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EVERYTHING You've Been Told About MONEY Is WRONG (How To Become Rich)| Ramit Sethi & Lewis Howe

Jun 01, 2021
and I always talk about how I got out of debt with this book. I read it eight nine years ago and I had college debt. He had some credit cards. I was still thinking what to do with my

money

and transfer it. and stuff like that and I read this six week plan I got out of debt now I also had cash to get out of debt but I also just structured my life and my finances and something crazy happens when you get organized with your finances and your

money

It's like the stress started to disappear or there was a new type of stress which is like learning to earn more and learning to manage it better once you have more, but the stress disappeared when I felt like I don't have. the control in my life in this area because they don't teach you this in school, no they don't and thank you for sharing that because you know I sit here and I write this book and I write my emails on my email list and my posts on social media but it never gets old hearing a real person in front of me telling me how they use the book to change their life, revolutionary math, yeah I appreciate it because you know a lot of this money isn't just money like it's brilliant. that you can have 20,000 in your bank account or many of my readers use this came out in 09 they did exactly what the book said and now they have hundreds and hundreds of thousands of dollars which is amazing but I think the most significant part The The point is that they are beginning to realize that I can use money as a tool to create a

rich

life.
everything you ve been told about money is wrong how to become rich ramit sethi lewis howe
Money doesn't have to be a bad thing, it doesn't have to be something that everyone tells me I can't do. without lattes or jeans without anything I can really wear it and if I want to fly business class I can if I want to buy something really nice for my parents I can and you start to almost open up your life and you realize that oh money doesn't stop me Again, it's actually amplifying what I really want to do. I want to talk about two different things today. One for those who make a lot of money.
everything you ve been told about money is wrong how to become rich ramit sethi lewis howe

More Interesting Facts About,

everything you ve been told about money is wrong how to become rich ramit sethi lewis howe...

What should they do with their money? Because there's actually a new problem once you make a lot of money if it's just in a bank, that's actually a bad thing, I totally think, and no one talks about it, yeah, and no one really talks about it, so there's a lot of it. high-income people who are listening, so what are some of the things? There are many things you can invest in, there is real estate, there are stocks, there are startups, you can invest in other people's Lewis House conference, there you have it, yes, gather greatness, you can invest in many things and Then I want to talk about that.
everything you ve been told about money is wrong how to become rich ramit sethi lewis howe
What do those who earn the most do with their money? How can they manage it at a high level? How can they save taxes? How can they do all these other things to actually earn more and save more? below the range a year, what can they really be doing to not feel so stressed and overwhelmed by their money because they're probably a little bit in debt using too many credit cards, maybe they're buying too many things that they should. I'm not buying at that stage and they're behind in their finances or they're feeling overwhelmed, yeah, so I think I want to start with the higher-income people first, okay, because you've

been

good at teaching this to people like 60 and 150,000. a person who earns a year, this is something like, I think the book is in that range when you say maybe up to 200,000, I think so, but then what happened was that the people who followed the council they started earning more, they were playing, they have hundreds. about you, they say what do I do with all this money, I don't know what to do and that's the challenge, it's a challenge because, really, you can't talk about it online, no, you go to reddit and everyone's like, oh, you know , I repaired my oats nine times and I can get a lot of use out of them.
everything you ve been told about money is wrong how to become rich ramit sethi lewis howe
It's like I don't want to follow the advice of you oatmeal warmers, right? And then if you talk about it publicly, people are kind of like friends. boo hoo, what a problem, what an idiot, and actually you know, look if you have

been

successful, if you have followed a program, whether it is my program or anyone's program, that you have invested in, you have saved, now you have new challenges and your biggest question is what's next. Like I won, I won that personal finance game, what's next? I'm not in debt, I'm not in debt, so 99 tips don't apply to me and people tell me you know I should, I should cut up my pieces. of bread in three to save no, that doesn't apply to me because I have earned and saved a lot so then you start saying what's next.
I'm missing something? And finally and what I think is actually a very advanced question is what do I do? I don't do anything with this money and this is something key. I want everyone to pay attention to it. Everyone teaches you how to save money, but almost no one teaches you how to spend it. So what do higher-income people do with their money? Why do some people spend? money on business class tickets I used to think it was stupid ha ha we're all getting to the same place anyway and yet as you earn more you start to change your spending calculation and with Good luck, we can talk about some of that, you know what?
The interesting thing is Isis. She used to sit me in the middle back seat in economy class to the southwest or as an American. Whatever the cheapest flight I would look for and now I'm looking for just first class or business class, which is a business class and I'm looking for. Can I get it? It's free, can I get it with points? Well I don't care if I could have bought a laptop with that money, that's why I used to think it's a thousand dollars for a flight, I can buy a laptop with that, I can buy a new iPhone now for me it's more about if I I feel good, if I have recovered, if I will feel good when I get home so I can work harder and earn more, yeah, that's how I think I love it and I want to unpack a couple. of the things you just said in that example first of all, when someone says you know I bought a business class ticket, notice the almost instinctive reaction, it's like, ugh, what a brag and all these other things that come with that and I want to challenge.
People, I have this principle I call the d2c principle and instead of being sneering and saying oh how stupid, that's ridiculous, I would never do that, I actually want to encourage everyone to be curious why a guy like Lewis would intentionally spend money on a business class ticket, then he makes good money, he has a lot of options, he must know something that I don't know and I want to understand why, from d to c, and if you start taking that perspective, especially in people with high incomes and how to spend his money suddenly you stop saying that's ridiculous or if I had a million dollars I would never do that instead you say why that person spent on it and I want to know maybe I don't agree maybe you know you

become

a billionaire and You don't want to spend business class, you just don't care, but it's interesting that you do and I'd like to know more.
Yes, I want to share another principle that we have, which is this concept. money dial and your money dial is what you love to spend money on, it's what gives you joy and it's what you could spend infinite amounts of time optimizing and feel good about it and feel good about it and money if You think of 10 dials in front of you and each one of them represents a different area of ​​life that people spend money on. It turns out that each of us has a money dial that we love to spend on your money dial.
I'd be willing to bet it's relationships. oh yeah, okay, so relate, so i have a friend, nick ray, nick gray loves having people over, every day he tries a different party, he tries things, he invites people over, he does all kinds of things. crazy, he loves relationships, that's his money dial and a money dial the reason I say it's a dial is that you start out, you know, maybe you have a couple people over for dinner and as you start to get more money and more success, you turn that dial until you're totally dialed in. the perfect appetizer, you have the perfect icebreakers, maybe you have friends who have airplanes, you are really figuring it out, there are other money dials, the most common one is frugality, most people actually focus on cost over

everything

and it shows because when they buy something.
What is the first thing they say? Look at the price, look at the price and tell everyone else I got this for sixty percent off. Okay, so that's true about the discount they got as part of their identity, while for you, friend, I see your photos I see your conference your identity is about relationships now there are some others there is wellness that is becoming more common and you see people have the perfect diet they have a chef they and I are talking when they really dial it in This is the goal of the full time trainer, yes this is the goal of advanced personal finance, which is that you don't have to have a trainer when you start right you can do it but you went and searched for five hours and found the perfect program but as you have more money you start saying I want better results I want faster results and I have money I'm going to throw it at my problem my money dial is convenience so I love convenience too and I wake up

everything

is delivered to you everything is delivered I have a chef when I go traveling I have something called travel protocol that is activated by my assistant and my plants are watered my email is handled in a different way I mean it's like I've been thinking about this for the last 15 years I'm a psychopath but that's my money dial and I love it that way so you'll pay a premium for that money dial exactly but I don't They could care less about certain other money dials, yes, other common ones than much. of people watching or listening are probably travel, so on a basic level people say I like to travel, but imagine that you have actually

become

more advanced and more successful and you want to invest a lot of money in the problem because you suddenly value it maybe you go three months a year maybe you're leading tours, I mean you can expand your mind about what you could do beyond the typical eight days vacation a year, so I share this with everyone because I like to challenge people to do something Take a look at your spending for the last two or three months and ask yourself what my money dial is.
Once you know your money dial, it will allow you to do two really cool things, one is you can cut back. Go back to the things you don't care about, so if you just don't care about wellness or if you just don't care about travel, that's fine, you can reduce the spending to that, but I think the best thing is that it allows you to take that money and now spend extravagantly on what you love, which is your money, tick so if you're Louis you suddenly don't mind throwing a fancy dinner for your friends with an artist and all kinds of crazy stuff because that's your money. down, yes, no need to apologize for it, so for everyone, especially advanced people who have money, you should think that now you are on a different level, you are not just trying to reduce your debt, you are not just trying to reduce it .
You can actually spend on the things you love and that to me is really exciting, so calculate your money and spend more intentionally on those things instead of spending a lot on everything. Exactly what I do with my financial system is set a goal. every year this is the amount of money I'm going to save and invest and those numbers are aggressive there are a lot of you who put in the effort yeah like every 10 30 yeah so anywhere between those ranges and we have people who they win correctly. Yeah, and then remember every time I get some unexpected income, let's say I did a concert or something, yeah, I might get something, I might go out to dinner, but the rest I'm putting directly into investments.
Wow, okay, so the money grows aggressively. and I also want to remind everyone, especially the entrepreneurs watching, I know you have a lot of entrepreneurs, you wouldn't believe how many entrepreneur friends I know that have a good business and they don't invest at all and that's a big mistake. what we will be investing in if you have a good business simple low cost target date funds are a great way to do it entrepreneurs yes index funds yes they get too smart for their own good they say you could put that money in my business and I always say, look, I'm glad you have a business that's making tons of cash.
That is fantastic. Most businesses don't last 80 years, so be smart. Give yourself a little plan. Put in 5,000 a month, 10,000 a month, whatever is appropriate for your level. of success and hey, maybe your business will do great, that's awesome, but maybe one day something will go

wrong

, you always want to be prepared, you never want to have your back against the wall, so I just want to encourage everyone, whether you win 250,000 or 2.5 million. For the top earners here, don't be too smart for your own good, keep investing and saving, what are the top three or four things you invest in with that 10-30 a year?
Does it change year after year? Yes, I will do it more or less. I will guide you to meet the people with higher incomes and then we can talk about people of 100,000 or less, so once you have a certain amount of capital, you will have some opportunities that you probably didn't haveOh yes, it's a lot of money. Much more. I rent a nice place, yeah, why do I do it? I could have used that money on something else you could have put into it. I put it on the market and I made more and because you didn't put it in the right house where there was a lot more money up front, it was more money up front I used that money instead I put it on the market, but there are other reasons as well.
I couldn't get the amount I'm paying where I live if I bought a place in the same building or as much, it would be four times more expensive, so that's the first second is maintenance. I'll give you an example. I woke up one day and the doorman was knocking on my doors at about 8:30 on a Saturday morning and he said: Sir sir, do you mind if we come in and take a look at something I said? Okay, we go into the living room and there's a puddle of water that had dripped from three levels, so I thought, "Oh my God, they say, sir, go back to sleep, let's do it." Let's deal with it that day. they came, they repaired the floors, not just mine, the ceilings of the next two levels down, that probably cost them, let's say just 50 grand, maybe 100 grand because it's Manhattan and it's a weekend service, who knows , that's not my fault, you didn't pay for it, no, and me and I were like cool, that's your problem, I'm going to go back to sleep, man, I have another hour of sleep here, so I want everyone to not have to believe me , It is not like this. you have to believe what someone else does, all you need to do is run the numbers, that's my only suggestion to go to a buy vs rent calculator, make sure you enter all the fees, not just the taxes, the rental fee real estate agent, uh, if you get a bigger place, you'll probably get more furniture for it, the living quarters or yeah, lawn maintenance or trash service or whatever, the key, I think whether it's a house or investments, my point to you is to take your money seriously for once. you take your money seriously and put some time into it, whether it's in this book or wherever you want to get your information, you'll be better off for it, you don't want to delegate this to anyone else, I want you to understand that. and once you understand it and automate it, you make some good decisions in life and you will never have to worry about lattes or snacks again, how did you make the emotional shift when you started renting an expensive apartment and are like, man if you added all this up after a year that's close to a down payment on a nice house in the midwest or maybe they can buy a whole house in the midwest you know what I mean yeah how do you rationalize emotionally that?
You're not frustrated like, oh God, I just spent 10 years, yeah, you're throwing this money away because sometimes I feel like this, sometimes as a man, I just spent a lot of money these last few years, well, let me ask you this, but I like . the freedom and flexibility of not having to incur all those other yes, would you like to eat, do you like strawberries, no, okay, what do you like to eat a good steak and vegetables?, well, steak once, when you buy a steak and you eat it, are you feeling? Like you wasted your money on that steak no, I enjoyed it but it's where it is I don't see it where my investment is right in fact, won't it come out in the bathroom in a couple of hours?
Yes, so what are they? We're talking about here you get value from a stake just like you get value from rent now, if by the way you want to build equity, that's great, but remember you can also lose equity right now in Manhattan, do you know rents have gone down, yes, and also? House prices, if you want to buy, go down every month. A lot of people say, "My God, sometimes it's very expensive, but sometimes it goes down five percent, ten percent." Some of these neighborhoods are down fifteen percent, yeah, so a lot. People don't realize, in fact, I did a survey among my readers.
I

told

them: do you think it's possible for real estate to decline? More than half of the people said no, they had never thought about it, so I wanted 2008 2009. Memories are short. I think they would remember it, but I didn't hear it. They had three houses. They bought them. They were financially destroyed. His credit was ruined. They had to give up these houses and their identity as an investor. And three years later they are. I kind of think I want to buy a couple more houses. Wow, this just goes to show that I'm not saying they're stupid, it's not that at all because a lot of people have been through this, it's the idea that the propaganda for buying a house or following a prescribed set of rules for the American dream is so powerful that even losing one's home doesn't change people's perspective.
So how do you teach people to overcome the emotional rationalization of spending their money on rent? Well, it's funny besides that story. I just said which does help me. I'll tell you what I want to acknowledge is real because it's a fear that people live with. Yes, and I'll give you an example. I call it the handshake effect and that's when people come. uh to my apartment and for the first time and they were like wow this is an amazing view and then they always say the same thing in New York, do you own this place? and we shake hands, it's like we just met. a lot of Japan, yeah, how much do you pay, it's classic New York and I say no, I rent and it's that moment where if I had said I bought them, they would be like this, wow, pretty awesome, really cool, yeah, and somehow you get this award, it's pride, yes. and then me and then when I don't say that, they get really confused because this is the guy I'm going to teach them how to be

rich

, but he also rents and I thought renting is for people who can't afford it, but you know, they don't.
I don't understand and they look at me like that and I realized that a lot of us are looking for someone to approve of us while shaking hands with someone we don't even know, wow, so instead of getting approval from someone you just met . 10 minutes ago or your parents, who probably aren't the most sophisticated investors. If you're watching this show, you know you talk about greatness and being great means choosing your own path. Sometimes you can choose to buy. I don't have a problem with that if you did the numbers and consciously decide, sometimes it means no, but if you want to live a life of greatness, you have to be comfortable making different decisions than what other people expect.
Zing, I like it, man, what you got like a spreadsheet? I'm just curious how you think about your money: do you have a spreadsheet or some kind of system where you have all these things logically mapped out and you know exactly where all your money goes and where you want to put it? in five or ten years yes, in fact it's even more it's like a scientist it's like yes it's like a minority report like I woke up and just left yes yes no this is what I did so my money dial is convenient okay like this As I became more advanced I realized it was time to put on a new lens and I think this is really important for people, a lot of people when they're starting out think that growth is linear and you basically know I'm dribbling the ball.
I'm going to use the sports analogy and I'm on a tightrope because I don't know anything about sports, but you know, I dribble 10 times a minute and as I get faster, I'm going to dribble 20 times a minute. Well, this is a horrible analogy, but go with me at one point, you're not just counting the number of dribbles, you're actually counting ball handling, you know, you're counting whatever else you're doing with money, it's the same thing. You're not just creating a more sophisticated spreadsheet as you grow, you're actually changing the way you think about money, so I'll tell you what's changing, you're reinventing yourself, you're not even using a spreadsheet, so I'll tell you what I started doing all myself and that's what's in this book.
It shows you exactly how to proceed. I don't even know where my money goes or I have five thousand dollars in my savings account. Two, everything works automatically and expense. less than 60 minutes a month to invest that's in the book, but what happens when you go to the next level? I'll tell you what I did. I realized that it was not a good use of my time to manually track anything, even for 60 minutes a month because things had become complex, I had multiple investments, I have a business, different accounts, everything, yeah, all of that, so I found what I call a personal CFO and what I did was I worked with them and I said, this is exactly what investing in these are my core values, this is how I want information delivered to me once a month, so they created basically a file that they give me every month, they send it and it's in the format that I want, why because I'm the boss. and they're working for me, so it shows me a couple of key things, what my net worth is, what were the spending areas that I need to look out for.
I typically have two areas of spending that I track that are more variable, like Sometimes I go out and buy more clothes, that's a variable area for me. I said, look, I love cashmere, what am I going to do?, and then I think another thing is going out to eat or traveling, other than that, all my expenses are very stable. I spend the same amount on things I've had the same apartment for 10 years like I'm not going crazy I prefer to save my money and invest and spend a little on the things I love we talk for 15 minutes every month and if something needs to change they They deal with it, so for many people the next step is not necessarily just doing what they're doing, but it's better, it's actually a completely different way of looking at the problem.
Where does someone find a personal answer? a personal financial director financial director for a lot of people the basic thing you can do to get started is get an accountant and you know, we have this advanced personal finance course and we talk about how to find an accountant, it's a good thing to start with. If you have a business or if you have a few hundred thousand dollars a year coming in and you just have multiple accounts and maybe you have kids and things like that, that's fine, they can help you organize things. As you get more sophisticated, a personal CFO who can be part-time or, if you're really sophisticated, can be full-time, they can help you do more sophisticated things and they work directly with your accountant and your bookkeeper and everything. the rest.
Okay, interesting, yeah, just go to Craigslist and see, yeah, you can do that and the best place to do it is honestly, ask your friends, your friends who have fancy net worths, ask them what they're doing, ask them first. We get into the strategy for those making 150k a year and less into how you can really optimize everything. I'm curious who are the top earners that you talk to for advice privately behind the scenes in the special secret rooms on private jets, who are those big winners that you learn from? I have a group of CEOs, a board of CEOs that I'm on and we're very honest with each other about where we spend our money, some of them are married, some of them are divorced, what's it like? that all kinds of things play into relationships, so that's one, it's like it's a New York group or it's all over the world, yeah, it's distributed, we're everywhere, we talk online, you meet in person , we both met in person, uh, twice. a year and we talk on the phone about once every month and a half and I think that's important for everyone listening and watching, that you have a group of people who are ambitious and who want to be successful.
The interesting thing is that these guys are not in my field at all, I actually prefer that we not be talking about, you know, online stuff, that's not the point, we're talking about culture, we're talking about life, we're talking about relationships, I think that's cool, I also have a lot of entrepreneurial friends, uh, who will share things spontaneously, we're hanging out and you finally meet my audience, like a million readers a month, and they email me the craziest stories, really They tell me everything that people long to talk about. about what's happening with money because no one else is going to surprise you and that's why I hear the best stories from my readers and that's what I can share with everyone else why it's hard for us to talk about money why it's scary why no Don't we talk about it enough with our friends and family?
Why is there a big study showing that people would rather talk about their sex lives than the amount of their credit card debt? I love it I think that's totally true it's 100 true and think about what money means uh it means you were successful in this culture and I'm here you know no one knows me as the guy I'll teach you how to be rich and always I have said that money is an important but small part of living a rich life. Just because you earn more or less doesn't mean we are best friends, it has nothing to do with that, but it is important for people to have control of their money, whether they earn fifteen dollars an hour or fifteen thousand. dollars an hour and there are people I know who do that so it just shows if you're in control of your life at whatever level you're at.It's embarrassing for people who were never taught this and suddenly they graduate and are supposed to do it.
You know what tax withholding is and what a 529 and a 401k is and all this crazy stuff, no one taught you, so my goal here, the reason I'm talking about this, is to make people feel more confident in their money so they can take control and so they can stop being afraid and listening to random people giving them advice because I feel like it's hard when you make 150,000 or less, it's hard to talk about it and feel comfortable talking about it with your peers. that are in the same category. because everyone feels embarrassed, I know I felt that way for sure and if you stay in that space it's going to be hard to get over it, yeah, so what's the topic of conversation?
Is it someone who makes 150,000 or less or very little? What is the topic of conversation? You can have it with a partner, a family member, a parent, a friend or a coworker, that won't discourage anyone, but it will activate the conversation about money. It's okay to have the conversation if most people don't want to. people don't want to and that's fine, if you just want to improve your own money, do it and you will become a role model for other people and I think that's probably the most effective way, but if you want to have a conversation, know what I would honestly do to not cover up mine get my book get someone else's book never mind get a book and Say hello, I realize I need to learn about money, read any book about money, any book, yeah, okay, Does anyone here want to join me and make a little booklet?
Then suddenly it's no longer you and me talking about our money, what really reflects our value in this society okay, I use value in quotes, let's talk about this book, which is a third party in this dynamic and we can say that I'm agree with this guy, I don't agree, I really like it, let's try this, let's try this and see so suddenly. it becomes an experiment as opposed to your x value or my y value and that's really something you can work on together. I like that, yeah, it adds something else to the mix, okay, let's talk about the 150,000 a year and less people.
They've been working hard, they've been trying to save money, but they haven't seemed to be able to get over whatever it is: $50k a year, $100k a year, $150k, they've been kind of stagnant or they've gotten over $100k a year. year and more problems have come their way because they are earning more and spending more and they feel more broke than ever because they have no idea what they are doing with their finances, but it is still the end of the world. year, they are about to start a new year soon and they feel overwhelmed or just clueless and educated about their money and what their options are to just have peace of mind, structure the organization and know that they don't worry about it and they can earn more and they It will be worth it, some simple things you should be doing right now so you have a checklist to do before the end of the year and then crush yourself for a full 12 months into the future.
I'm going to give you something called the personal finance ladder that tells you where your money should go. Well, this is just step by step. Put your money here and if you want to know all the details about it, you can check the system. so it's in the book too, it's very detailed in the book, it's got it all right, so if you have some money lying around, what should you do with it first? If you have a 401k plan at work, you should max it out. Find out it's free money, take advantage of it, and if you're not sure what that means, ask your HR person and tell them if this company matches 401k contributions.
If they say yes, do what I

told

you. Next, if you have debt, pay it off. pay, pay aggressively, you know, the interesting thing is that most of the people in debt that I talk to don't really know how much they owe and that's shocking, you would think that of course, no, no, they don't know, because who do you want to look? They're dead all day, yeah, and they feel bad about it, but you know what, you feel a lot better when you have a plan and the number one question I ask people, uh, when they tell me they're in debt, I say the number one, do you know how much you have?
I must never make number two for the rare people who say you know fifteen thousand or seventy thousand. Whatever I say. What is the payment date of your debt? You can actually plug it in. You can pay. Connect an online debt payment calculator. You can map everything. and you will be able to know the exact month in which your debt will be paid based on how much you are spending right now and based on how much you are contributing to paying off that debt. Now you can see that if you add an extra 50 dollars a month or 100 dollars a month, that's actually going to be years short in reality because of the interest, it doesn't matter if it takes you three months or four years to pay off your debt, it doesn't matter.
To me, it does. What matters is that you know the date, okay, so that's number two, pay off any debt you have, three, if you have money left over, go to your Roth ira and if you can max that out, it's a big tax. advantaged accountant, that's tax deferred, that's right, yeah, yeah, okay, so, um, that's three, that's three, okay, it's actually after-tax money and then four, if you still have money, you'll go back to your 401k, which is another. It's tax-advantaged, you'll max it out if you still have money, create a non-taxable non-retirement account, and just put your money in there.
Now there are some other wrinkles to this. HSAS are available. There is also your emergency fund that is talked about in the book and all these things there are details but that only shows you when you have money this is where you go there is a structured way to think about it a ladder to financial success exactly and if you follow the steps are almost like a waterfall you just go from step one to step two and then to step three and your money will go where it needs to go automatically and you will feel great, you will feel great which is very important and also I'm going to look at your accounts and seeing debt go down, investments and savings go up, and all of a sudden you wake up six months from now and say, "Oh my God, I didn't realize I had so much savings in my savings account." that's because of the decision you made today, let's say you know you have a job that makes decent money, but you're not really moving forward and you're struggling to earn more to get out of that 50k a year range, maybe around there and All your friends make the same amount, all your peers are in the same boat and they're all stressed about money and you hear someone say, well, you know you can earn the average of the five people you spend the most time with, Yes, they should cut back. all those five friends out of their life because well you know my peers are holding me back if they have those negative conversations or how can they start leveling up yeah without excluding people from their life yeah I never encourage anyone To eliminate. from your friends uh and I think it's a common misconception that you have to close all doors on your friends look I have friends from high school that I still hang out with and I'm not judging them by their bank account I don't even know how much they make or how much they are worth, that's not why I'm friends, but the average of the five people around you is a very powerful idea and instead of closing the door. about the people you interact with, why not open the door to new people, why not find people who attend your conference, for example, or who are in my place, ambitious people who have gone through these programs and say : Do you know what we can do? set up a weekly check-in, it could be five minutes, it could be by text, but let's set up this check-in and just say what you want to do last week.
Did you execute why or why not every week? Monday at 9 a.m. m., let's do it That's how suddenly you meet a group of people who are absolutely ambitious and that will change everything for you because instead of having to drag people to these self-development conferences and they say it's weird, I don't want you to. do the people that you actively seek out is going to be like yeah, I'm in, let's do it, let's do it, yeah, that's powerful, yeah, so find new communities that you can have these conversations with, yeah, and don't delete everyone from your life, just start having them. those conversations with people who are more aggressive, yeah, you know what I told people to do on my Instagram account?
So I told people that it's important to find other people to support you. Many of you are waiting for some millionaire to fight. from heaven and they invite you to their private group, it will never happen, ever, uh, instead, why don't you start it yourself? And I told you: go into my comments, write who you're looking for and then invite someone to join you like this. You don't need to wait, no one is coming to rescue you, it's not a Disney movie, no one is coming, it's just you, so take control and go find someone and then build that together.
I like that Cody works on cameras here he asks a very good question. Opinions on investing in real estate change if he lives in the Midwest and I think the answer is yes, he can. The calculus for buying a home in the Midwest is different than in cities like Manhattan, San Francisco and Los Angeles, so again the message here is not Don. You never buy a house, but you have to crunch the numbers to make sure you're making the right financial decision because in Columbus, Ohio, you can buy a house for 200 grand, yeah, and a nice one, there you go, it might be better do it. just to have the peace of mind of having your own space or whatever yeah what's my take on dave ramsey's debt snowball concept?
I think dave ramsey is really good for people who are in debt and they're not really the people I talk about that often, but I think he does a great job with them and what he talks about is that it snowballs. of debt is encouraging people to pay off their highest balance first, then their highest balance, so if you have four different credit cards, you're paying off. the one with the highest balance, while the mathematically correct answer is to pay off the credit card with the highest interest rate, so you're actually taking advantage of a quirk of human psychology which is that we want to see a profit, we want get a win and it doesn't matter if we're paying a little more interest.
Once you've paid off the first credit card, you'll want to do the next one and it will snowball. I think he's actually very smart. and one of the reasons I think my book has done well is that it takes human psychology into account. Yeah, so I won't tell you in the book. Don't spend money on lattes. In fact, I want you to spend as much money as you can. you want a latte, I'm going to get one right after this exactly get your credit right negotiate your salary get a good job automate your money you could buy 10,000 lattes it doesn't make any difference at all and so be it the snowball of debt or whether it's about earning more or automating your money, you need to make sure this advice is something you're actually going to follow and that means you need to learn psychology.
Yes, I love it, what is your definition of greatness and my definition of greatness? It's deciding what kind of life I want to lead and then creating it unapologetically, even if that means making different choices than other people hmm, that's good, that's good, what's your greatness is discovering the unique gifts and talents within you, pursue your dreams and use those gifts and make an impact on the maximum number of people in that pursuit I love wow that's mine powerful if you could only share three lessons with the world you have all these books, programs and courses on so many different things , but if you had to take all that with you and no one had access to it anymore you can only write three lessons or principles or truths and this is all the world would have of your information in physical form what would be your three truths man, you are giving me on the spot here I know I like preparation is not okay I like three principles are a truce for the world in anything in life anything wow uh okay my first would be uh you can create a rich life through planning and unconventional choices uh my next one would be that you have something to say and the world needs to hear it and the third one would be that you could probably eat spicier food than you think, I guarantee it if you want to learn how to make more money and master money in your life. so watch this video here is when I made the biggest mistakes in my life was when I was desperate and the few times I was greedy where I thought, oh I'm going to slide in there and that's going to be easy. money, what was that easy money?
Could you share a story from one of those greedy times when you tried to jump and yes?

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