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☆ Personal finance guru Ramit Sethi: This common money belief could cost you 'millions of dollars'
▼ + stars: | 2024-01-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Investing in the stock market and gambling at a casino can both theoretically make you rich — and both come with risk. But that belief could wind up costing you "literally hundreds of thousands or even millions of dollars," Sethi said. The stock market has its dips, but it has always bounced back. And generally speaking, someone with money invested in the stock market will be better off in the long run than someone who just held onto their cash. So even in a "bad" year, you're probably better off having some of your money invested rather than all in savings.

Persons: Halima, Ramit Sethi, Rich, David, Sethi, they're, you've, it's Organizations: Mutual Locations: Bankrate

☆ How to take on the viral No Spend January trend
▼ + stars: | 2024-01-10 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +8 min

It’s also a challenge more people are taking on for shorter periods of time — such as a No Spend Week, a No Spend Weekend or No Spend Sunday — or during other months of the year. Courtesy Kate KadenKaden, who said she saves about $2,000 or more during a No Spend Month, has been able to build up her emergency fund and pay off debt. If pulling back on spending in January isn’t appealing, you can have your own No Spend Month at any point in the year. The same goes for getting off email marketing lists, unsubscribing to text promotions or deleting social media all together. Some social media influencers such as Kiersti Torok help connect others to coupons and discounts in local mailers or retail apps.

Persons: Kate Kaden, “, ” Kaden, Instagram, It’s, Kate Kaden Kaden, ” Neil Sanders, ”, isn’t, Ted Jenkin, Melissa Corriveau, “ It’s, she’s, Corriveau, it’s, you’re, Jenkin, influencer Kaden, Kaden, ” Don’t, you’d, Ramit Sethi, CNN he’s “ Organizations: CNN, GlobalData, ”, Oxygen Financial, Costco, New York Locations: Maine, “

☆ Couple with $30,000 in credit card debt bought a timeshare—'You don't understand the implications,' says self-made millionaire
▼ + stars: | 2023-11-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Ron and Cristina, however, have around $30,000 in credit card debt, the couple recently told self-made millionaire Ramit Sethi on the Netflix star's "I Will Teach You to be Rich" podcast. "The two of you were so calm about this credit card debt, and it's because you don't understand the implications of this debt," Sethi told them. He is loath to spend money on things like dinner at a restaurant or the occasional vacation Cristina wants to plan. "Money is never simply a series of numbers on a page — it's contextualized within your culture, your upbringing, your risk tolerance, even your basic understanding of money," Sethi said. In talking with Sethi, Ron realized a lot of his hesitancy to spend money comes from his upbringing, since his father was afraid to spend money.

Persons: Ron, Cristina, Ramit Sethi, Rich, Sethi, spender, doesn't, haven't Organizations: Federal Reserve, Netflix Locations: Philippines

☆ Couple with over $285,000 in debt made 3 common money mistakes, says self-made millionaire Ramit Sethi: 'You are broke'
▼ + stars: | 2023-11-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

As a couple, they have $285,100 in debt and currently spend around 154% of their monthly income, they told self-made millionaire Ramit Sethi on his "I Will Teach You To Be Rich" podcast last month. But the couple also has around $12,500 in credit card debt, Lucas tells Sethi. Lucas says when the couple bought their third car earlier this year, he figured they could afford the monthly payment. "Never make major purchase decisions based on monthly payment," Sethi says. A low monthly payment can lure you into a number of different financial decisions that work out fine in the short-term, but can cause trouble down the line.

Persons: Trin, Lucas, Ramit Sethi, Rich, Sethi, he's

☆ A 28 year old who went from having 'no assets' to buying his first home and saving enough to quit his six-figure job explains the 'money dials' philosophy he uses to rein in his spending
▼ + stars: | 2023-11-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

He worked his way up to making six figures, he said, but his income didn't necessarily make him wealthy. Using the 'money dials' spending philosophy to save $25,000 in one yearWhen Luebben got serious about saving, he started tracking his expenses to understand exactly where his money was going. He learned about a budgeting philosophy called money dials , coined by personal finance expert Ramit Sethi, and decided to implement it. Money dials are essentially spending categories like travel, health, food, and experiences that you can either turn up or down. Sethi encourages everyone to take the time to understand what money dials are the most important to them.

Persons: Brian Luebben, Luebben, Ramit Sethi, Sethi, spender, He'd, Brian Luebben Luebben, Academy didn't, He's, haven't Organizations: Academy, Action Academy Community Locations: Smyrna , Georgia, Georgia

☆ Self-made millionaire: This couple earns $280,000 a year, but they’re making a ‘catastrophic’ money mistake
▼ + stars: | 2023-10-06 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +4 min

Self-made millionaire Ramit Sethi discovered that a couple earning six figures is making a "catastrophic" money mistake. Based on a quick overview of the couple's finances, Sethi found that the couple has zero savings and investments. With this, your initial investment grows exponentially by earning returns not only on the principal amount, but on the interest it accumulates as well. Say your initial investment is $1,000 and you earn an annualized return of 10%, the average stock market return, according to NerdWallet. That year, you'd earn 10% on your entire account total, not just your initial investment.

Persons: Ramit Sethi, Sethi, Rich, Mark Hamrick, you'd Organizations: CNBC Locations: U.S

☆ The author of 'I Will Teach You to Be Rich' says 'phantom costs' add 50% to the monthly expenses of owning a home
▼ + stars: | 2023-10-05 | by ( Jennifer Streaks | Sarah Silbert | Senior Personal Finance Reporter | ) www.businessinsider.com time to read: +4 min

AdvertisementAdvertisementRamit Sethi cautions that owning a home costs much more than just your monthly mortgage payment. "Phantom costs" like home insurance and maintenance can add up to 50% extra in monthly expenses. Run the numbers to determine if owning or renting is a better decision for your wallet right now. Ramit Sethi, author of "I Will Teach You to Be Rich", cautions potential homebuyers about the very real costs that come with owning a home. Sethi states, "because of these costs I add 50% per month to the cost of owning a home."

Persons: Ramit Sethi, —, We've, Rich, Sethi, we've Organizations: Service, homeownership Locations: New York

I have one bank that I use for investing and one that I use for credit cards and high-yield savings. Originally, I used Wells Fargo as my primary bank. This book taught me how to make my credit cards work for me and what to look for in credit cards. Now I have my credit cards, savings account, and auto loan all in one place. But if they ever pull a Wells Fargo, I have my process to find a new bank.

Persons: —, Wells, Wells Fargo, Charles Schwab, Ramit Sethi, Cash, I've, they're Organizations: Service, Vanguard, Self Locations: Wells Fargo, Wells

Our experts answer readers' investing questions and write unbiased product reviews (here's how we assess investing products). If you're worried about a recession, there are only two things you need: an emergency fund and diversified investments. The biggest danger to a young person isn't a risky portfolio or potential market drop, but avoiding investing. These "funds of funds" automatically choose a blend of investments based on your age — the younger you are, the riskier the investments (more stocks). At the end of the day, the "biggest danger" to a young person isn't a risky portfolio or potential market drop, he said, but avoiding investing all together.

Persons: Ramit Sethi, Sethi, Rich, you'll, Read Organizations: Service Locations: Wall, Silicon, arm's

☆ As 'quiet luxury' takes over: 4 subtle signs of wealth, according to a self-made millionaire
▼ + stars: | 2023-07-20 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: 1 min

Vacation homes near the nicest beaches. The latest models of luxury cars. It used to be easier to pick out the 1%. But with trends like "quiet luxury," in which high earners opt for less flashy status symbols, it might not be so obvious. Still, if you look closely, there are subtle indicators of ultra-wealth, says self-made millionaire Ramit Sethi in a recent newsletter.

Persons: Ramit Sethi

☆ The No. 1 way to grow your wealth, according to a self-made millionaire: It’s ‘deceptively simple’
▼ + stars: | 2023-07-07 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +3 min

Building wealth might not be as difficult as you think, says self-made millionaire and author of "I Will Teach You to Be Rich" Ramit Sethi. Having spent 20 years of his career writing about money and psychology, Sethi knows what it takes to grow your money. "The top ways to grow your wealth are really simple, almost deceptively so," he says. "Listen, I have access to those investments, and I can tell you right now, they typically do not perform better than a simple S&P index fund." "The ordinary truth is that you can get great returns with a simple low-cost long-term index fund," Sethi says.

Persons: Ramit Sethi, Sethi, Howard Silverblatt, Dow, Madelyn Machado Organizations: CNBC, Dow Jones, Bloomberg Locations: Tampa , Florida

☆ I spent over $5,000 to race an Ironman. I have no regrets whatsoever — and experts suggest it was a good way to spend my money.
▼ + stars: | 2023-06-30 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +12 min

Between race entry fees, equipment, and travel, I spent well over $5,000 getting to the start line. It was money spent in alignment with my values, which experts say is the way to spend. Between July 19, 2022 (when I registered) and June 18, 2023 (race day), I spent well over $5,000 getting to the start line. It was money spent in alignment with my values and priorities, which experts say is the way to spendHow you choose to spend your money matters. In other words, don't spend money on things that aren't important to you.

Persons: I'm, it's, It's, Kathleen Elkins It's, Ramit, Sethi, we'll Organizations: Williams College, Psychological Science, Harvard Business Locations: Kärnten, Klagenfurt, Austria, Galveston , Texas, Galveston, Riding, Los Angeles, Texas

☆ Why this self-made millionaire still drives the 18-year-old car he bought in 2005: I only 'spend extravagantly' on things I love
▼ + stars: | 2023-06-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

You allow yourself to spend more on the things you enjoy by spending less things you don't necessarily care about, he explains. "I spend extravagantly on the things I love, but I cut way back mercilessly on the things I don't," he says. Basically, turning your "money dial" down in certain areas allows you to turn it up in others. Rather than solely focus on depriving yourself, this approach allows you to zoom in on the things you love and spend freely in those areas. But it also means cutting back on the less important things.

Persons: Sethi, Ramit Sethi, Rich, —, we're Organizations: CNBC, Honda Accord

For people of color, talking about money with a financial planner or money coach can be daunting. "If we don't talk about our money goals or wins, how can we view money as a tool?" Figure out what kind of help you're looking forFirst, ask yourself if you're looking for a financial advisor or money coach, or potentially both. Many financial advisors are fiduciaries, who are legally obligated to act in your financial interest. If that's you, find a financial advisor to help you deepen your understanding while respecting your boundaries with risk."

Persons: —, who's, I've, Jazmin Higgins, Higgins, it's, Tori Dunlap, Rich, Ramit Sethi, that's, aren't Organizations: Service, Financial

I want to read all the books on my shelf this year, and I started with "I Will Teach You To Be Rich." I'm going to automate my finances, invest in index funds, and break up with my bank. Related: The best high-interest accounts todayThis means that I'm losing out on making more money because my cash is sitting in a bank account with 0.01% interest versus the 0.5% interest at my new bank. When I read the book, I was able to get a better understanding of the power of index funds over individual stocks. Sethi explains that index funds are collections of stocks that computers manage in an effort to match the index of the market.

☆ Ramit Sethi: How renting could make you richer than buying
▼ + stars: | 2023-05-02 | by ( Gene Kim | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRamit Sethi: How renting could make you richer than buyingRamit Sethi, self-made millionaire and star of the new Netflix show "How To Get Rich," explains why it can often be a better financial decision to rent than to own a home.

☆ 'How to Get Rich' star's 'most controversial' money opinion: Renting can make you wealthier than owning a home
▼ + stars: | 2023-05-02 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

Ramit Sethi, self-made millionaire and star of Netflix's "How to Get Rich," says his "most controversial money opinion" is that homeownership is overrated. "I'm tired of the blind obsession with homeownership in America," Sethi tells CNBC Make It. Homeownership is an expensive investment that shouldn't be taken lightly, yet the idea that property is always a great investment has become a "religion" in the U.S., he says. "That simply doesn't make sense, especially now, when the price of housing has gone way up and the effect — especially on young people, people without money, minorities — is to make them feel that they are failures," Sethi says. "You're not a failure if you rent."

Netflix star Ramit Sethi says most people work towards generational wealth without knowing what it means. Here are three steps Sethi recommends taking if you want to pass down generational wealth to your children. Set concrete goals"You'll notice that, in our culture, we conflate generational wealth with passing down a house. Sethi encourages people who want to build generational wealth to make concrete goals around what that wealth will look like. Start investingSethi's advice to anyone looking to build generational wealth is to start investing, even in small amounts.

Instead of waiting until you're debt-free to start investing, start the habit of investing small amounts now. The key mistake most young people make, Sethi told Insider in fall 2022: Waiting too long to start investing. Sethi advises young people to use compound interest to their advantage and start investing as soon as possible. When you're young, it feels like $100 a month wouldn't add up to that much. Waiting until your 40s to start investingInstead: Start investing small amounts on a regular basis"The No.

Ramit Sethi, star of Netflix's "How to Get Rich," still rents an apartment. Even if your potential mortgage is the same cost as your rent, Sethi recommends budgeting for "phantom expenses." Calculate the 'phantom costs' of owning a homeFirst, Sethi says it's important to understand what percentage of your income should go towards housing. Sethi recommends factoring in "35% to 50% of your mortgage to factor in all the phantom costs of homeownership, like maintenance, taxes, interest, and closing costs. Start saving for big-ticket home repairsOnce you buy a home, Sethi recommends immediately starting an emergency savings fund specifically for home repairs.

☆ Self-made millionaire shares his No. 1 piece of advice for people in their 20s to build wealth
▼ + stars: | 2023-04-25 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +1 min

Your 20s are a critical time in your life that can be challenging to navigate, financially speaking. You might be making the most money you've ever made in your life while also starting to pay for things you've never been responsible for before. Plus, you're probably juggling a number of financial goals, from thinking about continuing your education to buying a home. "My best advice for people in their 20s when it comes to money is to set up an automatic investment," Ramit Sethi, self-made millionaire and star of Netflix's "How to Get Rich," tells CNBC Make It. Regularly investing might sound intimidating, especially if you're living paycheck to paycheck, but Sethi says even a small recurring contribution can set you up for a bright future.

☆ Deadly heat waves fueled by climate change are threatening India's development, study says
▼ + stars: | 2023-04-20 | by ( Helen Regan | ) edition.cnn.com time to read: +5 min

CNN —Deadly heat waves fueled by climate change are threatening India’s development and risk reversing its progress on poverty alleviation, health and economic growth, a new study has found. Since 1992, more than 24,000 people have died because of heat waves in India, the study said. And the impacts are expected to get worse as heat waves become more frequent, intense and lethal due to the climate crisis. More than 90% of the country could be severely impacted by heat waves, falling into an extreme heat “danger” zone, according to the heat index, the study found. The heat index is how hot it feels and considers both air temperature and humidity to assess the heat’s impact on the population.

☆ India's heatwaves putting economy, development goals at risk - study
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, April 20 (Reuters) - Killer heat waves are putting "unprecedented burdens" on India's agriculture, economy and public health, with climate change undermining the country's long-term efforts to reduce poverty, inequality and illness, a new study showed. India is now "facing a collision of multiple, cumulative climate hazards", with extreme weather happening almost every day from January to October last year, they said. As much as 90% of India's total area now lies in extreme heat danger zones, and it is not fully prepared, he warned. "India has already done quite a bit in terms of heat mitigation - they actually now recognise heatwaves as part of their disaster relief package," he said. The researchers also warned that heatwaves were weakening India's efforts to meet its "Social Development Goals", a list of 17 U.N. objectives to cut poverty, hunger, inequality and disease.

☆ Star of Netflix’s ‘How to Get Rich’: It's a 'huge red flag' if your partner won't talk about money—here's why
▼ + stars: | 2023-04-18 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +3 min

"If they won't talk about money at all with you, that's a huge red flag," he says. 'Financially successful couples talk about money regularly'We are programmed to think money is a taboo topic and often don't discuss it with our partners unless we absolutely have to. "A lot of experts in money tell people that they should talk about money on the first date," he says. You don't talk about your IRA when you're having the first drink." There will be times throughout a relationship where money talk is more seamless.

The extrajudicial killing has sparked widespread concern about the state of law and order in Uttar Pradesh as well as fears of retaliation. A decade later, he was elected as a member of Uttar Pradesh’s legislative assembly where he served five times, from 1989 to 2004. Police in Uttar Pradesh have killed more than 180 suspected criminals during encounters over past six years, according to Reuters. “The shoot out that happened is unacceptable.”CNN reached out to Uttar Pradesh police for comment on the situation but did not receive a response prior to publication. A political flashpointFollowing the incident, the Uttar Pradesh state government announced it will form two three-member Special Task Forces (SIT) to investigate the killing of Atiq and his brother.

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