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This Is the Most Important Financial Advice You Need to Hear Right Now | Ramit Sethi
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337,297 Views • May 12, 2020 • Click to toggle off description
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Right now a lot of us are suffering economically, and we need solid advice on money that covers all aspects of personal finance--strategies that go well beyond silly guilt trips about buying lattes. On this episode of Impact Theory with Tom Bilyeu, Ramit Sethi, founder of IWillTeachYouToBeRich.com, shares powerful advice on how to make it through the most severe recession in decades. He details a plan of action that will help you nail any job interview, discusses ways to immediately reduce debt or at least postpone payments, and explains how to build up an emergency savings fund so you can weather the coming storm.

SHOW NOTES:

Why you need to accept reality, make a plan, and build up a 1 year emergency fund [1:29]
Ramit explains how to save significant amounts of money right now [4:45]
What to do if picking up the phone scares you [7:27]
How to go on offense when it comes to cost-cutting [10:25]
What government programs are available to people struggling now? [15:26]
Ramit talks about why you should not chase interest rates [18:43]
Ramit explains why you should only invest for the long term [19:45]
Ramit recommends that people not invest until they have a 1 year emergency fund [22:27]
Ramit and Tom discuss making the changes you must make without any shame [24:15]
It doesn’t matter what you look at. It matters what you see. [28:31]
Ramit shares advice on how to get a job if you are unemployed [33:07]
You must take care of yourself and your family first [38:46]
Ramit describes the one change he would recommend people make right now [43:02]

QUOTES:

“Money in your pocket now is worth more than money in your pocket later.” [6:10]

“It’s so rare to hear about someone going on offense with their money. Most often, like 99% of the time, people are playing life on defense, especially with their money.” [12:22]

“Your mind will always play from a position of safety, not excellence.” [32:42]

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WEBSITE: iwillteachyoutoberich.com/
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Views : 337,297
Genre: Entertainment
Date of upload: May 12, 2020 ^^


Rating : 4.885 (244/8,260 LTDR)
RYD date created : 2022-01-25T05:49:25.90628Z
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YouTube Comments - 478 Comments

Top Comments of this video!! :3

@MarcusFred-wn3iv

8 months ago

Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.

196 |

@Evelyn32423

3 months ago

I’m mostly in cash and waiting for this market to re-level on the reality of our situation. Or are there any ways I can avoid a crunch and maximize my savings of $550k? I know election years are positive for the stock market about 90% of the time.

144 |

@ashikalanser9033

3 years ago

I’ve been listening to Ramit daily for four weeks, and interestingly, it’s built my confidence and I’m having an easier time asking for what I need and setting boundaries. And I wake up thinking about money and I smile! Huge game changers for me. Thank you Tom and Ramit!

33 |

@user-qc8vj3vp9v

2 years ago

Love, love, love Ramit Sethi - very smart and common-sense guy. Ramit's parents did an excellent job and should be very proud of him. Way to go Ramit ~ from a Jamaican half Indian Punjabi~ way to go Ramit!!🕺🏽👍🏼👏🤗❤💚💙💜❤🧡💛

7 |

@WilliamJonesChess

4 years ago

Key Points 29:00 Tom says "It doesn't matter what you look at, it matters what you see" Here is a similar one: "When you change the way you look at things, the things you look at change" 29:48 Ask yourself "What would you love failing at?" "The success is not guaranteed. The struggle is". I really liked it when Tom said this because it reminded me of his course Mindset 101 on Impact Theory University. He said exactly the same thing there 30:20 People are going to win in this time. There will be people who come out of this huge. Example: Zoom 32:45 Brilliant exercise from Ramit: write on one piece of paper all the reasons things will not work. Another piece of paper: write all the reasons it will work. Then you get to choose which paper to read. Tear up the other one. Wow. This was insightful.

27 |

@raniavassiliou9909

3 years ago

Dear Tom, thank you for all this real, raw, down to the ground, ACTUALLY helpful and inspiring content! I discovered you and Lisa a few months ago, 2 years into terrible ruin... and i have to say you guys have been the “turning point” for me on so many fronts. Your respect and real thoughtfulness for others, in real life, practical terms, are deeply moving and motivating, as in : get up and DO IT ‘cos only you can. Thank you seems “short” of the mark... wish i could do something for you guys in turn .... Much love to you both from Greece!

2 |

@greatbritishpippa8854

4 years ago

🇬🇧 I cannot wish for two better people to spend an intelligent hour with - my brain sighs a grateful....aaahh 🙏🏼🙌🏼

33 |

@sabtsmith

4 years ago

So many nuggets of wisdom...I love the financial advice and the dialogue on perceived failure/imposter syndrome. "Your mind will operate from a place of safety. Not excellence." 💣💣

11 |

@micaelaharris859

3 years ago

Love that this episode brought up the theory of having a pros and cons check list. My husband and I always do this when we are faced with a financial dilemma and need to make decision regarding money. First we discuss it, then we sleep on it, because one might be excited, and the other one not, then we sit down and do a pros and cons list. The answer is NEVER what we thought it would be, and of course it helps if you are both on the same page regarding money, because if you are not, that just makes money management worse!

3 |

@PH1M0

4 years ago

“Most people’s mind operate from a position of safety not excellence.” Use something like a briefcase technique to showcase your excellence, and go on the offensive, instead of playing desperation defense. 👏

9 |

@maikaimakena9424

4 years ago

Tom your story is so DOPE. I didn’t realize how you went so LEAN on expenses much RESPECT ✊ BRO. 🙌🙌🙌

7 |

@stephencorcoran6748

4 years ago

Hands down 🙌🏻 a must-watch interview! Loved the whole thing!

7 |

@cel8683

4 years ago

An other tip to save money: Delete all the shopping apps from your phone! So if I really need or want something, I have to order it from my Laptop. I buy way to much unnecessary stuff out of boredom. So that was my first step and what I did while listening lol

71 |

@nancifarella5274

4 years ago

Thank you for such a real discussion! And thank you for all the work/content you and Lisa provide!

|

@mindhive625

4 years ago

This is not a quarantine. It's a retreat. An inward journey. Hear the call to action. You will triumph and you will be transformed

115 |

@fablah666

3 years ago

Great way to start my day! thanks for the interview and the advice. It's not the event; It's what you do in an event that makes you or breaks you...Let's do this!!

2 |

@kashthekreative

3 years ago

This is so true! I started a YT Channel and focused more on my brand this Lockdown!I’m really greatful that I faced the fear!I really Enjoyed this interview

2 |

@rowddyone3570

1 month ago

Love Ramit , he changed our lives

|

@gunsarmory

3 years ago

In the middle of a pandemic my wife just negotiated a pay raise for her and all of her managers underneath her. She set it up right, she knew what she was looking for and had the backing to prove it. It's entirely possible people . You got to be valuable absolutely hard-working and do your due diligence before hand.

4 |

@PAPERCHASERCH47

3 years ago

2020 taught me to definitely go out and be an entrepreneur, finally go back to college and Do exactly what You want to be, get the hell out of debt and stay out of debt 👌his book actually changed my life!

2 |

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