I'm the host of Netflix's money show “How To Get Rich” and the author of a bestselling money book that's sold over a million …
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I'm the host of Netflix's money show “How To Get Rich” and the author of a bestselling money book that's sold over a million …
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29 comments
If you are making 4-10 times your salary you had in your 20's and are spending the same amount on vacation, you either were really bad with money and took extremely expensive vacations you couldn't afford in your 20s' or your vacations as you get older are really really really cheap
From living out of my car, homeless, cashing out retirement and starting over twice, laid off and unable to find work for a year to 970k NW in 16 years. Most invested or equity, only 5k in savings and 6k HSA. Dont like leaving money sitting.
11:11 family money is wildly variable, spending discipline vs earned income is the benchmark for normal people, and for Ramit, that is a percentage based metric.
20k savings (had 50k at the start of the year but decided to just pay off all my student loans so rebuilding my savings) and 150k in investments! 31 years old, occupational therapist! We lucked out and got a cheap studio during the pandemic. It has rent control, we've learned to communicate, and we have 3rd spaces so no plans to move. Ramit's advice to spend on things you love and cut everything else has hugely helped us. We don't really care about housing, but I like working part time, we like being able to afford taking care of our Mom's, and we like traveling. So we spend a very little amount on housing. We actually applied to his show but his book really helped us hone in our issues and overcome our detrimental money scripts. Anyhoo I think this is actually a thank you! So thank you Ramit!!!!!
What you call "Phantom Costs" should be talked about more when it comes to owning a home. I think people vastly underestimate these costs.
40yo married no kids
Cash $2k
A Hobby $508
A Healthcare $479
A checking $1137
A Saving $210
B charity $417 higher interest
B save $2944 higher interest
B insurance $365 higher interest
C saving $643 shared
C vacation $ 175 (just got back / shared)
C house $1119 shared
C emergency $2125 shared
C car $ 2478 shared
D emergency $8386 (higher interest / shared)
D car $4006 (higher interest / shared)
No one earning 200k can afford a house with a mortgage of 6.5k pm. They just can’t. Thats 1m income or above territory.
$0 saved. Lost my job.
Ok, here's our savings
Software Developer (45) and Project Manager (43) in Utah
HYSA – $40k (emergency fund)
401k/IRA – $475k
HSA – $45k
Brokerage – $60k
~20% savings/investment rate per month
I can see one more category of people who should lease a car. They would probably fall into a wealthy category, but if someone is moving long-distance every few years(perhaps chasing a job), especially going overseas, it may be worth it to lease a car, rather than trying to sell it when you have to move. Transporting a car can get expensive quickly and a lease does protect you from too much depreciation in those first few years.
You are crushing it, Man! Explained it well
$0 savings, I place all my savings into my mortgage, i take it out when I need it with $0 fee. currently sitting at $140K left, but thats after taking $100k out for new car , international holiday, fix flooring at home. around $300k in super. 40 years old.
Ramit should watch the clip from the Emoji movie where the devil emoji is talking about timeshares!! I immediately thought of Ramit 😂
When I was 18 I had maybe $30 to my name. So an 18 year old having $300/mo is asinine.
“Invest any amount” oh your 23 and live paycheck to one week before your next paycheck. Just fix it. 🙄. What an unsympathetic response.
We have $2k in savings. We keep $10k as padding in checking. We also keep the EF and longer term sinking funds in HYSA and have $42k there. We also have retirement accounts, ROTHs, 529s, brokerage accounts… Depends what you mean by “savings”.
Do not underestimate Fantom Cost! I’ve own my house for over a decade, and the total ownership cost is DOUBLE year after year. Do not be house poor peeps. Get out of that “American Dream” as owning a house.
25, a little over a year into taking finances seriously and still in the process of finding a professional post grad job:
Savings (HYSA): $13,000
Checking: $1,200
Investments: $622
$12,672
Great replacement theory is fact.
I definitely moved so I could buy a house. 🤣
I still haven't bought the house because I don't like the houses around here after all.
I'll probably move again in the next few years and try again. 😂
But the lower cost of living here has helped me save alot of money! 🤣
I am 19 I have been working since I was 15. I try to live a very modest life. I don't like buying a lot of things. My dad's net worth is probably around 7 million. He used to be a music producer and has won 5 Grammys and was named producer of the year for ACM awards a few years ago. With all of that said I hate when my parents spend their money and they know how stingy I can be with my money as well. Right now I have $1,185 in a high-yield savings account with a 5% yield, I have three different brokerage accounts to help me visually separate dividend, growth, and ETF stocks with a total of $44,476. I also have my Roth IRA with $17,013 and a crypto account with $24.64. I manage all of my own money and my parents don't even have access to it but of course, I would let them if they asked. I also try my hardest to not rely on my parents other then living with them
A lot of the points you make here are the excuses people tell themselves to do/get what they want now as opposed to being disciplined enough to sacrifice a little now to have so much more later. $300/month for only 8yrs -> $1.8m at retirement, That should be taught in school. lease $100k car when you are broke? That guy must work for a payday lender or bankruptcy attorney…
I bet If you exclusively dunk on terrible advice you'll 3x the views.
He said S***coin lmaoooo
My kids (in late 20s) have their investments almost paying their share of the rent (so technically rent free).
I live with my parent am 31 but I retire them since 17 so maybe they live with me? :/
Hopefully this can help someone! I am 27 years old.
HYSA: $64,000 ($18k emergency fund, $43k house fund, $4k taxes)
Checking: $3,000 (1 month ahead of expenses)
Investments: $50,000 (various retirement accounts and brokerage accounts)
Assets: $20,000 (car)
I get so tired of small-minded people who think the amount of melanin in your skin has relevance aside from sunburn and vitamin D.
Dang. I have $60k in savings and that feels like it’s not enough