That may seem a little harsh, but it’s not meant to be. You can be the person who doesn’t panic when a surprise event comes up any time of the month. Ramit Sethi: I think that’s true. I think that a lot of people have been taught well… I think that the world teaches us to save, but nobody teaches us to spend. And if you take that concept of frugality to the logical extreme, then you start to see saving money as a virtue and spending money as a sin. Mad Fientist: Absolutely. Okay. And I’m, and that’s why I’m so excited to have you on, and you’re the only person that I could think of to get on for this sort of topic. Okay. But it is very difficult to extend that to other parts of their life. But the way you’re doing it is the right way, which is you find something you’re passionate about and you start to explore.

I Will Teach You to Be Rich: The Journal: No Complicate…

As seen on the new NETFLIX series! What’s Your Rich Life? An interactive journal from the bestselling author of I Will Teach You to Be Rich And everyone kind of rolls their eyes at that in the Indian culture, but how come we do exactly the same thing in America with money? It’s actually preposterous when you think about it.This is a special solo episode where I answer questions from members of my Money Coaching program. In today’s episode: My favorite services that I use when I travel, how to handle FOMO when you're investing, and also how to handle traveling with other people. A certain type of sweater, a picture doesn’t do it justice. A certain type of food. When you see it being made in front of you and you understand where the ingredients came from and how it was sourced. Oh my God, I never knew that much work went into this, and how it tastes is incredible. Mad Fientist: Excellent. Well thank you so much, Ramit. Really appreciate it. And yeah, hopefully I’ll touch base with you in another three or four years and I’ll have made even more progress. Mad Fientist: So Edinburgh is a really big coffee city actually, and they have great cafes who have lots of people that are passionate and lots of roasters. So I’d maybe go down there and chat to them about potentially learning more from them in some way or if they had any recommendations for what to do for somebody in my situation, I guess.

I Will Teach You To Be Rich Ramit Sethi - Apple Podcasts I Will Teach You To Be Rich Ramit Sethi - Apple Podcasts

That is their primary and sole money lens. When they go to eat somewhere, they look at how much it costs. When they go to book a flight, they look to the right of the screen to find the lowest cost. They sort by cost, cost, cost, cost. And so there’s a couple of isolated things in people’s lives where they’ll spend more. Let me explain what I mean. I’m not saying just go out and just throw money around. That’s not what I’m saying. But I’m saying that when you’re in your early twenties, you don’t have a lot of money. You have to make sure that you are being extremely careful. So you might be looking at menus before you go out. You might be declining invitations because you just can’t afford it. Okay, great. That makes perfect sense. But as you make more, certainly in your case, as you have made more and you have a handle on how much you can afford, once in a while you’re gonna spend money on something and it’s going to be a waste. Ramit Sethi: Hold on. Everybody in the FIRE community, just listen, I’m not used to using money for anything. Just except to keep me warm at night as I wrap myself in my Excel model. Yeah. Oh, I love my 52% savings rate. So good. All right, well, we’re gonna learn that skill right now. However, technology has shown us that everything is easier when you automate it. Apps like Fudget and Monefy are great for those who wish to use the envelope system. This allows you to stay on top of your obligations, have a proactive approach to budgeting, and not overspend.

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A good resource for couples to better understand each other's rich life and money mindset - it also makes it easier to have those awkward money conversations