The Money Expert: 'Do Not Buy A House!' 10 Ways To Make REAL Money: Ramit Sethi

In this new episode Steven sits down with personal finance adviser and host of Netflix’s ‘How To Get Rich’.

0:00 Intro
03:05 Why should someone stay and listen to this episode?
04:53 The language of money
06:03 Numbers we should know
09:47 How many people are clear on their rich life
15:40 Why people should think twice about buying a houses
26:00 The S&P500 & investing
37:00 Compound interest calculator
44:20 What are the characteristics of someone that will end up little money
47:44 How do I increase my income?
51:47 Optimising your skill sets
59:11 Should I invest in cypto
01:04:13 Always have 1 year of emergency funds
01:04:52 How much to invest & what you shouldn't question spending money on
01:06:30 Business class flights
01:07:54 Always buy the best
01:08:38 Always spend on these 2 areas
01:11:16 Work only with people you like
01:12:59 don't get caught up in the numbers
01:14:02 Talking about money with a partner
01:29:09 Character traits of people that will never get rich
01:33:18 The last guest's question

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[janecornard]

“HOW SHE RESTORED MY FINANCES” steps below...

[micheal_mills]

High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos wich results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.

[Patriciacraig]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[TheJackCain-]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[MathiasLaurel]

It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...

[HugoBergmann-lund]

I greatly admire your dedication to educating your audience. We all strive for financial stability and a better life. Achieving this is possible through wise investments, frugal living, and careful budgeting. I'm thankful that I learned the importance of working hard for financial freedom at a young age.

[tommychestnut]

It's sad how difficult things have become in this recessive economy. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to protect my $450K-worth stock portfolio from decline, but haven't figured which way to go.

[BINDERANDREAULRIKE]

I brought in roughly $250K when I sold my Springfield flat. When my standard savings account yielded only $171 in interest, I became irate. I was told to buy stocks after completing some study. Are these stocks a suitable place to begin investing?

[matthewthompson]

the fact that nobody talks about the book called 'the hidden truths of wealth' speaks volumes about how people are stuck in a trance

[frankedwardark]

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

[cloudyblaze]

t's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.

[nicolasbenson]

I'd love to invest in stocks after listening to a guy on a podcast talk about the importance of investing and how he made over $300k in few months of investing into stocks from $175k initial capital, somehow this video has helped shed light on some things but I'm confused about the current market volatility I'm new to this and I'm open to ideas.

[NicolaPellegrini]

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.

[austinbar]

Started my portfolio last year with SCHD, VOO, and VUG after watching one of your videos. In terms of share price, VOO is way up (22.25%) and VUG is up (39.62%). Thanks for the education!

[devonsmith]

I would love to hear Steven talk more about moving to a industry where your skillset is scarce. This small nugget has stuck with me. I would love to delve into that more.

[dianarabbanii]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[KimberlyWillowWood]

Seriously. "Rent don't buy" is one of the worst financial advice ever.

[CatherineWilson]

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

[CraigMarsh-hupf]

Interesting video; I wish I had more time for experimentation, but I'll be 50 on December, and what i have done so far is to use all my entire savings to buy a house that i am still paying and i wish i know this ideas in my early 40s i would have made so much money to buy myself Houses and still have enough investment before i retire by the of 65

[rannyorton]

Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.