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Is getting rich a skill that can be taught? In this video, we’re going over 10 ideas that could literally make you a fortune if you apply them…. or cost you if you don’t.
Hey, there it's Clark from refusingtosettle.com - back with another book review series. This is the book summary series where we take the best books in personal development, business, finance, psychology, condensing down 300+ pages into ten BIG ideas you can walk away with and take action on.
This weeks book is "I Will Teach You To Be Rich" by Ramit Sethi.
I Will Teach You to Be Rich is the BEST book with the WORST title. I love Ramit - took a couple of his courses and he goes the extra mile with content.
I read this book last month when I was on tour, get up every morning and go to the back lounge and read this for two hours. I got so motivated when I got home took my tour pay and did everything this book said to the T. Loved what was in here and how ACTIONABLE the advice was. Especially if you’re in early/mid 20’s.
DISCLAIMER: I always like saying this before the video - check with a professional before taking ANY advice on youtube. Never listen to ANYONE who doesn’t tell you to get a second opinion. Remember, it's always your call - don’t put responsibility in someone else.
THE 10 BIG IDEAS:
1. RICH LIFE
A lot less than you think
Nice suit? Nice watch? Instagram bling? It’s all a lie… 50% of millionaires surveyed said never bought a suit more than $400 or a watch above $200!
What does “rich” mean to you?
2. START TODAY
power of getting rich is in compounding
You’re already LOSING money by not taking action
3. CREDIT DEBT
70% of USA in credit debt (AVG $7,000)
70% of USA carry a balance - 50% won’t reveal how much to best friend!
When surveyed 75% USA said they make a big credit purchase they pay it off immediately.
GET OUT NOW (30% of credit score is based on amount of debt you carry)
Ironically, (borrowing other people’s money aka “credit”) credit is CRUCIAL for getting rich. BIG wins - credit purchases are huge (house, car, etc) and the interest rate you get depends on credit score/report. Could literally save or cost you tens of thousands of dollars over the course of 20/30 years!
4. Index funds
Warren Buffett favorite - leave his kids all money in these
These stocks use computers to find funds and average the market (SP 500 or NASDAQ).
VFINX is one I like to follow (don’t own YET, explain next point).
low fee index funds are key — (0.2%-0.75% annual)
5. Lifecycle funds
Get rich if you’re lazy? Rebalancing portfolio takes work, time, knowledge, research, etc. Lifecycle or “Target Date Funds” Specific type of mutual fund helps diversify portfolio for you based on your age. I own VFIFX - vanguard lifecycle
6. 401k MAX OUT
EX: Assume I made a bet with you - for every $1 you put into investing, I’d give you $1 for free. Up to $5,000. No risk to you. Would you do it? THAT’s WHAT 401k IS!
25 and under age less than 1/3 participate in 401k program (less than 4% max out). if employer offers 401k match - do it!
7. Rethink owning a house
“best investment”
A) Extremely risky (not diversified portfolio if $777k in one area)
B) Hidden fees we don’t think about (purchase price + Interest (can double cost) + Taxes + Insurance + Maintenance + Major repairs or improvements = TOTAL (3-4x purchase price).
C) Investment? Who sells the house then keeps the money in smaller house? No one! We get a BIGGER house - never invest profits we “made” from the investment.
8. Roth ira MAX OUT
Everyone should have (especially in your 20s)
59 and 1/2 can withdraw everything tax free
9. don’t be normal
Being average is NOT good in the USA
76% of USA living on paycheck to paycheck
66% USA overweight or obese
10. Emergency Fund
Quapital app: ► https://goo.gl/FRuXC4
stop settling start living
clark
The course on how I made money while traveling the world: ► https://www.myvideobreakthrough.com
The app I used to save $11,000 for my trip without noticing: ► https://goo.gl/FRuXC4
YOU MAY ALSO LIKE
Journaling Series ► https://goo.gl/e6j6H6
The BEST OF Series ► https://goo.gl/5Spvy6
How to Get Rich Series ► https://goo.gl/Q7wbc5
SOCIAL
Twitter ► @refusingtosettle
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HOW TO BECOME RICH | I Will Teach You To Be Rich - Ramit Sethi | 10 BEST IDEAS BOOK SUMMARY clark kegley drummer | |
| 1,092 Likes | 1,092 Dislikes |
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| Education | Upload TimePublished on 14 Nov 2017 |
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