Ramit Sethi
@ramit
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Host of @netflix "How to Get Rich" & the I Will Teach You To Be Rich podcast. Get my new money insights every Saturday 👉🏾
Los Angeles
Joined April 2008
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This is what I mean when I say "don't take financial advice from people on social media"
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You rarely get to see people trying to resolve cognitive dissonance right in front of your eyes. In this video, you get to see it happening live
I live for this
Oh my God. Joe Rogan tried to say Biden is unqualified by claiming he said something that TRUMP said.
He got fact checked in real time. This is amazing.
(h/t
@Mediaite
)
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You buy a house, thinking it's a good investment
Value increases $500K
Now what? When does it actually turn into $ for you?
Do you sell & move to another house? Other houses are expensive now
Sell & move cities? Maybe, but your friends & family are here
Now what?
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Where people try to to save money:
- $3 coffee
Areas that actually matter:
- Investment fees ($50,000+)
- Asset allocation ($50K+)
- Negotiating salary ($25K+)
- Mortgage interest ($20K+)
- Student loan interest ($5K+)
Stop asking $3 questions & start asking $30,000 questions
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Examples of a Rich Life:
* Grocery shopping without considering price
* Spontaneously extending your vacation by a day
* Buying popcorn at the movies
* Handing out full-size candy bars for Halloween
* Buying a $100k car that you love every time you sit in it
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Good morning. Please meet these shameless wealthy Americans who insist they’re not wealthy because they don’t want to pay higher taxes
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Wow, after listening to a 3.5-hour podcast today, I realize Bitcoin is actually the future. Fiat is doomed
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If you're under the age of 35, pay close attention to this market to train your investment intuition
* Crypto guys have vanished
* AirBnB/RE passive income are getting quiet
* Many pivoting to creator agencies
This is what happens when hype dies. Now watch what happens next
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If someone said this about me, it would be the greatest day of my life
@dieworkwear
you deserve this
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LMAO fucking losers. Being so rich you fly private but agonize over **daily** taxes. Truly one of the most scarce, pathetic things I’ve ever heard. You will die unhappy
This is incredible. The ultra-rich do things like fly their private jets out of the state right after midnight, and time their returns until just after midnight, so they can escape NY taxes, but stay in the city as long as they can
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Repeat after me: Your rent is the maximum you'll pay. Your mortgage is the minimum you'll pay.
Homeowners often trumpet their fixed interest rates but fail to factor in phantom costs like interest, insurance, maintenance, transaction costs, & opportunity cost of down payment
Florida condos reeling with 563% rate increase and massive deductibles.
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This is why your housing costs so much. Rich homeowners have captured local governments in nearly every city in America and they prevent housing from being built
Less supply = higher house prices, which is great for them — but awful for young people & minorities
Given an 8-3 vote tonight by San Francisco's leaders to downzone the wealthy waterfront neighborhoods to protect the views of millionaire homeowners, I figure I'd show a visual representation of the amount of housing the city approved in January. Yes, it's in red, look closely.
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Do I wish I lived in a low-tax state? No. Fuck no. I’d rather live in states with abundant social services, voting rights, women’s rights, labor rights, environmental protection, LGBTQ+ rights, plentiful public spaces, longer lifespans with a higher quality of life, diverse…
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I’ve rented for the last 20 years and it is amazing
No worrying about repairs or maintenance payments or $50,000 renovations
I take all the money I would have spent on owning and invest it, save it, and spend it on trips to places like Japan, India, and Kenya
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Please notice all the bitcoin promoters who have tucked tail and vanished
In the next 12 months, I predict the same thing will happen to the "passive income real estate" bros
It will be glorious
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A friend in SF told me about going to celebrate with an entrepreneur who just sold his company
The entrepreneur wanted to go to the ATM to see his bank balance. He checked...
It was $220,000,000
Then they decided to celebrate...by going to McDonald's
Love it
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How I automate my life, including these money rules
On my Instagram story right now
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Are you guys really falling for this guy wearing a $6,000 custom suit while telling Americans to cut back on coffee as he conveniently skips over how frugality isn't what made him worth hundreds of millions? Also missing from this fun little clip is the minor fact of how he was…
STOP wasting money on $5.50 coffee and $15 sandwiches. Pack a sandwich, skip the fancy latte, and watch your savings pile up. Do you agree?
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This is the best thread on the internet. 2 guys argue about how many days are in a week. Start at
#6
:
http://t.co/77102wtEjd
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23-year-old twitter dudes writing 40-part twitter threads on why you "need to" buy real estate so you too can cashflow...$210/month
Lol
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@realEstateTrent
I'm a little confused about this post and all the responses saying "Young people are so entitled." This is the market speaking. It's telling you the role doesn't pay enough for the work required and there are excellent alternatives. If a property was on the market and not…
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What if the American Dream really isn't working endlessly to buy a house, commuting 1.5 hours/day, moving far away from your friends & family, & mindlessly saving money for someday 40 years in the future?
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In this video of LA, you can see the exact reason why housing is so expensive in America
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Many people don’t realize the hidden fees involved in buying a house
I call these PHANTOM COSTS
They see this:
- 2-bedroom house for $1600 rent
- 2-bedroom house for $1600 mortgage
And think: “Same price? I should build equity!”
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Is inheriting a decrepit house with deferred maintenance the type of millionaire I want to be? No. But you're still a millionaire
Remember this when you hear someone who bought their house in the 70s complaining about property taxes. Millionaires NIMBYs dont get my sympathy
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Notice how lower housing prices & rents are described as "disaster" & "distress"
Lower housing prices are AMAZING! For young people, poor people, and families
Lower prices are bad for are Wall Street & homeowners, whose perspectives are the only ones represented in the press
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@kevinleeme
Such an awesome, specific example. Mine was to be able to order appetizers at a restaurant
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In my experience, when people cross $150,000 of income, they stop carefully tracking expenses
(This is fine! At $150K, you can loosen up. You don't need to track the price of a pack of gum.)
However, here are the 3 problem areas I see for expenses above $150K income
1. They’re…
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"WE'RE JUST ORDINARY PEOPLE LIVING IN MENLO PARK! WE BUY ORANGES AT SAFEWAY! I DON'T FEEL RICH! HOW DO YOU EXPECT US TO DEAL WITH the TRAFFIC IF YOU BUILD THAT APARTMENT COMPLEX 3 MILES AWAY?"
Your house is worth $6.5 million, Karen. Nobody cares about your traffic worries
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I met a woman who earned ~$200,000/year, a very good salary
But her net worth was in the millions – that’s disproportionately higher than her salary!
This is typical of most wealthy people. They focus on their careers & they invest regularly over decades
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This is extremely bad policy that simply makes housing more expensive. The real solution to expensive housing is to build more -- a lot more -- by systematically suffocating the NIMBY stranglehold on local government power and allowing the market to build way, way more housing
BIDEN TO PROPOSE $5,000 CREDIT FOR FIRST-TIME HOME BUYERS: WAPO
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Good morning. Just a quick note that if your political party is banning books and one of your top presidential candidates refuses to admit that the Civil War was about slavery...you might be the bad guys. Thanks
Asked what caused the Civil War, Nikki Haley refuses to mention slavery: “What do you want me to say about slavery? Next question.”
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My best posts of 2014 on business, psychology, money, and entrepreneurship:
http://t.co/GjqQkCnPdV
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In my experience, when people cross $150,000 of income, they stop carefully tracking expenses
(This is fine! At $150K, you can loosen up. You don't need to track the price of a pack of gum.)
However, here are the 3 problem areas I see for expenses above $150K income
1. They’re…
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One recurring pattern on my podcast is couples in financial trouble calmly explaining their logical reasons why they absolutely need a $2,000 mattress or $75,000 truck or 9 different credit cards
Then, when I tell them that I don't even have that, they look completely stunned.…
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How interesting. I was never a fan of CEOs who build financial apps to intentionally incentivize gambling and irresponsible financial behavior
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This is me when my millionaire podcast guests try to tell me they’re middle class
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Guy on reddit: "I'm 27M, $14mm net worth, looking for a city to live in. City must have:
-Good weather
-Safe
-Low capital gains tax"
Imagine being on track for $100mm+ by breathing oxygen and, of all your options in life, you decide on TAXES as a top criteria for where to…
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This 65-year-old widow received a $4,000,000 insurance payout when her husband died. She invested it with Wells Fargo financial advisors — and then she read my book
Read what happened
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We got married!
A huge thank-you to our friends and family for joining us to celebrate this new chapter in our lives together.
And of course, to my wife, Cass. I love you and I can’t wait to spend our lives together.
(Photography by Cassie Valente Photography)
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In about 8 years, a lot of people are going to discover that the soft-right multi-millionaires who post 50 times a day about how "college is a waste of money" have suddenly decided to send their kids to college
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Change your life in 7 days:
- Be in bed by 10pm with no phone/computer
- Track your food & spending for one week
- Send a thank-you note to someone who influenced your life
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Change your life in 7 days:
- Be in bed by 10pm with no phone/computer
- Track your food & spending for one week
- Send thank-you note to someone who influenced your life
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"Should I buy a house?"
A checklist.
* Will I live here for 10+ years?
* Is my total monthly housing cost lower than 28% of gross monthly income?
* Have I saved a 20% down payment?
* Am I OK if the value of my house goes down?
* Am I excited about buying?
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Millie discovers that her husband, Christian, lost $80,000 in Draftkings stock
She did not know until this moment on camera
#HowToGetRich
on
@netflix
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These are my travel rules for myself
If you created your own travel rules, what would they be?
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Lol, some people genuinely don’t understand why someone wouldn’t want to spend money on a big house or new car
Allow me to explain
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In personal finance, we overvalue math and undervalue psychology
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All right, this is my new era. I already did a best-selling book, podcast, and Netflix show. Now it’s time for me to go to local city council meetings and roast these NIMBYs
Can I bring a camera crew
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What if the American Dream really isn't working endlessly to buy a house, commuting 1.5 hours/day, moving far away from your friends & family, and mindlessly saving money for someday 40 years in the future
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There are certain spending areas where, once you spend, it’s very hard to go back
- Bigger house
- 1st class/private
- Luxury hotel
- Luxury clothes
- Kids’ activities
- New car
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You buy a condo for $360,000. You sell it for $427,500. How much do you make?
Below is
@noahkagan
's spreadsheet. The answers might surprise you.
A simple example why RE isn't always the best investment & why I always say "run the numbers."
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These are my personal money rules
What do you notice about them?
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@theRealKiyosaki
Robert I put my life savings into tuna as you said but I have not yet seen a return, pls advise
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Guy: "I have $17,000 in credit card debt. Will your book work for ME???"
This guy accumulated $17K in debt and didn't think twice about spending for 6 years.
But when it comes to a $10 book that could change his life, he's hesitant.
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Hi, as someone w/a top 10
@netflix
show on money, please know:
1. It's OK to buy coffee
2. We should raise taxes on the rich (including me)
3. Build WAY more housing of all kinds, especially for minorities, the young, & the poor/MC, who have been systematically disenfranchised
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This is a haunting Reddit comment:
"I regret my entire life because of my unhealthy fixation with money
I did not take any risks in life. I did not look for a high paying job. I did not experiment w/dating or travel
I spend most of my time thinking about my savings"
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This 3% cashback card may be the best offer on the market right now, but I would never use any financial products from Robinhood because I simply don't trust them. End of story
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This is the kind of reaction I want when I take someone to eat Indian food for the first time!!
This incredibly sincere white guy trying Indian food for the very first time and having his mind blown is so wholesome
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Homeowners discovering property taxes and realizing that when I said “rent is the maximum you’ll pay, but your mortgage is the minimum you’ll pay,” I meant it
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If you're a billionaire complaining about an $85 hotel breakfast charge, you are a huge fucking loser
Terrible Inflation milestone reached - My first $85 breakfast for one at a NYC hotel. After signing this bill, I have decided NEVER AGAIN.
#Biden
#Inflation
@SecYellen
@federalreserve
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The theatricality of two extremely wealthy women wearing expensive clothes and shaming everyday Americans for buying coffee is darkly hilarious
"If you were 25, and rather than [buying a Starbucks] every day, you put $100 a month into a Roth IRA or retirement account every day until you were 65... You'd have $1 million dollars..."
—
@suzeormanshow
shares why she's 'never bought a Starbucks'
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Having a 9-5 job is exactly how most people get rich
It's popular to stigmatize full-time jobs & suggest you can only get rich by:
- Starting your own business
- Being born rich
- Picking the perfect stock
All untrue
It's perfectly fine to have a great job, love it, & invest
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How is it that most people...
* Are in debt
* Have almost nothing in savings
* Don't know the difference between stocks / bonds
Yet suddenly, when it comes to buying a house, they're "investments" for their retirement 30 years from now?
Hint: This is the power of propaganda
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This 65-year-old widow received a $4,000,000 insurance payout when her husband died. She invested it with Wells Fargo financial advisors — and then she read my book
Read what happened:
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How it feels to know I have a weekend free of lawn mowing, leaf raking, gutter cleaning, wall painting, lightbulb replacing, Home Depot chasing, backyard maintaining, and pool cleaning
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Different ways to become financially successful
1. Rent + save + invest in investment portfolio
2. Buy rental properties
3. Start a business
4. Buy house + save + invest
(You can mix and match.)
Which one do you choose?
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Flattered to see
@politico
suggest me as a potential presidential candidate. I will pass, but my platform would be simple: universal healthcare, guaranteed voter rights, Roe v. Wade reinstated and guaranteed, eliminating single-family zoning, higher taxes on the rich, ending the…
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"Should I buy a house?"
A checklist.
* Will I live here for 10+ years?
* Is my total monthly housing cost lower than 28% of gross monthly income?
* Have I saved a 20% down payment?
* Am I OK if the value of my house goes down?
* Am I excited about buying?
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1 No individual investor should use Robinhood. Not just because they stopped GME, but because they actively drive risky behavior
2 There should not be different rules for the rich
3 You can sidestep the entire game of picking individual stocks & make incredible amounts of money
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Since I was a college freshman, Republicans have been wrong on every major policy issue: Launching wars, voting rights, LGBTQ+ rights, taxes, social services, COVID, healthcare, even school lunch for children. Every single one.
Adam Friedland: When I was a teenager, Bush was president and I fucking hated Bush.
Chris Cuomo: Why would you ever invest that in anybody else?
Friedland: Because they killed a million people
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Examples of investing in yourself:
- Books
- Courses
- Conferences
- Taking someone interesting out to coffee
- Going to a party where you might meet interesting people + new friends
Those are the obvious ones.
What are the non-obvious examples of investing in yourself?
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The best part about this right-wing goober dropping out is that he’ll forever know he’s genuinely unlikeable to Americans
Just kidding. The best part is we don’t have to entertain his racist, anti-immigrant, anti-LGBTQ, anti-science, & anti-voting rights views. Bye Ron
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Rent is the MAXIMUM you will pay, but a mortgage is the MINIMUM you will pay
Before you buy, run the numbers to make sure you can afford it
I show you exactly how to do it in my 3-step guide to buying a house
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In America, we stigmatize -- and even legislate against -- totally normal behavior from poor people (like buying treats with public assistance), but we glorify absolutely insane behavior from the ultra-wealthy, including outright theft and tax evasion
A lot of people love to…
@ramit
Wealth hoarding is a mental illness just like any other hoarding mental illness. Should be treated similarly.
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"Should I buy a house?"
A checklist.
* Will I live here for 10+ years?
* Is my total monthly housing cost lower than 28% of gross monthly income?
* Have I saved a 20% down payment?
* Am I OK if the value of my house goes down?
* Am I excited about buying?
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Love when multi millionaires wearing $6,000 suits tell ordinary Americans not to buy coffee
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Guy on reddit: "I'm 27M, $14mm net worth, looking for a city to live in. City must have:
-Good weather
-Safe
-Low capital gains tax"
Imagine being on track for $100mm+ by breathing oxygen and, of all your options in life, you decide on TAXES as a top criteria for where to live
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What a lovely note!
@megynkelly
, thank you for the invitation. Regretfully, I'll have to decline because I don't appear on white supremacists' shows. Good luck
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NEW -- The Ultimate Guide to Habits (peak performance made easy):
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This guy was confused why I don’t have a nicer car so I broke it down for him
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@DanielYerger3
Hey man, we seem to disagree on a lot and I don’t mind a healthy discussion, but you’ve actually turned into a guy who just sends lots of insulting messages, which I’m not ok with. I wish you the best.
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In this article on crypto guys who spent $$$ at Miami clubs:
- “95% men, young with a kind of nerdy style"
- E11even processed $6mm+ of crypto last year. But in the past three months, the club has processed less than $10,000 — "a monster, huge fall”
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