Everything You’ve Been Told About Money is WRONG

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Everything You’ve Been Told About Money is WRONG | Ramit Sethi on Impact Theory

Рет қаралды 514,001

Күн бұрын

Simple and practical financial advice sounds familiar, but is rarely ever truly given. Maybe you have access to financial advisors you trust and maybe you don’t. Understanding for yourself that money, investing and living a rich life is much simpler than you could imagine is the most important thing for you to remember. Ramit Sethi has joined me twice before to bring you sound financial advice and he delivers again. He shares investing strategies worth considering if you are looking to create wealth. Even if you’re a modest investor, you’ll want to hear how he breaks down the truth behind hidden investment fees, advice for couples to understand the root of their money problems and solutions for those never-ending disagreements around finances. This episode will give you the tools you need to reconsider your investment strategy, how you approach money and why, and the best way to move towards living the rich life, however you define it!
Check Out Ramit’s 1st Interview on Impact Theory: • This Is the Most Impor...
Check Out Ramit’s 2nd Interview on Impact Theory: • This Is the Most Impor...
Order Ramit Sethi’s book, I Will Teach You To Be Rich: amzn.to/2VmKbKk
SHOW NOTES:
0:00 | Introduction Ramit Sethi
1:42 | Current Financial Situation
2:31 | Low Fees Exposed
5:13 | What Great Investing Is
7:28 | Investing Isn’t Quick Money
10:53 | Understand Compound Growth
14:44 | Protecting Your Wealth
16:04 | Wealth Accumulation Strategy
26:51 | Low Cost Low Fee Funds
31:22 | Gamifying Investing
33:34 | Investment Journey
35:47 | Love and Money Solutions
42:35 | Couple with Separate Accounts
44:35 | Women Having Higher Income
49:09 | Pivotal Financial Conversations
53:43 | Spender Saver Couples
QUOTES:
“Investing is not about excitement. You want excitement get a dog [...] Investing is boring. It's like watching concrete dry and it should be” [12:23]
“The best investors are humble. They know that nobody knows anything.” [15:13]
“Trading is the enemy. For real investment returns. We want boring, simple, that's where the real money is made.” [16:58]
“Be humble enough to recognize you do not want to be a professional money manager [...] [most people] spend more time looking at a Yelp review for dinner on Sunset than they do picking their investments.” [23:45]
“Most people would rather pay $250,000 in hidden fees, then pay $10,000 out of their pocket.” [28:04]
“The $30,000 question [couple] should really be asking is, how do we set up a system that lets us honor each other's financial desires.” [43:40]
“When partners think about money, the way that they usually relate to it is they know something that they disagree about. They try to [put] a Band Aid over it, paper over it until it blows up.” [52:46]
Follow Ramit Sethi:
Website: www.iwillteach...
Podcast: www.iwillteach...
Facebook: / iwt
Instagram: / ramit
Twitter: / ramit

Пікірлер: 786

@TomBilyeu 3 жыл бұрын

Which personal finance tips resonated with you the most?

@citaprevia9833 3 жыл бұрын

Si Hay Dinero En El Medio Es Un Engaño! reclaim the *Scapegoat* or remain lost!

@MikeBarnhill 3 жыл бұрын

Automatic investments in low cost index funds compounded over time will change your life AND you need to set aside part of that to play and buy what you believe in. My Vanguard accounts over the last decade have been a life changing investment but also discipline and practice. But having a business background, learning about and understanding business allowed me to make some investments early in into Tesla, Square, Apple, Amazon and Peloton that have grown asymmetrically, but having the decade of compounding index fund growth keeps me sane even when the market dips. “The most important organ in making good investment decisions is not the brain, but the stomach “ Peter Lynch

@rabiaboksmati4406 3 жыл бұрын

This is PRICELESS! THANKS TOM!!

@moneytalkwithbrian9950 3 жыл бұрын

Keeping it simple and low cost. The excitement should come from the wealth being created, not by exciting swings in the investment choice.

@dmgerard1980 3 жыл бұрын

Still waiting for his response on what to do when rates are low?

@jeremyking3986 3 жыл бұрын

When I was young, I was poor. Now after 30 years of hard work, I am no longer young.

@InnerGrooveStudios 2 жыл бұрын

🤣

@baixu 2 жыл бұрын

Nice, I genuinely LOL'ed.

@alfredoj1349 2 жыл бұрын

I relate to that hahaha

@RobertSmith-zy4ys 2 жыл бұрын

😂😂😂

@HabitsForHappiness 2 жыл бұрын

🤣🤣🤣🤣

@GraceAmber369 9 ай бұрын

Getting rich easily absolutely exists and happens everyday. Getting wealthy is hard work ☹️.

@TheresaDiana12 9 ай бұрын

I prefer the Kings GBP Sterling, far more genuine currency if you take into account the Trillions of debt the US government owes ✌️

@NwachukwuEdithN 9 ай бұрын

Money invested is far better than money saved , when you invest it gives you the opportunity to increase your financial worth.

@Gloriajessica725 9 ай бұрын

People prefer to spend money on liabilities, Rather than investing in assets and be very profitable.

@PatriciaMary11 9 ай бұрын

Most People fail to understand that living a life without passive income isn't worth much except trying to payoff debts and loans.

@KaylaAlexis. 9 ай бұрын

You're right, Crypto has become a lucrative way of earning now a day's if trade well. My spouse invested heavily in it and her weekly returns are guaranteed.

@andrew.alonzo 10 ай бұрын

Building wealth and achieving financial independence is more achievable than commonly perceived. With access to accurate information, establishing lasting financial stability and prosperity becomes attainable. Engaging in prudent investment remains a primary avenue for generating substantial income and sustaining enduring wealth.

@Kim.beneteau 10 ай бұрын

To begin building wealth, define your goals and assess your risk tolerance, either independently or with a financial advisor. By gaining insights into savings and investments and creating a clear plan, you can attain financial stability and effective income management.

@hunter-bourke21 10 ай бұрын

Hiring a skilled financial advisor like Mary Onita Wier can lead to success, as evidenced by my seven-figure gain in just the first quarter of this year, despite market concerns.

@james.atkins88 10 ай бұрын

@@hunter-bourke21 I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.

@hunter-bourke21 10 ай бұрын

Many lack access to insightful knowledge, causing anxiety due to information gaps. Personally, I've earned $65k in passive income with Mary Onita Wier, unaffected by market fluctuations.

@james.atkins88 10 ай бұрын

@@hunter-bourke21 Thank you for this tip , I must say, Mary Onita Wier, appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.

@ocmetals4675 3 жыл бұрын

It really made a difference for me when he said investing should be boring. I didn't know I needed him to say that.

@solomonasine 3 жыл бұрын

Wealth is the ability to fully experience life with the people you love.

@scottpatterson8443 3 жыл бұрын

To do that you need money though

@solomonasine 3 жыл бұрын

@@scottpatterson8443 I agree with you. I also believe that the best things in life are free. Taking the time to explore and enjoy places around you, with the people in your life can be fun. I was at Warren Dunes State Park, Michigan with my family recently. We had an amazing time. We spent basically nothing.

@scottpatterson8443 3 жыл бұрын

I get that also but my life revolves around working 7 days a week to pay the bills and watching my kids grow up on Facebook photos as I'm hardly ever not working. Which is why I watched this video about investing as I need more money

@solomonasine 3 жыл бұрын

@@scottpatterson8443 wow!!! That’s a lot of hours. But the truth is that you have to do what have to do to take care of your family and pay the bills. But I also think it’s critical to develop key relationships, because having solid relationships is very important when you stop working.

@janpeterbennett9122 3 жыл бұрын

@@solomonasine I agree with you H.o.I. I have been poor and I have been rich - rich is better. I have been alone and I have been loved and loved is better. I have been selfish and I have been kind and kind is better. I think most people would agree with these three points. BUT when we wake up our inner voice is trained to ask "how do I get more money ?(or meet the boss's targets)" and "how do I get more love? (or less trouble in the next meeting)"... Very few of us put time into thinking "how could I be kinder?"... The third one of these good things is seriously under-explored. God bless you H.o.I.

@hernameshelen Жыл бұрын

I love this! What really stuck to me is how psychology and one’s own upbringing play a major role into how we manage money! Definitely would love to see him talk more about that

@viorelgheorghe5655 3 жыл бұрын

I watch a lot of Tom's content, but Ramit was kind of new to me. It's now stuck in my mind "low cost, long term... low cost, long term"

@shaguftakhatri5707 3 жыл бұрын

Have followed Ramit’s content for several years. Sensible (maybe boring) advice and keeps it real. Thanks for bringing him on Tom

@daviddesmondlee 3 жыл бұрын

Big part of money management is peace of mind.

@jaystew7045 2 жыл бұрын

Aye man, this is the 3rd interview I've watched of yours. I just started watching u about 3 days ago. I started with the Wallstreet trapper interview. Now I've always listened to podcasts and watched interviews and I must say.... you have to be 1 of the best interviewers I've ever seen. Your interview style and questions are top tier. Love the page

@malcolm7640 2 жыл бұрын

same here, i started with Wallo, this my 3rd video too....good content here!

@kenny4952 2 жыл бұрын

I agree

@MrGejonewsom 2 жыл бұрын

Yep me as well, Must be time for those that are now "Woke" to "Rise"!

@rdrsean 2 жыл бұрын

Agreed

@jeffhoffman7362 2 жыл бұрын

I started with wallstreet trapper also and since I’ve watched so many! Great information and awesome interviews

@mrsm3442 3 жыл бұрын

Amazing. Finally, I have got to listen to someone direct, on point, fast, clear, natural. Many thanks.

@gamewithvish7049 3 жыл бұрын

We live in a time when a house costs $1 million in most cities. The strategy they're talking about in this video worked 30 years ago. If you do it today, you'll be eating ramen noodles your whole life and at the age of 65, you'll be able to buy a house and a decent meal. No thx. I'd rather take extremely high risks to get rich today. Get rich or die trying.

@treetop711 3 жыл бұрын

That's my motto too!

@thaboabisinia8958 3 жыл бұрын

Well said buddy!!

@moneytalkwithbrian9950 3 жыл бұрын

This is a great interview with very valuable information. The TRUTH has a certain ring to it! Promises of quick, large returns are a big red flag... boring and consistent savings/investing will usually win out from my life's experience. Great guest as usual Tom!! Thank you.

@constitutionalstacker5701 Жыл бұрын

I like this guy. He's 100. SO TIRED of people saying this is going to happen and that is going to happen. It's following patterns, market trends, and speculation.

@davidsaenz1610 3 жыл бұрын

People can’t trade because self discipline is extremely lacking. You can’t trade without a pretty damn adherence to tight rules and be able to stick to them. It can be done, but for the most part I do see your point and I’ve experienced both sides of the coin. Great talk!

@uchihadeity1158 2 жыл бұрын

Yeah I've been Forex trading for almost two years and quickly realized the times I failed at it was when I was undisciplined. Almost as soon as I created a strict regiment, I started to see consistent results which allowed me to create my own income. But man, it wasn't easy to get over that societal programming I had earlier pertaining to mental indiscipline.

@skyelincoln7296 3 жыл бұрын

2 years ago, I was jobless, homeless, and broke. And I remember at the time telling people, all I want to do is be able to walk in the whole foods and not worry about my bank account. 2 years later, in a job that literally pays me twice what I've ever made before, and I'm there. Mostly. I still look at my bank account if it's more than couple days after payday. Habit, probably a good one 😂

@4cuttime 3 жыл бұрын

That is amazing!! I am happy for u!

@summer7529 2 жыл бұрын

What kind of job is that?

@skyelincoln7296 2 жыл бұрын

@@summer7529 I work in Healthcare IT

@summer7529 2 жыл бұрын

@@skyelincoln7296 what specifically? Healthcare IT is very broad

@Chimoko4reall 2 жыл бұрын

How did you do it

@MandyJRoss 3 жыл бұрын

If you're reading this I'm praying something amazing happens for you today. 🙏🏻❤

@adafridi 3 жыл бұрын

Why

@vitalis 2 жыл бұрын

The key to successful investment is not to over-leverage nor expose oneself without being able to ride the crashes. Play it as a marathon and use time in your advantage as opposed to fighting it as a day trader.

@johnfehringer 3 жыл бұрын

Ramit is smart for what he is comfortable believing in and many of his “hacks” should be considered. Problem is he has a slick schtick that gets him on programs like Tom’s but he has failed to scale his thinking for current financial shifts that are inevitable. You can tell from his generalized concepts that his models are based on limited knowledge of alternatives that will be necessary when it come to the ending debt cycle. He even groups all “cryptos” together and probably doesn’t understand the difference between Bitcoin and Dogecoin.

@rob_cd 3 жыл бұрын

I'm new to the money game but sensed some of what you said, and his "generalized concepts" left me with questions.

@truthaboveall7988 3 жыл бұрын

Saying everyone in gme is in mom’s basement in RH app sounded funny. I have 250k invested there, own a home am retired at 40 & use fidelity. Plus, the most successful hf in the world just bought 99m worth of shares. It’s the media that is brainwashing not those invested.

@user-sq5mv4ix5r 2 жыл бұрын

I think the way his advocates the idea of investing in a safe manner. People can take risks at different age in their life as mentioned in the video. However, the risk tolerence on crypto may still be too great for his investment ideology. Lets just pretend majority of the people who invested in crypto understands in-depth on what they are investing in, can you really group crypto to "risky investment"? My perspective is that, Ramit probably grouped crypto a new emerging market where even the fiscal regulation on them can be changed overnight. So crypto is not just "risky", it probably is extremely high risk and is not suited to his investment ideology. Someone mentioned about GME investment comment down below. I think Ramit just generalized that there's a large group of so called investors who have no idea what they're buying into. It's great for you to not fall into the group of "mo's basement in RH app etc etc". But just because you don't, does not automatically make the statement false. He ain't targetting you, and it's ok. Media is doing the brainwashing, but also who's funding those media to push for the narrative they're trying to get out to the public?

@blockminingsolutions 2 жыл бұрын

@@rob_cd his whole premise is based on persuading others to dump their money into “safe investments” with historical 7% returns… the problem is he neglects to mention the risk of the ending debt cycle and the one ruble collapse of our debt based currency controlled by a private bank. The truth is, nobody knows if the market will collapse in a year or 10. Nothing is guaranteed anymore, except there are only 21 million Bitcoin. Checks and balances. Accountability will come someday.

@livingaboard 2 жыл бұрын

Crypto is all the same. It's all a fucking pyramid scheme

@ragetotheend 2 жыл бұрын

I like this man when he said ppl predict the markets are idiots or lying.

@EJ-mu3he 3 жыл бұрын

I enjoyed this interview but my only complaint is how frequently Tom interrupted the guest. I’ve noticed when people aren’t quote “financial people” and they talk to someone in the know about investments, it seems like they always try to interject to “prove” how smart they are about money and investing. It honestly seems like a subconscious thing, but personally it’s very frustrating to me. Enjoyed it but please word of advice to any interviewer who sees this, let your expert speak on the subject matter, especially in the realm of finance.

@HappyCleanersWA 3 жыл бұрын

Tom is probably top 5 interviewers in the world, he seemed off his game on this one with all the interruptions.

@MT-yx5cu 3 жыл бұрын

Exactly!

@KingSB187 2 жыл бұрын

I think Tom chimes in because it's as if he's piecing together what ramits saying, but he saying it out loud, and because he's saying it out loud Ramit can correct him if he's wrong, that's just my opinion , good interview never the less

@MT-yx5cu 2 жыл бұрын

@@KingSB187 True-but then he goes on to make it about him and adds in a story as well. It's really offputting when you really want to hear what the expert is sharing

@Aguero237 2 жыл бұрын

Tom's networth is about 15 times that of Ramit. I would think he knows a thing or two on finances. Fair enough he interrupted, but u can't bash him for trying to be savy. He is f'en rich.

@daniellesholly8400 3 жыл бұрын

Tom, you are the best interviewer, seriously. I love how you constantly clarify what your guests mean. You da best

@tdub4855 3 жыл бұрын

💯💯💯💯💯💯💯

@Fibonacci4ever 3 жыл бұрын

Yes

@KK-ji1rk Жыл бұрын

“I only do things that elevate her”. That’s an amazing simple principle.

@NathalieLazo 3 жыл бұрын

Incredible person reading this, you have everything is to succeed in life, whatever that is for you. Go after the life you truly want NOW! ✨ I believe in you! Love - Nat ❤️

@hii.positivity 3 жыл бұрын

hav a peaceful day NAt

@NathalieLazo 3 жыл бұрын

@@hii.positivity Thank you, you too 😘

@Thee1stMikeC 3 жыл бұрын

Thank you

@deepeshmunj5417 3 жыл бұрын

This is so discouraging for traders who are trying to make it and make it a full time business.....but this people need to know that its the person who loose money not trading makes u loose money.... i mean with proper discipline, risk management and consistency.... trading can be a good source of income …inspite of waiting 10-20 years and loose or make ....that sounds more risky to me....

@mohammadnasseri2836 2 жыл бұрын

yes that's true. I'm a consistently profitable (highly profitable) day trader. the only thing he said that I have found very true is that in the markets consistent money can only be made in a boring and simple way. if it's not boring your risking too much and if its not simple your not trading in a consistent way with your system/systems

@andohervatin3586 3 жыл бұрын

The hole in Ramits advice is the incoming stock market crash which will erode 30% of those funds he recommends. Tom you are spot on.

@hoosaindalvie9515 2 жыл бұрын

Really love this video. Must say, I've been heavily addicted to investing and saving for the long term. Compound interest is probably one of the most under rated topics when talking about investing.

@joelexis8887 2 жыл бұрын

This was amazing. I wish Tom didn’t talk over him so much in the beginning though.

@mso008 2 жыл бұрын

Totally agree. Tom talks too much. Let the guest talk.

@pixel8edexpression 2 жыл бұрын

@@mso008 I agree. I've almost turned off his videos because of this, and until this stops I won't subscribe....good questions but you interrupt before the speaker gets to their point and to the gold of their knowledge (noticed this on Jason Fungs interview)

@VactorVerse 3 жыл бұрын

Take a shot every time Tom interrupts Ramit after asking him a question.

@Isa-jr9en 3 жыл бұрын

It is his show!

@abzy3k1 3 жыл бұрын

@@Isa-jr9en his show or not.. you do not interrupt someone when they are speaking. Basic human interaction skills

@VactorVerse 3 жыл бұрын

@@abzy3k1 Right

@ashleyelizabeth1173 3 жыл бұрын

I'm drunk AF and he's rude AF

@VactorVerse 3 жыл бұрын

@@ashleyelizabeth1173 lol

@user-fk5jk9cn1c 3 жыл бұрын

I'm actually surprised he is recommending target-date funds when he is warning of high fees. The fees in those are layered. It's my impression that Ramit knows surface knowledge about investing, and suggesting it, and appearing more confident in his advice than what he really is. Some of what he says is interesting, but there are a lot of points I find inaccurate, too simplified or inconsistent with his own advice.

@emanly. 3 жыл бұрын

There is target date funds that have low fees

@etjengjoni9055 3 жыл бұрын

There is no way in hell that target-date funds can beat the S&P 500.

@Jamie-lj1hd 3 жыл бұрын

You sound like you know what your talking about.. That's not me being sarcastic either. 👍

@chriss4365 3 жыл бұрын

like hes delusional about inflation.

@arianhoward3982 3 жыл бұрын

I think you have to weigh the convenience of the target date vs. say lower fee of say an S&P 500 index. You don't have to reallocate your portfolio in a target date fund based on your increase in age since it's done automatically. If your goal is to make your investment life as low touch as possible, I would say a target date fund isn't a bad idea despite a slightly high management fee compared to cheaper alternatives (i.e. S&P 500 index).

@osmantoplica8912 2 жыл бұрын

his advice only makes sense if you've written a best-seller book on how to get rich and got rich on it, so you have a bunch of cash lying around, you want to spend no time maintaining it and you want it to be safe. I.e. it applies to just him and like three guys in the world lmao.

@ulrichlchegounbalogoun5123 2 жыл бұрын

I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks (with the help of my Financial Advisor of course) and made about 246k, but guess what? I put it all back and traded with her again and now I'm rounding up close to a million.