I love hearing this!!

I had 2 uncles die in the last year... both died right at retirement age. Sobering to say the least!

@@trackee2024 the wild part is..and i dont mean this about your uncles but about people in general....many of them die early because of stress about money! thats such wild irony

It is going into a separate sofi account that's currently giving me 4.6%. I never activated the debit card so I can't easily spend our vacation fund on daily things.

@@Ryan125y so smart and exciting, enjoy yo

Have fun! I love cruises 🚢

Great work!

You go! Amazing work.

raw\\!!!!

It's such a great point. Ramit opened up my eyes to this. If you cut back on spending on housing and car, you don't really have to worry as much about other little expenses. Like I don't live alone and I have a cheap but reliable car, and it saves me so much money.

Good for you for negotiating and then moving. That sucks to hear about the house -- but is yet another reminder that owning property is not passive income

Hang on, but isn't a passive income when we rent out our property? @@ramitsethi

Im50,single and would love to see more about that.

I'll feature more people in their 50s, but let me ask YOU: Based on my material, what would you do if you're 50+ and want to prepare for retirement?

I'm 50 this year and am about to set up a second small business. I need several streams of income otherwise I'm going to be in trouble down the line. I refuse to spend my retirement eating tins of cold beans while running my hands by a fire wearing fingerless gloves. It's never too late to start trying to build a little wealth. Good luck all x

@@ramitsethi I think for most people approaching retirement, finding part time work that isn't too taxing on their body is a great way to stay connected socially and also relieve a lot of stress financially since even just a few hundred bucks a month of income takes a lot of stress off their fixed income from a nest egg. Plus the structure of maintaining a schedule and keeping active will help them live longer. It's not the perfect answer if you envision a life of financial freedom, but I think a lot of folks who aren't preparing for retirement in their earlier years will have to face the reality of continuing to work. I personally intend to work my whole life even if I can afford not to. I enjoy working on my terms on projects that I believe in with people that I care about.

Same

I think most people just don't save for retirement honestly and most people have to use credit cards to supplement their income.

It seems like you need insurance on those high ticket items hitting you every month. When you lay everything out of pocket, you won’t have extra money.

$2900 for new brakes? What car do you drive? If 8% makes up your gross income, you need to take a hard look at where the other 92% is going.

Your kids don't have health insurance?

A mechanic is really ripping you off if you’re paying $2900 for car brakes unless you have an expensive car with high maintenance costs, which you probably shouldn’t have anyway if you’re struggling with money.

$10,000 a month! Holy crap.

Great work!

i dont know enough about adulting since im just coming back from being off the grid for two decades.....but I've seen enough listening to the various couples on his podcast to assume there is enough lol. "enough" is also subjective too though lol

Thank you for watching

Im a massive procrastinator. I make up reasons all of the time to delay until tomorrow but I realized that when I procrastinate, I give up the opportunity to make my life better that day, for that day, I failed. When I dont procrastinate, I make sure to acknowledge my win, not talk myself down by saying it was just another day I endured pain for a vague reason. I try to make sure I acknowledge the daily win went towards the big win at the end of the road

I want everyone to have an emergency fund, but unfortunately people are not motivated by the idea of it -- AT ALL.

This might be contrarian, but I think people should save for retirement even before building an emergency fund by automating deductions into retirement plans, even if it's as little as $50-100/month. That money is much harder to access, and will be negligible on their take home pay since it's before taxes. People will also usually make do with whatever they have left, but if they had that extra $50-100, would stretch it out to cover expenses. With what's left, the next step is to build the discipline for an emergency fund. But even if they can't, at minimum they're taking care of tomorrow and can figure out today the way they've always have.

Live in a walkable city, although in the US it may be difficult. When you can go walking to work, your life has changed forver.

@@andresgarciacastro1783 My city, SF, is pretty walkable. I think that our bus and light rail network pair well with a pedestrian lifestyle.

@@me12722 SF is a good exception to the american rule. Congrats man! Seriously-

:)

Soon you will be making the money you deserve .. I’m working 2 full time jobs so my children can start their careers with no loans. Life got so difficult but you will make it .. Faith and trust !!!!

you live in the wrong country thats why

Agreed, don’t mind some of the couple real-life money problems but enjoy one on one Ramit more.

I REALLY enjoy the couples discussions because they help illustrate recovering from common patterns in human behavior. But I also enjoy these. I appreciate @Ramit providing a variety of helpful videos.

I don’t like the couples ones bc it’s always the same or similar contradictory and irrational human behavior that is discussed: “I make $500K but am extremely frugal bc I grew up poor and no one taught me anything about money; I know that $100K truck was a bad purchase but I still bought it; we bring in $5K net per month but decided to take on a $3K/mo mortgage anyway; we bought multiple properties but don’t have a clear idea of what the earnings are or our spending habits so now we’re in financial trouble” lol My wife watches those a lot when I’m around so I absorb them by osmosis lol

im single and starting let but I love it all. the couples are really great to me because their problems are so vast and fascinating lol.

@@antoniox2040 thats the problem with watching through partner though. if you were watching on your own you would actually catch on to the nuance. not once in that paragraph did you mention the life scripts, any real detail or culture. I've learned so much about other peoples cultural ideas from the show alone, let alone the financial stuff.

Not so much the safety features but newer cars stop much better! There were a couple of occasions almost hit the rear of another car with my first car because the brakes needed a lot of pressure to boost them due to being a 20 yr old car

Yes

For me a job hopper is less than 8 months in each job for at least 3 jobs in the past (or 3 jobs within 2 years).

That's Barong.

@@codelessunlimited7701 no it's not.

@@codelessunlimited7701 it's a button down, bro. There is no Barong designs on his shirt. I'm talking about the shirt that he's wearing for a majority of the video.

They're awful. Avoid and look for term

@@ramitsethi thank you. I better cancel my policy then..lol. I'm buying your book today and appreciate your transparency.

@@ramitsethi What do you do about insurance when your term policy ends and and you are older. How do you recommend people plan for insurance as they age. My 30 year term policy termed and not searching for new insurance has been tremendously expensive and not affordable at all.

​@@wandawilliams6338 here's how I look at it: insurance is that, just insurance. It's there to protect in case of an unforseen event, not to guarantee a payout. Hopefully you have other plans in place to cover yourself and your loved ones at end of life (health savings, investments that you'll pass on). However, skills tragedy hit before the term you selected, then you have reassurance that your loved ones will not be put in a dire situation. There are ways to gamify insurance to turn it into an investment, but IMHO, it's risky and not worth the squeeze, let investment vehicles are safer. The last thing you want is to invest a bunch of money and to be denied on payout due to some technicality (which the insurance company will ALWAYS look for, because that's in their interest)

It's definitely a good idea to research infinite banking before canceling; also your needs depend upon your circumstances---term is generally pretty useless unless you have children and don't intend to use your policy for any other reasons than leaving your next-of-kin a nest egg and taking care of your final wishes for burial/cremation/etc. You can use whole life while you're still alive, and in many ways. Also, term rates can increase to ludicrous levels. It's at least worth weighing pros & cons. Otherwise, I agree with so much of what Ramit teaches, since it's doable and logical!

😂 Yes!!!!! But he doesn't call it that. His catch phrase is Conscience Spending Plan.

You don't need a budget. I don't use a budget, and I have a much higher savings/investing rate than the average person. It's as simple as figuring out what my savings / investing rate should be, prioritizing and automating that, then adjusting the rest of my spend to fit in whatever's left. I think the reason he's against budgeting is because it usually requires active tracking, and most people are not able to keep up that habit, it can cause unnecessary stress. I've tried all the budgeting apps, the spreadsheets, etc. In the end, what worked for me was to sit down and map out what my savings should be and automating that. Once I've saved what I need to, the rest of the money is spent without too much care, because I have largely a predictable spending habit. As long as there's money in the bank, I can spend because bills have been automated to be paid early in the month. And if I'm running low on cash for some reason, I have alerts for that so I can watch my spend a bit more closely and cut back on frivolous things like restaurants and hobbies until the next cycle. Oh yeah, big point I did forget to mention is I don't buy stuff on credit (well, I do but balance is paid off end of month, it's just there for points). Basically, you don't need to track that you're spending 50% less. You structure things do that your are automatically spending 50% less. Automation > budgeting

@@verb0ze so you use a conscience spending plan?

Yes, that's too much. You would be at severe risk with that number

People who live in a big city and park on the street

I was surprised by this when I moved to Maryland. I had friends who worked in DC that accumulated a couple hundred dollars each month in fees. Twenty years ago the DMV area had both speed and red light cameras everywhere. I didn’t even know they existed until I moved there.

​@@ramitsethi if only they would read the signs

​@@whyydee If only the signs were clear. Try street parking in Manhattan 😅. If it's not signs, it's that trail light that has a crack or your dirty plate that made your plate "illegible" they'll get you for lol. Comes with the territory, those of us who live here know to account for it, and hope for the best 😂

Rents are down in certain cities in California right now as we speak. It happens!

Check Romain Faure's channel and ask him if he could direct you. You can probably still invest in the US stock market funds, it just might be through different brokerage houses.

As long as you can afford it, great. Recently a lot of people have watched a few of my videos, then they point at something they want and say RICH LIFE RICH LIFE and think I've blessed them to buy it. No. If you want it, and can afford it, great! But you must run the numbers.

Make enough money to afford one, otherwise it’s a dream. Earn more save more.

Parking (garage), gas, insurance, etc -- in SF

Side tangent, it's sad but I see a lot of KZfaqrs lose their spark because they feel almost forced to stick to one theme of content only for consistency. I want to tell them - make videos about the things you love! Wish they realised people subscribe for the /person/ not necessarily just the content. We are invested in the individual themselves and buy into their journey, and part of that is what makes that person happy and light up. I wish KZfaqrs had the flexibility to share what currently excites them, without fear of losing their revenue stream. Once they have shared the main bulk of what they have to share about their original channel topic, it must become harder and harder to find new video ideas that seem important, unique and also interesting to film without feeling jaded Hope the grind isn't wearing you down Ramit and you are getting plenty of rest- do what makes you light up! Doesn't matter what anyone else thinks it's ok to stop climbing and just relax and take time for yourself :) don't let consistency streaks or expectations be the thief of your joy and happiness! Do what makes you happy and chill! Good luck and keep ironing :)

The challenge with home equity is when things fail during a downturn, which unfortunately they tend to. It makes it harder to sell, let alone sell for profit. Home equity is great, but I look at it as generational thing, and not money that can be readily accessed (just ask folks who HAD to sell in 2008-2009, they're not happy campers). Budgets can work for some, but are difficult for most to upkeep because it requires active effort to stay on top of things. When you automate instead, it's effortless. I could care less that I spend $300 on groceries last month and $500 this month; that's because savings have been automated, bills have been automated, and the rest of the money, doesn't really matter where it goes, it's there to spend. Long as I don't spend over what's left, I'm always good at the end of the month. And if for some reason I'm spending more, then I need to think about what to cut out, and that's usually a one time exercise, not a ongoing budget thing.

If you can afford it, great! Many of the people I speak to cannot.

You tell me. How would you know if it's good enough?

It is exceptional. To put it in perspective, you could live 3 more months off the saved money from just one month.