712 Money Habits: How to Create a Rich Life with Ramit Sethi

The School of Greatness

Lewis Howes

Mindset, Relationships, Entrepreneurship, Mental Health, Education, Greatness, Fitness, Celebrity, Health, Inspiration, Success, Health & Fitness, Self-improvement, Business, Money, Self Care, Celebrity Interview

4.8 • 22K Ratings

🗓️ 29 October 2018

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

TAKE CONTROL OF YOUR MONEY, TAKE CONTROL OF YOUR LIFE. Talking about money can be hard. Most people would rather talk about dying than money. It’s important to come up with a game plan. When you get organized with your finances, the stress starts to go away. Both high earners and people struggling with debt both need to be educated about money management. It’s not as complicated as you think. That’s why I’m excited to share this interview with a money guru who helped me get out of debt when I was younger: Rami Sathi. Ramit Sethi is a New York Times bestselling author of I Will Teach You To Be Rich and founder of GrowthLab.com. He studied technology and psychology at Stanford and has helped over a million people live a “Rich Life.” Ramit shares tools and strategies to make the most out of your money no matter how much you make. He argues that you can buy as many lattes as you want and still be financially successful by focusing on the bigger picture. Listen to Episode 712 to what to do with your money if you’re a high earner and how to develop a plan if you make less than 150K. This episode is for everybody. Some Questions I Ask: How do high earners manage their money? (8:50) What are the three things high earners should invest in? (21:30) Should you worry about the market going up or down? (25:50) What should you do with an extra million dollars lying around? (28:30) What about real estate? (31:20) How do you teach people to overcome the fear of wasting money on rent? (38:00) Where can you find a personal CFO? (43:00) Who are the mega-earners that you learn from? (44:00) Why is it hard for us to talk about money? (45:15) In This Episode You Will Learn: The three biggest questions high earners ask (10:30) About the D to C Principle (12:30) The different “money dials” that people use (15:00) The incorrect assumption people make about high earners (20:00) The mistake entrepreneurs often make (21:00) Why you should spend 5% of your money on “fun investments” (25:00) Why everyone should invest in Dollar-Cost Averaging (27:00) Why Ramit chooses to rent instead of buy (33:50) About the Ladder of Personal Finance (49:00)

Transcript

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0:00.0	This is episode number seven one two with New York Times bestselling author
0:05.4	Romete safety
0:08.4	Welcome to the school of greatness. My name is Lewis Howe's former pro athlete turn lifestyle entrepreneur and each week
0:16.5	We bring you an inspiring person or message to help you discover how to unlock your inner greatness
0:23.5	Thanks for spending some time with me today now let the class begin
0:30.6	Benjamin Franklin said an investment in knowledge pays the best interest and
0:39.9	Norman Vincent Peel said empty pockets never held anyone back only empty heads and empty hearts
0:48.7	Can do that. I'm excited about this episode because we got my man
0:52.4	Romete safety on who's a New York Times bestselling author of the book on personal finance called I will teach you to be rich
1:00.0	And the founder of growth lab.com. He's also got the site
1:03.9	I will teach you to be rich calm which his
1:07.3	Information helped me get out of debt many years ago when I read his book
1:11.0	He's been a good friend of mine for about ten years and just has some incredible times with him
1:16.1	I said we've got to have you come back on to talk about two different things one
1:20.7	If you are making a lot of money right now
1:23.4	How do you maximize your money? How do you invest your money the right way?
1:26.4	How do you save on the taxes? How do you do all those things if you're making over a hundred fifty thousand dollars a year in
1:32.7	Income or if you're in the millions range
1:34.9	How do you really maximize that growth and also if you're making under a hundred fifty thousand dollars a year on your salary or your small business income
1:44.0	What can you do to earn more? What can you do to get out of debt?
1:47.3	How can you manage your finances better? How can you have complete freedom and complete control over all these things?
1:53.6	If you're at that stage as well and we cover both of those so I'm really excited to dive into both
	...

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