1088: What Do You NOT Care About Spending Money On? AND Why Do You Want To Be rich? by Ramit Sethi of IWT

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🗓️ 2 March 2020

⏱️ 8 minutes

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Summary

2 short posts from Ramit Sethi of I Will Teach You to be Rich on what do you not care about spending money on and why do you want to be rich. Episode 1088: What Do You NOT Care About Spending Money On? AND Why Do You Want To Be rich? by Ramit Sethi of IWT Ramit wants to use money to say YES. He knew there was a better way to live a rich life—if we could use psychology to focus on what actually works. Not just for personal finance, but all aspects of life: money, careers, relationships, business, fitness, and more. Since then, he's been testing and sharing his findings with the world via I Will Teach You To Be Rich. He's also written a New York Times bestselling book, been profiled in a 6-page Fortune article, and been pictured next to Warren Buffett in Forbes Magazine, as well as been featured by a long list of media, including the Wall Street Journal, ABC News, NPR, Fox Business, PBS, CNBC, and more. He also has tons of documented success stories—more than 20,000. The original posts are located here: https://www.iwillteachyoutoberich.com/blog/what-do-you-not-care-about-spending-money-on/ & https://www.iwillteachyoutoberich.com/blog/why-do-you-want-to-be-rich/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's a minimalist Monday edition of Optimal Finance Daily.
0:03.3	Episode 1088. What do you not care about spending money on?
0:07.6	And why do you want to be rich?
0:09.7	Both by Ramat Sadie of I Will Teach You to Be Rich.com.
0:13.0	And I'm Dan and I'm here each and every day reading to you from some of the best personal finance
0:18.1	blogs on the planet. And I'm going to keep this intro nice and short for you today,
0:22.4	so for now let's get right to our
0:24.4	two posts from Ramat as we start optimizing your life.
0:31.1	What do you not care about spending money on?
0:34.8	By Ramit Saiti of I Will Teach You to be Rich.com.
0:39.1	When I wrote an ode to Jim Blomo, I talked about my friend who's honed his conscious spending and spends thousands
0:45.0	on things he loves.
0:46.6	Jim has told me over and over that he doesn't care much about living in a fancy place, so he saves
0:51.5	money on that.
0:52.8	He cooks at home when he can instead of eating out every day.
0:55.8	But he loves outdoor stuff, like biking, camping, and travel, and so he splurges on those things.
1:02.1	He has a top-of-the-line bike. He just got back from a week long trip to New York just for fun.
1:07.0	Jim also cuts costs mercilessly on his housing, choosing to live in a place far smaller than he can afford.
1:12.0	To him, it's not important, and he rather spend his time. choosing to live in a place far smaller than he can afford.
1:12.8	To him, it's not important, and he rather spend his money elsewhere.
1:16.2	This decision of what's important as well as not important
1:19.6	is at the heart of the conscious spending plan I describe in chapter four of my personal finance book.
	...

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