0:00 Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize. Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube
This was so helpful! Thank you Frank for vulnerably sharing your story. Ramit appreciate your thoughtful financial insights. I can relate to much of Frank’s story. Three years ago I left my 6 figure physician salary on Faith to launch my business. While I did save for a year before becoming an entrepreneur , I also had a lot of money mindset issues that surfaced without a stable paycheck. As a Believer with a recovering “episodic transactional mindset.” I can relate to Frank’s story. Thankfully I’m on the right track now. This conversation was confirmation & gives me hope: 1) No financial mistake or mindset is irreparable. 2) that with the right tools I can be wealthy and create generational wealth. Ramit, thank you for removing the fear, shame and stigma about discussing money mistakes and offering practical solutions. To my other Believers/ Christ-followers struggling with “episodic transactional mindset” out there I’ve learned God wants us to plan so we don’t have to depend on “miracles.” A miracle is a bonus not a system. And a rich life is about so much more than money. Money is just the tool that enhances a rich life. Okay sermonette complete 😂 Thank you 🙏🏾💜
The best thing I like about Ramit is his listening skills and willingness to take in advice too and learn from others. He is just not waiting for someone to finish talking and then jump in with whatever he thinks they should do, it is a graceful dance where he takes in the energy/reflections and shares gems of psychology! That is what is missing from most “financial advice” in the world!
I think it's because his financial plan is customized. It truly is beautiful or how personal finance should be. Personal to your goals. I like Frank and I hope he makes it!
Lol so funny 😅😅 but It was frank that said we’re making a mess and RAMIT that said this stuff is stressing me out. And frank replying back with well you did it
Ramit talks to Frank like he's his little brother, he's firm but gentle. We all need that sometimes. Behavior and mindset changes are hard. Frank, I believe in you and I know you'll be successful. I'm rooting for you.
RAMIT I’m not sure if you’ll ever see this but just know you’re doing such a beautiful job of bridging the gap of financial literacy and changing the conversation. Thank you for doing this as I can only imagine how difficult it is to do. I’m so glad I found you and your videos and my only regret and not knowing you sooner!! I’ve commented this before somewhere but coming from a public health background I’m so thrilled to see you addressing one of the key determinants of health: socioeconomic status. Up until now, money has been a conversation for the big leagues or large investors/business owners making it a strictly numbers game and spreadsheets. But you make it accessible to the public and that’s HUGE in bridging the gap of financial education. I even bought your older book “the underdogs guide to building a business” and it’s been such a fun read! The cherry on top is that you approach this topic with such grace and superb listening skills. Many people in this space can be rude and lack empathy and be judgemental to all who come on their show. But your approach is so heartwarming and is rare to see in the financial space. You are so clearly knowledgeable on emotional intelligence and behavioural psychology and it’s so refreshing to see someone share their expertise in such helpful and healing ways. The impact you’re making on their lives is undeniable and I hope you know you’re changing lives here. I’m so excited for what’s to come!! 🙌🏽
Well-said! I was sceptical when I first heard of Ramit (it was on a random video where someone criticized his slogan of "spend lavishly on the things you love and cut mercilessly on everything else"). I did initially find the saying ill-advised (I didn't fully understand it in hindsight ), but I also happen to like contrarian thinking, and I'm glad I gave him a listen. He's now one of my favorite finance guy, the impact his lessons are having on me is profound!
Its amazing to see how Frank changed his views on going out, spending, debt. and the importance of saving and investing! Thats bigger than just money habbits! Its a psychology change right there. And thats the hardest part. Its like changing a software in your brain. Ramit is definitely a fantastic influence! Great job both of you!!!
I really like this honest conversation. I like that Frank was willing to be vulnerable and allow us to see his struggle with entrepreneurship. I'm hoping for the best for Frank.
I loved seeing Frank really open up, get comfortable, & share some big wins & plans here. You can tell a huge difference between the check-in call that got rescheduled to the end of the podcast. I think Frank's on the right track. If he can keep the momentum & progress going, add in consistent income, etc., it's going to be GAME OVER. Frank will win. Very proud of Frank for taking the next steps, committing to the process, & really curbing back a lot of his lifestyle. That's tough to do -but you can tell how it's impacted his maturity & perspective.
I commend Frank for going through the entrepreneur journey. Personally, I own an ecom store, but I also do consulting and have a full-time job I do all at the same time. It's tough and I don't have a large group of people I know who are business owners. Love this episode!
I love seeing how much Frank has grown in the past year. He's learned a lot from you and from the journey of being an entrepreneur. Rooting for you, Frank!
I love how much more aware he is on spending. Frank has such personality that oozes through the screen, and he gives good energy. I hope we will get another update in the future.
I just discovered the show over the weekend and now this!! Question: Frank, not certain if you are a licensed social worker, I'm thinking, launch a private practice, set your own hours with your own client base and let that income generate your base money and your influencer money towards your future rich life. Just thinking out loud. What say you, Ramit?
Frank is me!! Anyone who has been a full time entrepreneur like 100% full time, you understand. Omg this is literally my life so I relate to him a lot. I wish this could help me. I don’t know how to break the cycle. 😢
Ah, the sun will always come up for you Frank. I loved all the scenarios on the Rich Life but his story line was my favorite. Thanks for your show Ramit- you're empowering people from all walks of life with your brand of financial literacy.
I am a retired school district employee ( retired as soon as I vested, 9.5 years) while it’s not much I do get a pension. Also, school employees can qualify for student debt forgiveness after 10 years’ employment - it really troubled me that this financial aspect was not discussed in his segments. Did he really throw all that away?
I wondered about that also. The Public Service Student Loan Forgiveness Program is such a huge benefit to social workers I wondered why that wasn’t discussed with Frank. I’m in my last year of the program and so thankful!
I am SO happy for Frank!! He started from less and has come such a long way. He has a new follower in me ❤ Really pulling for you Frank - no matter what happens, know that you can do this with your career and your money
I love this podcast more than the show to be honest because you get to know the people better. If there is a season two of the show I'd suggest more in depth amd less jumpy. It was hard to follow so many new people being introduced and didn't go as deep as this. Thanks for these follow ups!
This was so educational for me. I am so much like Frank... Very much a believer. This teaches me that I need to systematise my finances and stop living based on the "dream". I've just ordered the book and will be following the 6 week plan. So thankful this video was recommended!
Awesome Episode! Thanks for the update. I loved the show, I binged it in 1 day lol It was good to see where Frank is now. I'm happy that you included someone that has an artistic freelance path because I don't think there is enough financial advice out there for freelance creatives (actors, writers, musicians, singers, etc) As an actor who also works, I found Frank's story and your advice VERY helpful!
I owned two business during my working career. I KNOW the drill of what it takes to be an entrenpreneur. I used the teach a number of self-employed. I always couched them... DO NOT QUIT YOUR DAY JOB....start your business WHILE you are still working and have regular income coming in. My gut tells me Frank does not have the self-discipline necessary to be a fulltime social media influencer. His life is a mess, his bills are unpaid, his first time with Ramit he could not get the audio together. oh oh....So many people think being an entrepreneur is MUCH harder than they think it will be. So many people think owning your own business is easy, you can sleep in as long as your want, work the number of hours, take as many days off as you want etc. etc. etc. NOT!!
As a content creator myself, I cringed when he said he quit his job. This line of work is not consistent. Some months are great and some months are horrible. If you’re a content creator and your making the majority of your money via brand deals full time, you will have a difficult time sustaining yourself.
So many people are part of the "gig economy." It would be amazing if Ramit could help with managing inconsistent cash flow. Even when the money is very good on average as a yearly amount (1ooK+), the feast-and-famine allocation of funds is hard if you don't have the needed tools.
All the best Frank! The journey is not easy, but you're taking the right steps. Yes there will be mistakes along the way, but as long as you keep the principles in mind, you will be successul! Good luck!
@@Coastpsych_fi99 he worked as a social worker for years. every counts and keeps counting until 10 years. right now their retroactive with the current administration
I will never understand why people find it so difficult to organise their finances as an independent. I was self-employed for over ten years. I had a separate account for my business finances and paid myself a monthly salary into my normal account. It doesn’t get more difficult than that. All business expenses, including taxes, were paid from the business account. Why wouldn’t you do this when you start as an entrepreneur?
Love love LOVE Frank. He and Ramit are so entertaining to watch. My favorite scene in the show was Ramit throwing Franks bills around. I wish Ramit can come and do that to some of loved ones who need it lol 😂
This guys life stresses me out! From the unpaid bills on the table… to not saving his large sums of money. In the show I like how you said when you get lots of money bank half! Still enjoy some but not all… this is amazing advice for me as balance is so important… you still need to enjoy life… but the future is important too! I don’t want to eat cat food when I am an old lady!!!
I love Frank what’s his IG Being entrepreneur ain’t for the weak it’s hard by consistency. Frank you need to start selling stuff ❤ clothes, a boutique, t-shirts/ hoodies for your fan base .. Much Love & Blessings
It amazes me that Frank has no qualms borrowing money like his students loan or bills but doesn’t see the urgency to pay those back. Even though he has the capacity to pay those backw
I live near Illinois and the amount of red light cameras is ridiculous! The cost of taking off work to explain why you proceeded when it was safe to do so is not worth it. They are not making intersection safer, they are creating revenue and surveillance
It is heartening to see so many females following up and commenting on this show. I know many (including in my family) who do not want to talk about finance and investments. Becoming financially-independent is not difficult if you learn to financially-discipline from an early age. It gets easier and becomes a cruise as you get older. Money has a habit of growing with time as long as you remain financially savvy.
What is the process for people 50-55 that finally have reached a high wage but are not yet a homeowner and now need to catch up quickly financially before retirement?
Definitely max out your IRA cause you can contribute a little more to play catch up And then I guess save aggressively. Live on a much lower salary, so you don't need to retire on a high income
Ramit you should share with Frank about how to source and land brand deals or how to start your own platform and build over time ie invest in his business. In you earnables class most entrepreneurs wont have the platform Frank does so similar to how the long view caters to people who are rich/wealthy Frank's money and business advice should be catered to someone in that position who has astronomical notoriety but not able to monetize it, i feel like you would be well suited to give this advice. I am saying this as a long time ZTL fan
My house was next to a skyscraper under construction. So there was no street sweeping because of the construction, but they still gave us $200 tickets for not moving our car on street sweeping days. And we would always forget becuase... we never actually saw a street sweeper the entire time we lived there. I could cry thinking about it, lol.
Wish we asked a couple more questions about the condo he's going to be moving in for free and how long that lasts? I doubt the 'free' promo is really forever and makes me worried lol
It's good to get to the root of spending. Being in business is not for the faint of heart. You've got to grind, and you may need to pick up a part-time, paycheck job.
So magical thinking from Frank here. Religion, fate, destiny, the cosmos, the universe, manifesting - ditch all this junk in your head. Cut up your cards
