Ep 301: Guiding Clients To Design Their Rich Life With A Focus On Spending Dials Not Goals With Ramit Sethi

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 4 October 2022

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Ramit Sethi is the author of the New York Times bestselling book, I Will Teach You To Be Rich, and the owner of the online platform of the same name that offers financial educational content so consumers can get refocused on their personal finances. In this episode, Ramit explains how he encourages people to spend extravagantly on the things they love so that they can enjoy their money throughout their life and not just after retirement. Ramit also shares why he is unapologetic about his brand and how he got comfortable charging thousands of dollars for his financial education programs.

Listen in as he describes how psychology plays a major role in the way people prioritize their finances, why he supports the use of financial advisors (but is critical about the traditional AUM), and what forced him to reevaluate his company’s internal processes. You will learn what inspired Ramit to create a podcast that focused on couples and their money struggles, as well as why he feels it is important for younger advisors to find what makes them unique early on and market that uniqueness as a valuable differentiator when trying to find clients and build a successful practice.

For show notes and more visit: https://www.kitces.com/301

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:06.8	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.1	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.2	and get insight from leading industry consultants about how to break through to the next
0:21.9	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.7	Welcome to the 301st episode of the Financial Advisor's Success podcast. My guest today's podcast is
0:34.5	Rameet Seity. Remit is the author of the New York Times bestselling book, I Will Teach You to Be Rich,
0:39.3	and the owner of the online platform, the same name, that offers financial educational
0:43.3	content and programs to consumers so that they can get refocused on their personal finances
0:47.3	and the things they love.
0:49.3	What's unique about Rameet, though, is how he literally wrote the book and subsequently
0:53.3	launched his online platform and brand on how consumers cannot just learn about their finances,
0:58.8	but change their financial behaviors, not by focusing on a budget or setting retirement savings
1:03.8	goals, but instead helping them focus their money more directly on what they envision to be
1:07.9	their rich life and the paths that they can take to make it a reality.
1:12.3	In this episode, we talk in depth about how Rameet helps people design their rich life through the
1:16.8	use of spending dials where like a radio dial, he encourages people to turn up and spend
1:21.0	extravagantly on the things they love and cut mercilessly on the rest so they can enjoy their money
1:26.2	throughout their lives, not just after
1:27.9	retirement. How Rameh was inspired while attending Stanford to write his book, I Will Teach
1:32.7	You to Be Rich, after gaining a decently sized audience from his blog that focused on teaching
1:37.0	people about personal finance and realizing its potential for growth as a brand. And why Rameet is
	...

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