Ramit Sethi’s Most ‘Brutally Honest’ Money Advice That Can Impact Your Wallet

Ramit Sethi’s Most ‘Brutally Honest’ Money Advice That Can Impact Your Wallet

Peter Burns  Wed, Aug 14, 2024,  GOBankingRates

When it comes to the topic of money management, suggestions can get complicated quickly. Sometimes, the best financial advice is blunt and straightforward, even if it is a bit uncomfortable to hear.

In a recent video, Ramit Sethi, personal finance expert and New York Times bestselling author of “I Will Teach You To Be Rich,” got frank and gave direct lessons that can help you improve your finances.

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You’re Not Unique

It’s true that no two people are the same. However, when it comes to personal finance, people have a lot in common. By following basic guidelines, most people can improve their financial situation regardless of how much they make and how much debt they have.

It’s Not About Your Morning Routine

Social media has brought an onslaught of creators explaining exactly what you must do in the morning to make yourself rich. While getting the most out of your morning is important, what you do won’t amount to more savings. The most important thing is to be intentional with your time and figure out what works best for you.

Don’t Blame Inflation

Inflation has become a common scapegoat for individuals with poor financial habits. Rather than blaming inflation, take accountability for your actions. Start keeping a budget and tracking your spending to make a real difference. Then, invest the money you save from cutting your expenses to counter inflation.

Don’t Try To Time the Market

People new to investing will try to execute the age-old adage: buy low, sell high. The advice is correct if you’re trying to profit, but predicting when low and high occur can amount to substantial losses. Sethi said you should ride out market fluctuations by keeping your money in the market long term. Instead of waiting for the market to dip down so you can buy shares, you should invest a bit of your income each month.

Focus on the Right Things

People often focus on the wrong things when they try to get their finances in order. These include things like getting the right finance app, buying the cheaper drink at a restaurant and deciding which budgeting category to put expenses in. While these decisions can help, prioritizing the bigger picture is more important. Focus on being consistent and following the right financial rules to succeed.

You Probably Can’t Afford It

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