@Netflix’s How To Get Rich | Money For Couples Podcast | NYT Bestselling Author
Los Angeles / NYC
Joined April 2008
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I wish you understood how everyday people think about money. Deep down, you believe most people are sitting there carefully calculating their savings goals, investment returns, and financial ratios -- because you are a NERD posting on twitter and you enjoy managing money. You are an outlier!
50% of people literally don't know their own income
90% of people in debt don't even know how much they owe
When the average person talks about what he wants to do with his money, it's less a person calculating numbers and more a kid going into a pet store and pointing at cute puppies saying, "I want that"
For example: "I want to buy a house next year" (48 years old, $52,000 of credit card debt, less than $100K invested and genuinely believes it's possible. Has never run a single financial calculation in his life)
Once you understand the mental framing around money, you will start to understand people's behaviors with money
The good news is, people can change very quickly IF they have a powerful reason to (and with a lot of luck)
“Let’s wait a year” sounds so responsible.
Then you say it again. And again. And suddenly you’ve been “waiting a year” on the house for 4 years.
Night 2 of my free live series: Can I afford it? I’ll work through real decisions people are stuck on, live.
Wed, Nov 18 at 8pm ET / 5pm PT: iwt.com/joinlive
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Quite beautiful. It's a new day in America as voters across expel racist, fetid white nationalist Republicans from their sinecures because they finally see how Republicans have terrorized minorities, lied to our faces, and enriched themselves at our expense. Money is political
Every year, my wife and I do an annual Rich Life Review
We start with picking 20 of our most memorable photos from the last year. We share them with each other and talk about why they were so meaningful
We come up with a shared theme for the next year. Once, our theme was “A Year of Adventure.”
Next, we talk about what we want to do MORE of and LESS of. Maybe it’s more eating out, less eating out, more time with family…whatever we’re feeling for the next year
Finally — this is days later — we talk about our numbers. Where did we overspend vs plan? Where did we underspend? Based on our Rich Life and annual theme, how do we want to reallocate spending for next year?
This is how we ended up on a gorilla trek in Rwanda. Truly magical and even more special because we got here by working through the Rich Life process
Will be hilarious to see the white tech bro podcasters stop talking about trans athletes and immigration and “both sides” and quietly go back to talking about venture capital and business. Already happening with Keith
Another example: Bloodthirsty whitewalker Alex Karp of Palantir is now calling himself a "progressive":
nitter.gq/krystalball/status/212…
One of my favorite @nytimes articles asked a male model what he does on his day off.
5-mile jog. Brunch with friends. Yoga class.
That’s his DAY OFF.
Nobody who’s great at something is effortless. Including people who are good with money.
I’m going live to show you exactly what people who are good with money do differently. Free.
Mon, Nov 16 at 8pm ET / 5pm PT: iwt.com/joinlive
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WHEN YOU CAN'T SAY NO TO YOUR KIDS
In my experience, 100% of people in credit card debt struggle to say no to their kids
I spoke to a couple on my podcast, 53 and 54. They earn $242,000 a year. They have about $40,000 in credit card debt and only $1,400 in savings
She shared a text message her 14-year-old son recently sent her.
Him: “I want a large Baja Blast and a small Baja Blast”
Her: “Why do you need two drinks?”
Him: “Because the big one is not big enough”
Her: “Okay”
I asked her what happened in that exchange.
“I get home from work, I’m tired, I’ll make dinner, and he’ll be like, I don’t want that, I want McDonald’s”
“A lot of the time I do say no, but a lot of the time I just don’t want to deal and I give in”
I can understand being exhausted. But I suspected there was more behind her inability to say no, so I asked what else she gets out of saying yes:
“It makes me feel good that I’m getting him something he wants”
“You feel loved when you are buying him something?”
“Yes”
Then I asked what happens when her son is 34
“He’s not going to be able to fend for himself. He’s not going to know how to survive. He’s going to be begging me to help him with things”
Link to the full conversation below
New podcast episode
nitter.gq/ramit/status/212031213…
"We have $40,000 in credit card debt, but I can’t say no to my kid"
youtu.be/VtAVu4BfvsA?si=t2tN…
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Twitter user who spent the last 16 years telling Ramit that buying a house is the best way to build wealth and renting is for stupid people
Ramit Sethi retweeted
The realest mfer in personal finance
This is so funny. Every few years, conservatives get complete control of a city/state and try their policies, only to end in complete and total disaster
In Kansas, Republicans launched one of the biggest state tax cuts ever, their signature and only actual policy (besides terrorizing immigrants and restricting women's reproductive rights). As a result, tax revenues dropped by $700 million in the first year, Kansas growth lagged neighbors, and they made such deep cuts to education that even Republicans admitted they severely screwed up and repealed their policies. This should have put supply-side economics in the dustbin of history but Republicans can't read so they fail to learn from history.
In Oklahoma, Republicans cut taxes, resulting in a hole so large -- nearly $900 million -- that 20% of school districts had to go to 4-day weeks to save money. Nothing like screwing children so wealthy Republicans get wealthier! Oklahoma ended with about 1,500 fewer teachers and were forced to assign a mileage cap to Highway Patrol because they couldn't afford gas. Great governance, guys. Republicans later admitted their policies were idiotic and repealed many of their policies, raising taxes.
Florida's coming disaster will be extremely entertaining to watch. When Republicans actually try to effect policy (rare -- usually they just demonize minorities), it almost always ends in disaster
This is why I will never be lectured to by a Republican about their views on taxes
New couple on my podcast:
- Early 50s
- Income: $242K (neither knew this number)
- Debt: $739K (they listed $44K & forgot the $696K mortgage)
- Savings: $1,400
- Fixed costs: 230% of take-home pay
- ~20 credit cards
- Want to retire in 5 years
What would you do?
New episode below
"We have $40,000 in credit card debt, but I can’t say no to my kid"
youtu.be/VtAVu4BfvsA?si=t2tN…
Some of the most anxious people I’ve talked to are incredible at saving money.
Being good at saving and being good with money are not the same thing.
Night 1 of my free live series: Am I good with money?
Mon, Nov 16 at 8pm ET / 5pm PT: iwt.com/joinlive
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