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Personal Finance: 10 Money Rules From Ramit Sethi

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In this video I share my personal 10 money rules, why they’re important to me and how I decided on each one.
You can find a list of my 10 money rules here: ra...
These are MY money rules- and I encourage you to create your own. Leave a comment below with yours!
WHAT ARE THESE FIRESIDE CHATS ABOUT?
With so many of us stuck at home for the foreseeable future, I wanted to help.
The best way I know how is to teach.
I know money, business, careers, and psychology, so tonight - and every night until this is over - I'll be sharing what I know and answering your questions.
Please join me Monday-Friday at 8:30 pm EST on IG Live (@ramit), with new topics every night during the week.
*FOLLOW ME*
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----Twitter: ra...
----Facebook: / iwt
**SUBSCRIBE**
To learn more about working from home, creating a flexible schedule, and earning more, sign up here: www.iwillteach...
#financialadvice #financialtips

Опубликовано:

24 авг 2024

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Комментарии : 173

@magentaswagg2808 Год назад

Rules I used: increase your mortgage payment every year and pay down biweekly, bring lunch to work, do my own nails (NON NEGOTIABLE)…. I got out of mortgage debt SOOOO fast with these rules I forced on myself… a few years earlier than originally forecasted and on my own…. I scheduled my mortgage closing on my birthday because that’s how I roll. Was a nice achievement that everyone should feel!!!! Now I can concentrate on learning the stock market… new season.

@muhammadfikri9130 Год назад

Niceee. How old are you sir?

@NikStar210 Год назад

Don't try to pick stocks.

@Floowetic 9 месяцев назад

That's an amazing strategy. I'll definitely try it out! How's the stock learning going?

@suzanneemerson2625 8 месяцев назад

Paying off mortgage early is stupid. Mortgage is a wealth building tool. Invest extra money in stock ETFs, not paying down mortgage balance. It’s arbitrage. Plus, you get tax benefits from the deductible mortgage interest.

@jessejustsick Год назад

Rule 11: books must be kept 10 feet away from fireplaces at all times

@TheShmooze 4 года назад

The 10 Money Rules 1. Always have 1 year of emergency funds, cash. 2. Save 10% and invest 20% of gross income, minimum. 3. Pay cash for large expenses (engagement ring, wedding, dream honeymoon) 20% minimum down on a house. 4. Never question spending money on books, appetizers, health, or donating to a friend's charity fundraiser. 5. Business class on flights over 4 hours. 6. No limit on spending for health (personal trainer) or education (courses, events, etc.). 7. Buy the best and keep it for as long as possible. 8. Earn enough to work only with people I respect and like. 9. Marry the right person. 10. Prioritize time outside the spreadsheet. Thanks for sharing!

@kumarj5628 4 года назад

@elvisfragrances2360 4 года назад

Thanks!

@scholaroftheworldalternatehist Год назад

Save that health money to when you actually need it. Personal trainers are useless, you can walk and lift weights on your own.

@shana5300 Год назад

Thank you!

@MEATX512 Год назад

Great rules!! Love them all!!🫶🏻❤️

@tonia2483 Год назад

Marry the right person was the main one that made sense to me lol

@venivediveciprather4741 Год назад

"In fact let's do it right now" You love to say that. This is my new challenge for myself. I love it

@nicolekeating4062 4 года назад

1. No limit on organic food or clean products 2. Keep Credit cards 30% or lower at all times 3. Buy as many colored pens as I want 4. Save 20% of every check or payment 5. Nice budget for Skillstacking and tech gear and experimenting 6. Spend Aligned with my values 7. Beautiful journals 8. Roadtrips unlimited 9. never let checking account lower than 500$ 10. 6 month emergency fund

@elle_9136 3 года назад

1, 6, 7, 8 I got you girrrrrrl!!

@Andy7050 3 года назад

I can't say I identify with #3 but I totally respect it! :D

@anzaamennanyaro7343 3 года назад

U r going to heaven

@landondean4701 Год назад

Get rid of #2 and cut up the credit card...

@christianheld9720 Год назад

1) I put money into my Stock & Shares ISA 2) I use a cash ISA for a down payment for a house 3) Invest in my wife and myself 4) be patient and what I can’t afford I don’t buy and don’t tap into investments

@flipseflapse1620 Год назад

I always wanted to fly business class from Europe to USA but can't afford it and found a way around it. Now i book red eye (nighttime flights) only and get zolpidem (sleep medicine) from my doctors office for 10 euro and a really really nice neck pillow. Result is: I don't even notice the flight time/comfort level and have no neck pains/headaches.

@fruitloopygurl 4 года назад

1. Experiences & People over things 2. Have 1 year of emergency expenses in cash 3. Pay cash for large expenses - always 20%+ down , no new cars 4. Take a vacation every year, exploring other places is fun and memory building 5. Save 30% of my income

@SzaboB33 2 года назад

"buy the best and keep it for a long time: me: *closing 23 aliexpress tabs*

@sandrapark8705 3 года назад

Always have the money for the vacation before I go. Also to splurge and not scrimp while on vacation.

@maameyaansiah3154 9 месяцев назад

I love the one about work with the people you like. I run my own cpa firm and the ability to choose my clients it’s Awesome 🎉

@mikepawlikguitar 3 года назад

This is the type of dude I wanna be great friends with. Could sit and listen all day. Ramit is a money mastermind and I'm sick and tired of my loser-ass surroundings. You are a true godsend man I can't wait to be rich because of you.

@novenebainter6866 Год назад

2 year of saving, max 401K, Max Roth, Max HSA, be generous, buy quality

@bethupton4787 3 года назад

The first thing I noticed was prioritizing self care. So many people don't put themselves first.

@christinacarter3335 4 года назад

Can I just say I appreciate you so much! I appreciate how you confront the shame-ers and guilt trippers right off the bat. I’ve never understood what value it brings to make comments of that nature. Anyway, I’m catching back up on fireside chats and wanted to shout out to your wife, Cass (I believe she goes by Cass?).. thank you for taking your time to participate in these convos with Ramit ❤️ I see you and I appreciate you! Cheers from Chicago ✨

@ramitsethi 4 года назад

Thanks for watching!

@KellyBoettcher-qo9tx Год назад

I really like yoour view of money. Glad i found you!

@heckyesitsjess84 4 года назад

I love that philosophy you have. The pay yourself and bills first and then everything else is GUILT FREE spending! Your book is the one of the very few books I never sold to the book used book store after.

@ramitsethi 4 года назад

Yes!

@ruleyourfitness Год назад

My first rule is to love and respect my money because it can create a fun life for me and my loved ones. I used to hear as a child "money doesn't grow on trees" "money is the root of all evil" those sayings people just said because someone else was saying it. I buy from a clothing brand I love for the quality and practicality (for pilates) and I know exactly things that I love like eating at an Italian restaurant with my granddaughter (we both are learning Italian) Getting together with our family of foodies lol trying out special desserts and telling each other where to find them. I invest in an index tracker and it feels good. I have fun, stay out of debt and I am doing an awesome favour to my future self. Karen :)

@alevierci8497 Год назад

😂s

@magentaswagg2808 Год назад

I like your reply here… way to go! You sound financially healthy which is great for an example to your granddaughter! You enjoy life and have fun!!! That’s so important! Cheers to you!

@nishantsrinivas5036 10 месяцев назад

Does 20% investment include retirement account savings?

@ajoyfulsound5311 2 года назад

Still a work in progress but so far.... -save 10% of gross -invest 20% of gross -no limit on books, courses and music (some limit on instruments!lol!) -create budget for socializing, travel and just plain enjoying time with my people!! -grow emergency fund to 6months cash and 6months PMs -keep utilization of CCs from 10-30% -amap take January off for rest and travel

@brianshannon712 4 года назад

Always buy Italian ice / gelato, when passing by a store that makes it fresh.

@OlasticViews 4 года назад

What I notice before you dive into the explanations is that you’re putting great emphasis on still living a good life where you care for and treat yourself while working your way up. This is really vital! It’s important to treat yourself right and be happy while you work your way up unless you’ll never really be happy or content even when you eventually reach your money goals. I talk about some of these things in my channel as well! And hope to grow and make an impact like you 🌎🌏🌍💞💞💞 Thanks again!

@ramitsethi 4 года назад

Thanks for watching!

@collisf3872 5 месяцев назад

1. Outside of our normal investments, I have a 10 to 1 rule. For every $10 I send, I will invest $1. 2. Monthly money date with my wife, we've gotta be on the same page about our finances. 3. It's a hard one for me, but I'm learning to enjoy it now, vice 20 yrs from now. Plan for it, save for it, pay cash for it.

@marypladsen5231 Год назад

1. Pay off what you owe and don't borrow any more.

@Irene1208Lano Год назад

That you can be frugal but still enjoy a good quality of life!

@barbarascherer7623 Год назад

Not ranked yet, but 5 of my rules, starting with the most fun: a) Go skiing in the mountains for at least 5 days every year (Rockies or Alps) - bonus*** go on two trips for 10 days total b) Do the right thing and follow my true convictions and the money sorts itself out in the end-- this usually involves discomfort upfront, but call it God or the universe, it has proven true in my life time and time again c) Only have 'good' debt - no credit card debt, buy car outright d) Only take on work that furthers my goals. Complete a (consulting) contract, but don't renew with 'difficult' clients. e) Spend the extra money on humane certified food. Also- 'No thanks - I already won the game, no need to keep playing'. -This was food for thought for me around how much cash to have available .

@meelas9781 3 года назад

I had a Honda Civic when my friend had an Alfa Romeo. He was impressed at how well-behaved and smooth-to-handle my Civic was. I later got a new Mercedes Benz E class and drove my friend’s Toyota Camry when I was at her home. I honestly couldn’t tell much of a difference in the handling. But I do love Mercedes Benz’s service.

@danicegewiss862 Год назад

My rules: 1: Invest and save as much as possible. 2. No interest baring credit card accounts. 3. Life insurance savings. 4. Pay debt off asap. 5. Live under my means. 6. No retirement in my 60's. 7.Take care of my health and my mind. 8. Make things last. 9. Always have an emergency fund of at least $1000. 10. Always have money set aside for one year of living.

@ivanpadilla4479 Год назад

I’ll have to think of mine. So far a rule I have lived by are: never order take out food myself.

@nityanandsharma1291 3 года назад

193k subscribers...And only 775 likes to this awesome n important video...?????? 🙄🙄🤔🤔 Any shit tik-tok video having thousands sometime lacs of likes Really..The people always complain.. Keep up the good work.. With live from india..✌✌🇮🇳🇮🇳🙏

@corneliahaegele5325 Год назад

you could check the book out at your public library and then buy another sweater :)

@overatourhouse4026 4 месяца назад

Hey Ramit, I homeschool 4 teens. I love to hear your story and thoughts when you were younger as I'm trying to help them develop a good money plan. Do you have anything posted about your younger self and plans then?

@DeniseSkidmore 7 месяцев назад

Our family rules: 10٪ of take-home is tithe. No optional spending if the last credit card wasn't paid off. Don't get a new car unless you can put down more than you did on the last one. Don't go grocery shopping hungry, stop for fast food if you need to. When grocery shopping, only three impulse items are allowed that are not on the shopping list. All money is family money, consult your spouse before making any large purchases above personal spending allowance, any large purchase for yourself is consent for your spouse to spend the same amount for themselves. Half of every raise goes into investment or debt payment (higher interest rate takes priority.)

@tennesseenana4838 2 года назад

I 'discovered' you last week while watching you on 'The Minimalists' podcast. Do you have specific advice for those of us 65+ and already retired? Not interested in building a business or saving for retirement since I'm already there. Thanks!

@cleek8472 2 года назад

Could you do a guide for a newbie 64 year old investor!!! Not just young people?

@debbykoendjbiharie3441 10 месяцев назад

I haven't thought about moneyrules, but I realise I do have a couple of them. 1. Put aside 10% to invest. 2. Give my money a job (for example use it for education, clothes, safe for certain things etc) 3. Create what I want and desire

@runningrigert 3 года назад

Your book by the fireplace is making me nervous... But I love the videos and your books!!!

@HinduBoy 3 года назад

🤦‍♀️ this defines this view base... making rhis guy a millionaire. And Marry like a Jew in the US 💎⛏

@cindyadkins135 Год назад

Ramit, I love your cause about children at the border!!

@jannie629 2 года назад

1. 1 year worth of expenses in cash 2. Eliminate any expense out of which you are not getting full usage. 3. Prioritize people, charity, and travel 4. Try not to pay full retail price on anything you purchase frequently - those types of things are usually on sale *somewhere*

@OlleyThorpe 3 года назад

Your book had a big impact on me and changed my mindset, I have now grown multiple streams of income, one of them being the youtube channel which is SOLEY around making videos helping others make more money online.

@HitenPatel 2 года назад

I always get the “best” I can at the time, and it nearly always lasts me. That’s a rule I’ve always had. I believe in buying quality and not waste resources and you’re absolutely right, when you divide the cost over 10 - 15 years, then the cost is often £100 per year or less. For instance my PC and Laptop both well over 10 years old but still run nicely (have had a couple of upgrades here and there). Another one, is food. I love eating and will spend whatever on good food. It’s a rule my dad imprinted on us.

@susanx5370 3 года назад

Marry a rich man, got it!

@teekay0211 Год назад

I just bought your book last week at Barnes and Noble.

@freddy21ify Год назад

9. Marry the right person..is the number ONE rule, get the right person by your side!!!

@CandycaneBeyond Год назад

Impossible for those of us living paycheck to paycheck

@sylvia9290 Год назад

Ramit lookin cozy in the thumbnail

@kaidrewry552 8 месяцев назад

Very much appreciated and insightful vid! :) There are some things I have questions about tho: 1. ONE WHOLE YEAR OF EMERGENCY FUND? Isn't that a bit too much? Cuz, usually an emergency fund doesn't even gain interest due to it being super liquidated or even in physical form. 2) "Marry the right person..." when would you say it's a deal breaker when it comes to financial differences? For example, I'm super frugal... not sure I will be able to be with someone who is a spender.

@britannycarter3193 Год назад

Anyone else want a link to these cashmere sweatpants or just me? 😆

@VybzKartelClassics 7 месяцев назад

I use the 10% rule, if something is over 10% of my net worth that means I can’t afford it so I don’t buy it.

@sciencelabvideosl7558 3 года назад

2:30 - Ramit. I’m curious as to what were your money rules before you made money. I only ask because you mentioned your money rules changed with time. .

@kaylamcgrath3761 Год назад

I’m stealing some of your rules for my rich life! :-) 🎉😊

@girldaddividendinvestor 6 месяцев назад

@22:21 bookmarked

@vladaldi3749 3 года назад

Thank you Mr Sethi for sharing your brilliant ideas. I feel so privileged and fortunate to hear and watch an A-class talk.

@rosepetal9067 Год назад

I'm a definite believer in buying the best/something of great quality that will last and this is also good for the environment too.

@tylernol1566 Год назад

Rule 1. There is no fear in my budget (aka "conscious spending plan"). The numbers are a reflection of the actual money tree I have growing.

@user-wq5pf4vo2z 8 месяцев назад

To continue my comfortable s/p retiring at 57 cash in high interest saving for 30 years traditional IRA since 21. Homeownership at 21. Roth IRA at 35. Married at 55 to my husband who didn’t invest was working g at Home Depot and was uncomfortable with my high income and savings. So for our honeymoon I gave him his savings account and checking account I split my paycheck and bonuses in three for the eight years of just living together and gave it him when I got on my knees in front of the jewelry store in the mall and I popped the question and we went in and bought white gold Rings matching Still frugal but not when it being a Rich life.

@spencerseibert5164 4 года назад

What about when you are saving for a house? Does your 10% save - 20% invest rule change?

@justinsongnj 4 года назад

I like what you shared about what a true rich life is towards 30:00

@bayareaspeedsource2255 3 года назад

Bought your book last week. About 50 pages in so far. Looking forward to implementing your ideas and teachings.

@serlasco 4 года назад

please tell me you're planning on keeping up the youtube content after quarintine is over

@yanyanjay Год назад

After watching your Netflix show, I realized how much more people are making in USA than in Canada.

@magentaswagg2808 Год назад

Yeah but if they get sick all of their savings will be gone paying for healthcare.

@williamreeder3660 9 месяцев назад

Thank you for this video

@georgevadakkel9363 3 года назад

I wish I heard your first rule when I was younger. I had to make some decisions based on the lack of money although I was earning.

@reekeendude 2 года назад

I loved his pitch for negotiating salary from another video. He is a very talented and tactful speaker and makes it sound very easy. Try his pitch and keep practicing it till you nail it down. I was able to negotiate my salary very well based on his teachings.

@andrewjackson2924 4 года назад

what is a high yield saving account

@winromeo Год назад

Loved your Netflix show. I stand by #8 always! That’s my motto and motivation and it’s been working well to my preference. Some of these rules are desperately needed in my life, thank you so much.

@djack915 Год назад

I saw that too . My rule #1 keep money safe #2 grow money #3 refer to rule one and two 😅

@kateseverein7650 Год назад

Excellent, thank you!

@fi1920 4 года назад

Very inspiring and practical. The only thing about Remit’s videos is he raises his voice all of the sudden, and it always scares the shxt out of me! Also the vocal is quite low so I always turn the volume to max

@carriereininger9291 2 года назад

Gah Ramit makes me laugh with his bluntness. ("Bleh bleh...must be nice!") haha I can definitely see where you probably get that a lot. I find these podcasts to be amazingly helpful and I'm hoping that I can "automate" my finances....first step is to figure out where they all go! Thanks so much for sharing your wisdom!

@artventurespro Год назад

I resonate with most of the rules except rule #1 .. personally year worth of emergency fund is too much to be sitting as cash or even on a checking or savings account that is only gaining less than 3%. I recently shifted that mindset into just keeping at least3 months worth of emergency fund In that avenue and putting them in my own bank which is my life insurance policy which is kinda like cash yet grows more than savings and checking is I get life insurance , and have the option to loan from it when I need cash ..

@Max-cd8fm 3 года назад

Great videos !!! I’ll keep following

@MissaLifeStyle Год назад

I like those rules!

@alphawavesready6639 2 года назад

I got checking account to be scwhab and savings are all in Ally bank. Came from chase it is weird to switch

@2wheezy2reachya 4 года назад

Great video!! Found it very interesting about how long it took for you to think about your rules. When I first read your book 2 years ago, I had some rules that I still stick to but as my income has increased I've learnt new things that became rules I never explicitly thought of till now watching this video E.g. a new experience with friends, they suggest we do something I haven't done before? I say yes straight away and don't even wonder what the cost is because too meet that matters most. It feels very freeing!

@TC-mb2dl 9 месяцев назад

I think in my relationship, I'm the dud partner lol 😅 but I'm working on it! glad to have found your channel and resources.

@georgettefogarty5838 Год назад

This really resonates with me !!

@Herfirsthouse 4 года назад

I need to become friends with rule #5. Frequent trips between sydney and new york in economy -_-

@JoshStine 4 года назад

Thanks for sharing and talking through these!

@glendypineda9213 Год назад

Any suggestions on how to get my family on board too.

@robertcampbell1307 10 месяцев назад

Does the surgeon who performed the cataract procedure also do the YAG procedure?

@robertndikolansubuga909 Год назад

Great podcasts 👌🏿👌🏿

@rumkisaha6021 2 года назад

This tutorial always provide us with good content.... Wowww.... This is really amazing video.. It's very interesting and valuable information.... I will definitely follow them!

@mrsm482 Год назад

Great rules! Thank you, Ramit.

@tiffanycrystalclear 3 года назад

I’ve always wondered why do people spend so much $ on a wedding ? When they will be divorcing 10+ yrs later . 2021 people! Is what I see most nowadays. Anyway I always pay on CC but I pay in full . I’ve never paid interest to no ones! I use others people money monthly . They probably hate me ha ha. Good talk and thanks for sharing ! My MONEY RULE IS to pay all in full 3-5 business day before that credit card DUE DATE!

@brighteyes6729 Год назад

I would like advice also towards people who are low income 40,000 to 50,000 year and their jobs do not offer 401 k how could we also come out ahead. Especially if we are debt free.

@sandrasmith6207 Год назад

Invest..in a roth ira

@carolannstevens5814 Год назад

Wonderful video!

@ivettea5368 3 года назад

Ramit sethi rules (change over time Develop my filosophy on Money $, relationships, health, parenting 1. Always have 1 year of ER in cash. 2. save 10% & invest 20% of income (Pay cash for large purchase & 20% down on a house) 3.Never question paying for books 4.donate to your friends fundraisers. 5. 1st class over 4hr flights 6. No limit on spending for personal health or education 7. Buy the best & keep it forever 8. Earn enough to work only w people You like 9. marry the right person regarding $ values 10. Prioritize time outside the spreadsheet. You’ve one the game

@mbongoyanguba2071 4 года назад

Very good content, thanks!

@christopherstrunk7750 Год назад

Does retirement contributions count towards your 20% “investment” allotment?

@glendypineda9213 Год назад

I wish I would’ve follow you sooner but, its never too late right😉

@nacoyiahenry4588 Год назад

Shout-out🗣️ to the Honda Accord owner’s 🙋🏽‍♀️… 24:58… … 😂 we winning 🥇

@youtimeful 2 года назад

My friend has a rule that there is on budget for the grocery story. They both love to cook and often prefer to eat at home so getting filet mignon or lobster tails works for them. One of mine is that I can go out to eat one time per week anywhere and/or eat anything I like. As you say, it took all the decision fatigue and worry out of the equation. Book idea is exactly this topic money rules, money dials, conscious spending plans, how not to worrry and how to dial into what you value. Your current books touches upon it but more in-depth would be great (exactly as this chat and your online conscious spending tool is GREAT!). Thanks to you and Cass for this.