I can’t imagine the foolishness he gets in his inbox. He snapped lol

😂

Passion is a powerful thing

That’s why he needs to invest in a good bed 😂

@@DWI_JUiiCE 🤣😂🤣😂

🤣

Honestly, that's exactly as expected.

@@mariannagreenlee 😅

Where did you find this, I need to see 😂

😂😂😂 makes sense

If I was listening to people talk about justifying their debt all day I would have a split personality also. 😂

😂😂😂😂​@@Adman-p4j

@@RobDob1569 I like "Dark" Ramit! 😄

He’s like all of us…completely nice and mild mannered when talking to people IRL, and a complete asshole to strangers on the internet 😂

He's like all of us; he contains multitudes.

A buddy of mine took a loan for a $20k jaccuzi. a month prior he asked me to borrow $80. I just don’t understand how people let this happen.

@@jvinsnes😂

How was she even given a loan? smh..

Do we have the same accountant 😂

Always understand what is Happening. Do Not and your so called mistakes will shape into the meaning of destiny

An accountant that wants to keep information away from you is not your friend.

@@weebly_ where did you get that he was keeping info from me? The meaning was to maximize profit without taking in to account tax ramifications. This was for a retail business, so uncomplicated taxes, unlike real-estate or stock trading.

While this is true, it's also true what he said. Many people don't actually track what they spend money on and lifestyle creeps in often times even without the person having an increase in income. What happens is people slowly get used to living with debt and they feel more comfortable living with debt more and more. It's like the frog in the boiling water. The frog doesn't feel the danger of the water increasing in temperature of the water until it's too late and it's unable to jump out of the pot even if it wanted to.

@@pyronic120120 while I generally agree with you and debt is a hole you can get sucked in fast and it’s hard to get out of- the frog in the water is actually a bad analogy. Not only it’s actually not true and the frog in reality does jump out as soon as the temperature becomes uncomfortable, also people feel things went up in price even if they only live swiping credit cards. The payment is keep on going up every month. And while yes, it registers less when you swipe a credit card vs paying cash or even debit, no one is that oblivious not to see the prices being higher. Groceries, rent, memberships, literally everything!

Exactly

@@pyronic120120Maybe americans due to the credit card society built there but here in Europe I don't know people who live in debt. Like the whole deal with colledge loans I don't get when you guys have community colledge.. It's like just picking to go to a private school for the fun of it as if yoh were rhich when you're not. Ridiculous! 😂

@@JustLIkerapunzelyes credit cards are a scourge on society . Yes some (few) people can use them wisely but most can’t . Governments if they were serious about helping their own people out would demand only the use of debit cards cards. When I was a child credit cards did not exist and people got by.

😂😂😂stop doing that. Ramit says routine won't make you rich.

Great one!!

Avocado toast is an investment in your taste buds...

😆

Nice marketing gimmick 🤓

Rich bastard😂😂😂

Geico is an expensive insurance company. There’s no savings in south Florida.

As a tax accountant, the tax advice was not good. You absolutely should minimise your tax and be actively trying to do so. To not do so is just as bad, or even worse, than paying financial planner fees that he complains about thanks to his sponsor later in the video. The refund stuff is also garbage, you need the self control that having the extra funds isn't going to be wasted, the idea of letting the tax man hold your money because you can't is terrible. If you can't do this simple thing then you're doomed anyway. It's literally advising to another financially bad thing because you're already bad with money.

​@@lesbo37Ramit is not saying that you should not look for tax advice or try to minimize your tax obligations. He is all about increasing income and reducing spending. What the video addressed is people who obsess with how much they spend on taxes and how taxes make them poor. An extra 100 per month is unlikely to help them if they are living paycheck to paycheck, because they have high CC debt. It is more beneficial to get your spending under control and increase your income, rather then spend hours and/or more money trying to save an extra $100 on taxes.

@@lesbo37 This is an insightful comment, however I think a couple of assumptions needs to made, 1. If you pay less than due tax amount then you need to pay a penalty however if you pay little more than the due amount you get a rebate. If this be the case then it is always better to pay little more and get a rebate since you don't need to pay extra. 2. Ordinary Citizens and not well off tends to do their own taxes since they cannot take the extra burden of paying an accountant. If this be the case then there is always a chance of miscalculation.

@@soumyajeetchakrabarty6872 According to the IRS website, the underpayment would have to be by more than $1,000, or it would have to involve other situations such as self-employment or whatnot where you have quarterly payments. The trouble with discussing these things is that you have to start with a base assumption of the individual behavior. The same person that can stick to a budget should be able to go without a refund without wasting it. They should also have enough sense to be able to go "Well, I had a 3k refund last year, so if I adjust my withholding bit by bit to eliminate that, I won't drastically underpay by thousands of dollars" On the other hand, the people that don't have the discipline to pay off their cards or follow a budget won't have the discipline to properly manage their taxes. Unfortunately, I see Ramit lumping these 2 kinds of people together in the same sentence without distinguishing them.

Seriously. Just look at the sneaker market. 😂

Ramit had to plug in Netflix cause he has a show in the network and its a great one !

😂

Darkly hilarious. Some people truly cannot be helped

@@ramitsethi I live in FL, and I never pick up an extra shift. Working as a nurse is mentally and physically EXHAUSTING. I rather have less money, and enjoy my days off working in my garden and walking my dogs. THAT IS MY RICH LIFE!!

@@mninoskaflores7555what’s that got to do with taxes?

@@ramitsethiwill there be a season 2 of How To Get Rich?

My sister is like that haha

lmao

I have a sound conscious spending pla n, AND TJ's prices in connection with shrinkflation are a real problem for me.

@@HerAeolianHarp Agreed, probably should'n't be shopping there if worried about money.

@@bmorehead Fortunately for me, I like beans and rice with lots of veggies and fruit. A lot of people at Trader Joe’s are buying trendy new items that just came out. Having been schooled by the Detroit Public School System and needing to self educate myself about saving and investing and living below my means, it can be hard to have any sympathy for others when I wouldn’t allow any for myself. I’m on track to be financially independent by the age of 49 and I’ve never made over $45,000 a year. However I refuse to go into anyone’s establishment and complain about the prices.

I hear the same thing all the time from people I speak to, they say “these prices are insane at the grocery store! How can we afford this?!” The hilarity (or rather stupidity of it all) is that these were the same people taking talking points from faux news when they tried to raise the federal minimum wage “If we raise the minimum wage then a gallon of milk will be 15.00!!” So now what we have is higher prices and the same federal minimum wage since 2009

So true. The foundational principles are universal. Spend less than you make, keep debt to a minimum or zero, invest early and often in boring index funds. If everyone did just those 3 just think of how much better off everyone would be. The personal parts are at the edges and at the middle to end of the journey where you actually have a pile of money to protect. One thing I wish the advisors your say is you dont have to optimize to win. example, moving your money around in a high interest savings account every quarter to get $20 extra in interest instead of concentrating on life and expanding your career is the example that kills me. The amount of electrons killed every month with finfluencers taking about the newest high interest "bank" makes me scream

In my old job I sold property and part of it meant that I had to check peoples ability to pay by looking at their credit scores and bank statements and yeah we are all more similar than you would think 😂

As a 50+ individual with a healthy net worth, I still follow the most basic financial principles that I learned in my early 20s. They're what got me here so why change it?

Gentle 😂

If that was gentle, I wonder what you think brutal feels like? Lol.

yes but it can be done any time of day lol😂. And more than once a day even. you can even mix it up and do it before bed .

I am the same. After 3:30 PM I am done but I get up at 4:30 AM to go to the gym and commute to work.

Dogfood😂 wait for the vet bill and dogsitting expenses!

@@hikingpeaks4377 I've got family to watch my pets when I travel. Vet bills are only expensive the few and rare events they get sick. I only pay for rabies vaccine which is cheap. flea/tick meds haven't really gone up. Grooming prices are about the same. Dog food is something I buy on the regular so it's why I mentioned it. Just shows that inflation for services haven't really been impacted. Goods, however, have been impacted heavily.

“Spend guilt free on the things you love, and cut costs mercilessly on the things you don’t”

@@stevemaurer2259 100% I'm just pointing out inflation is real, much more than the normal 2% we've been use to.

@@hikingpeaks4377 I have family to watch my pets when I travel. Dog food is something I am buying constantly, not a here and there purchase. Vet bill and grooming have stayed pretty consistent over the past 5 years.

it's the best 😂😂

😂😂

I’m glad for you but boy would I be bored

@@M_SC it’s completely what you value, but I still go out to eat, vacations etc so still fun.

Yup. Disgusting

Don't let a few greedy folks spoil the idea of "Generational Wealth". *True* proponents of generational wealth view themselves as the custodians of their families wealth rather than the sole owners of it. They seek to ensure a smooth and efficient transfer of that wealth to help improve the lives of their family, friends and/or community members. I think it's a beautiful way of approaching wealth vs. buying a bunch of stuff that ends up in a landfill.

Well said. I had a FEELING about making this comment but I knew Ramit wouldn't accept that. 😂

It’s a doomsday rate for people who have less money than YOU, which is a large part of the demographic. So it effects things economically on the broader scale which will effect you subsequently, it’s just not effecting you personally. Good for you.

I agree that groceries haven’t skyrocketed. I spend about the same if not less than what I spent 4 years ago. Planning and limit junk food is key.

@@maiaheiss2991 No its because most of the people are not intentional with their spending and buy crap.

​@@maiaheiss2991 "You don’t find out who’s been swimming naked until the tide goes out." A lot of people have been swimming naked and want to sell rest of us on the idea that their current predicament is through no fault of their own.

​@@bmoreheadPeople who make less money are failing to adjust their spending. You're dead on about them buying crap, you can see in real time at the store.

Just don't get seriously ill..😅

The worst part about the "the US has the highest taxes" lie is that taxes are at a historic low today. Given our deficit & national debt situation there's every reason to believe that taxes are going to have to go up eventually just to pay interest on our debt.

@@tommymack3210exactly

Lit af gummy worm, tastes better 🐛

I've sold multiple houses and primarily renovate myself, replacing flooring and painting. Get it inspected and fix anything that's reasonable before it goes on the market. The main thing people want is a move in ready home. I've never spent more then 10-15k before I sell. The only home I ever felt was a loss was my first one I bought in 2007 that just never got back to the price I paid and I finally gave up and sold it, was able to rent for about 14 years and the people that bought it took it "as is" and wanted to put renovate the whole thing because they bought it as an investment. I was like good luck and good riddance.

It makes sense. People renovate often based on things they want or need. But the next person may not care or may want to put their own spin on the house so paying extra for things they plan on replacing isn't reasonable.

We spent more than that renovating, but at least because we wanted the place to live in for us, not for profit. We had the place revalued and it came in at what we paid for the place, plus the cost of the renovations. Sounds like break even, but I did a lot of work myself and if I had paid myself for the time, I’d be at a loss.

@@lightweightben I think we would all be better off if people had your attitude. We should buy homes because we want to live in them not because it's an investment.

You renovated for the wrong reasons, I'm renovating my house right now. I plan on living on it in it for 30+ years and then willing it to my children. My renovation's going to make my life extremely comfortable in this home and into old age

Not sure how I've done so well in life, but maybe it was. I need to do the opposite of my dad. When I was a teenager he was gambling his paychecks at the casino.

That's his most asinine take. The government is extremely inefficient and haphazard with how it spends money because it has bad incentive structures. Rather than patting yourself on the back as if that's a good thing and we should actually spend more money for worse outcomes, we should try to align the incentive structures more toward better outcomes. You can look at almost anything, crime, health, education, where the amount spent could be slashed and we could have even better outcomes. Crime especially because it costs trillions. Those are probably gross underestimates due to downstream effects, and most crime is done by a relatively small number of people

@@TheThreatenedSwan I've seen changing incentive structures from the government to the private sector and it resulted in both the US healthcare and prison systems. I'd rather stick to government. What is your idea, anyway?

@@ruffethereal1904 Having the government do everything is not a panacea, and you do know the US has a bad underpolicing problem, right? And when policing is cut, it's the "oppressed" communities who are most affected. Locking away violent criminals=less victimization

@@TheThreatenedSwan You didn't answer my question. What is your grand idea of changing incentive structures that would work better than government? Where is your theory? Where is your experiments, if available? Because a good idea would generally have people trying to study how to do it better.

Yes inflation is real AK the declination of the value of the dollar. This has been a fax it's guaranteed within the first quarter of the year 1914 vastly thanks to an idiot named Woodrow Wilson who pissed away the power of our currency on officially December 23rd 1913 off the coast of Jekyll Island when he made a deal with a bunch of foreign bankers giving them the power to print and control our currency with what he dubbed as the Federal Reserve Act. And this has nothing to do with our own federal government and this this act this deal was never legally voted upon by Congress which is supposed to be the voice of the people Ron Paul spent many decades as a Texas Congressman trying to educate any and all political Powers coherent enough that would have the power to finally put a stop to this crap but not enough nor anyone would listen. John F Kennedy was the last Obama understanding by memory the only president who tried to do something about that with the executive order of 01111 or 11110.. Notice one thing that's a coincidence or it may not be in my opinion that he was assassinated not even 6 months later. What's one of the first two or three things that Lyndon B Johnson did when he took office, reverse that executive order This literally would have struck at the heart of the vast majority of all debts that our nation owes and I'm willing to bet today even if our nation was in debt it would nowhere nearly be big as it is had Ron Paul or JFK's Mission succeeded

This was his worst take. People are not complaining about inflation because some podcaster told them it was a problem. They are complaining because it’s a very real and obvious problem that everyone can see ( at least for those who can’t afford $250,000 for a bathroom remodel).

a person in that position should safe that cash of that truck and invest it, grab more cash of the same amount and invest it, doing that some 3 ~ 4 times you will have investments that can pay the leasing of such truck. Affordability of very nice things have to come not from your income source, but from the investments returns of your income source. That is were you can really afford it

Matress and shoes, I don't save money. You will spend 99% of your life in either one of those.

@@andresgarciacastro1783 The question wasn't "is it worth it" the question is: "How do you know you can afford it?" Lots of worthwhile and quality things are unaffordable absent the right plan (income, savings, and spending). I know someone who leased a $1k / mo vehicle while already in $60K of tax debt AND also unable to cover basic expenses. Also, to point out some errors: unless you sleep with your shoes on or are confined to bed all the time, 66% is the most time you will spend wearing shoes. About 40% of your life - assuming you get 9 hours of sleep a night - is what you'll spend in bed - unless your bed is also your couch, and easy chair. The number 99% is the kind of rationalization that gets people in financial trouble. The better plan is to buy a pair of shoes and a mattress you can pay for outright in cash now without going into debt or jeopardizing your financial future. When your situation improves you can buy a better mattress and more shoes.

that is a valuable lesson. I am the uncle that gave my niece and nephews $1k. They got to pick and individual stock with half and a SP500 fund with the other half. Just so they could see the difference. 10 years later it was a lesson they could not ignore.

Shoulda bought NVDA stock😂

My aunt recommended I buy a pharma stock. I bought it. It wasn't the worst possible investment as I made about 4.5% a year for the seven and half years that I owned it. The price of the stock was down up to 25% at times. Without dividends it would've been way worse. I barely broke even stock price-wise. BUT when compared to an S&P 500 ETF or MSCI World ETF, my return was horrible as I would've more than doubled my money had I invested it in one of the said indices via an ETF. When I made the investment - which was my first one - I didn't know index funds existed. My aunt's piece of advice was to invest in stocks that pay a high dividend. I've since learned that what matters is not the dividend yield but the total return compared to risk (risk-adjusted risk + understanding the difference between compensated risk and uncompensated risk). The only other individual stock I invested in was Coca Cola. I invested in it before I knew about index funds, too. It has done decently. But it has still underperformed compared to an index. When I bought the stock, I decided I wouldn't sell it before I turned 50 years old. So, I'm keeping it. It's less than 5% of my portfolio. So, I'm just going to keep it. Rationally, it would make more sense to sell it, but I'm going to keep it anyway as reminder that individual stocks will most likely underperform indices as well as keeping my promise to myself.

Interesting routine you got. I tried to study 5 days a week for two hours. Two days fun/relaxing. But I still felt burnt off with that system.

@@Bo-lu4po yeah I tried that and it's hard to keep up the pace especially with kids. 3 days seems to be the max for the early morning study routine for me. I would play around with the number of productivity days until you find the one that doesn't burn you out if you did it for a month straight.