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The Daily Motivation

The Untold Truth About Money | Ramit Sethi EP 46

The Daily Motivation

Lewis Howes

Education, Self-improvement

4.8893 Ratings

🗓️ 22 October 2022

⏱️ 9 minutes

🧾️ Download transcript

Summary

Today's episode is about the untold truth about money and how you can start begin building a rich life with Best-selling Author, Ramit Sethi. Check out the full episode: https://link.chtbl.com/712-pod

Transcript

Click on a timestamp to play from that location

0:00.0

Hi my name is Lewis Howes and welcome to the Daily Motivation Show.

0:07.0

Everyone teaches you how to save money but almost no one teaches you how to save money, but almost no one teaches you how to spend it.

0:16.0

And I want to challenge people. I have this principle I call the D to C principle,

0:20.0

and instead of being derisive and saying oh so stupid that's ridiculous I would never do that

0:26.6

I actually want to encourage everyone to be C curious why would a guy like Lewis

0:32.2

intentionally spend money on a business class ticket?

0:35.0

Man, he earns good money. He has a lot of options. He must know something that I don't and I want to understand why.

0:42.0

A lot of folks think that once you make

0:45.1

250K or 2.5 million whatever the number is that suddenly you're just

0:50.1

throwing money around left to right and And that's not quite correct.

0:53.5

It might seem like that because to spend, say,

0:56.2

$7,000 for a business class international flight

0:58.8

just seems like, oh my God, that's so crazy.

1:01.1

But I want you to get more nuanced.

1:03.2

What I do with my financial system is I set a target each year.

1:08.1

This is how much money I'm going to save and invest and those numbers are aggressive.

1:11.4

There's that's a lot of money.

1:13.0

Yeah like every year.

1:15.0

30% yeah so anywhere between those ranges and we have folks who

1:18.2

of what you earn correct. Yeah and and then remember whenever I make any unexpected income, let's say I did a speaking gig or something.

1:25.8

Yeah, I might get myself something. I might go out to dinner, but the rest I'm just putting straight in investments.

1:30.3

Wow. Okay, so that money grows aggressively. You wouldn't believe how many entrepreneur friends I know who have a good business and they don't invest at all.

...

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