Fixing My Subscribers’ Finances

I’ve helped millions of people fix their money and in this video, I’ll look over 3 different couples’ finances — and show you exactly what I would do to fix them.

LINKS MENTIONED IN THIS VIDEO

Ramit Sethi is the host of Netflix’s “How To Get Rich” and New York Times bestselling author of “I Will Teach You To Be Rich”

[douglasbaker]

I would like to see more content for a single person that’s not in a relationship.

[snackman]

I like this format better than actually talking to the people. This cuts right to the chase instead of hearing about peoples childhoods etc.

[dkayok]

I had 2 kids in my mid-late 30s. I had a good job at the time and saved up $5000-7, 000 for each kid & invested it in treasury bonds because I didn't know much about investing at the time & it was a safe thing. I did this before each was 1 year old. By the time they were ready for college, each had $30, 000+. During those years, I became a single mom, had very low income, etc. and never was able to add to that. But doing that one thing was a huge help to them when they needed it.

[rebeltheharem]

The last couple is similar to me. I put 50% of my gross income into my retirement accounts (I've got a govt job that gives me 2 401K like accounts), I have very low spending on housing and utilities, and pretty much most of my take home pay is disposable. Since I've never been ultra materialistic as I don't really have much to spend on. My only hobbies are games and anime which are pretty cheap. I guess the only things I would spend money on is high quality groceries (I cook myself because I don't like ultra-processed foods and restaurants as they use too much oil for me).
I've pretty much lived for the past 8 years saving/investing over 80% of my income.
Its only recently that I started to have a higher "guilt free" spending to around 25% of my take home pay (which is up from like 5%), and that's because I started traveling again (which really does reset the way you view money and your baseline costs).
Even then, I'm still on track to retire when I'm 50 (or earlier if I become an ex-pat).
The last couple honestly gave me some perspective.

[ghjong]

I really enjoyed seeing couple #3's finances. It's so easy to focus on the negatives, and the various pathologies people have about money; I'd love to see a deeper dive with people who seem to have figured it out, or mostly figured out. I suspect they might have been saving for a home in a VHCOL city, and over time, realized that they had no problems with renting, and still enjoyed life even with their high savings rate. $1.2k/month on travel is $14k/year - that's still an incredibly generous travel budget. So is the $1k/month guilt-free spending. I don't think they're missing out, or even afraid; I think they just realized they're perfectly happy where they are, and don't see the need to expand their lifestyle.

[kenreliablebb]

I like the concept of reviewing multiple CSPs in one video. More please!

[MilaN-ltmq]

You are the only person, who recommends people who can should spend a little instead of living on nothing and saving everything. Very refreshing take on finances. I love it.

[catsnpops]

I love this format! Lets keep it going!

[hazeldavis]

I love this format because it side-steps that whole reality TV/freak show aspect that can happen with personal finance reviews.

I think the knowledge you bring to the table is strong enough to make this format profitable without relying on gimmicks like some other content creators.

[dianabinkowski]

This makes me feel very well. I am 75 and have total gross income of about 85k a year. That's from a pension, social security and VA income. My fixed expenses are $1600 a month. No credit card debt, no car payment. I have savings of 106k and add $2k every month. I love watching you and realize how good I am doing.

[Mister]

As a viewer of your channel who has gotten over the "hump" of moving from paycheck to paycheck I can definitely say it is possible. We went from barely making ends meet in our late 30s to be comfortably on the stretch where we can choose to retire and my wife and I are both 52 now (with 2 teenagers at home). That's despite our incomes not significantly increasing in the last 15 years.

We changed our spending habits using rules similar to what you promote. We also learned that once it became reflexive to save/invest the right amount, we were able to maintain a similar lifestyle to where we were before we started being smart with money. We're now at a point where our retirement is assured when we choose to stop working (likely mid-60s) and are more focussed on looking after our kids and future grandkids.

I wish I had known these strategies in my 20s as things would be much better today but even starting to be smart with money at around 40 had a major impact on our lives in only a decade. That shows while it's always better to start earlier with good money strategies, it's never too late to start

[Mister]

I definitely understand your comments regarding the last couple. My inlaws built a portfolio worth ~$5m while living on basic staples, rarely going out and never travelling. My FiL passed away about 6 years ago and I know he had regrets, My MiL is 90 in a nursing home and always complaining that she's never gone anywhere or done anything. Sure my family and by BiL's will benefit but we would have been much happier if they had left us less and enjoyed life a bit

[Gpchv]

I'm interested in Ramit's take on the love yourself first principle (which I completely agree with!!) when the people you are trying to take care of are not kids but aging parents. For many of us first gen immigrants our parents are in a vulnerable position back home (didn't have investments, some don't own a house or anything else, unable to retire or very poor pensions etc). I feel like I am my parents' retirement. I allocate a monthly amount for them that suspect will only increase with time - my promise to myself is that I won't get into debt to help them but it drastically reduces my ability to invest (I do it but very minimal). Financially supporting my parents is a priority for me and the case is the opposite - they don't have time like children do! Any words of wisdom?!

[bteplik]

I like both formats! This format leans more toward the practical side, while your work with couples leans more toward the emotional ties money has. Both are valid and necessary, and I've learned from both.
That said, I'd also love to see more content for singles. As a single woman, it's actually been suggested to me a couple of times when I talk about finances that I should get married. Um. A Man is Not a Financial Plan. XD
This might be too niche, but it would be awesome to see you interview/look at the CSP of a single person who owns a business (an LLC, not an S-corp). It would be super helpful to see how people handle those taxes.

[KiingM]

Please do this every week! It would be awesome

[lesliedonovan]

I always take a little tidbit from each CSP analysis 😮. Keep doing this format!

[lindaanderson]

ABOUT HIGH FOOD COSTS:
We invest in our health by buying pasture raised eggs, some fish, meat and fresh produce. Avoiding GMO / Round Up sprayed food. I shop 6 different stores for deals. Our food bill, in our 60s, is crazy high. Hundreds on a lower income. Almost nothing needs to go to medicine, although one is diabetic.
Better to spend on salmon and berries we enjoy, than medicine.

[tvdgygh]

Love this! Love the visuals, the concise comments, and the targeted advice.

[mandybrasher]

I have been watching your videos for a while now but finally happened on this one. I have been living as CSP #3. 24% fixed costs, 56% take home going to investments, 20% guilt free spending. This is after my maxed/matched 8% retirement through my job that is paid as a life-long pension. I would feel so smug watching your analyses of CSP's with high fixed costs, but in a way I got my own set down with this CSP #3. I have actually finally ran the numbers (with the most conservative estimates) for a retirement at 60 and even cutting my investments in half and early retirement penalties gives me a retirement gross income more than what I earn now. I thought I was doing the right thing dumping so much in investments, living my comfortable but modest life. I have recalculated my CSP as best I can right now. It's still 27% to investments, but it's 48% guilt free (or 38/10 guilt free/savings (vacations/gifts)). I am still designing my rich life, but you're right. I need to think bigger.

[mansipatel]

I am so glad I found your channel. Learning more everyday and can’t wait to apply this asap! Also, I enjoyed this type of content as well as the couples financial breakdown sessions. Thanks, you are the goat 🙌🙌