Reacting to My Subscribers’ Finances

I’ve helped millions of people fix their money and in this video, I’ll look over 3 different budgets — 2 couples and 1 single parent. And, I'll show you exactly what I would do with their finances.

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”

[purplehearts]

For the 1st scenario, the couple is spending more on their Yorkie than their own kid LOL

[Yourmission]

I was in the same scenario, high debt, good income, spent lavishly, I’ve always been a very sentimental person, finally I shook things up because nothing was changing, sold my new muscle car and bought a 5, 000 civic, started investing in S&P 500, and purchased the most basic food from the grocery store, it took about a year but I have savings built up that I could’ve only dreamed of before. My point being building wealth can take some changes, but once you get that routine down it’s remarkable how quickly the change takes effect

[shrtblondie]

Love seeing a single person's financial review. Many of the financial discussions on YouTube are for couples. Would love more of this content. It provides hope to see singles get out of debt and secure a great future for themselves because it is relatable.

[ValerySherina]

Thank you for choosing CSPs from parents with small children (HIGH FIXED daycare cost), single parents (one income). It's a different world for people with kids. Highly appreciate it.

[davidmulligan]

This is the kind of info I wish I'd known about when I was in my twenties! I opened a Roth IRA for my daughter a few years ago, and she contributed money from her summer jobs. At 19, she's in college with a net worth of $12k, and no student loans. We were talking last night, and she said she must ask her boyfriend if he has any student loans, just in case :)

[masterfiddler]

Groceries - before our marriage, my spouse and I individually spent $500/month each, but after living together we cut to $400/month total. It can be done! We even love the food we make more than ever now, it feels like we spend more despite cutting over 50%. It took us about 18 months to replace unhealthy high priced items, but we feel healthier than ever and our investment accounts do too 😉

[doireannrenzi]

Honestly, I read the book, watched the show, and listen to the podcast episodes but this may have been some of my favourite ever content. Practical, clear, and useful! I’ve already implemented the strategies from the book and it’s totally changed our lives but still love visiting content like this to learn more. Loved this one!

[shawnagbatah]

My biggest take away is that it is ok to have a period where you are tight because of temporary situations that will pass. I stress about it sometimes but I remember I have to be patient.

[gaelenoconnell-bidabadi]

I ❤ these types of videos, Ramit! Please consider doing more of them in the future or even making it a regular series. It’s so interesting to see your commentary and customized recommendations for each 🎉

[Clockwork_]

I love this, please make this an ongoing series

Edit: it would be nice to see their ages—gives us an idea of how much it might have took to accumulate wealth (if there is any).

[mchristian]

Love these. Economic literacy is missing from our education system, maybe on purpose. We need to do better and give our society the tools to be self sufficient and reduce financial dependence and stress.

[zbklsjn]

Really insightful and hope Ramit continues these, on the other hand, as someone who read the book, has listened to all of the podcasts and gets excited every tuesday for a new episode, I'd love to see more episodes of single parents, long term couples (but not married) and single people with incomes around 50-90K total. It would be interested to see how on a low income you can create your rich life and what that would entail in order to achieve it. Often times for the episodes (and I get why he picks married couples) the incomes are 100K+ or close to it and it misses the opportunity to teach single people or serious relationships how to discuss finances prior to marriage and guide them to success and how to approach finances when coupled in the future. Just a thought that I have had for a while already

[mrs.quills]

To cut on my groceries I’ve replaced a lot of meat and fish with tofu! If you get the extra firm you can cook it with veg and it’s often 1/4 of the price and much healthier too. I make it with rice, beans, broccoli and mushrooms. It tastes really good with paprika and I tend to have leftovers for a few days. Unlike meats too it won’t spoil as quickly. I can’t eat dairy, but I could imagine putting cheese or a creamy sauce with it. It took a bit for me to get used to the texture and understand how to cook it, but it’s a great way to cut costs and still be healthy!

[LL-pquo]

THANK YOU FOR INCLUDING A SINGLE MOM'S assessment -- love it

[JoshuaCoogler]

I love watching these. The nugget of truth I learned today was to "keep the factory open". Such good advice. Thanks.

[japanesecinema]

Its crazy the amount of money people make and they cant figure out how to budget...

[jackie]

I love that you talk about the emotional aspects of money, something i'm trying to figure out. So relate to third person - my credit union forced me to open a savings account on the spot because i had 7k in chequing. I'm good at surviving in little, terrified of moving money. Also hate my job but it's totally changed my life and anxiety. Years ago, a dr told me to focus in "possibilities" and i still struggle with that. It's hard to unfurl when people are so black and white about money, you hold space for the deeper reason and i appreciate that. Also: i track my groceries. Every. Single. Item. I went from hoarding for the unknown to abundance and actively have to reel it in. It's tedious but keeps me accountable.

[DrakeNAllen]

That 2nd family is 100% doing the Dave Ramsey debt snowball, but he didn’t get that they’re throwing all their extra funds at the student loans

[johannamiller]

Couple #2 isn't in anywhere near as dire a situation as you've made them out to be, if the $3400 on debt payments is way more than the minimum (as it almost certainly is). They're making a conscious choice to live lean for a while so they can attack the debt and get it out of their lives. That's a very different scenario than if they really did have 90% of their income tied up in bills and minimum payments.

Maybe you could consider revising the CSP template to categorize extra debt payments separately from minimum payments? Extra debt payments aren't really a "fixed cost" (since you can always pay a little less in any given month if you need to). It might make more sense to think of them under "savings, " since they're going toward building your long-term net worth.

[hidway]

when you speak about the older people who reach out to you asking for help it's really eye opening, I would not want to be in such a situation where it's too late to enjoy life when it is actually time to enjoy it stress free