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Yahoo
3 days ago
- Business
- Yahoo
Why Some People Get Rich and Others Can't Seem To, According to Ramit Sethi
Ramit Sethi — entrepreneur, best-selling author of 'I Will Teach You to Be Rich,' host of the popular podcast by the same name, and star of Netflix's 'How to Get Rich' — has spent years studying what sets the wealthy apart from others. Read More: Find Out: In his study of success, Sethi's insights reveal why some people build lasting wealth while others struggle to get ahead. Here are the important reasons Sethi believes some people get rich and others don't. What he has learned is that some people get stuck instead of getting rich. They spin their wheels, stuck on the same problem for years. The people who get rich, on the other hand, look for solutions to the specific problem they are facing. This is not to say that those who stay stuck aren't trying. In fact, they are trying new things all the time — a new morning routine, new productivity apps, a get-rich-quick scheme, even new foods or a different diet. But these are not the things that will get you unstuck, according to Sethi. There's only one thing that will do that. Discover More: The secret, according to Sethi, is mental mastery. Or, as he calls his program, Mental Mastery. Sethi developed this program after he surveyed a large group of successful people to learn how they did it. He grilled them on how they navigated career moves, learned from bosses — good and bad — and ultimately built successful businesses. There are four components to mental mastery, and Sethi explains what they are and why you need them. Sethi found that successful people exhibit unshakeable confidence. They believe in themselves, and they truly believe they can do whatever they want. They believe they are entitled to their success. They demonstrate unwavering focus, another requirement for the mental mastery that leads to success. Sethi recommends that you maintain a laser focus on what you want and forget all distractions. Believe that nothing can stand in your way. Those who have mental mastery are unstoppable when it comes to motivation. His program teaches you how to attain the energy and excitement needed to do exactly what you want, at the time you want to do it. The final component to mental mastery is unbeatable optimism. Sethi's program teaches that any obstacle can become a benefit, and that unfortunate events are only temporary. People who struggle to realize their dreams are often focused on fixing the symptoms. They try to overcome their lack of energy by getting more sleep or changing their diet. They use productivity apps to try to get more done, so they don't feel as overwhelmed. They fight imposter syndrome by staying in roles they know they can handle. On the other hand, successful people understand that efficiency isn't the key — focusing on dominating in any situation is. They know that perfectionism can hold you back, and that self-discipline without burnout is possible. Confidence, focus, motivation, and optimism — these are the four key qualities that will determine whether or not you'll be one of those who get rich or one who doesn't. And, according to Ramit Sethi, these qualities can be mastered. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 5 Types of Cars Retirees Should Stay Away From Buying 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on Why Some People Get Rich and Others Can't Seem To, According to Ramit Sethi Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Why Some People Get Rich and Others Can't Seem To, According to Ramit Sethi
Ramit Sethi — entrepreneur, best-selling author of 'I Will Teach You to Be Rich,' host of the popular podcast by the same name, and star of Netflix's 'How to Get Rich' — has spent years studying what sets the wealthy apart from others. Read More: Find Out: In his study of success, Sethi's insights reveal why some people build lasting wealth while others struggle to get ahead. Here are the important reasons Sethi believes some people get rich and others don't. What he has learned is that some people get stuck instead of getting rich. They spin their wheels, stuck on the same problem for years. The people who get rich, on the other hand, look for solutions to the specific problem they are facing. This is not to say that those who stay stuck aren't trying. In fact, they are trying new things all the time — a new morning routine, new productivity apps, a get-rich-quick scheme, even new foods or a different diet. But these are not the things that will get you unstuck, according to Sethi. There's only one thing that will do that. Discover More: The secret, according to Sethi, is mental mastery. Or, as he calls his program, Mental Mastery. Sethi developed this program after he surveyed a large group of successful people to learn how they did it. He grilled them on how they navigated career moves, learned from bosses — good and bad — and ultimately built successful businesses. There are four components to mental mastery, and Sethi explains what they are and why you need them. Sethi found that successful people exhibit unshakeable confidence. They believe in themselves, and they truly believe they can do whatever they want. They believe they are entitled to their success. They demonstrate unwavering focus, another requirement for the mental mastery that leads to success. Sethi recommends that you maintain a laser focus on what you want and forget all distractions. Believe that nothing can stand in your way. Those who have mental mastery are unstoppable when it comes to motivation. His program teaches you how to attain the energy and excitement needed to do exactly what you want, at the time you want to do it. The final component to mental mastery is unbeatable optimism. Sethi's program teaches that any obstacle can become a benefit, and that unfortunate events are only temporary. People who struggle to realize their dreams are often focused on fixing the symptoms. They try to overcome their lack of energy by getting more sleep or changing their diet. They use productivity apps to try to get more done, so they don't feel as overwhelmed. They fight imposter syndrome by staying in roles they know they can handle. On the other hand, successful people understand that efficiency isn't the key — focusing on dominating in any situation is. They know that perfectionism can hold you back, and that self-discipline without burnout is possible. Confidence, focus, motivation, and optimism — these are the four key qualities that will determine whether or not you'll be one of those who get rich or one who doesn't. And, according to Ramit Sethi, these qualities can be mastered. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 5 Types of Cars Retirees Should Stay Away From Buying 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on Why Some People Get Rich and Others Can't Seem To, According to Ramit Sethi
Yahoo
6 days ago
- Business
- Yahoo
Ramit Sethi Reveals How To Have Better Finances Than 95% Of People In Three Months: 'You Don't Need A 6-Figure Salary'
"I Will Teach You To Be Rich" author Ramit Sethi recently shared how you can get ahead of 95% of people in three months. He claims that you don't have to haggle over small expenses or cancel everything fun in your life. He even throws in another caveat that makes it feel more accessible. "You don't need a six-figure salary," he declared in a recent video. Sethi proceeded to lay out a blueprint that anyone can use to get more control over their finances and build toward long-term goals. These are the steps you can take. Don't Miss: Maximize saving for your retirement and cut down on taxes: . Invest where it hurts — and help millions heal:. Most people claim to know their finances, but Sethi says you can unravel this myth by asking someone how much they spend every month. Knowing the exact number can help you feel better about your finances and know how you can improve. Sethi suggests reviewing the past three months of your bank account statements and credit card activity and dividing the total expenses by three. That's a good way to gauge how much you spend each month. You can then use that number as a benchmark and see if you can reduce your expenses. While you can skip coffee, Sethi points at housing as the biggest expense. Downsizing, having a roommate, or moving to a more affordable location are some of the ways to trim this expense. Trending: Then, commit to investing at least 10% of your paycheck every month. It's okay to start a little lower in the beginning, but you should build up to this number. Finally, setting automatic transfers to your 401(k), Roth IRA, brokerage account, bills, and credit card ensures that you pay yourself first instead of investing what's left after expenses. Your crossover point refers to the moment when your assets generate enough income to cover your expenses. Once you reach your crossover point, you can retire, but it's not about retirement. Reaching your crossover point gives you more options. You can travel more often, work fewer hours, or take a sabbatical. Sethi recommends using a retirement calculator to determine how many years it will take to reach your crossover point. A good retirement calculator will let you see how your crossover point will change based on adjustments you make to your monthly portfolio contribution and your expenses. This metric will give you a long-term financial goal that can solidify good financial explains that you will have a better grip on your finances than 95% of people if you follow these steps. However, you also have to enjoy the journey, and part of that involves asking questions about your new rich life. You should consider how you want to use your money and what expenses align with your values. For instance, some parents spend extra money to ensure that their children can attend private schools. Knowing what your future life can look like will help you earn more and spend less. The path to wealth is filled with many benchmarks, but Sethi suggests starting with the goal of reaching your first $100,000. He mentioned that once your net worth reaches that figure, your wealth grows much faster. Read Next:Can you guess how many retire with a $5,000,000 nest egg? . Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Ramit Sethi Reveals How To Have Better Finances Than 95% Of People In Three Months: 'You Don't Need A 6-Figure Salary' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
4 Steps To Take If You're Drowning in Debt, According to Ramit Sethi
If you're struggling with bills, credit cards or loans, you're not alone — and there is a way out. Personal finance expert Ramit Sethi, author of 'I Will Teach You To Be Rich,' offers actionable advice for anyone overwhelmed by debt. Explore More: Try This: Here's a breakdown of the four essential steps he recommends if you're drowning in debt. The first step in tackling debt is to get a clear picture of where your money is going and find areas to cut back. This doesn't mean you have to give up everything you enjoy, but identifying and reducing unnecessary expenses can free up cash to put toward your financial goals. Start by tracking your spending for a month to see what's truly essential–like rent, utilities, groceries–and what's discretionary, such as dining out, subscriptions, or impulsive purchases. Then, consciously reduce spending in those discretionary categories. Even small cuts add up over time. Instead of letting that freed-up money disappear, redirect it into a basic emergency fund. Sethi suggests starting with just $1,000. This might sound small, but it's a critical safety net that can prevent you from going deeper into debt when unexpected expenses arise. Be Aware: Many people feel intimidated by the idea of calling their lenders, but it's a crucial step that can make a real difference. Reaching out to your credit card companies, student loans or other creditors can lead to lower interest rates, temporary hardship plans or debt consolidation options. When you call, be honest about your situation and ask what programs or accommodations they offer. Lenders often prefer working with you rather than risking default. You might be surprised at how willing they are to help if you simply ask. Sethi emphasizes being aggressive and proactive here. Don't wait for your debt to spiral out of control. Take charge by negotiating better terms that make your payments more manageable and reduce the total interest you pay over time. If you don't have any emergency savings, building an emergency fund should be a top priority. With what money? Well, use the cash flow you've recovered by reducing your spending and decreasing your debt interest payments to build a mini emergency fund. This fund isn't a full six-month cushion but rather just enough to cover three months of your essential expenses like groceries, utilities and phone bills. Why is this important? Because having this safety net stops the financial bleeding and gives you breathing room to focus on paying down debt without constantly worrying about unexpected costs. Aim to build this fund within 60 days by using the extra cash flow you've created from cutting expenses and negotiating better terms. It might require discipline and sacrifice, but having this buffer will protect you from falling back into debt during emergencies. Finally, while cutting costs and managing debt are crucial, increasing your income is often the fastest way to accelerate your progress. Sethi encourages you to take a hard look at your earning potential and find the best way to earn more money. For some, this might mean negotiating a raise at your current job, and for others it may be better to explore better-paying jobs. This step won't be easy. It often requires stepping outside your comfort zone, working harder, or learning new skills. But the payoff can be huge. Even an additional $500 per month can transform your financial situation. Over the course of a year, that's $6,000 that can be directed entirely toward savings or debt repayment. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on 4 Steps To Take If You're Drowning in Debt, According to Ramit Sethi Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
Ramit Sethi Explains How Automatic Investing Can Grow Your Wealth: 'If You Don't See It, You Won't Miss It'
Ramit Sethi has helped millions of people improve their finances with his book, "I Will Teach You To Be Rich." Many of the strategies he shared in his book still hold value, including automatic investing. Sethi recently shared an X post that came in response to a question in an online forum. The question revolves around a piece of advice that sounded stupid at first but turned out to be life-changing. He used the opportunity to tout the benefits of automatically investing 10% of your income. "If you don't see it, you won't miss it," Sethi explained. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Hasbro, MGM, and Skechers trust this AI marketing firm — If it's not broken, you don't have to fix it. Sethi has used this approach for various personal finance strategies, including automatic investing. Here's how it can help you. Making automatic investments will force you to live below your means. If 10% of your paycheck disappears from your bank account before you have the chance to spend it, you won't think about it. Keeping the money out of sight also allows your portfolio to compound over time. Some investors do not check their portfolios for several weeks, making them less prone to stressing out about volatility in the stock market. Living below your means is also a great way to keep spending in control and stay out of bad debt. Automatic investing can also leave you with a sizable nest egg by the time you are ready to retire. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Using automatic investing to build wealth can give you more financial flexibility in the future. Sethi recommends investing 10% of your paycheck, but you should strive to raise this percentage by at least one point every year. For instance, if you contribute 10% of your paycheck this year, you should aim to invest at least 11% of your paycheck next year. These gradual increments won't have substantial ramifications on your ability to cover expenses. You may end up reviewing your budget and removing unnecessary items to make this small accommodation. However, you don't even have to stop at 11%. If you have the flexibility to go from contributing 10% of your paycheck to 15% of your paycheck in one year, then go for it. An annual 1% bump is the minimum, but feel free to invest as much as you can buy individual stocks, but an ETF is a lot simpler. Investors can choose from ETFs that mirror popular benchmarks like the S&P 500 and Nasdaq Composite. While you can outperform indices by selecting good stocks, it's riskier to construct a portfolio of individual stocks. Buying an ETF instead of individual stocks can also save you a lot of time. You won't feel the need to look at your portfolio and various stocks every day. Instead, you can focus on growing your income while knowing that a percentage of every paycheck is going into ETFs. Investors do not have to outperform the stock market to achieve their long-term goals. Achieving market returns may be good enough if you practice effective money habits. Read Next: Invest where it hurts — and help millions heal:. Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Ramit Sethi Explains How Automatic Investing Can Grow Your Wealth: 'If You Don't See It, You Won't Miss It' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
