I’ve Made Millions of People Rich… Here’s My Playbook
Вставка
- Опубліковано 17 тра 2024
- I’ll walk you through my step-by-step playbook on how to set up your finances so you can spend guilt-free and earn money every single day, automatically.
Download the Conscious Spending Template free: iwt.com/csp-youtube
Ramit Sethi is the host of Netflix's "How To Get Rich" and New York Times bestselling author of "I Will Teach You To Be Rich"
Find Ramit on Instagram: / ramit
Did the math and I’m so ashamed. My fixed cost is 37.5% I dont have an excuse to live paycheck to paycheck. 😂😂 Thanks for your content. Im going to get it together.
Time to make a change!! You can do this! Thanks for watching
Why so less? Curious to know is it due to high salary or low living costs...please elaborate for educational purposes..I'm ignorant that's why.
@@smann7236low living costs and decent salary. I make around 60k and my rent is 891 (all utilities included). Then there is my phone bill, car note, and car insurance. Those are the only fixed bills.
@@ramitsethidoing the minicourse today. Im dedicated. Thanks for teaching me how to be rich
@@AdultentionalOnesWhich mini course?
I’m a financial planner working for a large wealth management firm and I still recommend everyone in my personal life to your book and content. Love your money philosophy!
Thank you
Amazing and thanks!!!
@@sandrahusser7971 Saving Money: A Lifestyle Change Towards Freedom ua-cam.com/video/WkLDq-AV8As/v-deo.htmlsi=ShUgotuhhagfzyXW
Thank u
The year was 2016, I was desperately trying to break into corporate America, stumbled upon Ramit video writing a better resume and persuasion. Best video ever. Helped in landing my first role, fast forward 6yrs later and I am making 400K/yr
Beautiful work!! Please email me your story. I'd love to know details!
How much was you making before and after the 1st year of the resume?
Wow. Congratulations mate👍
Please share that video
Read your book a couple months after after finishing college in 2020 with credit card debt and no savings. I now have a net worth of ~240k. Appreciate your teachings tremendously and try to pass on the content to any family or friends that will listen
It's amazing how high US salaries can be, let alone almost right after college! I'm a bit jealous, I admit.
Damn what do you do for work?
Read your book back when I started working and have been rolling ever since. Biggest key I took from you is to make a 50-30-20 budget and then just automate the 20%. I have since ramped my savings from 20% to 40% a month
Why not increase investments over savings? Are you saving up for anything in particular? Just curious! Congrats on the excellent allocation :D
Auto allocating and setting up standing orders to your own accounts is so powerful and a tip I always give to my friends!
@@ElyWaves. that 40% is just a catch all for investments and savings. I invest about 25% of it and save the rest for other things like home, car and other business investments
Richness is what you see while wealth is what you don't see. Building wealth is what gives you the opportunities to do what you want and when you want to do it, because it allows you to control your time, which is the most valuable asset you can possess. Ramit's book is a tool, but understanding "The Psychology of Money" (as articulated in Morgan Housel's book) is the key to wealth.
Finally a man who really knows his number… and be truthful advice, no bs. Subscribed.
Enjoyed your video - great advice! Thankfully I have been doing most of this for past 20 years with exception of automatic payments. Could do more detailed budgeting to cut expenses especially since I am almost ready to retire. Enjoyed your Netflix series - please continue to good work!
Step 3 is so huge, I'm blown away when I meet adults that don't have everything on autopay... such a easy yet huge win
I agree they even give you 2-5 dollars off for auto pay in some cases
This bucket approach makes more sense than a budget. Thank you for the good information.
Ramit, Thank you for creating this video. It is exactly what I was looking for to navigate through the complexities of financial decision making. I have one question on the Conscious Spending template under Investments. Does this include retirement accounts? It says non-retirement - all investments on the template. Just need to clarify. Thank you!
I read your book and I loved it! So simple to follow and teaches us how to grow. Thank you for all your hard work! I’m no longer afraid to manage my own investments and transferred my retirement to fidelity instead of high cost fund managers. Thank you for all you are doing! You help us everyday people figure out the formula ❤
I’ll be binge watching your other videos from here on out. I’m already helping 2 family members because of you
Love it! Subbed. Also watched your series, very well put together and entertaining.
This is an incredibly valuable video.
Ah, Ramit, I got your book through the library and have been on the waiting list again to get it back (slash I’m hoping someone gifts it to me for the holidays!) so this video is such an amazing summary and so helpful to keep progressing on my financial journey. Thank you so much for this!!
I picked up your book randomly at target over 4 years ago. Since then, my finances have only grown stronger and I’ve grown more confident. My retirement accounts/savings accounts are just growing!!! I’ve bought and sent your book to a few friends that I just know could benefit off this simple knowledge
Thank you for sharing your knowledge, Ramit! How can I apply this method in Argentina? Thank you again! Take care 😊
This video inspired me to set up automatic transfers to my brokerage and savings accounts instead of doing it manually every couple of months. Thank you!
Thank you so much for your teaching ❤
This was very helpful thank you
If you have Bills on different dates, you can also just have them all pay on a credit card and then have that credit card auto pay. So I have multiple credit cards and my bills hit those different cards to keep them active and then I just have them pay off every month.
Love this! I can start at step one and gain control. Thanks so much.
Loved your show, love your podcast and your book and I especially love your no bullshit approach to living a wealthy life!
Love the content, being a financial counselor the biggest hurdle I see is income. Your video uses $5,000 take home income but it changes a lot when in Detroit your making $2,800 a month with average rent of $1,200-$1,400 so the first 50% is literally just rent 😢 62% paycheck to paycheck
This
also 5000 per months after taxes is really a lot and most of the people don't have this amount... it's crazy.. with less income and those % it's hard
Sound advice! I work in the financial sector and this is what I tell people too. Now I’ll just send them your video!
Ramit! I am an estate planning attorney. I love your guidance!
Excellent and so easy to follow. Loved working through this when I bought the book 10 yrs ago.
My favorite philosophy on money and finances. Thank you!!! So liberating ❤
Amazing! Thank you 🙏🏾
Best video I have seen about personal finance in sometime. Subscribed
Thank you for your time and effort ramit. Apprectiated
Amazing video, thank you !
Hey Ramit, 24 y/o student here. Started with your content (book/podcast) because my dad forced me to read your book and I LOVED it and your philosophy.
I’ve also seen you take multiple approaches to your UA-cam channel for the past year.
I really like your current approach of having the podcast episodes and filling in the gaps in the week with key basics from your book in these shorter videos and community posts. I feel like it’s more engaging than anything you’ve tried for the channel so far.
Keep it up!
Thank you!
W hard ass dad 😂
Thank you, and a great summary of your book. I accidentally started watching your TV series on Netflix and then started following your Instagram and UA-cam, then the newsletter. All of these contents changed my view of personal finance. Currently, I'm in the process of applying these things to my finances and getting good results. What would be your advice and tips for a person who is planning to relocate to another country?
Amazing content and delivered in a simple and entertaining way!
When I read Ramit hates Wellsfargo and BoA I knew this guy knows what’s up! And I love hearing it each time 😂 Thanks for all that you do Ramit appreciate you!
Wish he'd say something about US Bank. "You are overdrawn, $39 fee." "My account has not gone negative". "You have enough authorizations to go negative." "Yes, but it's NOT negative." "FU give us $39"
So valuable. Thank you
Loved your Netflix show and finally find your channel, cannot wait to sit down and keep enhancing my rich life, I even follow you in your podcast very insightful.
Thanks for watching!
I've watched this twice and I'm taking notes now ❤
A Straight Master Class!!!!
Thank you SO much for this video. This plan is how my brain works. I have never been able to budget every penny and all the tracking. This is beyond helpful. This is going to help be to learn to be rich!
Awesome video! Thanks so much for sharing, Ramit!
Excellent Video. Thank you.❤
Oh no, I’ve been with Wellsfargo for years! Saw your Netflix show last night, started to go through bills today. Then subscribed to this channel! I’m thanking you in advance!
Thank you so much Sir
I need to book a call ❤
Hi Ramit I'd prefer an updated version of your book. Money habits have changed quite a bit after the pandemic 😊
Thank you Sir.
Appreciate this video, sharing with my fam for sure.
Remarkable video! The quality is top notch!
Omg Ramit! Your section on negotiating made me call my bank and ask for a better interest rate on my savings account (the one they give to new clients as a promo) and the employee didn't hesitate to give it to me. He even signed me up for a bonus! That was a rate of 250 euro for a 5 minute phone call! Thank you so much! 🎉❤ Happy holidays to you!
It's smart advice, the problem is that most people's basic needs take well over 60% of net pay, at least in the UK, and currently the options for changing to higher paying jobs seem extremely limited.
Pure gold
Awesome information! Thanks so much!
You got me at your Bank of America rant. You're a honest person. ❤ thank you
Thanks for the video and this is a lot helpful. I am from India and I need suggestions on my money management as i did a lot of mistakes in the past. Problem with me is i repeat the mistakes how can i be conscious of not doing the same mistake again. Please do let me know the best way to connect.
What a gift Ramit - thank you!
Ramit this video has been very helpful thanks! but you didn't mention anything about purchasing any Life Insurance, Would love to hear your thoughts on life insurance and which companies you like and why.
Whole life, used for infinite banking after using velocity banking to clear debts.
Ramit is AMAZING. However, both snowball & avalanche methods pale in comparison to (admittedly counterintuitively) employing lines of credit to erase owed money. If, of course, there's not a deep compulsive spending problem at the root. VANNtastic Finances is another awesome UA-camr.
Most people go into credit card debt b/c they can’t manage the money well. That is a dangerous game for most people to try and play offense with.
This is an incredible summary of his book. Do exactly what it says and you will live a rich life ❤ Thanks Ramit
Exactly! I just started reading his book - this video was a perfect reinforcement of planning for your future using his easy guidelines!
I am new to your channel and content, this is great! What billing date would you recommend that I ask the companies for in order to follow the Money Flow that you mentioned?
Check Chapter 5 of my book. Each day and date is in there
Ally bank is great for saving because it allows you to divide your money into several buckets based on your savings goals.
The CFPB ordered Ally Financial Inc. and Ally Bank to pay $80 million in damages to African-American, Hispanic, and Asian and Pacific Islander consumers harmed by Ally's discriminatory auto loan pricing, and $18 million in civil money penalties.
I just bought your book and workbook, and this is a great summary of the core principles in your book. I really appreciate that you help people find meaning and purpose in life while ensuring they plan for their future, and the workbook really helps clarify things. Thank you for these UA-cam videos. I would have never found you otherwise, and I've been bingeing your episodes. They are great.
Thank you!
@@ramitsethi You're most welcome.
What a “recipe”, Ramit! Thank you!
Dear Ramit,
Thank you for your book and simple strategies. I have followed your advice and it’s worked for me! Now, I am 58 retired and still want to invest 30% of my monthly retirement pension. Is a target date fund still appropriate or would you suggest something different?
great video great advice merry christmas
Really good content, thank you for sharing. I watched your 'How to Get Rich' show on Netflix and it was really insightful. Realistic and practical all at the same time. I will be getting the book as soon as I can afford it :P
how do you feel about counter party risk going forward into the 2020s, as a general issue with all of the debt and possible contagion
Solid advice, I am subconsciously doing very similar bucketing but it perfectly make sense. The 15% for unaccounted expenses is brilliant idea. That is what can throw off most of the people.
I agree. This is where I was struggling with my old budget. I thought I had everything accounted for but life always has unexpected expenses. If we are honest with ourselves I think groceries is a category everyone grossly under budgets.
SoFi bank has this too. They call it valuts
Thank you so much for this breakdown !! 🎉🎉 can’t wait for a wonderful 2024
Great information
Thank you for your video.
That would be
38.1% Fixed Costs
14.3% Longterm Investments
23.8% Savings for House Renovations
23.8% Guilty Free Spending Money
Nevertheless I cannot find an amount I'm feeling good with..
It's always like I save too little (I am currently at 16.6% 'guilt free' spending and about 45% savings rate).
I guess the main problem for me is, that I have no idea what I really want to use the 'guilt free' money for. There are some things I'd like to buy but there's always that voice in my head 'you don't necessarily need that - better use the money for others or for savings'.
Great Information thanks so much
I love this philosophy. We are mostly doing this in our household already.
I have my credit cards on auto pay but I still usually log in manually each time I get paid and pay them off. It helps me to know where I'm at because the credit card billing cycle is pretty long. It works for me and I don't find it very burdensome.
Also a good policy to monitor potential fraud, double payments or incorrect charges. I would NEVER fully automate my bill payments because I've caught SO many errors.
If you are catching a ton of errors, you're doing something wrong, or shopping with the wrong companies.
@@jackieboy1593 facts. Almost any Telecom for example
Do you recommend the s&p 500 or VTSAX for long term investing ? And do you recommend individual stocks or no?
Good info. I like the setup, but are you paying your mortgage on the 7th?
I watched your first episode on Netflix. Really good stuff. 😃
I have been doing this for years, this method works 100%. This guy knows his shit
Top video thank you 👏
@10.45 & @10.55 I would recommend balance transfer b/t credit cards...same concept but many would have 4% fee plus x months 0% on balance transferred or a 0% fee with x% on the balance transferred.....if they are paying 20%......4% today added for the next 12 months is much cheaper than 20% apr with no end in site
Hi Ramit, I've been following you from Ghana in West Africa and I'm curious about potential investment opportunities in the US or Europe. The outlook for investments in Ghana seems less promising, and I'd appreciate any insights you might have in this regard.
Have you looked into European domiciled ETFs? You should be able to buy them from Ghana.
ETFs are very similar to index funds. They're funds whose shares you buy on the stock exchange instead of the issuer directly.
I've watched a few different videos of you now and I really like your content and your viewpoint.
It's really opened my eyes to my spending habits and not being so frugal with spending on myself aswell as self development.
I'm literally even considering buying your book
Great video and info!
I prefer to do
1) 401k only up to 100% of match
2) Max out Roth IRA
3) Max out HSA (if you have access)
4) Everything else into a taxable brokerage
My reasoning is that I want to keep the possibility open of accessing my investments before 59 1/2 and possibly use my taxable brokerage as a bridge account into retirement.
I appreciate your approach. It works too!
You will likely save more on taxes by maxing out a Traditional 401k instead of the taxable account in step 4. There are ways to access retirement account funds without penalty before 59.5.
@@Jeff321 How do you access funds in a 401k before 59.5 without paying penalties and taxes?
@@Miggy2222 Either hardship withdrawals or I believe if your Roth acct is 5 years old? Need confirmation on that. I agree with your reasoning for access. There is really no gain to the roth over standard taxable accounts in terms of tax savings. UNLESS you are taxed at a lower rate when you retire. I don't plan on that being the case. Isn't worth the cost of my own cash being locked behind 10% penalty for 30 years.
@@tsforero I’m not sure if simply wanting to retire before 59.5 is a valid reason for a hardship withdrawal
Awesome! I accidentally did quite a few of these things
I think I like the bucket system over the Budget system.
Amazing advice, really appreciate it
Love it Rami! Can you make a video for the self employed, the ones who don’t have access to a 401k but still want to invest some of there income?
the same thing it teach in automatic millionaire book appreciate it
i just wonder how you will put this to place on weekly check like dived the percentss by howmany checks what about a set day to pay bills
what’s the best app I can in vest in ?
How do you feel about Sofi for checking/savings?
When calculating the investments, since I do pretax 401k how do we factor that when the overall percentage is based on take home pay? Currently do 15% pretax and able to max 401k. 🙏🏿
So Ramit I should save in the second bucket based off of net pay not gross pay correct?
Awesome video. Very good info.
I get a bit confused with Savings/Guilt-free buckets, i.e. do you take from Guilt-free to move to Savings bucket for i.e. Vacation? Meaning that your Savings bucket % is actually higher than 10%? Because i.e car maintenance I would consider a Fixed Cost, whereas Birthday/Holiday Gifts I would consider Guilt-free, and the Emergency Fund I'd consider the 10% Savings? Hope that makes sense Ramit and would love your take on this
Ramit explains how to spend your $100. Watch that part back.
You’re overthinking it. Do the bare minimum he mentioned, then you can use your surplus “guilt free spending” to add savings buckets and/or just use for spending that month. The key is to have your fixed costs below 60% and to make space for your retirement and emergency fund.
Hi Ramit, great content and I really appreciate your way of looking at dividing up your salary. Just wondering if you know of any UK equivalent content creators with a similar approach to yours?? Many thanks 😊
I'm in Canada, just rename the accounts you have in the UK as for investments low-cost investments that you have access to, speak with your UK certified financial planner. They will assess your timeline for retirement and it ends up working out the same.
There's a lady named Nischa based in the UK makes similar content based more on the UK
@@oluchinwagboso7996 thank you ☺️
@@MinnieOnCam thank you ☺️
Ladder of Personal Finance, any reason you left out backdoor roth and/or mega backdoor roth?
I work in the service industry relying heavily on tips and my take home pay varies lol. One month can be 2k and the other can be 5k. It depends 😅 it’s hard to budget but I manage pretty well.
I'm alittle confused about getting my automatic transfers setup. My bank is not letting me change from static transfer to a percentage. Does this just mean I have to change banks altogether? That would be quite a bummer.