The Art of Manliness21 Aug 2019

#536: How to Achieve a "Rich Life" With Your Finances

If you've read a lot of personal finance advice, you know that it usually concentrates on what you can't do -- what you shouldn't buy and how you shouldn't spend your money. What it doesn't often offer is a vision of what all that scrimping and saving is for.

My guest today argues that while knowing how to save money is hugely important, it's important to know how to spend it too. His name is Ramit Sethi and he's the author of the book I Will Teach You to Be Rich. It's now out as a revised second edition, ten years after of the publication of the original. We begin our discussion going over what has and hasn't changed over the past decade when it comes to personal finance. Ramit then makes the case that living what he calls a "rich life," involves not just knowing where to cut back on spending, but where to increase it in places he calls "money dials." We then get into some practical ways to better manage your money to ensure you spend less in areas you don't care about, and more in those you do, including how to manage and pay off credit card debt, the bank accounts you need and how to set them up so that your finances are automated, and why you need to start investing today. We end our discussion on the idea that the big money decisions that many people ignore are more important than the small ones that get a lot of attention.

Get the show notes at aom.is/richlife.

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