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The Diary Of A CEO with Steven Bartlett

Ramit Sethi: Never Split The Bill, Its A Red Flag & Renting Isn't Wasting Money!

The Diary Of A CEO with Steven Bartlett

FlightStory

Society & Culture, Business, Education

4.613.2K Ratings

🗓️ 14 October 2024

⏱️ 110 minutes

🧾️ Download transcript

Summary

Master your money, revolutionise your relationships, and live a rich life with personal finance expert Ramit Sethi.   Ramit Sethi is the host of the Netflix series ‘How to Get Rich’ and author of the best-selling book, ‘I Will Teach You to Be Rich’. He is also founder of the podcast, ‘Money For Couples’.  In this conversation, Ramit and Steven discuss topics such as, how to create your vision for a rich life, why you should rent rather than buy a house, the best money talks to have with your partner, and the top 3 money red flags in a relationship.  00:00 Intro 01:35 Why People Should Care About This Conversation 02:25 What Has Ramit Learned About Money And Relationships 04:10 Differences Between Men And Women's Spending Habits 05:40 What Are The Sources Of Arguments In Relationships 07:14 Women Earning More Causes Problems 11:47 You Don't Need To Buy A House To Be Successful 14:18 Should Men Remain Single? 15:39 Who Should Pay For The First Date? 18:09 Should Men Be Chivalrous? 19:45 What Are Financial Red Flags? 20:51 The Money Types – Avoider 22:17 The Optimizer 24:31 The Worrier 26:14 The Dreamer 27:29 Which Money Type Lives A Happier Life? 29:14 Do You Know How Much Your Partner Makes? 31:32 Should You Keep A Bad Financial Situation A Secret? 36:00 Are Prenups A Good Thing? 42:44 Do We Need A "Money Guy"? 43:59 Red Flag: They're Cheap 45:24 Robert Kiyosaki's Advice Is Rubbish 46:36 What Makes A Worrier? 48:14 What Is A Rich Life Vision? 52:32 Merging Finances As A Couple 58:15 Should You Sweat The Small Stuff? 01:00:13 Is Buying A House Financially Savvy? 01:03:59 Why Is It Hard To Buy A House In 2024? 01:07:13 A Better Use Of Money Than Buying A House 01:14:04 Alternatives To House Buying For Investments 01:16:16 Uncovering Finances And The Shock It Can Have 01:22:19 Should You Make A Budget? 01:24:01 How Do We Teach Our Kids About Money? 01:27:16 Should We Let Our Kids Enjoy Our Wealth? 01:28:23 How To Raise Kids Without Spoiling Them 01:29:34 How To Educate Your Kids If They Want To Be Wealthy 01:31:54 The Principles Of Wealth Creation 01:33:57 How Much Money Do You Need To Start Investing? 01:35:27 Gambling In Relationships 01:36:46 Money Issues Destroying Marriages 01:38:09 Steven's Parents' Money Mystery 01:39:23 If You Have Enough, Why Continue? 01:40:01 What Ramit Would Do With A Surprise $100M 01:41:55 What People Love To Spend Their Money On 01:47:01 The Guest's Last Question Follow Ramit:  Instagram - https://g2ul0.app.link/36K8W7SVBNb  Twitter - https://g2ul0.app.link/A0YgzpVVBNb  Website - https://g2ul0.app.link/UyeTgBYVBNb  You can pre-order Ramit’s book, ‘Money For Couples’, here: https://g2ul0.app.link/L532luaWBNb  Watch the episodes on Youtube - https://g2ul0.app.link/DOACEpisodes  My new book! 'The 33 Laws Of Business & Life' is out now - https://g2ul0.app.link/DOACBook  You can purchase the The Diary Of A CEO Conversation Cards: Second Edition, here: https://g2ul0.app.link/f31dsUttKKb  Follow me: https://g2ul0.app.link/gnGqL4IsKKb  Sponsors: WHOOP - https://join.whoop.com/CEO

Transcript

Click on a timestamp to play from that location

0:00.0

How can you talk about renting? You're just throwing money away?

0:02.8

B.S.

0:03.6

Should I just dismantle these arguments once and for all?

0:06.0

Because there's some shocking math behind a mortgage,

0:08.5

and most people don't know this stuff.

0:10.0

Let's get into it.

0:11.0

Meet safety.

0:12.0

The financial expert and entrepreneur is back.

0:14.9

To teach you how to take control of your money

0:16.9

and confront the financial problems that hold us back.

0:19.4

Most people fall into four money types that I've identified.

0:22.8

Number one is avoiders, and they hate talking about money.

0:25.4

But if your partner simply will not talk about money,

0:27.6

that's a huge red flag.

0:29.4

Because 50% of the people I talk to do not know their household income. 90% who are in debt do not know their household income.

0:33.0

90% who are in debt do not know how much debt they're in.

0:36.0

And 100% of the people I talk to in credit card debt also have trouble with...

0:41.0

That is shocking. Next up, Optimizer, they can get you to a very good place.

0:46.0

They'll be investing.

0:46.8

We love to live in a spreadsheet, but it can be taken too far.

0:49.7

And then the dreamer, who believes that success is one deal away and they tend to fall into

0:54.9

crypto coin scams like all this BS finally.

...

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