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☆ Ramit Sethi: Avoid these 3 toxic money beliefs to build wealth
▼ + stars: | 2023-04-18 | by ( Anthony Cortez | ) 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: Avoid these 3 toxic money beliefs to build wealthRamit Sethi, self-made millionaire and star of the new Netflix show "How To Get Rich," lists three toxic money beliefs that could be holding you back from wealth creation.

☆ 'I Will Teach You to be Rich' author: 3 money rules I follow to build wealth and enjoy life—and how to create your own
▼ + stars: | 2023-04-14 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

"Roll them up into a few simple money rules that make it really easy to make decisions." Sethi's own money rules can give you some inspiration if you're not sure where to start. Making this one of your money rules can help you build your emergency savings and eventually get rich — or achieve another financial goal. "Some of my money rules are straightforward financial rules like save 10%, invest 20%, very straightforward," Sethi says. "One of my personal money rules is unlimited spending on health, on books and on friends' fundraisers," Sethi says.

☆ Try this 30-day money challenge to get smarter and be more successful with your money
▼ + stars: | 2023-04-01 | by ( Emmie Martin | ) www.cnbc.com time to read: +14 min

Day 2: Find an accountability buddyYour financial goals don't mean much if you don't stick to them. This ratio represents how much of your available credit you're using at any given time. Take a look at your credit card statements for the past 12 months. There are a number of ways to check your score for $0, starting with your credit card issuer or bank, many of which offer free services to their clients. Day 16: Update your income with your credit card companyIf you've received a raise or promotion since opening your credit card, consider reporting your increased income to your lender.

☆ Early retiree says reading these 8 books helped him save $1 million: ‘I wasn’t born into money'
▼ + stars: | 2023-03-14 | by ( Steve Adcock | ) www.cnbc.com time to read: +3 min

This book was originally published in 1996, but the basic money principles can still be applied today. For example, many experts recommend brewing your coffee at home to save money, but not Sethi. In fact, he teaches readers to uncover their "rich life" by spending lavishly on things they care about while cutting back on what doesn't matter. Money expert Morgan Housel explores the psychological side of finance in a clever and non-judgmental way. "Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence"

☆ How to afford the big price tag of your lifetime 'bucket list'
▼ + stars: | 2023-02-21 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

The 36-year-old public relations professional has an opportunity to check something off his life 'bucket list': Seeing his favorite band, Metallica, play live. Whether Beyonce tickets, Super Bowl weekends or dream vacations after years of COVID restrictions, our bucket lists carry big price tags that seem to be rising every year. So how can we fund our bucket lists, without being totally irresponsible? One solution for this is to save for your bucket list item in a separate account. “There is one item I see on bucket lists that is actually getting less expensive – education,” says Brandon Welch, an investment advisor in La Mesa, California.

☆ 15 million renters pay more for housing than they can afford. Here's how to figure out if you're one of them
▼ + stars: | 2023-02-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Yet, when it comes to the long-held advice for renters to not spend more than 30% of their income on housing, the target is increasingly impossible to even try to reach, experts say. More often, Hummel said, tenants spend 40% of their income, or more, on housing. There are major consequences to taking on a rent that eats up too much of your income, Hummel said. "Spending more on rent means less money for savings, retirement, family goals and less to pay for other debt obligations," he said. Housing is the single biggest financial area where people get trapped, according to personal finance blogger and author Ramit Sethi.

☆ More than two-thirds of Americans’ financial situation did not improve or stayed the same in 2022 — here's how to better your finances in 2023
▼ + stars: | 2023-01-09 | by ( Jasmin Suknanan | Jason Stauffer | Benji Stawski | ) www.cnbc.com time to read: +12 min

With a higher credit score, you can qualify for better interest rates on your credit card, mortgage, or loan, better loan terms and sometimes even higher funding amounts. One of the most important ways to increase your credit score is to continue making on-time payments on any existing debt. So if you've spent $5,000 on a credit card with a credit limit of $10,000, your credit utilization rate is 50%. Keep in mind that it can take some time to see drastic improvements in your credit score, however, every little score bump helps. Another way to put a little extra money in your pocket is by using a cash-back or rewards credit card.

☆ 8 money books that can help you build wealth in 2023, according to real estate investors, 'super savers,' and finance experts who have read them cover-to-cover
▼ + stars: | 2022-12-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Another popular choice among real estate investors specifically is "Rich Dad Poor Dad." It was Ramit Sethi's popular money book that taught them how to be more intentional when it came to spending. Real estate"Retire on Real Estate" by Kai AndersonAvery Heilbron, who achieved financial freedom before 30 partly thanks to his investment properties, says that "Retire on Real Estate" is what nudged him in the direction of buying property to build wealth. Courtesy of Avery HeilbronIf you want to build long-term wealth, "I think real estate is 100% the best thing," Heilbron said. "Rich Dad Poor Dad" by Robert KiyosakiThis classic by Robert Kiyosaki is a favorite among real estate investors and early retirees, including Mike Zuber, who was able to quit his day job in his 40s thanks to his lucrative real estate portfolio.

☆ A couple on track to retire before 40 share the 3 money books that changed their financial mindset
▼ + stars: | 2022-12-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

They started reading money books, including "Set for Life" and "The Simple Path to Wealth." That's when he started diving into personal-finance books, which ultimately would be the impetus for their debt repayment and financial freedom journey. Here are three money books that helped them get to where they are today. "Set for Life" by Scott Trench"Set for Life" was one of the first money books the Lupos read. "This book does a great job of identifying the importance of spending money on your values," said Josh.

☆ Self-made millionaire: You don’t have to give up lattes to get rich—do this instead
▼ + stars: | 2022-12-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If that's your goal, you don't have to cut out little luxuries to get there, says Ramit Sethi, a self-made millionaire and author of the New York Times best-seller "I Will Teach You To Be Rich." "I'm not the guy who's gonna say, 'Hey, go to cut back on lattes. When it comes to building wealth, most people focus on the "$3 questions" like, "Should I skip buying a latte today?" Instead, you should focus on the "$30,000 questions," Sethi says. Instead of waiting and hoping to win the lottery, here are two things you can do now to start building wealth, according to Sethi.

☆ Self-made millionaire: Here's the best way to pay off credit card debt
▼ + stars: | 2022-12-20 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

If you want to get rid of credit card debt, start by avoiding budgeting gimmicks. Instead, stick to a simple three-step repayment plan. Most people with debt don't have a repayment plan in place, or even know how much they might owe, Sethi said. Add up your total outstanding debt balance across all cards, either by logging into your credit card account or calling your lender directly. "The most important thing is to make a plan with your debt, then to automate your money so it's getting paid off," said Sethi.

☆ The biggest barrier to starting a successful side hustle—and how to get past it
▼ + stars: | 2022-12-17 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

he told CNBC's Frank Holland during CNBC Make It's Your Money virtual event on Dec. 13. And yet, we can increase the size of our pie and one great way to do that is to start a side hustle." When it comes to starting one, though, Sethi finds people have great barrier to entry: They have no idea which side hustle to start. Schroeder-Gardner started the site in 2011 and it now brings in an average of $760,000 per year in passive income. If the former, once you've figured out how you want to make that extra income, you can just dive right in.

☆ The secret to asking for a raise and getting it, according to a self-made millionaire
▼ + stars: | 2022-12-14 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

A successful salary negotiation starts months before you ask your boss for a raise. First, Sethi recommended scheduling a meeting with your boss to discuss how they are measuring your success at work, and what they expect from you. During that meeting, you and your boss should jointly come up with a list of 2-3 actionable goals to get there. When it comes time for your performance review, "Walk in [to the meeting] and say, 'Six months ago, here's what we talked about,'" Sethi said. You should also research what other people in your position make and share those results with your boss, he said.

☆ Ramit Sethi on the secret to asking for a raise — and getting it
▼ + stars: | 2022-12-14 | by ( ) www.cnbc.com time to read: 1 min

Self-made millionaire Ramit Sethi, author of 'I Will Teach You To Be Rich,' shares his 4-step strategy to successfully land a raise at work during the inaugural CNBC Make It: Your Money event on December 13, 2022.

☆ CNBC Make It: Your Money livestream with Ramit Sethi, Kevin O'Leary
▼ + stars: | 2022-12-14 | by ( ) www.cnbc.com time to read: 1 min

The inaugural CNBC Make It: Your Money virtual event streamed on Dec. 13. The event featured several successful entrepreneurs and financial icons who offered advice about increasing your earning power. Watch the video above for tips on how to negotiate a higher salary from self-made millionaire Ramit Sethi. Don't miss top takeaways from a panel of millennial entrepreneurs (Michelle Schroeder-Gardner, Todd Baldwin and Grace Torres) who have grown their creative side hustles into six-figure businesses. Finally, hear from Kevin O'Leary, host of CNBC's "Money Court," on how to negotiate a higher salary.

☆ Want to earn more and work less? Watch 'I Will Teach You To Be Rich' self-made millionaire share his secrets
▼ + stars: | 2022-12-12 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Learn how to increase your earning power at the inaugural CNBC Make It: Your Money virtual event, which will be livestreamed here on Tuesday, Dec. 13, at 12pm ET. Guests include successful entrepreneurs and financial icons, who will share their money-making tips and insights during the hour-long webcast. Then CNBC's Kristina Partsinevelos will speak with a panel of millennial entrepreneurs who have grown their creative side hustles into six-figure businesses. RSVP now to the free virtual event, and check back here on Tuesday, Dec. 13, at 12pm ET to watch it live. Disclosure: CNBC owns the exclusive off-network cable rights to ABC's "Shark Tank."

A 2018 study by Ramsey Solutions, a financial consultancy, found money was the second leading cause of divorce behind infidelity. Ramit Sethi hosts couples with quarrels about money on his podcast "I Will Teach You How To Be Rich". Couples don't talk about money"Couples don't talk about money, especially in the early days," Sethi told Insider. "They don't talk about money until they have to. If you reverse engineer, it goes back to 'he wouldn't talk about money with me.'

☆ Conscious spending: Personal finance that's smart and fun
▼ + stars: | 2022-11-28 | by ( Kristen Rogers | ) edition.cnn.com time to read: +5 min

You don’t have to think or feel this way, thanks to a flexible personal finance approach called conscious spending. “Conscious spending is all about spending extravagantly on the things you love, as long as you cut costs mercilessly on the things you don’t. But a conscious spending plan allows you to say, “Yes, I want to go on vacation. Rewiring your spending habitsThe term “conscious spending” implies that people experience unconscious spending, said Bradley Klontz, a financial psychologist and associate professor of practice at Creighton University’s Heider College of Business in Omaha, Nebraska. Or should I not?’”If you want to give conscious spending a shot, try it for a month.

Here's how you can get a grip on your personal finances before and during a recession. We do weird things in times of recession, like comfort-eating meatloaf and ice cream, according to food trend experts. We're also more prone to panicking and making mistakes with our money, personal finance experts and economists told Insider. "A recession sort of reveals problems that people may have, and not necessarily pay attention to much in the good times," he said. In good times, with interest rates low, your viewpoint can be obscured by the ease of getting credit, he said.

☆ Build up an emergency fund ahead of a likely recession in 2023, personal finance experts say. Here's how much you should save, and how to get there.
▼ + stars: | 2022-10-29 | by ( Ryan Hogg | Junior Weekend Business Reporter | Read More | ) www.businessinsider.com time to read: +7 min

Personal finance experts urge building an emergency fund ahead of a likely recession in 2023. The key to bulletproofing your finances is having an emergency fund. What is an emergency fund? How big should my emergency fund be? The experts interviewed by Insider agreed that an emergency fund should cover between three and six months' worth of expenses — a consensus supported by Well Fargo.

Author 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 goalsSethi says, "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.

Finally, I repaired my credit to a point where I was able to buy a car by cosigning with my dad. After a couple of years, I was able to repair my credit enough to get another car without a cosigner. Due to my credit score being in the mid-500s, I received a subprime loan with interest at 10%. My car payments dropped from $450 per month to about $350, and I'm going to save $1,700 over the course of my loan. This was all due to educating myself on credit repair and the benefits of refinancing, and now I love sharing this knowledge with others.

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, according to Sethi: 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, author of the bestselling book "I Will Teach You To Be 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.

High-yield savings accounts can earn significantly more interest on cash you need in the short term. Dozens of banks offer high-yield savings accounts, but we compared three of the most popular. To help out, we compared three of the most popular high-yield savings accounts on offer today: the Ally High Yield Savings Account, a favorite among financial planners and super savers; , investment bank Goldman Sachs' online savings account; and the Wealthfront Cash Account by the popular robo-advisor. Below you'll find each of these high-yield savings accounts compared on a variety of metrics. That's because interest rates on savings accounts fluctuate depending on inflation and the government's interest-rate benchmark.

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