Prof G Markets How to Build a Rich Life — ft. Ramit Sethi
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Aug 15, 2024 
Ramit Sethi, a New York Times bestselling author, shares practical guidance on navigating common financial challenges. He discusses the intricacies of renting versus buying a home, emphasizing the hidden costs and psychological effects on relationships. The conversation touches on instilling financial literacy in children while redefining wealth beyond mere numbers. Sethi also explores financial personalities and the implications of investing in low-cost options. With humor and insight, he advocates for conscious spending and personalized financial goals.
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Homebuying Calculation
- Calculate total cost of homeownership, including phantom costs like repairs and time.
- Ensure it's below 33% of your gross income and aim for a 20% down payment, if possible.
Shared Vision for a Rich Life
- Many couples lack a shared vision for their "rich life," leading to arguments over small expenses.
- They often fixate on minor costs instead of focusing on broader financial goals and shared values.
The Value of Spending
- Learn the skill of spending money meaningfully, not just saving.
- Focus on a rich life, not just accumulating wealth.
