127: Planning for the Unexpected: Being Financially Ready to Take Advantage of Opportunities with Ramit Sethi

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 1 June 2020

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Ramit Sethi from I Will Teach You To Be Rich is back again to chat with Scott & Mindy about money, unexpected events, and taking advantage of opportunities by being prepared. Ramit does not hold back with his advice that the Coronavirus should be a financial wakeup call to you. A crisis like this WILL happen again (maybe not viral) and NOW is the time to prepare yourself. He’s increased his recommended Emergency Fund to one year of expenses. If you’re struggling right now, you should be making minimum payments because “money in your pocket now is worth more than money in your pocket later.” Start crafting your emergency plan even if you don’t think you’re going to need to use it. Panic is bad, but overreaction is good. Don’t worry about looking stupid. One of the reasons you save is to be prepared for the worst. So prepare. If you’re financially stable and strong, Ramit also has some tips for taking advantage of this crazy time we’re living in. Have you ever wanted to start your own business? While it can seem counterintuitive to start a business in these uncertain times, it’s actually a fantastic time to start. Your target audience is WAITING for you to fill the need they are having RIGHT NOW. Even better? Ramit and Mindy discuss Mindy’s pain points regarding homeschooling - and Ramit comes up with 3 6-figure business ideas on the spot! Scott & Mindy also discuss Dollar Cost Averaging, finding a new job now, and paying down debt. Looking for more options in the coming months? This episode can’t be missed. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 127, where we interview
0:05.2	Ramit Saate from I will teach you to be rich.
0:08.0	Get ahead of the game and ask yourself, hey, if my partner is laid off,
0:12.3	what if I'm also laid off?
0:13.7	What if my industry disappears for the next five years?
0:17.7	What am I going to do?
0:19.3	Better to make those plans right now than to wait until your back is against the wall and then
0:24.3	have to make some really poor financial decisions.
0:27.0	Hello hello hello my name is Mindy Jensen and with me as always is my super califragic
0:32.3	ex-Bialadocia's co-host
0:33.7	Scott Trunch. Today's descriptive word comes from my 13-year-old daughter Claire.
0:37.6	Oh that's a popping off description. Oh that was good.
0:48.0	Scott and I are here to make financial independence less scary, less just for somebody else, and show you that by following the proven steps,
0:50.0	you can put yourself on the road to early financial freedom and get money out of the way so you can leave your best life.
0:56.0	That's right. Whether you want to retire early and travel the world, go on to make big time investments and assets like real estate,
1:02.0	starts your own business or just
1:04.0	have us teach you to be rich like Ramee's Ate. We'll help you build a position capable
1:08.0	of launching yourself towards those dreams.
1:12.0	Rameet-Satee first joined us on episode 73 and he's back again to talk about money, investing,
1:19.3	and how to financially prepare for an unexpected event.
1:22.0	Rameet is just amazing in the way that he's able to have so many frameworks and mental
1:26.6	models for approaching personal finance in every situation and he's adapted his system rapidly
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.