Ramit Sethi

What You Don't Know About Achieving Financial Freedom

Episode #469

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My brain is stupid.

It only has a certain amount of space for cognition, trauma, friendship, work, parenting, etc.

I failed at money. For decades…

Before learning the basics.

Ramit Sethi doesn’t want the money part of your brain to be stupid. So he wrote a book, “I Will Teach You To Be Rich”. And it became a New York Times bestseller.

Now he wrote the expanded edition. So I invited him back on the podcast for a two-parter. 

Here’s a list of what you’ll learn in Part 1:

  • Ramit’s theory on why everyone is failing at saving and investing money [4:32] 
  • The story behind how Ramit introduced me to the most valuable revenue-producing asset in my life [5:52]
  • What type of spender are you? Are you a cheap spender? Or conscious spender [8:35]
  • Today’s biggest money misconceptions  [9:40]
  • The exact words you should use in a negotiation [10:49]
  • Big financial decisions… Why you should stop thinking about $3 questions. And start focussing on $30,000 questions. Or $3 million questions. [11:25]
  • What you need to know about buying a house [12:54]

  • Why buying a house is a trap [14:29]
  • How to make thoughtful financial decisions [16:32]
  • Ramit reveals why our food and money habits are so similar [20:44]
  • The #1 trick I use to accelerate what’s working. And decelerate what’s not working in any area of life [23:38]

  • All the ways this country makes it really hard for you to succeed… and what you should do about it [25:28]
  • Two phrases successful people always use [28:15]
  • Ramit breaks down his spending rules & explains how they’ve changed over time [28:58]
  • Which banks you should 100% avoid [34:55]
  • Why banks with horrible customer service are the most profitable [35:54]

hint:

  • How to simplify your most basic money decisions [37:23]
  • Do this to determine if you’re focussing on the wrong financial advice (which most people are)… [38:45]
  • The most advanced thing you can do about your personal finances [40:08]
  • How I went broke 5x in a row [42:55]
  • Ramit’s 10 money rules [44:58]
  • “So many people in this country teach you how to save. But almost nobody teaches you how to spend.” – Ramit [46:49]
  • All my investing mistakes mapped out [48:35]
  • Ramit’s money making mistakes [50:20]
  • “If you think about what you want your life to be like in the next 12 months… you can become that person” – Ramit [54:54]
  • Find out what it means to have a rich life (ask yourself these questions…) [57:21]
  • What I spend money on [58:36]
  • “I want people to spend more on what they love. And cut out what they don’t like to spend on.” – Ramit [1:01:43]
  • How to dial down spending on things you don’t care about. And dial up spending on things that actually make your life better [1:04:03]
  • The psychology of spending for your kid’s joy and wellbeing vs. spending for yourself [1:06:03]
  • Stop talking yourself out of the things you want in life [1:06:47]
  • How to figure out what you can afford [1:09:54]
  • The thing I secretly dreamed about buying as a kid… (spoiler: it’s a VCR) [1:11:09]

  • End of Part 1 (teaser to Part 2 with Ramit) [1:12:35]

Links & Resource

 

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