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Ramit sethi investing for retirement

ramit sethi investing for retirement

A lot of people choose not to save money for retirement. Self-made millionaire Ramit Sethi says investing for retirement is easier than you. I'm going to automate my finances, invest in index funds, and break up with my I picked "I Will Teach You to Be Rich," by Ramit Sethi. Sethi says the best and most reliable place to start investing is through your retirement accounts. "They're not sexy, they're not going to be. ORPHAN STOCKS Glad you found and is less all the recently. To gain access control to remote information, keep unauthorized interfaces are some. How do I which person read the system tray.

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Does that mean you should rush to open a brokerage account? Maybe eventually. But if you ask personal finance expert and entrepreneur Ramit Sethi, he'll tell you there are other accounts worth saving and investing in before you open a brokerage account. Here's his saving and investing hierarchy that he thinks is smart to follow. Not everyone has access to a k plan through their job. But if you have a k , which is a dedicated retirement savings plan, and your employer matches contributions, it pays to put in enough money to claim that full match.

There's no such thing as a standard match; each company decides that individually. Companies generally won't match those limits -- not even close. The great thing about Roth IRAs is that you never have to pay taxes on investment gains in your account, and withdrawals during retirement can be taken tax-free.

Because Roth IRAs are self-funded, you won't be eligible for a company match like you would with a k. Workers who earn an average salary generally can't max out a k. But if you've already maxed out a Roth IRA and have more money to save and invest, then it pays to put your excess cash into a k. Traditional k contributions get to go in tax-free, and the more money you put in, the less income the IRS will tax you on. The Ascent's picks for the best online stock brokers Find the best stock broker for you among these top picks.

Roth IRAs don't happen to offer this benefit, so you won't lower your taxes immediately by funding one. But since they offer the advantage of tax-free investment gains and withdrawals during retirement, they make a lot of sense -- especially for people who think they'll be in a higher tax bracket during retirement than they're in today. Not everyone is eligible to contribute to a health savings account HSA. So whether that applies —. Ramit Sethi: Dan Kennedy is a famous marketing consultant.

Because what he points out … See, most people go through life with a lens. I call it a money lens. They put a pair of glasses on and they look at the world through a frugality lens. This, they went to Italy and got this perfect jacket that was handcrafted. Maybe craftsmanship. I grew up with a frugality lens. Everything was about cost. Perhaps you actually want to spend more to create a memory you will never forget. Tim Ferriss: Dan Kennedy, interesting guy.

Or How to Make the Most. And to show just how flexible the approaches can be. What are some of the psychological blind spots or rules that most prevent people from reaching their financial goals? And I want to touch on … So think about that. I want to touch on one thing you said, which was frugality and having grown up with a definite frugality lens. I think this is worth commenting on. That is frugality has its place.

A fool and his money are soon separated? So you have to have a means of assessing what is worth spending money on and what is not. So there is, by definition, a limit to the delta you can create between the money you spend and the money you have.

So that would be one where I was trained to cut, cut, cut, cut, cut. Ramit Sethi: percent. So to be able to understand that you do need the manage your costs, for example, there are a lot of things I do in my life that are highly frugal.

Especially for the income that I have. But I also —. But like, it still works. And I also, when I grew up, this comes from my childhood. Yes, exactly. So exactly. My Seamless receipts were just through the roof. Seamless is an online delivery service in New York. Everybody there uses it. Ramit Sethi: And now for health reasons and also just for cost reasons as well, we like to cut back on that.

Ramit Sethi: But I spend more on things. So I liked that. I actually would, I think a lot of people kind of try to cut back a little bit here and a little bit there and they just end up generally unhappy about it. I would actually encourage people to pick the area, I call it a money dial. Pick the area of your life that you truly love spending money on.

It gives you joy to spend money on? And now, you had a Veracruz breakfast taco this morning. Tim Ferriss: — and enjoy that as an experience. So those would be two areas. Travel and food. Ramit Sethi: Perfect. A lot of people say travel.

Mine is convenience. I like my life to be super convenient. Again, easy math. What would travel look like for you, different than what you do now? I would probably have a fixer on the ground each place I went. I would have somebody who is on call and available to effectively fix any problem or tackle any challenge or want that came up. Ramit Sethi: You talk about this … Okay, so I love this exercise.

Travel is a big one. Convenience is very rare. What I like to see people doing is actually spending more on the thing they love. Tim Ferriss: I would actually get a trainer, which I do not have currently. Nothing has been prepaid or pre-scheduled yet, which is an issue, right? I love this. By the way, whenever you ask someone about their money dial, you can just see their face light up, right? Cause they love it.

You can see the joy in my eyes. So what I love to do is for people to dream big. What would that look like? And suddenly people start to realize that money actually should be bifurcated. It should be highly bifurcated.

And when you start to think this way, now your rich life becomes way more specific and meaningful to you as opposed to me. But for me, I want even more convenience. So these are things that I want everyone to think about. Tim Ferriss: What would it look like? And, 90 percent of the ideas were terrible. But then there were 10 that made the process I was planning on already two, three, four, five times more efficient.

And so the question itself might seem absurd, but many of the ideas end up being extremely practical. Tim Ferriss: … things that you do or have found disproportionately rewarding? Gratifying from a convenience standpoint? I wake up in the morning and by the time, I wake up early. We started waking up at six after we went on our honeymoon. And everything is perfectly organized. The link is there.

I click the link, the document is ready to go with exactly the right information. Ramit Sethi: My assistant has and my team has, so that has all been engineered. And I do believe that the best morning routine is decided the day before, the week before, even the year before. Ramit Sethi: Exactly. Then on a day-to-day basis, things like scheduling. My assistant, Jill, handles it.

Finally, a couple of other examples. When I travel, especially for an extended period of time, we have something called the travel protocol, and Jill activates the travel protocol. That means my plants get watered if they need to be. That means that she handles email in a different way. Not For me, not for you, but maybe for some people.

Is this a checklist that lives in a Google document? Where does that protocol, once you click on go go gadget travel —. Tim Ferriss: Where do the instructions live? Tim Ferriss: — and somebody needs to fill in. But the instructions. One recent thing that I updated was when I travel for a longer period of time, I want to have food delivered to my hotel so I can try to stay generally on diet. So it lives in a Google Doc. If my assistant were sick for some reason, she would transition it to someone else.

So hotel room, not near an ice machine, not near the elevators. What you realize is that in some cases, the things you would expect to be expensive, or problems you would expect to be expensive to fix, are not expensive. Like the Whole Foods example. Tim Ferriss: So you could do … Whole Foods may do its own delivery. If not, perhaps Instacart, if not, in a place like Austin, you could use Favor.

There are really inexpensive ways to do this. To give you an example: So I used to, I still do ice baths. But before that, when I was living in San Francisco, I had ice delivered or I would have ice picked up. I would usually stop at a gas station after the gym and like pack my trunk full of ice, which was a huge pain in the ass. And then I realized, wait a second. At the time, Instacart will deliver 60 pounds of ice for five bucks.

So the solutions, even if you brainstorm them in a wealth exercise, do not always end up being expensive. Ramit Sethi: Hundred percent. Dream the dream of what your money dial is at 10x. But the solutions are often so simple. And in order to get there, you just have to start with the dream. Go to that restaurant, not on the weekend, so say between Monday and Thursday. Go either early, preferably like right when they start for dinner service.

Sit by yourself, and again, this is kind of a one-time investment. Go there for a week. Number one, the chef typically at that point is not going to be as loaded, not on booze, although that happens too. Order all sorts of stuff to try and then tip like 40 percent.

Ramit Sethi: Oh, wow. So I liked that little insight. Tim Ferriss: Do a couple of days in a row, so people get to know you, you get to know them. Tim Ferriss: And sit at the pass if you can. Ramit Sethi: I love this. I love how to take a mundane experience like a restaurant and turn it into something special. So thank you for sharing that. Let me share a couple of my own. I had two experiences. We were on our honeymoon and we were just having the most amazing time.

We went to four different countries and we started in Italy, then Kenya, India, and then Thailand. And the hospitality was just like, on another level, right? And we were at one hotel in Thailand and my wife loved the spring rolls. In the back in the kitchen. Compliments of the kitchen. So I learned from that, and I thought that was magical.

You know, you go —. Ramit Sethi: People in New York who like tea, they do it. It was amazing, it was really good. And then there was a little thing that said the prices. Crazy, right? But what we learned from that was number one, sometimes quality you can only tell it by certain attributes. I asked my assistant Jill to put it together.

Never believe that. The very best love —. So anyway, that was my exciting experience. Tim Ferriss: And the, well. There are many things that one could take from what you just said. One I want to underscore is the importance of asking. Tim Ferriss: Money is an interesting thing. But my thinking will change. Like, get excited about it and have some basic vocabulary so you can appreciate what the hell is being shown to you.

And we know someone who lives here in Austin, also. Noah Kagan, who has his coffee challenge, right? So walk into a coffee shop, ask for 10 percent off. So it could be a Starbucks, it could be an indie. Get a water, get a, you know, order a Pellegrino, and well, order a tea. But ask for 10 percent off.

Cultivating the muscle used for asking for things is so incredible. You get what you negotiate. Tim Ferriss: And sometimes negotiating is just asking for what you want, right? So are there any exercises that you would suggest, or practices, phone calls, questions to people who are listening that might help them kind of stress-test some of the things they have accepted?

Ramit Sethi: Yes. The small one is, if you have any sort of late fee, you should just use the scripts in my book. Or you can Google for them, and you should call up your financial institution. They just accept the world the way it is. These companies work for me. This is just like right off the cuff. We have a bunch of Mother Teresas in the group. But you could play with the concept.

Some money would be spit out for guilt-free spending. Tim Ferriss: So where do those funds go? Tim Ferriss: So you get 10 grand, you put into the checking account, and then it gets kind of put into this process. So day to day, my spending is very consistent except for two areas. Rent is the same, food is basically the same. Everything is pretty stable. We want that number to be towards the higher end.

Tim Ferriss: 20 to 30 percent, just technical question: is this pretax, or is this taking into account taxes? It can be either. I always like to be more conservative. So then that money is getting saved and invested, and investing is like, I tried to go more aggressive on investing. Ramit Sethi: Okay, so very quickly everybody thinks investing is about picking stocks and like sitting here and looking at the screen that looks like Minority Report.

Investing is very simple, low-cost funds, and these cost you almost nothing these days. I love this as a great simple, low-cost way to invest, and the bulk of my portfolio is either in target date funds or individual index funds, so that money would go in there. I have some money in sub-savings accounts. I like to plan ahead, so I have those numbers.

How do you not commingle —. Tim Ferriss: Kind of like an authorized employee on a credit card account or something like that. Ramit Sethi: For tracking purposes. Then there are things like an anniversary dinner. I used to have a stupid mistakes account because I used to get a lot of parking tickets. Thank God. Ramit Sethi: Target-date fund. Those over the long-term over history have returned about eight percent. If you start now and you put even a hundred bucks a month in, that number gets very large, very fast.

The rest of the money pays my fixed expenses like rent, things like that. Finally out pops guilt-free spending. This is my favorite part —. Ramit Sethi: The sweater account. That brings me to my two things that are variable. I have a meeting once a month, I have a personal CFO, we kind of look at it and I basically told them I want my document prepared in this way. I want an executive summary. Tim Ferriss: Okay. To next topics, I thought we would discuss prenups.

This is a topic that is shied away from a lot. This is one of those subject areas that is I think neglected. Where should we start with prenups? Then I discovered when I talked to friends, there was so many people who have thought about this or gone through it, but none of it is online. Tim Ferriss: Prenup, prenuptial agreement.

Ramit Sethi: Prenup, sets the terms of what you are coming into a marriage with. It is acknowledgement that certain people might have certain assets or interests, like a business or cash or investments, whatever the case may be. It also sets the terms for if the marriage ends for whatever reason, what is to be done with those assets, specifically the pre-marital assets. How did you think about this? I want people to be informed. You can make your own decision, but I walked into thinking about getting married with a lot of preconceived notions about what a prenup was, who it was for, and just to give you a sense, like nobody around me ever signed a prenup growing up.

It just was not a part of my culture. I started thinking about getting engaged a few years ago and my girlfriend at the time, we were discussing it and —. I sat down, I did a lot of research, I talked to a lot of my friends and the thing that shocked me was when I started bringing it up with friends, so many of them, especially entrepreneurs, had lots to say.

We actually had a Google agenda. We came with our bullet points and we had a very adult meeting where we talked about —. Ramit Sethi: No, no, no. We were just the two of us. We talked about, when would we like to be engaged and married? Where would we live? Do we want to have kids? Tim Ferriss: Just to be clear, this is a life logistics meeting and not a prenup meeting. Thor or nothing. Ramit Sethi: In financial quarters. We both grew up in California.

Our parents have similar jobs. I have no idea, but I thought if anything, is going to be bad, but I was nervous, but I also felt confident because it was something that I knew that I wanted to do. It was really important to me. Let me get educated about it and we can talk. Okay, great. That was as good of a response as I could have hoped. She goes off and she does her own research. She talks to her friends and we start discussing more and more, right. We start talking, the next step is to get lawyers.

Now, interestingly, you have to retain counsel. Each side has to retain counsel. These lawyers are very expensive. She found her own lawyer and we start to go through hammering these basic terms out. The places where it starts to make sense, or if you have some major amount of assets, whether it be a house, whether it be an inheritance, a business, those kinds of things, it starts to make sense to think about. I had to get —. Ramit Sethi: Yeah, absolutely.

I intend to be married forever. As we talked more and more about it, it became even more and more clear that in every other part of life, top performers plan, they plan ahead, they plan for good, they plan for bad, they plan. Tim Ferriss: Yeah.

I mean, you get on an airplane, they give you a safety briefing. The second thing is it attacks our belief that in America, a marriage is purely about love. Go look at them and look at their day to day. On any team, you have to have a set of rules. This is a love marriage. This is where it started to get really tough.

Those could be assets, liabilities. You kind of put those all out on the table. By the way, that was a good conversation that we had. I forgot to take my own advice about when to talk about money with your partner. It was great, like we worked through it. That was when I realized I had made a huge mistake. By not telling her, I had put myself in a very unbal… she had been placed in an unbalanced position.

That afternoon we talked about it and we talked about my net worth, we talked about what it means for us. That was, I would say one of my most pleasant conversations. Because we talked about what does it mean for us. Like our rich life now, what does it mean and it means that when we travel, we can take our parents with us and we can spend extra for them to stretch their legs out. We can travel to places or we can make certain investments or take risks that we might not normally be able to do again as a team.

That was actually one of my favorite memories of talking about money in the early days. Now, we had listed out all our assets and liabilities and now the basic structure of a prenup is: What happens in the case of the marriage ending? There are so many ways to cut it. No two prenups are alike. What happens if the marriage ends in three months at an extreme? In many cases a cheque is written. Can you believe that? If a marriage ends in three months, somebody might write a cheque to the other person.

Just like pure goodwill. Ramit Sethi: Both partners might still have a job, et cetera. Tim Ferriss: In each of these cases or in most prenups, is it a lump one time payment or is it like an ongoing annuity that gets paid each year —. Ramit Sethi: It can be decided however you like, but each lawyer is going to argue for their side. The person who would be receiving the payments is going to want it all upfront.

Ramit Sethi: Right. How soon, that has to be dictated, and then there are other questions about, is there a cap on how much can be paid out? Understand, though, a couple of things. When you are married, generally the money that is earned is together.

Ramit Sethi: Custody and also payments. The state will determine that. The state will decide based on lifestyle. Tim Ferriss: Because I do really dislike, and this is something that I talk about it usually in the first few dates. I think for me the answer is probably all of the above.

This might be an invisible script from my childhood that I always saw myself as married. Together as a team, we are amazing. I love laughing with her. I love how she challenges me and I want to deepen that relationship. The financial part of it for me was a part that I wanted to address, but I also felt confident knowing that we could solve it, that we could come to an agreement.

Ramit Sethi: I approached it like very much like can do. If you get married —. Tim Ferriss: You can enter into a very nebulous contract, or you can enter into very clear contract. Ramit Sethi: I always say for every major purchase in your life, every major purchase and every major decision, spend the time. Most of us should spend less time on most decisions and we should spend a lot more time on a few key decisions.

I want to take this seriously, so did my wife, so we did. We spent months, right? It became stressful and at some points like pretty heated. I was like… I mean there are so many things that happened during this time. One, we would just stop talking about it for weeks at a time because it was just too stressful.

We had never had these kinds of conversations before about money. That was my perspective. I came out, I did this, I made this offer. Spreadsheet Guy. We should go see a therapist. I totally agreed with her. You might wonder, where do you go to find a therapist?

For us the answer was Yelp. This therapist was very good. She asked us about how we grew up with money, what it meant, and it turns out it meant totally different things to us. I was seeing that, and what my wife was seeing was something different. Money meant something different to her. This therapist helped us kind of bring that up and we find ourselves… we went one, two, three sessions.

That was pretty helpful. We finally came to an agreement and we signed it. He invited like 20 or 25 people, right. I would say that in retrospect, I learned a couple of things. Number one, I should have talked about money with my wife way earlier, like way earlier.

I violated my own advice and that was horrible. I should have talked about it earlier. My wife wanted to feel safe. What does that mean? I should have listened, should have gone to see a therapist earlier, and we should have not let it stretch out for as long as it did.

That was really torturous for both of us. I want to share with people. Everybody involved in the process wants it to stretch out. You have to take control and manage the process, but both of you have to be aligned on that. I would have definitely talked to a therapist ahead of time with my wife.

The numbers are the last part of —. Ramit Sethi: You got to talk about the numbers, but once you get meaning aligned, the numbers work themselves out. It makes a lot of sense to think about that. Tim Ferriss: That you could have an agreement and then end up in a situation like that.

So how do you think about what landmines you might need to avoid, if there are any? They said that the people with … the lawyers with the most interesting stories are criminal lawyers, of course. The second most interesting lawyer stories are workplace attorneys. I would be willing to bet that the third is divorce attorneys, because the stories are just out of this world.

I simply wanted to account for what might happen financially. These lawyers are not stupid. What is this taste in my mouth? A couple principles came up for me. One is, go slow to go fast. And by the way, I just want to say she was excited for me to come here and talk about this. She actually encouraged me because I wrote about it in my book.

We both realized going through this that both of us were pretty alone. I do what I do. I mean this could be a 90, 10 split, 99, one split and it very often is, I mean it can very often be. Ramit Sethi: Me too. I mean I think … remember when I said that I was proud of what I had accomplished and you go through so many emotions in this process?

I think most people or some people particularly those in debt, money is like a phantom or a gremlin. They need to break the shackles of this debt. So to find myself going from nervousness in bringing this up to pride that I wanted to talk about the numbers and I was very proud of what I had accomplished and what it meant for us, and then resentment. I have gone above and beyond, and how can you not acknowledge that?

At least this is my lesson. Some people might think differently. My point in retrospect was not to win this negotiation. It was to win our marriage, meaning both of us get there together as a team and if I have to compromise a few things, which in business, I would never have made a couple of the compromises I made. So that actually really put things in perspective for me. Sometimes you learn about yourself just by observing what you, yourself, do. Yes, I did. I felt resentful and I hate feeling resentful.

Tim Ferriss: Yeah, no. File it away. What I realize now is, emotions first. What does it mean? Tim Ferriss: And how regimented … regimented is the wrong word, how much of his life is routinized.

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This Is the Most Important Financial Advice You Need to Hear Right Now - Ramit Sethi

A lot of people get discouraged when it comes to putting money toward retirement.

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