Ramit answers your questions: Recessions, getting married, firing an advisor 

What surprised you from the video? (I read all of your comments.)

I finally did it! I broke up with our Financial Advisor today with the help of this podcast. We are a military family and sadly there is a company who preys on the military. I thank you so much for all the help and guidance you have given me to make the break and the confidence to do it on our own.

I love that Ramit finally made a RU-vid channel and podcast! This solo episode 🔥

The B of A debit card comment 😂 Marrying the "right" person is the BIGGEST decision of your life, period. In my first marriage (26 years) we never discussed our values, children, etc. Aligned VALUES are #1!! Now in my second marriage (19 years) we did things vastly different. We actually wrote down on 3" x 5" cards everything we could think of that had the potential of destroying our relationship. There were a couple of deal breakers for me but we worked through them (nothing as horrendous as "Live-Laugh-Love sign). One was finances. He was a strong earner (self-employed) but horrid with money. He was in debt. I had none but I did have a maniacal ex). In many hours and days of conversations he admitted right from the start his lack of skill and commitment regarding finances but that he was willing to learn and get and stay out of debt. Together we set a plan, attended classes and he hammered down his debt and got clear in less than 2 years. He has a good sense of finances but hates dealing with the management. It took a few years but I eventually I took over all administration of household and business finances. For the first time in his life he was regularly contributing to retirement, HSA and several savings accounts for things such as taxes, equipment, equipment maintenance, etc. We have monthly financial meetings where I bring the spread sheet and we both discuss our plan. The recession in 2008 knocked us down hard. Without making this into a book, it was a very dark, difficult couple of years. But we came back stronger in many ways. We are still not in a great position to retire (we're 60+) but we're decent financially overall. We both work in the business and we've purchased equipment (with no debt) so that my husband, who wants to continue his work, can work for another 10 years. We're both in good health and take full responsibility to keep it that way. We listened to your book together even though I had implemented most of the strategies you suggested. One thing I was really lagging on is getting rid of one of my big banks. About the same time you were discussing big bank blues in your book I had an issue with my big corporate bank. I'd banked there for nearly 30 years but I was dealing with corporate heads not local bankers. I finally cut ties this week. I had investments w/Schwab but no checking account. I applied for a new account and will be transferring over my accounts next week. It feels FANTASTIC! Boomers like us may feel they know it all, they've got it down, they're doing fine but I found your book refreshing and an ideal tool to check-in with how I'm managing things. I wish I'd thought more about investing when I was young and single. I took all of my extra income (in my first marriage) and put it into his 401K (I got 0) instead of starting my own.🙄 The information you share in your book and on RU-vid could be a perfect high school finance course. I really enjoy your energy, humor and wisdom. I find it fun to listen to your podcasts and RU-vid. Thanks again Ramit for all you do!

The live, laugh, love thing is 100% going on a checklist

Re: Firing a "financial planner". You dont need to tell them at all. Set up your receiving account. Set up a transfer. Assets move.

Ramit, I love how entertaining you make your content, highly valuable and I enjoyed the Netflix series! I totally binge watched it, I need to get your book next! 😊

OMG The bit about the financial adviser 😂🤣 I freakin LOVE IT! 🥰

So eye opening, thank you Ramit⭐️⭐️⭐️⭐️⭐️

36:00 is why I am liking this video because I completely agree 😂

glad you're making more of a RU-vid presence again. I want to Join your Coaching program

Big fan of your book Ramit. I just gifted the journal to my 17yo brother. Thanks for this video, make more of these please!

So thankful! I am introducing you to my children. They just started working after college, they can start early. Sent this video to them now. :-) Thank you!

It's still early, but I'm surprised at the lack of comments from realtors 🤣🤣

Combining finances with a partner: 1. One joint account (covers fixed expenses, joint savings, joint investments, joint "guilt free" spending) - both people contribute proportionally based on income 2. Remaining cash goes to individual checking accounts for "no questions asked" spending Create a joint future where your love and commitment is reflected structurally. 3. Decide which situations fall under which catagory

The only thing to put on the marriage checklist: Would you put a "Live, laugh, love." sign up in our house? Ramit: "Obviously the answer is No! Holyyy shit! Can you imagine being married to someone who wants to put that up?" Had me cracking up. X-D

Amazing video

I am a life long single in my old age. I hated asking my mother for money to go out with my friends. I hated having meals paid by BF. I have to be financially independent to feel free. At my age I don’t write off relationships but marriage is never gonna happen. I like to live in my own house instead of feeling like a guest in someone else’s house.

Dollar cost averaging. When the market is up, you buy fewer shares. When the market is down, you buy more shares for the same $. Over time your shares will appreciate. Keep buying over time.

I was just laid off with severance and the emergency funds I have a run rate of a year. I’m already interviewing at 3 companies I should get multiple offers around Feb 😅 they really fucked me by doing the layoff on the first week of dec.

The info abotu the recession was interesting

My parents (80) must be on the pulse because they want to give us money now (so we can enjoy it) and we're like no, we don't need it, you do. I guess times have changed.

Omg! I have a Live, Laugh, Love pillow on my bed 🙈 You could turn it around. Haha 😂

56:36 I do the clothes thing, but according to my bf, having my everyday clothes out in a basket is "messy" 😁

Which podcast episode is the one about recession and the couple?

I’d like to hear more about how all this fits into “the limits to growth”, global warming and loss of biodiversity, which are facts rarely mentioned in financial planning (denial/too big to address?). It’s like we’re solving financial debt on one side, and digging our global debt on the other. If I’m doing all this partly for my children, but that they have no means to sustain in 40 years, what do I do with that? Any way to address this perspective? 🌎

In talking to a friend of mine recently, she was asking if I thought it would be better to pay off her credit cards slowly over 3 years at their high interest rate, or to take out a Home Equity Loan or HELOC to pay them off at a much lower rate and save a huge amount on the interest payments. While she has never once been late on her payments, she has variable income and she is nervous about the idea of her home being the collateral. Any thoughts on this Ramit?

ITs easy to have a "no debt" policy if you are making a lot of money. I hear you saying $2,000 every month towards savings and investing. Most of us don't make thousands of dolllars per month and can put aside $2,000 on the sbove. That was my total salary before SS and taxes etc. I have multiple autoimmune conditions and this limits my working hours and my earning capacity I was able to have no debts except for a home but certainly did not leave enough money to invest etc.

Yo !

What’s the need for the “No questions asked account” if you have the joint “guilt free” spending account?

Why using BoA debit card is bad? Smb pls explain to me

Lol. I can't stand the "Live Laugh Love" and other signage that people put up in their homes. It's often part of staging condos and houses, and it's such a turn-off.

Re: Leaving money. We call it "control from the grave" . Don't do it. Split equally unless there's a special needs situation. Split house as market value.

At what financial level do you need to put your money in a rust for you kids? Is it 5 million or 25 million or 100 million?

Why do we, as a society, feel the need to leave an inheritance for our children who we already took care of for 18+ years‽ My parents raised us to be an active contributing members of society who can take care of themselves. They should enjoy their money and their retirement for themselves and have stated, they have no plans to leave us anything.

Thank you Ramit! I've always said, marriage is essentially like running a business. Your spouse is your business partner, and women have a hard time understanding that 😂. Love just ain't enough

What is the problem that marriage solves?

Bank of America has been good to me! I think they have changed to be good.

@49:06 first advisor we let go was first scenario. Shockingly unprofessional and rude. Almost predatory. Second (yes two) was retiring from Ed Jones Canada. He was great incl helping w/trans back to us. We talked in person. Rare maybe. Funny I had a sense the first was going to react as he did but still unprepared.

Ramit, I appreciate your political leaning. Dave Ramsey CONSTANTLY makes disparaging comments about Democrats and Dr. Fauci (a brilliant non-political figure). Drives me NUTS!

Its funny i was born for worry free spending lol

The importance of politics in choosing a partner? When do those attitudes develop? My first husband and I were perfectly aligned in that regard, and though we haven’t been together for 40 years, we still are and because of that we can still be close and have a strong relationship. My second husband (I’m now a widow) and I were not aligned politically but it wasn’t on my must-have list (and I DID have a list!), it was just something, unfortunately) we could not talk about.

You always talk about “x percentage” to be allocated to investments. But you never say what those investments should be. Where is that info year after year?!?!

I will not spend on a partner. I spend $1000+/mo on my dog

I’m retired. Should I regret my decade as a Realtor?

Is the potty mouth necessary? You content is great besides that.

It’s so disappointing that you brought politics into this.