Loading...

Ep. 188 | Budgeting Mistakes (with Ramit Sethi)

  • 🎬 Video
  • ℹ️ Description

Questions answered in this episode:

What is the most effective investment strategy if I have limited funds to invest? (13:45)

How do I resist making impulsive purchases? (28:18)

How do I address my issues with credit cards? (32:52)

Follow The Minimalists:


#TheMinimalists

💬 Comments on the video
Author

What an illuminating conversation. For me, financial freedom and the absence of money-related stress is a rich life!
The meaning of what a rich life encompasses is dependent on everyone's circumstances, love Ramit's thoughts!

Author — Sugar Mamma

Author

I love this. It gives me permission to spend money on things that add value to me. I've always wanted to buy smelly hand soap for my bathroom. As silly as it is. We never had money bc we had so much debt. We did the Dave Ramsey plan a couple years ago and now I enjoy buying Bath and Body hand soap. The smells make me feel good and happy. I suffer from depression so this is a win for me.

Author — Sarah Lockridge

Author

Budgets work if you do it. We looked at 3 months of our expenses, made a budget, and we have never looked back. It has made so much of a difference for us. Been doing it for 2 years now and it has made a massive difference in our lives.

Author — Euline Botha

Author

I really like the advice. I have found that I am just cheap. I came to that conclusion this weekend while shopping for new pants. I find myself looking for a bargain instead of getting what I really want. I do it for most everything then end up hating what I settle for. I have come to the conclusion if I buy the good ones I will have a much greater value even if it costs double. Its a lot less going to goodwill because I cant stand them.

Author — Troy Westerbur

Author

I'm on a very low income, but my husband and I have rules. We have no debt, a reliable car we own, no credit/ store cards. We have a regular account, with a emergency fund, a joint savings account for travel and home improvement and individual savings accounts for our own spending pleasures. It can be done. Good advice here, thank you gentlemen.

Author — Sally Hague

Author

yeah what ramit explains is that looking backward is accounting. looking forward is budgeting

Author — Tee V

Author

I love how you guys bring on people who may have differing opinions/methods on certain topics, (such as this podcast or the podcast with the vegan, the carnivore, and the omnivore, ) and encourage a mature and respectful debate while pointing out what you agree and what you disagree on. It's so refreshing to see healthy discussions and being able to provide different points of views/methods to your large and diverse audience! <3

Author — Allison

Author

Being frugal is not what most think it is, it,s not being a cheapskate, it means to be as little wasteful as possible!

Author — mark demell

Author

I budget. I use it. I make a monthly and a yearly. We save up for things we want to buy. Pay cash. Budgets work for those who WANT to use them. I love having permission to spend with a budget.

Author — Sarah Lockridge

Author

I like the "spending plan" instead of "budget and savings terms" - I also save for retirement each week and emergencies, travel and clothing minimalist wardrobe. I also am good at giving. To be being rich, is living at home, working online, and my dream was as a child was to write children's books or be an author or writer. I felt bullied at university so my dream was dashed, now as I have gotten older, I can still achieve my dream - I was working in a job that was great for nine years, but my passion is writing, so I am going to focus on that this year. I also enrolled in a course for savings and budgeting which I really enjoy. I credit my parents for instilling discipline in savings and achieving their dreams of having a nice small house with an amazing view of the sea. My favourite thing to spend on is good sports shoes, apple products, books, learning online, walking on the beach, to me being rich is going for a walk on the beach each day, being free to dream, and being healthy. Also, to me being rich was staying in a five star hotel for a week, I love hotels. I love how he teaches to dream bigger, I did that in 2009 went to Rome and Venice on a contiki tour and the Vatican da vinci tour and the Louvre so I achieved my dream.

Author — Yasmin Dawoojee

Author

It just felt like he is arguing semantics where he takes narrow focus on what it means to have a budget. A part of budget creation process is setting short term and long term goals.

Author — Jae Lim

Author

I liked the parallelism between fitness and finances. Start with the good and what you love instead of trying to take away the "bad." Natural overspending areas will disappear if you focus on the positive. Replace bad habits rather than fight it. Don't focus on the negatives. 30:30-32:45

Author — the1337fleet

Author

Bought his book. Read it twice and need to go back and read it again . Have a roth ira set to be maxed out by the end of the year. Have my 401k set to 5% which is the max amount my employer will match.

Author — Fausto Moh

Author

I just bought an Rv with my bf im 23 hes 25 and within 3 months I should be done selling all the things I have yet never cared about and it all started when I watched "The Minimalist" on NETFLIX. I will be binge watching your podcast forever. Thank you!!

Author — Patty Sandoval

Author

He said an extra zero doesn’t change things. Lol. I want to respectfully push back. 10 mil is way different than 1 mil. 100 mil is different than 10 mil. There is a Hyuge difference.

Author — PETER JEONG

Author

I absolutely love this perspective. And I love how Joshua said that a rich life is correlated but not identical to how much money you've got. It's so true!

Author — Marie Barnes

Author

Rich is having the freedom to have a free from money lifestyle

Author — Janelle Hamill

Author

What I find interesting is that their philosophies on budgeting can be combined very well.

Author — Emily Harper

Author

You’re saying is a budget - you look forward each month to where you want your money to go each month & yearly.

Author — Robbie Thornton -Peek

Author

have a property paid in full with no mortgage, you have a place to live, then you only have to pay for living expenses, vehicle, grocery, leisure

Author — MILWAUKEE MOTOR