7 Unconventional Things I Buy as a Multi-Millionaire
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- Опубліковано 12 чер 2024
- In this video, I'll show you 7 unconventional purchases that have massively improved my life as a multi-millionaire.
Design your own Rich Life with my free mini-course: iwt.com/design-rich-life-yt
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
I think the Honda fits perfectly into "buy the best and keep it for as long as possible." That thing will never die.
I have an 07 Honda that works perfectly my mechanic always praised how well it looks and runs. When I inevitably get a new car it’s going to be another Honda accord
Agreed I have a 2003 Honda Element with 272K miles
The #1 vehicle millionaires drive is a Ford F150.
yes, viewing cars as a way to get from point A to point B. I loved my Hondas and Toyotas so I kept them for long periods. I love when I can save the car payment - it adds up after a few years. ;-)
@@makeyourmark00that’s also one of the vehicles on the worst to buy list ironically
Mostly Chrysler/dodge/jeep but the 150 made it on there too.
00:13 🚗 Driving an old car as a millionaire isn't about frugality, but aligning spending with personal priorities and values.
01:35 🧥 Investing in quality clothing can redefine personal style; spending on something meaningful to you is more valuable than its price tag.
03:35 👟 Choosing high-end products with lifetime repairs over fast fashion aligns with valuing craftsmanship and sustainability.
05:11 ☕ Small expenses like buying duplicate items for convenience, like two French presses, can significantly impact daily satisfaction.
06:22 🪑 Investing in personal improvement, such as hiring a posture coach, can positively affect both personal and professional life.
08:40 📷 Learning new skills or enhancing existing ones through experiences like photography lessons can create lasting memories and enrich your life.
10:03 🍲 Prioritizing convenience and health by investing in tailored meal plans supports individual goals and lifestyles in a meaningful way.
I get sick & tired of folks criticizing me because I will spend upwards of $8 for a coffee latte, mocha, macchiato, thingamajig! My daily coffee run became a gift to myself as a single mom, a little peace and quiet, time to myself before my day got started with the kiddos! Thanks to you, I am guilt-free & I tell anyone complaining about my daily run coffee to kick rocks! ☕️ 🥰
"Luxury is that which can be repaired." is a quote that defines me to my core man.
thats intriguing. would love to hear more about it
oh i just got to the part of the vid where he speaks on that. I completely understand it. I actually live it. I wear expensive boot and have only 5 pair. everyone ask me about them all the time and they look so good because the leather is great and they are worn in. i used to by 80 dollar boots and they weren't built to be sent to a cobbler. now I just go to the cobbler every four months and get my shoes back up to spec
I love that you still have your car from college! I think having the ability buy something yet choosing not to (because it isn't a priority for you) is true financial freedom.
Those who must continue to buy things to impress others are no more free than those who cannot afford to buy those things
The best car to buy is the one that you do not make car payments and are not spending time at the shop…
I would never let somebody try to tell me what I should be spending my money on. I'll drive a car until the wheels fall off if it means I can spend my money on what's important to me.
I appreciate that Ramit shares this with us because it is really vulnerable-anyone can judge but to me it gives an example of allocating money to what matters to you-I don’t think it’s the amount of money he has to spend as much as showing that choosing how to spend in a way that is truly personal is living life out loud-not hiding behind social expectations or even financial obligations-every dollar I spend is a choice-that’s my take away-and I subscribed!😂
Love that you have the self-awareness and mental strength to identify what YOU value and stop following what society says is important! Lots of great tips here and love the freedom to choose what makes ME happy.
Knitter here. Vicuña is such a beautiful yarn. (If you were to knit, it’s cheaper. 😹😹😹)
I got two fridges and two air fryers. People always ask me why? And they think I’m rich. The thing is that i barely eat out. I used to spent a lot of money eating out until I saw how it was keeping me from investing in my future. So I bought another fridge and another air fryer so I can keep food and cook various meals. I can buy when things are cheaper and storage them in my Fridge. I can cook a whole meal on my air fryers without the need of the stove. I don’t dread of the idea of cooking anymore. In fact I like knowing I’m saving money and eating healthier. That is my rich life.
100%. The truly rich people are typically not flashy and you would never be able to pick them out in a room. It’s better that way, you don’t get unwanted attention from gold diggers or criminals looking to scam or ransom you.
You are so right, not flashy billboards for Gucci and other designers!
Or steal your $7,000 sweater :P
@ 1:27 Vicuna ❤❤❤ as a knitter, this fiber plus qiviut has been on my bucket list. Items like your sweater can be handed down for generations. Also, I'm very thankful vicuna has recovered from being endangered so more people will have an oppurtunity to enjoy products made from this camelid.
Thank you for not falling prey to fast fashion. Wish more people embraced quality instead of buying trash that quickly fills up the landfills
Packaging Props: Had to drop in and say that I've been enjoying Ramit / IWT's team's new framing for UA-cam -- it's a nice balance between fitting the specifics of the medium while keeping the essence of the 'brand'. Specifically, the editing is much more on point (snappier, hook that gets to the value prop right away, great use of graphics up front, creating intrigue, etc). Also the thumbnails are improved and more intriguing and clickable -- impressive that's done for this video without any text on image. It's hard to make big improvements without taking on some risk -- very cool to see Ramit & team consciously experimenting! Also, share your editor, please?
Thank you Mark! I really appreciate your thoughtful comment, and for you being on the IWT journey for so long. You made my day
i just wrote this on a previous video. you are way more articulate with it than me but Ive been really loving the new look and sounds
“Is it worth it? Well it is to me” 🥺 So cute!! Love hearing you interview people, but please share more like this about YOUR rich life please!!
I love your idea of crafting a rich life. You have taught me how to relax and enjoy life more. I have felt guilty in the past about spending money on things I love even though I can afford it. Also, I’ve have several activities like daily walks to the park with my daughter that I appreciate even more because I see it is part of my designed rich life. Lastly, I am less judgmental about others and what they spend money on. Thank you.
Yes! I drive a 24 year old LX470 and I freaking love it. My other car is a Chevy Tahoe with 114,000 miles on it. I hate buying cars. They're just a tool. Great stuff!
I hope you do more episodes on this topic. I am one who loves quality items but in a minimalist approach. Sometimes a $20 container to organize something in my home brings me joy but can seem outrageous to others. Glad to know I’m not alone with small rich life goals 😂
Also multi millionaire here. I'm the opposite. I dont care about clothes, big houses, first class plane tickets or events. I like cars, travel and good food. My apartment is small and maybe 10% of my net worth.
A backup camera is a great addition to have if you have to do a lot of parallel parking. I went from a 2005 sedan to a 2015 small SUV and went from not having the camera to having one and I love it. I also feel more confident about my teen son driving it because it has much better visuals around the vehicle. I had a repair this week at the dealership and of course got a text about talking to a salesperson about doing a trade in when I would return to pick up my car. Not ready for that yet, though the loaner was nice. Paid off is nicer.
Oh wow!! Its YOU!!! I absolutely LOVED your show on Netflix. I love how you speak about money from (what I like to call) a milennial perspective. You are so down to earth, practical. When you speak about money, you speak from a positive perspective and not in a limiting way. So happy you popped up on my reccomendations! I am still trying to figure out "my rich life". ❤❤ I just subscribed! As I wait for my Door Dash order 😅
Loved your Netflix show and your book! Thank you for everything that you do!
This one was great. I love clothes too, but the way you talk about is very logical. Would love to learn more about your wardrobe and if you could walk us through it, Wouk’s be great!
Initially, the point of being a millionaire isn’t to buy expensive things…it’s not having to worry about money due to not being dependent on a job. If you decide you don’t like your job, you need surgery or your spouse has cancer then you can take as much time as you want. Time is the ultimate luxury, not stuff. Shaquille O’Neal says that people with high incomes should invest 75% of what they make and the rest is for needs and wants. If you can do that and you want something expensive then go for it once you have an emergency fund established. Also the posture coach may be the best money you’e ever spent. Living with low back pain and sciatic nerve pain is like torture when you’re in pain all the time and neurosurgeons are saying you have to give up your favorite things to do that give life so much joy. Please please please take care of your back!
I agree with the car. The clothes are tricky. You can have a nice wardrobe without spending too much.
everyone is different. when i became a multimillionaire, i bought my dream car 911 . Nothing beats that purchase. I've been dreaming about it ever since im a child. Fancy clothes, coaches etc... i never dreamed about those, that just convenience. which is nice ( but not necessary ) . you might think buying a 911 is also not necessary. But most people need a car to drive around, mine is just a 911.
You’re kinda making it seem like your chosen splurges are more important or “necessary” than Ramit’s which misses his entire point. Ramit always says you should spend on things that are important to you and cut costs on things that aren’t important to you. Cars are not important to him but important to you, which is fine. But even so, I’d argue that you driving a 911 is not necessary, it’s a choice. Luxury cars are depreciating assets. Ramit investing in good quality clothes, his health (via personal training and posture classes) and memories (better pictures on his honeymoon) I’d argue has a way better ROI and way more valuable long term than a mere car. But that’s not to judge. Everyone will have different opinions
Nice car that's safe is cool
My motion activated rechargeable led closet lights with magnetic install make me happy every day..they were about $20 on Amazon
There are a lot of nuances to purchasing cars. Do you live in a cold, snowy climate? Do you commute long distances? Do you have access to public transportation? Do you live alone or care for grandchildren? I keep my vehicles for at least 10 years, but I need an AWD. The roads can get treacherous in the winters. I was going to downsize our vehicle recently, but we will be grandparents soon. As Ramit always says, “Don’t just view life through the lens of money”.
Also a wealthy person here…I drive an 8yr old Prius..why? I fly under the radar!.. I live in the SOUTH & often times go into poor neighborhoods to help out. Nobody gives me a 2nd look in my older Prius! I love it. Also, sold my diamonds & only wear costume jewelry..If I ever get mugged, I will tell them “Hey, just take my jewelry & let me live..No worries.
@Sensei_Sifu my net worth is " very good".. why do you ask?
I'm the same with Saville Row (or around the corner) full bespoke suits. I like hand made shoes too. I never skimp on food either. However, my home is modest and I have no desire to change it.
The safety features (backup camera, blind spot monitoring, etc.) in newer cars makes it worth it to me but I also drive a Honda. Just a newer one! I do intend to keep it for a long time (have had it for five years now) but may upgrade some day for the sake of new safety features. Though probably cars right now have much better features and I wouldn’t know since I haven’t had an interest in upgrading, so maybe I understand Ramit.
Safety features = my rich life
@@DayvDoberne I kind of also want automatic parallel parking but that’s because I suck at it. My partner’s GTI does that. That’s not so much a safety thing as it is enriching my life reducing the time I spend looking for parking downtown.
My sons Corvette is so advanced, I had to sit there and figure out how to drive it😂😂😂 and I cant get with the video in the rear view mirror
Features like Back-up camera, LED lights, tire-monitoring, Apple Play, Android Auto can be updated/retrofitted in older vehicles at reasonable prices.
Great video!! As a self made multimillionaire. I still value every dollar but love cars so we do have a nice car. But I wear $40 sweaters and $30 pants. Paired with a AP watch 😂
All comes down to what brings you joy.
Facts!
Lol you seem more like the typical millionaire (who's not in the entertainment industry) supercar and cheap clothes lol.
Driving an old car with fewer safety features when you could very easily afford better is a bad decision.
@@m.williams3176 If you're driving a 1982 clunker with an engine that pops every time you hit the gas, sure. But a 5 year old Camry isn't substantially less safe than a brand new Lexus.
I love my 2014 fully paid off Honda! Great value and soooo reliable. Travel is my luxury and I would far rather spend there than on my mode of regular transport. Plus quality over quantity. A small step towards being less "disposable".
Love this and I always had this mentality and it’s a great way to think. New sub!
Ramit! Love this content. I have been following you since you were in college.You wrote an article years back about "barriers" using the example of covering up your mom's food in fridge. Great stuff. an aside- I just sent back a cutco knife that I had bought secondhand 10 years ago for free repair. Great knives.
"Coffee isn't $3 it's $7" I actualy laughed. LMFAO
Never ever heard of a posture coach! I would love to get feedback on how my wife and are doing financially with you all. I have only had one super positive experience feedback and that was from my CPA. I feel like we have done all the right things for the right reason but would love some input from others with way more financial experience. just finished reading your book and doing the journal.
Love your tips dude very helpful 👍🏾
I applaud your approach to happiness, it is 💯rational🙌🏿🙌🏿🙌🏿
This was fantastic. Really enjoyed this video.
Really enjoyed this perspective, thanks!
Ramit. I hope the real reason you drive your older Honda is that you really don't value a newer car, rather than that you value the story of it that you tell frequently. Even if the story changes to "I drove the same car for 18 years..." It would still make its point.
A badge of honor
I love your approach to money. Thank you for sharing such valuable knowledge.
As a Peruvian, where most vicuñas live, it would have definitely been cheaper to travel to my country and get the jacket (with the same quality) than getting it from Loro Piana.
I was just thinking that! He could’ve taken a private tour with his wife through the Sacred Valley and bought the jacket directly from the artisan. I love Peru though so I am biased. But I also thought that was funny!
OMG you are me...as an guy of desi decent. I could care less about owning a car or spending money on one. I love well made clothes, handmade, sustainable or vintage. I love things that are made by hand and have a story. I love experiences. I do my own hair and nails but paid for a wardrobe/style course. I have two simlutaneous gym memberships that I use consistantly weekly for different reasons. In my future, I plan to have a personal chef/meals made because I care about my health but want to no spend so much time cooking. It is truly whatever brings value and joy to YOU and your rich life. Keep pushing people to think outside the box! 😉
I love you content its so real and practical and thanks for visiting my country Kenya🌍
This video is amazing. Thank you
Thank you for being an amazing inspiration.
I’m perfectly fine driving an older/used car but there are minimum features I probably won’t compromise on moving forward. The proximity key fob where you just walk up and the door opens rather than having to dig for the key to push the buttons when your hands are full. Adaptive cruise control is another game changer for future shopping but not something to give up no car payment over.
Sir, thank you so much for your education. This is my first video, and thank you for a shift in perspective. I also watched the buying a house video and very eye opening! Thank you so much for the information
I drive an 18 year old Lexus ES 350 but I have a VCA and Cartier bracelet that costs 4 times more than my car lol. This video resonates with me so much. Posture is super important because people judge you for it right away even without realizing they do it. Not to mention it’s great for your body when you have good posture :)
Great video! Where do you get your meals delivered from ? I always struggle finding delicious healhty meals
I spend a lot of money on my car. I hate clothes and clothes shopping. We are opposites, but my car is my money dial and it makes me happy. I'm in scrubs all day anyway.
“ it’s not for anyone else it’s for me” that was gold for me.
I love how this redefines what rich means to me.
I love having nice furniture and beautiful things. I love that I can indulge there without feeling guilty
The only thing I dont like about old old cars are the expired airbags. My mom lost her sight when an airbag ruptured from a 20 year old corolla and blinded my mom. Will not drive a car over 10 years old if I can help it
Good for you for buying what you like, ❤, want and is important to you. Sounds perfect to me. That is my goal and what I try to do. I want a new car, but not doing it. I am waiting (too). But I look at cars sometimes...no test driving yet though.
I can totally relate to this way of thinking and approach to what makes you happy. Some for me are really simple and attainable yet very specific to me and my wants and needs. Thanks for sharing a glimpse into what’s adding value to your Rich Life. 👏🏽
I like this advice. I read your book at just the right time.
Where you have no interest in a new car, I have no interest in expensive clothes or dressing stylishly. I buy clothes I like too, they are comfortable well fitting and very inexpensive.
A lot of entertainment and sport professionals need to watch this and learn. Who in the hell needs 3 RR in different colours?
More often those people are a victim of the friends they keep. They have the money and friends that have delusions of grandeur about what rich looks like.
I don't get the duplicate french press idea. Just wash one the night before so it'll be clean in the morning. The duplicate one has to be washed anyways...if you forget to wash the duplicate then should you also buy a third or fourth one?
I love all of these things.
Will there be a season 2 of how to get rich? :')
You are pointing at me ???? I have already subscribed 😂
Thank you sir. Though much of what you say don’t make much sense, you convince me to think for myself.
I bought your book a dozen years ago, bought Earn1k a decade ago, and wow, times flies. I do pretty well for myself now, and your teaching was an important element of my financial success. I'm grateful for it.
what did u like the most
I like how you dont take your former self too seriously Ramit. I still have my college car as well. Almost 20 years now. I feel the same way as you.
I don't care what anyone says, spending $7000 on a sweater is a huge waste of money. I've worn the same sweater for 20 years and it costs me $20 😀.
I can tell from your comment that’s it’s not something you’re passionate about but I think for Ramit, it’s about not contributing to and supporting fast fashion. Those stores are usually able to sell sweaters for $10, $20 cause of how unethically it’s made, paying their workers pennies in awful working conditions. As he touched on, he’d rather pay premium for good quality but also ethically made clothes. I do the same and try to avoid fast fashion, even though my clothes are more costly because of this, it’s something that I care about. Most people just don’t care about if a product is ethically sourced/made or what sweatshop its being made in. They just don’t, which is fine but some of us do care. Spending 7K on a sweater is insanely expensive but I understand and I support it because of the ethics and values behind it.
He makes 7000 probably in a day.
I love the car example…I also drive 11 years old Honda Civic, but I make pretty big amount, can afford to buy designer bags (which I do), most of my bags are more expensive then my car, however I don’t care about cars. It works, drives me where I need to be. When it breaks I buy a new one, until then, don’t care. ❤
I love your decision on not spending money to 🚗. Who cares if it is a Honda or a Ferrari.. certainly not you. And the Italian brands you are wearing are iconic!! Few people even know them because they dont have logos all over. But they are iconic!! This is rich life! Not peer pressure for new iphone, new car, big house.
I love your cloths, You look great in them. Im envious
You all are funny in these comments. He lives in NYC so his need for a new car is very low and he doesn’t value cars. I’m very similar to him in that way because I’m also not a car person. My car is over 10 years old and like Ramit, I prefer and love spending money on fashion and I live in an urban area and don’t drive long distances. Everyone values different things and it’s reflected in how they choose to spend their money.
I am extremely picky when it comes to interior design. I hate the "fast fashion" of current trends- think grey, glam, farmhouse..... I prefer classic design. I spent many years as a designer selling custom window treatments and upholstery and wonderful fabrics by Lelievre or Verel de Belval or Clarence House make me giddy. I cannot imagine buying a pair of drapes off the rack. And grommet headers? They are the tackiest thing on earth. I learned to sew in order to make custom, lined and interlined drapery. However, I eat simple, cheap food, can't tell a good wine from a bad one, and dress very basic. I am 56 years old and just bought my first new car, paid for in cash. And that was only because my old car was 16 years old and beginning to show it's age. Why buy a new car every couple years when you can get a beautiful antique painting?
Yes! This is the video that I was waiting for. 🎉
I agree. Honda accord v6 is a nice car.
I love my 2014 car that I paid in cash. We are now budgeting for an SUV to purchase in two years, simply because we plan to have a kid and our car is tiny. But if it were for us two, we’d continue driving in our little car ❤ Now… tell me that we’re spending on travel and I’ll absolutely drop money on that! That is my priority right now.
Check out the Clever dripper!
It’s as convenient as a French press but dead simple to dump and clean.
Lol...I like that you stopped to say subscribe because I've been going through all of your videos like a marathon and didn't realize I had not subscribed yet. 😅 Subscribed! Great video!
I drive a paid off Honda too. The money I am saving, allows me to splurge on travel & activities for my kids
That Succession Quiet Luxury Style. Love it.
My parents taught me that if you get the best, it’s like an investment and quality lasts.
I'm down for a $500 pair of shoes. But spending a fortune on a sweater, or any other clothing is insane. Spilled wine, smokey nightclub, new girlfriend throws it in the dryer...and the sweater is ruined. If I have to be hyper aware of my environment 24/7 to the point of anxiety just to ensure the safety of a sweater I'm wearing then the sweater is not adding to my life.
There's a mental shift that you have to make when it comes to wealth and the procurement of expensive items. Particularly if they're frivolous, some part of the decision filter should be 'is this ego driven', 'am i doing it for myself or for others', 'do I like the idea of it more than the day to day reality of owning it', 'will it make me happy'. If you have answers to those things which justify the spend then go for it, otherwise less is more.
I ditched buying the glass french presses because they kept breaking on me. I have a stainless steel one now that never breaks, and I love it. To me, it costs more, but it's worth it. Love your book. I'm just finishing it now. I think it's going to change my life.
I’m 2:49 seconds into this video but wanted to say… bro, i read you’re book about 8 years ago and this part I’m on right now in the video has stuck with me ever since i read your book!
If you haven’t read his book, please do, it put me on to a lot of good gems that i live by still till this day… okay, back to the video lol
His number one about meals has always been a dream of mine
Who makes your white tee? It is the one thing that rejuvenates my life and if I can crack open a fresh white tee for everyday of the year for the rest of My Life I would. Your tee looks amazing and I wonder how it fits and feels. Please share so I can look further into it. Thank You.
I love my Honda too😊❤
Did you hire a new thumbnail designer? This is a 1000% improvement, you’ll hit 1 million subs in no time.
Dear Ramit,
Could you by chance to do a detailed video on your Vicuna sweater. I aspire to have one soon!
can you make a video describing the things you bought and lifestyle changes that helped with your posture? curious about the chairs and footrests you mentioned
I'd recommend hiring a Gokhale coach!
I save throughout the year and buy one luxury clothing item and one useful luxury appliance. They’re paid for, plus the items make me happy.
I get it. I would/do mix (basic) Uniqlo with a fine watch.
Hmm never heard of vicuna I did know the brand tho. Great content
Indian Santa Claus absolutely took me outtttt 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂. Also, crazy to hear you came to Kenya on your honeymoon!!!!
Got my first Honda Accord sport before I found your channel and book. I wish I didn’t finance it now that I know better but I looooovee my Honda
OMG yes! Having multiples of necessities is such a luxury. Multiple hand towels so you’re not always doing laundry!multiple glass jars so I’m not playing musicale chairs with dry goods 😅
Cynthia got FLOODED with calls. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
Would love to see a Ramit gift guide!
I like quality fabrics but I also find what I like, with no logos, at Walmart, Target, and Old Navy and most people have no idea that's where I got the clothes unless they also shop there. But i splurge on memories which is basically delta one flights (or first class), high end hotels and spas, and fine dining. I drive a new pickup truck but its paid for