How To Make Money..."Do Not Buy A House!" 10 Ways To Make REAL Money: Ramit Sethi
- Jul 20, 2023
- 1:38:22
- Full Episode
In this new episode Steven sits down with personal finance adviser and host of Netflix’s ‘How To Get Rich’.
0:00 Intro 03:05 Why should someone stay and listen to this episode? 04:53 The language of money 06:03 Numbers we should know 09:47 How many people are clear on their rich life 15:40 Why people should think twice about buying a houses 26:00 The S&P500 & investing 37:00 Compound interest calculator 44:20 What are the characteristics of someone that will end up little money 47:44 How do I increase my income? 51:47 Optimising your skill sets 59:11 Should I invest in cypto 01:04:13 Always have 1 year of emergency funds 01:04:52 How much to invest & what you shouldn't question spending money on 01:06:30 Business class flights 01:07:54 Always buy the best 01:08:38 Always spend on these 2 areas 01:11:16 Work only with people you like 01:12:59 don't get caught up in the numbers 01:14:02 Talking about money with a partner 01:29:09 Character traits of people that will never get rich 01:33:18 The last guest's question
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Brief Summary
Ramit Sethi discusses financial success principles, emphasizing personal finance understanding, investment strategies, and the importance of defining a "rich life."
Key points
- Understanding Your Money Numbers. Ramit explains the essential numbers everyone should track for financial health.
- The Myth of Home Ownership. Ramit debunks the idea that buying a house is always a good investment.
- The Cost of Investing. 1% fees can take 28% of your returns over a lifetime. Think about it!
- Start Investing Early. The earlier you start investing, the more wealth you can accumulate over time.
- The Myth of Quick Wealth. Many believe in get-rich-quick schemes, but true wealth comes from patience and consistency.
- Skill Set Value. Moving your skills to a more lucrative market can yield significantly higher returns.
Episode highlights
- Understanding Your Money NumbersRamit explains the essential numbers everyone should track for financial health.“You've got to know your key four, six numbers in your life.”6:06Jul 20, 2023
- The Myth of Home OwnershipRamit debunks the idea that buying a house is always a good investment.“Buying a house can be a very bad financial decision.”13:21Jul 20, 2023
- The Cost of Investing1% fees can take 28% of your returns over a lifetime. Think about it!“1% turns into 28%. How does it work?”23:52Jul 20, 2023
- Start Investing EarlyThe earlier you start investing, the more wealth you can accumulate over time.“Start as early as possible, okay?”43:51Jul 20, 2023
- The Myth of Quick WealthMany believe in get-rich-quick schemes, but true wealth comes from patience and consistency.“The real returns come from patience.”46:12Jul 20, 2023
- Skill Set ValueMoving your skills to a more lucrative market can yield significantly higher returns.“Most of us do not think in terms of discontinuous jumps.”57:12Jul 20, 2023
- Crypto CautionInvesting in crypto can be risky; diversification is key to financial stability.“You're going bankrupt.”1:00:22Jul 20, 2023
- The Importance of CuriosityShifting from disparagement to curiosity about spending can open new perspectives.“If I had gone from disparagement to curiosity, I would have understood.”1:07:05Jul 20, 2023
