I wish someone had explained the power of compound interest when I was a teenager. I've put myself in a good financial position now due to high paying jobs in my 40s, but it would have been so much easier just to have started earlier. Thanks for all the great content Ramit ❤
Isn't number 8 inherently timing the market? I unfortunately did #8 and have a big cash reserve but I wish I hadn't and just added more to my normal investments, I'd be so much better off than waiting for a crash that hasn't come. Even if it does come the market has gone up so much I'd still be better off putting that money to work over the years. The problem with waiting for a crash is even if it does happen, it doesn't happen in a vacuum - you could also lose your job/business at the same time. The same applies to people waiting for a housing crash - 5% chance one happens but then you could also be unemployed because whatever causes a housing crash with this much pent up demand has to be fundamentally catastrophic for the economy in general.
Im 16 years old, currently working a studentjob for 500 dollars investing all of it. Keep going like you are right now and Thank You for ur advice! ❤ :)
The only thing I disagree with on the house vs rent cost is "not making money" on it, but I suppose it's because I have a glass half full mentality on the simple bought for X, sold for Y transactions rather than the logical side of mathing out everything that got put into it and what rent theoretically could have cost instead. I also really value owning a home and the freed that comes with that. There's definitely money being spent in areas of home ownership that you wouldn't have forked out if you rented, but on my townhouse I bought for 195k and sold for 245k so I walked out with a 128k proceeds check that went towards the next house. Whenever we sell our current house that proceeds check will be much more than that, and I love the idea of that regardless of how much went into the house while we lived there.
We're in our 30s and we intentionally take trips outside of western Europe and other tourist friendly destinations. We can always go to countries that are easier to navigate physically and culturally when we're older. We currently stick to LATAM and similar places that aren't as accommodating to what we are used to while our bodies are able to handle that.
7:00 While it’s good to aim for higher standards, waiting indefinitely for perfection can lead to missed opportunities. The key is finding balance-knowing when to settle for "good enough" and when to hold out for something better. As a 46 year old adventurer, sometimes I backpack when backpacking is good enough.
Love ya Ramit! Agree with 49/50. 😜 As a fella getting close to retirement. (53) Taxes have become a SIGNIFICANT data point in our decision calculus. With our kids now grown, and an ability to live just about anywhere, those taxes are a significant consideration. Perhaps you’ll feel the same way in a few more years, perhaps not. We just aren’t keen on spending an additional >$15k/yr on misc income/property tax increases that are based solely on the State we choose. Just our $1.05. Thanks for all the amazing content
Please do a deep dive into #9 and #14. And for #8 could you please flesh that out a bit please: with a cash reserve what would we have done to take advantage of 2009 or 2020 (I need that a bit more spelled out). Finally, Can you explain the psychology and rationale behind #14? (Please say more about that) Thanks 😊 Great list!👏🏽
Fantastic, except for #20 for property taxes. A co-worker and I both live about 20 mins from our office. I live in Indiana and my property tax is $1200 a year. He lives in Illinois, same size house, but his taxes are $12,000 per year! How much would $10,800 help his rich life?
Health is worth paying a lot for. I saw numerous doctors for my neck pain that I have been suffering with daily for many years. I just dropped 10K on neck surgery and I am noticing a difference 1.5 weeks post-op. Had lesser occipital nerve decompression surgery.
Practical advice as usual, Ramit. I was able to enjoy life in my 20s without much money, but yeah, having money now in my 40s is definitely a lot better. Building wealth really takes a long, long time and many sacrifices. And it really helps when everyone in the family contributes to that goal.
Unfortunately, we postponed the LA event due to the fires. Please see the update on my social media channels (e.g., Instagram). I'm looking forward to seeing you once we reschedule.
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new house in August and hoping to do more if things keep going smoothly for me..
Unfortunately #20 is a main factor for us getting our first house. from NY to NJ. But both have their pros and cons... NY - Additional city tax taken out of paycheck + House taxes are cheaper. Driving 10 mins away over a bridge into NJ = No city tax taken out of paycheck + cheaper housing with more SQ FT overall, but house taxes are triple or quad more than where we are now in NY. Cant win 'em all...
Nobody cares! 😂 Sssoooo true! Thank you so much Ramit for always giving advice straight, no runarounds or gate keeping to helping me live my rich life. Keep up the good work 🙏🏽
You can learn lots and explore in your 20s while also setting the ground work to be fiscally responsible. Compound growth from your 20s will be life changing later on. Same applies to your health
Wrong. Your 20's is the first full decade of adulthood. Do NOT just party and be irresponsible; get an education or learn a trade, build a career, become a professional, and try to meet someone to build up further and further and share it all with. Yeah, of course travel. Go on road trips. Go to national parks. Go to some concerts. Go on some international trips if you can afford it. Know who can afford that? People that took their 20's seriously rather than treating like some throwaway decade that didn't matter. And start taking care of your health EARLY! Don't wait until you're in your 40's, fat, and prediabetic to do something! Exercise and eat well right now. You're in your physical and mental prime in your 20's (or at least you should be, get there if you're not). That prime can either last pretty long if you have the discipline to maintain it, or it can extinguish before you even hit 30 if you don't! Finally, INVEST! Pay yourself first! Even if it's only 5-10% per paycheck, set up the automatic investment into your 401k, IRA, or whatever else and simply learn to live without that money. It will both build the habit of saving and investing, and even though the $ amounts you're putting away seem small, every dollar you put away in your 20's likely has 40 or more years to grow. The difference can be life changing. And if you build a successful career and decide you're willing and able to put away more than that, the compounding effects of growing wealth could start to have a big impact on your life much faster than in 40 years. My two cents from a guy past his 20's that built a lot of the foundation of my success today by focusing on things like this while I was in them.
If you are irresponsible in your 20s, you'll spend your 30s digging yourself out of the mess you've made, instead of moving forward. Follow Ramit's plan- pay your bills, save/ invest, AND have some fun, and ALL of your decades will be awesome.
@@rusty935or maybe you were set in life bc you had a family that made sure you didn’t struggle. Not everyone gets blessed or lucky enough to have such a strong support system.
@@phillips8366 idk your income are asking a question or?? But like I said, some people are set in life bc their family made sure of it. And yes you had to work but not live pay check to pay check… why? Idk maybe bc your family made sure you didn’t struggle. It’s some people who didn’t have anything but made it to financial independency and have a steady income now but it took a different route to get there. It’s so many ways to make money and so many bad ways and personally I feel like this video is for people who already have money or a trust fund or any kinda funds saved/set up. It’s to help make sure they don’t blow their money and become low income class. So this video isn’t for everyone. And that’s okay. But I’m sure it reaches who it needs to reach. Even tho something’s he said were kinda bias but still understandable.
Thank you for your videos Ramit, I really enjoy watching them, and they've helped me understand my money psychology! I believe this video was too fast, although I still enjoyed and learned from it.
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new house in August and hoping to do more if things keep going smoothly for me..
Congratulations dear. You're really doing well for yourself, I'm 49 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
I wish someone had explained the power of compound interest when I was a teenager. I've put myself in a good financial position now due to high paying jobs in my 40s, but it would have been so much easier just to have started earlier.
Thanks for all the great content Ramit ❤
THANK YOU 🙏🏾
Adaxum: Early entry, big rewards.
Isn't number 8 inherently timing the market? I unfortunately did #8 and have a big cash reserve but I wish I hadn't and just added more to my normal investments, I'd be so much better off than waiting for a crash that hasn't come. Even if it does come the market has gone up so much I'd still be better off putting that money to work over the years. The problem with waiting for a crash is even if it does happen, it doesn't happen in a vacuum - you could also lose your job/business at the same time. The same applies to people waiting for a housing crash - 5% chance one happens but then you could also be unemployed because whatever causes a housing crash with this much pent up demand has to be fundamentally catastrophic for the economy in general.
Whales are accumulating ADX, and I’m glad I joined the presale before the big wave.
Grab Adaxum tokens before launch!
Adaxum is worth the hype.
Im still hiking, and Im 59!
I hike and run ultras, and there are plenty of people in their 60s out there doing both! Love your life, live your life!
Adaxum’s focus on solving real-world problems makes it a standout project in the crypto space.
Adaxum’s integration of E-commerce and DeFi is the perfect formula for long-term success.
Im 16 years old, currently working a studentjob for 500 dollars investing all of it. Keep going like you are right now and Thank You for ur advice! ❤ :)
Ramit didn't even lose his temper in this video. WHY did I even watch?! lol
😂 “Spoiler alert”
He got a little spicy with the generational wealth, though! 😂
Lol
The only thing I disagree with on the house vs rent cost is "not making money" on it, but I suppose it's because I have a glass half full mentality on the simple bought for X, sold for Y transactions rather than the logical side of mathing out everything that got put into it and what rent theoretically could have cost instead. I also really value owning a home and the freed that comes with that. There's definitely money being spent in areas of home ownership that you wouldn't have forked out if you rented, but on my townhouse I bought for 195k and sold for 245k so I walked out with a 128k proceeds check that went towards the next house. Whenever we sell our current house that proceeds check will be much more than that, and I love the idea of that regardless of how much went into the house while we lived there.
With Adaxum’s ambitious goals, this project has the potential to dominate in 2025. Glad I got in early.
Very good list! Wish I’d heard these 20 years ago lol.
I got 50 problems but spending money ain’t one.
Love this Ramit.
We're in our 30s and we intentionally take trips outside of western Europe and other tourist friendly destinations. We can always go to countries that are easier to navigate physically and culturally when we're older. We currently stick to LATAM and similar places that aren't as accommodating to what we are used to while our bodies are able to handle that.
Won't want to backpack across Europe when you're 50? Depends on the person, 2 years ago my dad and I bike packed across Northern Japan and he was 61.
That's his rich life. I'd do it too. But most people wouldn't.
Japan is beautiful and safe, European cities less so.
That’s badass. Sounds like your dad has kept his health up which is key to enjoying the later years
In the future, he should make all his videos just for you.
The “it’s okay to waste” is the most surprising one to me. We’re not used to hearing that!
7:00 While it’s good to aim for higher standards, waiting indefinitely for perfection can lead to missed opportunities. The key is finding balance-knowing when to settle for "good enough" and when to hold out for something better. As a 46 year old adventurer, sometimes I backpack when backpacking is good enough.
ADX has massive potential to 50x. Secured my tokens during the presale!
Ramit "I'm 42 years old and I teach people how to live a rich life" Sethi
Great tips and helpful, but not sure I would have named this video "money truths" as many are not even related to money. Was a little misleading.
Literally every one of the 50 was directly related to money…?
You have changed my life with your money knowledge, thank you
Adaxum presale is a no-brainer.
3:15 why? Genuine question, have never had a mini bar before
I think it's a joke because he uses hotels a lot, mini bars are way over priced
It’s a hidden cost, not complimentary! That’s how they get ya! 😂
Love ya Ramit! Agree with 49/50. 😜
As a fella getting close to retirement. (53) Taxes have become a SIGNIFICANT data point in our decision calculus. With our kids now grown, and an ability to live just about anywhere, those taxes are a significant consideration. Perhaps you’ll feel the same way in a few more years, perhaps not. We just aren’t keen on spending an additional >$15k/yr on misc income/property tax increases that are based solely on the State we choose.
Just our $1.05.
Thanks for all the amazing content
This has been very very insightful.
Yes very amazing knowledge 😊
Valuable content
Got my ADX tokens during the presale. Adaxum’s unique vision is what sold me.
See you tonight in SF Ramit!!
I’ll miss it😢. Have fun!!
Please do a deep dive into #9 and #14. And for #8 could you please flesh that out a bit please: with a cash reserve what would we have done to take advantage of 2009 or 2020 (I need that a bit more spelled out).
Finally, Can you explain the psychology and rationale behind #14? (Please say more about that)
Thanks 😊 Great list!👏🏽
Fantastic, except for #20 for property taxes. A co-worker and I both live about 20 mins from our office. I live in Indiana and my property tax is $1200 a year. He lives in Illinois, same size house, but his taxes are $12,000 per year! How much would $10,800 help his rich life?
Yea property taxes matter a lot here too county to county (sharing a border) can be several thousand per year
Yeah, but they get to live in Illinois and you have to live in Indiana.
Ramit you are the best thank you so much
This is such a long shot. But what mic do you use? Your audio is so crisp, it's insane.
Health is worth paying a lot for. I saw numerous doctors for my neck pain that I have been suffering with daily for many years. I just dropped 10K on neck surgery and I am noticing a difference 1.5 weeks post-op. Had lesser occipital nerve decompression surgery.
I wish your content had been around in my 20s.
Omggg I made a request for this video yayy
Adaxum’s E-commerce and DeFi integration could redefine the crypto space. Glad I got in early!
Practical advice as usual, Ramit. I was able to enjoy life in my 20s without much money, but yeah, having money now in my 40s is definitely a lot better. Building wealth really takes a long, long time and many sacrifices. And it really helps when everyone in the family contributes to that goal.
See you in LA tomorrow!
Unfortunately, we postponed the LA event due to the fires. Please see the update on my social media channels (e.g., Instagram). I'm looking forward to seeing you once we reschedule.
Loved this video, lots of new advice
All work is honorable work.
Nope
Honorable yes
But not all work are worth it
Ryan Reynolds voice
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new house in August and hoping to do more if things keep going smoothly for me..
This is awesome! Straight to it
Good content.
Unfortunately #20 is a main factor for us getting our first house. from NY to NJ. But both have their pros and cons... NY - Additional city tax taken out of paycheck + House taxes are cheaper. Driving 10 mins away over a bridge into NJ = No city tax taken out of paycheck + cheaper housing with more SQ FT overall, but house taxes are triple or quad more than where we are now in NY. Cant win 'em all...
I feel like you can’t enjoy life if your maxing out all your retirement buckets, Roth IRA, hsa etc unless your making a ton of cash.
Nobody cares! 😂 Sssoooo true!
Thank you so much Ramit for always giving advice straight, no runarounds or gate keeping to helping me live my rich life. Keep up the good work 🙏🏽
Schools n colleges need to post this list, will save many from financial n emotional stress💎🙏🏿😊
Don’t get your 20s right. Go out, travel, be a little irresponsible. Get your 20s wrong so you can get the rest of the decades right.
You can learn lots and explore in your 20s while also setting the ground work to be fiscally responsible. Compound growth from your 20s will be life changing later on. Same applies to your health
Wrong. Your 20's is the first full decade of adulthood. Do NOT just party and be irresponsible; get an education or learn a trade, build a career, become a professional, and try to meet someone to build up further and further and share it all with.
Yeah, of course travel. Go on road trips. Go to national parks. Go to some concerts. Go on some international trips if you can afford it. Know who can afford that? People that took their 20's seriously rather than treating like some throwaway decade that didn't matter.
And start taking care of your health EARLY! Don't wait until you're in your 40's, fat, and prediabetic to do something! Exercise and eat well right now. You're in your physical and mental prime in your 20's (or at least you should be, get there if you're not). That prime can either last pretty long if you have the discipline to maintain it, or it can extinguish before you even hit 30 if you don't!
Finally, INVEST! Pay yourself first! Even if it's only 5-10% per paycheck, set up the automatic investment into your 401k, IRA, or whatever else and simply learn to live without that money.
It will both build the habit of saving and investing, and even though the $ amounts you're putting away seem small, every dollar you put away in your 20's likely has 40 or more years to grow. The difference can be life changing.
And if you build a successful career and decide you're willing and able to put away more than that, the compounding effects of growing wealth could start to have a big impact on your life much faster than in 40 years.
My two cents from a guy past his 20's that built a lot of the foundation of my success today by focusing on things like this while I was in them.
If you are irresponsible in your 20s, you'll spend your 30s digging yourself out of the mess you've made, instead of moving forward. Follow Ramit's plan- pay your bills, save/ invest, AND have some fun, and ALL of your decades will be awesome.
He says a lot of real feel good stuff… but if someone with a $70,000 household income followed most the things he’s saying, they’d be broke.
I make 70k and follow this and I'm not broke. You just got a broke mentality that can't be fixed
My sisters sent me this video… and to me this video is bogus. 🤷🏾♀️ I agree it’s just a lot of feel good things being said.
I’ve had a $70k household income for the last three years and I have $150k saved up at 29?
@@rusty935or maybe you were set in life bc you had a family that made sure you didn’t struggle. Not everyone gets blessed or lucky enough to have such a strong support system.
@@phillips8366 idk your income are asking a question or??
But like I said, some people are set in life bc their family made sure of it. And yes you had to work but not live pay check to pay check… why? Idk maybe bc your family made sure you didn’t struggle.
It’s some people who didn’t have anything but made it to financial independency and have a steady income now but it took a different route to get there. It’s so many ways to make money and so many bad ways and personally I feel like this video is for people who already have money or a trust fund or any kinda funds saved/set up. It’s to help make sure they don’t blow their money and become low income class. So this video isn’t for everyone. And that’s okay. But I’m sure it reaches who it needs to reach. Even tho something’s he said were kinda bias but still understandable.
Derrick White: Hey Joe, you just won NBA Coach of the Month. Congratulations
Joe Mazulla: Nobody cares.
Thank you Ramit! These type of videos expand my mind so much! 🎉😊
knowledge is wealth
Thank you for sharing your content over the years. It has helped me and many others immensely!
Love this but the graphics design has got to go.
Thank you for your videos Ramit, I really enjoy watching them, and they've helped me understand my money psychology! I believe this video was too fast, although I still enjoyed and learned from it.
No one cares
@Ramit This list should be available as a download on your website!
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new house in August and hoping to do more if things keep going smoothly for me..
Congratulations dear. You're really doing well for yourself, I'm 49 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
She is really a good investment advisor. Was privileged to attend some of her seminars.that's how I started my own crypto investment
I'm thinking of getting into investing but feel a bit lost and confused. Any friendly advice or contacts you recommend for guidance?