I Will Teach You To Be Rich
I Will Teach You To Be Rich
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I’m the host of Netflix’s “How to Get Rich” & wrote the NYT bestseller, “I Will Teach You To Be Rich”
I believe you can spend extravagantly on the things you love as long as you cut costs mercilessly on the things you don’t.
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Most of people get rich are real estates investors! So this is not true.
Id probaby tour the world as a luxery backpacker
When your level of faith is equal to the amount of money you give the church…
The fact that she really likes her job and has enough time to be with her family and take care of the airbnb...I think that's great. She shouldn't need to "hit potential" right now if she's content.
14:03 like in the bathroom lol I bet
i ain't buying, but love your financial logic!
I am a multi-millionaire and I own my house. And no, my multimillionaire is not from house equity, its from my stock+crypto. I dont see anything wrong with renting just to be clear, but buying is also a very good choice.
The problem is in the confusion with the term "buy." You don't "own" a home if you have a mortgage, people. The bank 🏦 does. 😳
"than"
Stopped buying just enough to get but. Getting food in bulk I worth in so many ways. Don't need the multiple trips to get groceries either.
Melody and David are on different wavelengths. She’s gotta get out now before it’s too late
I agree with the numbers, and in an ideal world many of us could rent homes. But, with children who need to have consistency in where they go to school, which kids they live near, etc, I hesitate to say this would work for us. If a landlord decides to sell, move back in, or end the lease for whatever reason, we are out of luck. Also, the inventory of houses for rent is very low and my family would not find living in an apartment to be comfortable.
Very good comment. Buying vs renting involves TONS of very serious lifestyle decisions, like the one you pointed out about children. All I ask is we run the numbers first -- THEN factor in lifestyle decisions. The reason I insist on this: The vast majority of people do not run the numbers before they buy. They've been told -- and believe -- that buying is always a great decision. They use lifestyle reasons to justify their purchase. But they never actually understand the numbers and their house is the #1 source of financial hardship (though they rarely realize it). Thanks for a very useful comment.
@@ramitsethi Thanks for the reply! I am also reading your book, and appreciate the practical advice you provide.
always crunch the numbers! as someone that put down almost 50% dp on my current house it made much more sense to own than rent. More of my payment was going towards the principle than interest right from the very FIRST payment. I am now mortgage free so I do not need to panic every year as rents increase in my city.
When the amortization table was mentioned the corresponding tax deduction was not mentioned. Buy a new house and you don’t have to do maintenance for years. Lastly most people need a house so in retirement rent is not a factor.
Why do people "need" a house in retirement? Do you similarly "need" an income in retirement? Or will your retirement savings pay for your income (the same way a large portfolio could pay for your housing costs in perpetuity)?
I own my home I paid it off years ago. It did not accelerate or hinder my wealth growth. I also buy my businesses in cash no debt. I think once you decide on the city you want to settle in buying is always better than renting in the long run. The only way to justify renting is to suppose a better return from another avenue. You need some safe money in your portfolio and there is nothing safer than owning a home with homestead exemption law. Well maybe intellectual property.
Where I live, renting costs 1/2 as much as buying.
My first vacation would be the Maldives
Wishing the best for them but I fear the behavioral spending habits are far too ingrained. When presented with a reasonable 5 year plan, the wife basically says she can cut back but she doesn't want to give up everything.... I mean, hon.....you pre-spent your fun. Time to buckle down. It's temporary.
Pay rent forever.....
Prettt extreme circumstance on multiple fronts. Not sure why someone would own a property for $2m and rent it out for 4-5k anyway you’ll lose money every time.
they spent for childcare 160 but for their pets they are ready to spent 500 dollars so it is to understand that the pet is more valuable than the child in this family
By the time she pays daycare, she is essentially a volunteer. They would notice no appreciable income difference if she stayed home until 1 or 2 kids were in school. Three toddlers is no joke on the worn out Mom scale. Stay home, enjoy your babies, and help out with the AirBnB.
I LOVE this podcast, Ramit! I look forward to new episodes. I find it hard to imagine, though, how you decided to promote the NessWell credit card. It doesn’t seem like you to promote your listeners get a new credit card! Although I’m a Health & Nutrition Coach, I don’t spend “a lot” on health and wellness. I take classes, continuing education, whole foods, and some other things, the promotions that NessWell is offering (in your ad) seem to contrast with what you typically recommend to your interviewees-i.e., the extra points and money back for spending $6,000, using accumulated points for health & wellness items (it’s similar to my Amzn Prime card ). Anyway, can you address this contradiction?
I think everyone should start with a budget from the moment they start working, if not before.
I own my residence plus five fully paid rental properties. I guess living in my residence prevented me from reaching financial independence LOL
The defensiveness in comments like yours is quite striking.
@@ramitsethi Hey, it's your channel and you can cry if you want to
Majority of landlord don't realize they have a NEGATIVE CAP rate. When the risk free rate is 5% for US TREASURIES earning single digit CAP rate is stupid.
Not sure what my CAP rate is but I know my tenants have paid off my rental properties 1.5x over. I must be really missing something and invest in Treasuries instead 🤔
@@robocop581 afraid to do the math?
@@tomaszp2027 7.5% net rental return. Capital gains 180%. Capiche?
So much truth in this video. I hope folks get this info through their heads.
I love this show, and this is the first one where I kept thinking that Ramit was missing a crucial piece of the puzzle. Not everything is about money. The emotional, physical and true cost of having 3 young children in daycare is staggering. When young kids are in daycare, they get sick more often, they are not as relaxed and happy as they can be if they are home with a parent, and both parents tend to be stressed and exhausted. Those years fly by and if one of the parents can stay home, everyone can be less stressed. When I had two under the age of two and tried to work, it felt like every other week someone had a fever and a cough and my husband and I were fighting over who had to miss work again. When I finally succumbed to the whole situation and left my job, the amount of peace we all experienced was priceless. It wasn't perfect, but everything slowed down and the kids were much more relaxed and got sick much less often. Money is not the only factor when considering what is best for a family.
Because it does not benifit me to do so. Prices go up because there are too many old people, food is expensive, jobs are shitty and unreliable, cant buy a basic house. So why should I have money that is going to be taxed yearly(they do this in the netherlands above a amount they take money from your savings yearly).
american problem
This was an excellent video. I have been in banking and real estate for close 40 years and I have not seen this material broken down better. I shared it with about 20 people. I knew I was going to have to break the rule in terms of DTI, but determined it was acceptable due to me accumulated assets and the fact I would not have to alter my savings rate of approx 30%. So I sacrifice in other areas to keep on track. Again excellent video, please continue to educate the masses....
Simple solution, she get a job
Can u talk about cars
I really think you should have hammered down the other costs of condo ownership, like the HoA and property taxes, I know you mentioned it; but really running the HoA and property taxes in places like Texas, The bay area and NYC will really show people the shitload of money behind the mortgage payment.
You purposely picked up expensive home lol... there are houses that only cost 300k!
I didn't know you have a Netflix series! How wonderful, I have to see it 😊 I'm a med student in year 4 and I can't wait to make proper money and start getting rich. For now, I'm saving what I can.
In canada since 2009. I am renting one bedroom unit. I saved and invested 1.3 million. Now I am wondering with high rents whether I should continue renting or buy a unit. It made a lot of sense to rent while the rent was low. Always rented below 1000 units. Now the same kind of units are renting at 2000 does renting still make sense.
If you want to convince people you have a point, dont use a statistical outlier as your example. Use median or average.
BS.
#teamrent
Fantastic video that needs to be shared around the world and listened to
thanks
Insightful breakdown of the rent vs. buy dilemma! 🏠 It's crucial for anyone facing this decision to consider both the numerical analysis and personal lifestyle factors to make the most informed choice possible.