This is Controversial... But It Will Make You Rich

In this video, I’ll share my 8 controversial takes that will challenge everything you thought you knew about money.

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[orangeisacolour]

Big props to Ramit for speaking humanely on the plight of those suffering from homelessness.

[luckeeno]

A conscious spending plan is a budget. Not calling it a budget is fine, but it’s a budget. We didn’t get control of our debt and finances until we sat down and made a budget. It was the single best thing we ever did because we could see exactly what we made, what our bills were, and how much we actually had to spend/ save and invest.

[ClaxtonBay]

Look. Let's be honest. The Conscious Spending Plan is just another version of a Budget....and that's okay Ramit.

[FalknerBlitz]

I think this every time Ramit posts about not CSP is a Budget. Going back 6 months and going through spending is Accounting.

[dougchumba]

That's a hell of a way to sign off the video. Deep, immersive and food for thought.

[Rcs]

My husband often talks about how Amazon benefits incredibly from infrastructure (roads to drive delivery trucks) but yet corporate taxes and the wealthiest like Bezo pay nothing or next to it in taxes. Thanks for reminding us all Ramit that this matters to personal finance as much as some of the other tips.

[MegVanAbi]

I like your message and philosophies but I completely disagree about not needing a budget. That’s how most people end up in credit card debt or with overdraft fees. If you don’t like the term budget call it a Spending Plan. You need to tell your money what to do.

[magicja]

I allocated 20% for guilt free spending and I couldn't sleep at night, meaning it isn't guilt free spending. I bumped that down to 10% and I feel alot better about that. I would find a number you feel good about and then increase that percentage as you feel more comfortable. Don't be guilty into spending money you don't want to spend. A rich life is different for different people. It could be that donating your money is a big factor of living a rich life.

[MaChao]

No BS, Straight to the point, no sugar coating and direct AF. Thats what we call Quality.

[ClauDia-wxwk]

I'm a young academic and have learned so much from your content. There's these myths amongst humanities academics that people who teach about/work in finances are hyper-individualistic, neoliberal and have the wrong intentions overall. I love to hear you reference structural injustice and systems of racism/sexism/classism such as at the end of this talk because it undermines those myths. Also love introducing other young humanities people to your work!

[latimer]

Definition: A budget is a plan that shows you how you can spend your money every month
I realize it's marketing buzz intended to keep people's "eyes from glazing over", but the CSP is a budget. Different people prefer different levels of budgeting, so whatever works for them, good for them.

[aas]

Ramit, you were very clear in your book that using credit cards for points can be helpful, if you’re paying it off every month. Somehow people have forgotten that second part and think you’ll be proud of them for scoring points while going into debt 😂

I think what you're calling a budget is what I'd call accounting. What I'm calling a budget is more like what you call a spending plan. Fixed costs, savings and investments. And these costs go through their own budget account, so the money I need for fixed costs never appear in my checking account for me to spend. All items have a buffer amount for electricity, heating etc. and whatever spills over goes on top of my existing investment. I set this up 6 years ago, and the peace of mind it gives is immense.

[butlermj]

I use ynab to budget and I would definitely recommend budgeting. It's not about prohibiting yourself from what you want, it's about prioritizing, planning and being aware.

[tbark]

Psychologically I need a budget to organize my mind, but I’ve automated the drudgery and left the pain points I need manual.

[Letsgohsiwb]

Thank you so much for highlighting the demonisation of the poor!!!!

[mychelelepera]

This may be your best video yet, Ramit. The thought occurred to me that faith is believing that if you speak the truth others will accept it and make the necessary changes to get the result they say they want. So frustrating to try to help a person who says they want a different result but then continue to self-sabotage and even actively resist the educated advice given. Self-deception is an amazingly effective human trait keeping people in the "devil you know" comfort zone. Change is usually uncomfortable in the short term but yields dividends in the long term. I also appreciate the sense of humor you bring to these subjects. Thank you

[asmac]

Thanks Ramit! My husband did a big favour when we happened to binge watch your Netflix show. Im learning so much! I love that your way of budgeting doesn't need constant attention once you have a rough idea of your spending categories. Thanks for making money and finances exciting for those of us just tuning into our rich life.

[phoneuse]

I feel like depending on the stage of where I am with my finances and my behavior with money will determine if i need a budget. For me a budget was absolutely needed because I was spending too much money on food and I had a lot of debt.

[nerdacs]

Just as a little bit of a defense for budgeting, I am a YNAB Budget Nerd. The biggest thing I get is actually some automation with credit card spending a peace of mind with the fact that this year I can spend a good chunk of change on a new Phone after 4 years of having the same phone knowing that I am still living within my means and not impacting any of my actual goals. For someone like me a budget is part of my rich life because it gives peace of mind.