I Will Teach You to Be Rich: The Journal: No Complicated Math. No More Procrastinating. Design Your Rich Life Today.
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And when his daughter asks him about spending money, he says, we can’t afford it. So it’s no surprise that when his daughter goes to school and the teachers ask, how are things going? She says, we can’t afford it. And finally, this was the most haunting moment. I asked him, would you talk to your daughter about money?
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Ramit Sethi: Wow. Well thank you. And thank you for giving me the update. And what makes me happiest to hear that is that you’re having fun doing it, which is the point money is supposed to be fun and that you’re doing it together with your wife. That is amazing. That is the culmination. You know, when it comes to money, I’ve learned at the very beginning levels, it’s all about the what… I made a little money, what do I get to buy or what do I want to do with it? And that’s totally cool. I have no problem. You wanna buy a beautiful coat or take a trip? Amazing. I love it. But at the highest levels of personal finance, it is always about the who. Who do I get to bring with me? Who do I get to surprise or delight, and to hear that you’re doing it with your family is just the culmination of what a rich life really should be.So the fact that you have tasted that is awesome. Now distinguishing between higher quality. Well, first of all, my fantasy has always been to take one of my friends who made some money and I just go, Hey, come visit me in New York and I’m gonna take you out for three days and show you how to spend your money. I’m literally gonna show you the skill of how to spend money.
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Mad Fientist: Ah, that’s what we needed. I need the tough love today. That’s what I brought you on. I knew you’re the only one that could do this. So yeah, the journal definitely there’s a lot I want to touch on in there, but before we do the podcast, episode 40 was really helpful in the sense that, like you said, we can spend on our kids or spend on our dog or spend on somebody else. Ramit Sethi: Yeah. I love that. It is an experiment. I think we shouldn’t be so worried about getting all of our spending decisions right. I had a program where I talked about the psychology of money and I cover this now, we have a new money coaching program. And one of the principles I shared is that it’s okay to waste money.So coffee and the way you talk about it, the ingredients and the tools, you can tell this is a passion of yours. I think first of all, that quote you know, why spend less when you can spend more? That’s a Dan Kennedy quote, and it is profound. All of us intuitively get this. Especially if you’re a parent, there are certain things you are going to spend anything on. This is a big one. Automating your personal finances is a game-changer for both spending and saving. It has several benefits including: