There is a reason why Ramit Sethi was given an entire Netflix show for himself. His advices on how to get rich are the bet.
Ramit Sethi has recently risen to fame as one of the best financial experts online, even producing his own Netflix show: “How To Get Rich”. Indeed, if there is one person who can answer that question it’s Ramit Sethi. He built a net worth of over 25 million dollars starting from nothing.
Here are four incredible pieces of advice from Ramit Sethi on how to get rich.
Develop systems, not goals
What do you build first? The basement or the roof? Every builder knows he will eventually build a roof, and indeed one might say it’s his final goal. But no builder would ever dream of starting from the roof, all the house’s structure is needed first.
According to Ramit Sethi, the same applies to whoever wants to become rich. Goals are fine, but a system and a structure are needed first. It’s not even about motivation or skills, it’s about having a system and sticking with it.
Start small, grow big
Likewise, having as a goal to create a 10-million dollar business is fine, that’s how all the great things begin. However, sometimes the goal might be SO big that seems completely out of reach. For this reason, the dreamer might lose motivation and eventually give up.
Instead of thinking only of the 10-million-dollar business, start by thinking at the 1000-dollar one. Everyone has to start from somewhere, and the first 100 dollars need the same focus as the first million.
Understand the psychology of money
If anything, Ramit Sethi is not like all the other finance gurus on the internet. For instance, he understands that cutting down on useless expenses might be useful, but eventually, that’s not what really makes the cut.
Instead of focusing on spending less, people should try to earn more. Having a savings plan, trying to start investing early, understanding your value at the workplace, and demanding a fair salary…
If you love something, it’s worth spending money on. The question is, according to Sethi, how much can you spend?
Invest in target-date funds
Finally, Ramit Sethi says that “boring investments” are, in the long run, the best. A target-date fund is an investment plan created by having one final date for retirement in mind and investing accordingly.
Investing in retirement funds has been proven time and time again to be worth it. That’s how multi-billionaire Warren Buffett made his fortune… and he is 92 years old! Just be patient, Sethi says, and you will be rewarded.
