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BiggerPockets Money Podcast

433: Ramit Sethi Revisited: Spend Like Your Life Depends on It

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 24 July 2023

⏱️ 55 minutes

🧾️ Download transcript

Summary

The last time Ramit Sethi was on the show, tears were shed, money fears were exposed, and Mindy was forced to take a hard look at her financial habits. Now, Ramit is back, as we revisit some of the critical moments of Mindy and her husband Carl’s interview on Ramit’s show, I Will Teach You To Be Rich. In this episode, Mindy challenges the FIRE frugality she’s been stuck on for so long and discovers why more money isn’t always a good thing. If you’ve ever had a money struggle, whether too much or too little in the bank, Ramit is who you should listen to. His advice goes far beyond the regular “save more than you spend, invest the rest” type of advice you constantly hear from frugal podcasters. Instead, Ramit wants you to maximize your happiness and make the most out of life while not struggling to survive. In short, Ramit wants you to live a rich life, not a frugal one. If you struggle to spend, pinch pennies, or are dead set on reaching FIRE as fast as possible, this episode is for you.Carl, Mindy, and Scott will go over the common misconceptions about money, debunk the “wasteful” spending myth, explain why you should die with zero, and critique the flaws of the FIRE community. In This Episode We Cover Why the FIRE movement is wrong and getting rich should NOT be the goal What to do when you have lots of money but no time to spend it How to “Die With Zero” and enjoy your wealth while you’re still here The “what if I run out” fear and how to get over the dread of overspending Testing your spending and why you NEED to book that trip you’ve been thinking of Building a rich life and how to make the most of it with the money you have And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Mile High FI Podcast 1,500 Days to Freedom Carl's Email Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together Mr. Money Mustache on Life After FI: The Truth About Retiring Early in Your 30s Hear Mindy and Carl on “I Will Teach You To Be Rich” My Death March to Financial Independence Click here to check the full show notes: https://www.biggerpockets.com/blog/money-433 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pog is Money Podcast where Scott grills karlamy about why it's so hard for us to spend money.

0:07.9

Hello, hello. Hello. My name is Mindy Jensen, and with me as always is my beach bum co-host Scott Trench.

0:14.4

See that Mindy? That's me giving you a wave.

0:17.2

Ha ha ha ha ha ha!

0:19.9

It's nice to know you're working hard, Scott.

0:23.6

Scott and I are here to make financial independence less scary, less just for somebody else,

0:28.5

to introduce you to every money story because we truly believe financial freedom is attainable for everyone,

0:33.7

no matter when or where you're starting.

0:35.8

That's right, whether you want to retire early and travel the world,

0:37.8

go on to make big-time investments in assets like real estate,

0:40.1

start your own business, or simply start spending of the fortune that you have already amassed.

0:44.7

We'll help you reach your financial goals and get money out of the way,

0:47.2

so you can launch yourself towards your dreams.

0:49.0

Scott, before we jump into today's show about spending,

0:53.8

we're going to talk about a new segment we have called the Money Moment,

0:58.0

where we share a Money Hack tip or trick to help you on your financial journey.

1:02.1

And today's Money Moment is actually quite counter to what we're going to talk about today.

1:06.9

Try a no-spending day. I'm super good at that.

1:10.6

Prepare ahead of time to not touch your wallet.

1:14.1

This may be more convenient on a work day or versus a weekend.

1:18.5

Bike to work, pack your lunch, block your Amazon account.

1:22.8

If you can learn to do this a couple of times a week,

...

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