund, I would have just needed to swipe credit cards in order to pay for the repair and rental car.
Hey Ramit, I love your videos, would you consider making a video for Canadians hoping to live their rich life with special tips for us north of the border? Appreciate you
Who says you can't wait until 55 to make friends? Less friends and family, more peace.
"I have something important to do, like eating!" lol
Question: doesn't you "rich life" change as you grow up? I know my rich life changed from when I was 21 and thinking about trvaling the world, getting with girls etc. Now at 34... my rich life has completely changed... how often should we be doing this exercise?
I believe a lot of people who are watching this video know what rebalancing is.
Ramit, I enjoy your videos and appreciate all of the financial education you provide to us for free. What I’m not enjoying is derogatory remarks that your viewers are stupid and ignorant about finances. Many of us are fairly astute about finances. We all came here to learn more. Some of your viewers are desperate because they’ve ignored their finances. I would venture to say that none of us comes here to be reprimanded like a child. I often chuckle at your sharp humor. That said, it feels as if it’s bleeding over into disgust which tends to then bring up shame not motivation. This of course is just my opinion and I’m sure many will disagree. I will continue to watch, but I have noticed that I’ve hesitated recommending your channel to others lately.❤
.
I’d take him any day over Dave Ramsey though. He has just gotten worse over the years ( too political and should just focus on finances ). I do enjoy his daughter Rachel. Ramit is like giving people a swift kick in the butt to get up and do something about your situation . If he’s too much then just recommend his book to others.
High yield accounts for parking money. Stocks, selecting quality undervalued stocks with growth potential will have your money flowing like water. ETF's are ok, but too safe for my liking. Btw, I'm talking about buying and holding these stocks for many years, taking profits years down the road, certainly not trading and chasing money. I have a strong abhorrence for scalping and trading stocks because that is impulsive emotionally driven behaviour.
Need this advice for European residents, any idea where to get it
Rich life is work less use your time for yourself even if it is paying you less