Why You Should Rent Even If You’re A Millionaire

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 6 March 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 559: Sam Parr (https://twitter.com/theSamParr) talks to Ramit Sethi ( https://twitter.com/ramit ) about why buying a house makes zero financial sense. Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5 — Show Notes: (0:00) Intro (3:30) Set your rich life intention (7:30) Don't confuse luck with skill (8:00) Sam's journey from owner to renter (11:30) Do the math: Real cost of ownership (15:30) Buy for desire (17:30) Pay in cash for large purchases (19:00) The 10 year rule (24:30) Ramit's list of must-haves (29:00) Sam's dream house (32:00) Sam's war on stuff (39:00) When to overspend (44:00) Millionaires who rent — Links: • Ramit on Twitter - https://twitter.com/ramit • Ramit on YouTube - https://tinyurl.com/m2s8cuyp • I Will Teach You To Be Rich - https://www.iwillteachyoutoberich.com/ — Check Out Shaan's Stuff: Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. — Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • #218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Transcript

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0:00.0	All right, everyone. This episode is going to make a bunch of people angry, and here's why.
0:05.8	So we're going to discuss renting versus buying. I saw recently on Tik-Tock or something like that.
0:11.2	There were so many people complaining that it's too
0:13.1	expensive to buy a house and they're complaining about renting and I've got a
0:17.2	surprise. I think it's way better to rent and I'm going to explain my
0:21.0	reasoning and I know that on the surface that's going to make a lot of people
0:24.7	angry but hear me out and we have my friend Rameet Satey Rameet is famous for writing a book
0:30.8	called I will teach you to be rich he also has a famous Netflix show called I will teach you to be rich. He also has a famous Netflix show called I will teach you to be rich.
0:35.7	And he gives his explanation as well.
0:38.3	I think this might anger a bunch of people.
0:40.8	Listen to the entire thing before you judge, and then comment on YouTube.
0:45.2	So go to YouTube and comment and let me know what you think.
0:47.4	And by the way, I just looked at YouTube right now, 70% of people who watch our videos are not subscribe to our channel.
0:56.0	That is ridiculous to me because we have a gentleman's agreement with this podcast.
1:01.0	And what does that mean?
1:02.0	That means if you've ever listened to more than one
1:05.4	podcast you need to go to YouTube go to my first million and click subscribe we call it the
1:10.1	gentleman's agreement because we can't track that you're actually doing it but
1:13.5	Sean and I and people like for me we make content for you all the time and all we
1:17.5	ask in exchange is just clicking subscribe it means very little to you it costs you
1:22.0	very close to nothing and it means a lot to us. So please do that. And I hope you enjoy today's episode.
1:26.7	And let me know what you think of the comments of YouTube if you agree or disagree.
	...

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