Ramit Sethi: [00:15:17] Sp, my question, Charles, is what is the cost of your beliefs? We spend $3,000/month on groceries for our 5 kids, and its ruining us, Episode 66. Ramit Sethi We've been talking about it. Like the car, it was more like luxury, right? Charles: [00:10:56] If you say I dont want to agree on that, Im going to spend whatever I want, Im going to be nervous, because every expense, like when is this going to end? Charles: [00:21:14] Its financial freedom, right? Ramit Sethi: [00:01:34] And as I looked into their numbers, they actually earned more than he initially mentioned. Lets take jeans. Charles: [00:26:06] That shes going to spend a bunch of money thoughtlessly. I was like, why? I cant fly by the seat of my pants like these other people, that would be crazy. I do my homework. You can find the podcast posts . . He has a set of 10 money rules that help him keep his finances on track. "I love the idea of creating a dedicated savings account for big goals," Sethi says. Maybe overkill, but thats what I do. Hold on. Charles: [00:26:17] I dont think she would do that intentionally, but I think that she could or has spent money in ways that I thought that we should not have spent in this way. The problem is we make more. I recently got a message, and I have to read it to you, heres what it said, we have a 10 million-dollar net worth and a 2.5 million-dollar income, and we still share a Netflix password. When I compare, I usually shop that at Whole Foods, its almost 2X. It's a great book. And then, it becomes reflexive. I get that. Its costing me my wifes happiness. They do not look happy. And so, even though he was the one who initiated the call, I was totally on board, because we just need some guidance. He'd actually been saving for his wedding since he was 24 years old, several years before he even met his wife, he tells CNBC Make It. How to stop feeling guilty about moneyno matter your income, Episode 62. Why Ramit Sethi Says Whole Life Insurance Is a Scam November 03, 2021 02:00 pm EDT. "My wife wants to quit her job, but I'm worried about money" Episode 10. Ramit Sethi: [00:32:17] When I was in my early 20s, I didnt even put a frame on anything on the wall. Charles: [00:05:06] I paid a lot of money to renovate the garage, to work out in the gym, I paid money for that, but Im not going to pay more than a certain amount of money for a pair of jeans. Copyright, Trademark and Patent Information. If we cant stop fighting about money, were going to break up, Episode 34. Its not something that I want to do on a regular basis, but I wasnt as affected on that as I am on other things. Copyright I Will Teach You To Be Rich 2022. Charles: [00:32:55] I think the cost is you miss out on some really good experiences, right? You can fire, hire, quit -- whatever it takes to get to the point where everyone you work with is worthy of your time and attention. Ramit Sethi is the author of the New York Times bestseller, "I Will Teach You To Be Rich" and writes for over 1 million monthly readers on his website, www.iwillteachyoutoberich.com, where he covers psychology, personal finance, careers, and entrepreneurship. What are your rules? Grab Sethi is his father, and Neelam Sethi is his mother. His parents were Indian immigrants and he grew up as a quiet kid - much different from his current brash and over-the-top persona. Money rules are important to keep your finances on track. 98% of our net worth is in real estate. After you read it, check mrmoneymustache.com (free) - Both are very good, but they have almost opposite philosophies. Im $450k in debt but she still wants me to treat her to dinner (Part Two), Episode 73. I said, hes great. Sometimes, I refer back to that, like the checkbook moment, and thats been a problem. I want to pay for convenience, but my husband thinks its lazy, Episode 24. We file our taxes jointly, and I had to sign for taxes recently, couldnt believe my eyes. One of the worst things you can do with your finances is let them run unfettered. And its costing me a lot of stress. Did you catch it? Charles: [00:15:26] I think its costing me quite a bit, because I think that I want to have a partner in my marriage when it comes to the money and the investments. Michelle: [00:08:11] So, there are certain things that were just not brand names that there was a cost to that. Michelle: [00:22:51] And number two, the minute I spit out the first one, he has a problem with it, because its like, oh, my God, thats spending money on something that I would not otherwise spend money on. And what if you finally found the community, the friends, and the teachers youve been looking for? When I get a great deal that I go to the dollar store, I load up on good deals there, I just love the feeling, the fact that I got a good deal. Okay. Hey, sure, I could probably update my internal compass, but also, I just value certain things and I dont value other things. If I add any more to our $50,000 credit card debt, he will ask for a divorce (Part 1), Episode 79. Well, my wife and I just moved out here about a month ago from New York. Will the marriage of American celebrity Ramit Sethi and current Wife, Cassandra Campa survive 2023? "There are a lot of things about weddings that are not intuitive," he adds. For example, the food and drinks are free, you often get free checked bags, and the pre-flight lounge access is nearly priceless. For highly successful people like Charles, all of their skills of saving, and investing, and planning, and optimizing got them to the top of the mountain. How do you feel about that? I havent seen change in this area of money. A Rich Life is more than math -- it's mastering your money psychology. This doesn't necessarily mean paying in cash; Sethi is a known proponent of credit card rewards. He would always make me feel and put this buzz in my ear that its not enough, we dont have enough money, we have to be more frugal. Divorce is on the cards unless things change. They feel they need to cover every contingency. Like this story? Im like, what difference does it make? Charles, it sounds like Michelle wants to get some furniture. Ramit Sethi asks the questions we wish we all could ask, presenting a totally different philosophy on money: Spend extravagantly on the things you love, as long as you cut costs mercilessly on the things you don't. Ask $30,000 questions, not $3 questions. Ramit Sethi has a net worth of $25 million ( Source : cnbc ) Over 80% of his portfolio is made up of equities. The Ascent does not cover all offers on the market. We're going to walk past this iconic old building. And okay, that took some time and all that, but theres a cost to sharing your analytical views all the time. Why are we waiting for payday if we make $140k?, Episode 61. He calls this his "secret sauce," which allows him to be the "wife who knows her husband better than he knows himself." Most of that data came from surveys. Those two parts, which part, part one or part two, do you think that she started shaking her head at? Charles has been very financially successful, and yet hes taken it too far. All rights reserved. But when you zoom out and you ask them, what is your philosophy on money costing you? Ramit Sethi: [00:24:18] Okay. Wheres that coming from? I said, lets get into the spreadsheet, lets talk compound interest, this is great. Sethi says he automatically flies business class (or first class, when flying domestically) for any flight longer than four hours. Because deep down, cheap people dont really think its a problem. One time, we were on a retreat, and I was telling them about some upcoming review I was going to have with one of my coworkers. Thats what Im going to do right now. My wife wants to quit her job, but Im worried about money, Episode 10. Frozen fruit, thats the same everywhere. Everything you see in the world comes through those lenses. [6] In 2005 he received a Master of Arts in sociology (Social Psychology and Interpersonal Processes), also from Stanford. This abandoned high school was converted into a 31-unit apartment building. CAN'T FIND THEM? So, his beliefs, if he were a single guy, would be fantastic. I couldnt find anything to spend 1,000 bucks on. Mad Fientist: So, it's been over three years since our last interview, which is crazy. A Brief Bio of Ramit Sethi. Okay. Ramit Sethi: [00:08:34] When I have these conversations, Im always looking for a clue thats going to open up something deeper. In Sethi's view, savings help with the day to day, but it's investments that make you rich. Ramit Sethi: [00:28:00] She looked so sad. Charles: [00:26:48] I dont think its possible for Michelle to spend money on one vacation that would materially impact our finances. Ramit Sethi: [00:37:10] Okay. We have not reviewed all available products or offers. That comment would slide by 90% of people, but theres just one problem, Charless wife is about to divorce him. In the year 2017, Ramit got engaged with Cassandra Campa, a fashion buyer, who works for Equinox Fitness. Also, Ramit Sethi Height is 1.84m. And theres a real cost to seeing everything through one lens. She tells me that its my fault we cant live the life we want to live, Episode 44. An easily accessible emergency fund can save the day when an unexpected expense comes up. The couple walked down the aisle on July 28th, 2018 in Lake Tahoe, California. Ill invest in that. Ramit Sethi: [00:30:09] Is she a good wife. And I just figured, you know what, that doesnt affect me. So, when we talk about the Tesla, that benefited him solely. Ramit Sethi: [00:06:57] I have a suspicion here. His name is Ramit Sethi, he's the author of the book I Will Teach You To Be Rich. And I could frankly say that I have been unfair. Michelle: [00:09:12] Before marriage. In 2004, he graduated from Stanford University with a Bachelor of Arts (Information & Society) in Science, Technology & Society with a minor in Psychology. The Master Key to Riches - Napoleon Hill 2012-03-06 . Show me that youre following my podcast on Apple or Spotify, and Ill pick one listener to send a free signed copy of my book right out to you. Michelle: [00:23:17] The truth is, I want to live on the West Coast, because, A, thats where were from, and B, thats where my children are, and theyll probably stay here after college. Were at a nine, and weve been in a nine-and-a-half for many years, maybe the last 10 years, and I just cant take it anymore. Ramit and Cassandra Sethi Wedding Photos Tori Dunlap is joined by financial educator Ramit Sethi to talk about how to build a "rich life" centered around your unique goals and desires. Ramit Sethi is an American Personal Finance advisor, entrepreneur, author, and Youtuber. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Lets play this out for a second. ), "So, I started saving money every single month in a savings account I literally called it 'Wedding Savings' every month I would put money [in] there automatically. He has accumulated wealth worth $25 million in today's market even without the aid of cryptocurrency. As you listen to Michelle and Charles, its going to be easy for you to get mad. Ramit Sethi: [00:07:15] Like do you come home and tell Michelle, oh, my God, look at this deal I got, or is it just for you? I try to get her to sit down and talk about different things that I do, because before, I would make an investment without talking to her about it. Age, Height, and Weight Being born on 30 June 1982, Ramit Sethi is 40 years old as of today's date 21st February 2023. Based on him birthplace, He is American. Best Mortgage Lenders for First-Time Homebuyers. Ramit Sethi: [00:28:43] I belong to a small group of CEOs. DateID profile for Ramit Sethi. What if you could see and track how your life was IMPROVING, month by month? Hes the man & he should pay. Ramit Sethi was born on June 30, 1982, in California, USA. Michelle: [00:09:46] And so, thats been the theme for 21 years. So, he has like an internal compass of what things should cost versus what they really cost or what the quality of it really costs. Im not sure when thats going to be, but thats part of the mission that Ive been on, is to get to financial freedom, so I can kind of go to my next chapter, and thats the piece that gets me really excited. Let me explain what I mean. Im saving all of us right now. Charles: [00:10:30] I think thats fair. And then, another thing that I kind of picked up as Charles was talking is its what he finds valuable, is what he finds pleasure in. Why are we carrying a balance on our credit cards?, Episode 46. Ramit Sethi With Wife Cassandra Sethi Sethi ensures that he maintains a private personal life as much as he can. Ramit Sethi That's amazing. I want you to help me, give me the tools to talk to my wife about money in an open and transparent way. Checking vs. Savings Account: Which Should You Pick? You fucking won the game, you have $100 million, and now, you want to invest more? Ramit Sethi, the author of I Will Teach You To Be Rich, has struggled with this in his personal life as well. 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