Episode

712 Money Habits: How to Create a Rich Life with Ramit Sethi
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59:36
Published: Mon Oct 29 2018
Description

TAKE CONTROL OF YOUR MONEY, TAKE CONTROL OF YOUR LIFE. Talking about money can be hard. Most people would rather talk about dying than money. It’s important to come up with a game plan. When you get organized with your finances, the stress starts to go away. Both high earners and people struggling with debt both need to be educated about money management. It’s not as complicated as you think. That’s why I’m excited to share this interview with a money guru who helped me get out of debt when I was younger: Rami Sathi. Ramit Sethi is a New York Times bestselling author of I Will Teach You To Be Rich and founder of GrowthLab.com. He studied technology and psychology at Stanford and has helped over a million people live a “Rich Life.” Ramit shares tools and strategies to make the most out of your money no matter how much you make. He argues that you can buy as many lattes as you want and still be financially successful by focusing on the bigger picture. Listen to Episode 712 to what to do with your money if you’re a high earner and how to develop a plan if you make less than 150K. This episode is for everybody. Some Questions I Ask: How do high earners manage their money? (8:50) What are the three things high earners should invest in? (21:30) Should you worry about the market going up or down? (25:50) What should you do with an extra million dollars lying around? (28:30) What about real estate? (31:20) How do you teach people to overcome the fear of wasting money on rent? (38:00) Where can you find a personal CFO? (43:00) Who are the mega-earners that you learn from? (44:00) Why is it hard for us to talk about money? (45:15) In This Episode You Will Learn: The three biggest questions high earners ask (10:30) About the D to C Principle (12:30) The different “money dials” that people use (15:00) The incorrect assumption people make about high earners (20:00) The mistake entrepreneurs often make (21:00) Why you should spend 5% of your money on “fun investments” (25:00) Why everyone should invest in Dollar-Cost Averaging (27:00) Why Ramit chooses to rent instead of buy (33:50) About the Ladder of Personal Finance (49:00)

Chapters
In this podcast, Ramit Sethi discusses how getting organized with your finances can help to reduce stress and improve your life.
00:00 - 05:39 (05:39)
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Personal Finance
Summary

In this podcast, Ramit Sethi discusses how getting organized with your finances can help to reduce stress and improve your life. He also touches on why it is difficult to talk about money and shares tips for those looking to make more money or take control of their finances.

Episode
712 Money Habits: How to Create a Rich Life with Ramit Sethi
Podcast
The School of Greatness
The concept of money dials is essential to understand when you want to get more advanced and successful in your spending habits.
05:39 - 15:05 (09:26)
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Money management
Summary

The concept of money dials is essential to understand when you want to get more advanced and successful in your spending habits. It is crucial to identify your money dial to amplify what you really want to do with your money.

Episode
712 Money Habits: How to Create a Rich Life with Ramit Sethi
Podcast
The School of Greatness
In this episode, the host shares his strategies for investing as an entrepreneur, emphasizing the importance of having fun with your money and investing in relationships.
15:05 - 24:13 (09:07)
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Investing
Summary

In this episode, the host shares his strategies for investing as an entrepreneur, emphasizing the importance of having fun with your money and investing in relationships. He encourages viewers to prioritize low-cost investments and to always look for deals to save money.

Episode
712 Money Habits: How to Create a Rich Life with Ramit Sethi
Podcast
The School of Greatness
Real estate is not the best investment ever as most people are told from a young age, since there are phantom costs that people do not count, such as taxes and maintenance.
24:13 - 32:37 (08:24)
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Real Estate
Summary

Real estate is not the best investment ever as most people are told from a young age, since there are phantom costs that people do not count, such as taxes and maintenance. Instead, if you want to keep growing your money, you can invest it in a non-retirement taxable account and that money will grow like crazy.

Episode
712 Money Habits: How to Create a Rich Life with Ramit Sethi
Podcast
The School of Greatness
Joe Rogan discusses personal finance habits and whether or not we are throwing money away on certain things with an unknown guest.
32:37 - 38:17 (05:40)
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Personal finance
Summary

Joe Rogan discusses personal finance habits and whether or not we are throwing money away on certain things with an unknown guest.

Episode
712 Money Habits: How to Create a Rich Life with Ramit Sethi
Podcast
The School of Greatness
This podcast provides tips for paying off debt by keeping track of your expenses, budgeting effectively and paying more than the minimum payment to reduce the impact of interest.
38:17 - 49:57 (11:39)
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Debt Management
Summary

This podcast provides tips for paying off debt by keeping track of your expenses, budgeting effectively and paying more than the minimum payment to reduce the impact of interest.

Episode
712 Money Habits: How to Create a Rich Life with Ramit Sethi
Podcast
The School of Greatness
In this episode, Lewis Howes urges his audience to support their friends and educate them about earning more using Remit Sethi's tips.
49:57 - 58:17 (08:20)
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Money
Summary

In this episode, Lewis Howes urges his audience to support their friends and educate them about earning more using Remit Sethi's tips. He also encourages listeners to subscribe to his podcast for more self-growth interviews.

Episode
712 Money Habits: How to Create a Rich Life with Ramit Sethi
Podcast
The School of Greatness