The Diary Of A CEO with Steven Bartlett

The Money Expert: "Do Not Buy A House!"... The 10 Ways To Make REAL Money! Ramit Sethi (E266)

1049 snips
Jul 20, 2023
Ramit Sethi, a personal finance expert and author of 'I Will Teach You to Be Rich,' challenges conventional wisdom on wealth in this engaging discussion. He shares why buying a house may not be the best investment and offers ten golden rules for financial success. Sethi emphasizes intentional spending, the importance of a long-term investment strategy, and lessons learned from cryptocurrency. He also dives into the character traits that hinder wealth and the value of crafting a personalized financial future that aligns with one's life goals.
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ADVICE

Conscious Spending

  • Spend extravagantly on things you love.
  • Cut costs mercilessly on things you don't.
INSIGHT

Money Psychology

  • People often know what they should do with money, but psychology affects their actions.
  • Combining money and psychology is key to understanding a rich life.
ADVICE

Key Financial Numbers

  • Track four key numbers: fixed costs (50-60%), savings (5-10%), investments (5-10%), and guilt-free spending (20-35%).
  • Knowing these numbers helps benchmark spending and understand priorities.
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