What is your rich life?
Weāre doing something a little different today, and discussing a recent TV show that was released on Netflix, How to Get Rich with Ramit Sethi.
After following Ramit Sethi for years after reading his book, I Will Teach You to Be Rich; we were excited to see his TV series, which was released on Netflix earlier in 2023. How To Get Rich is an 8-part series that follows a range of individuals and couples on their financial journey.
Kate & Owen share some of the key themes that emerged during the series, which was an engaging way to kickstart the money conversation.
Ramit regularly brings up the theme of understanding your ārich lifeā throughout the series. He describes this as āyour ideal life ā one where you look at your personal relationships, your finances, and your ordinary days and say, wow! Itās a life that is full. A life lived intentionally, proactively, and abundantly.ā
Some of the biggest themes that popped up while watching were:
- What picture would your spending history paint for someone?
- Does money keep you up at night?
- Proactively talking about money in a relationship and the challenges of opening up
- The impact your financial beliefs have on the decisions you make with your money
- How to live your own rich life outside of the spreadsheet
What picture would your spending history paint for someone?
- Your spending account shows where you spend your money, what you prioritise and even who you are
- Are you spending more than you make?
- Just because you make lots of money or work in finance doesnāt mean you automatically know how to manage your money
Does money keep you up at night?
- Does it stress you out to think about your finances?
- Do your finances feel out of control?
- Understanding your incomings and outgoings gives you a lot of control
- How can you simplify your finances to make things easier?
Money & relationships
Ramit helps couples to bring their unspoken beliefs and expectations about money to the surface. Many couples donāt talk about money proactively and wait until things blow up. We need the encouragement to ask questions instead of judging each other. Ramit discussed the real issues couples have with money, which is fascinating to see.
There are so many interesting statements the couples say at the start of the conversations Ramit has with them, like:
- When you make more money, I feel less valuable
- I donāt trust him financially
- Iām the one who works and makes money, so I should decide
- I donāt want him to feel like Iām relying on him
- I want to earn more so I can contribute more
Financial beliefs
- Donāt make decisions based on someone telling you youād be a failure if you donāt have a property
- Youāre never going to be happy about money, unless you change the way you think about it
- Nobody wants to sit around and talk about money because they think money is a negative thing
- Most of us donāt understand why we treat money the way we do, thatās where money psychology comes in. Itās about the way we grew up with money and the invisible scripts you absorbed.
- Sunk cost fallacy – solution is to look forward, not behind youĀ
Get your money working for you
- Donāt let your money sit and stagnate
- Investing should be boring and automated, turn off your computer and get on with your life
- Your rent is the maximum youāll pay, and your mortgage is the minimum
- Ramit argues you should never pay a % fee, but rather an hourly or set fee
What is your rich life?
- To change your patterns, you need to change your behaviour
- Your rich life is lived outside of the spreadsheet
- How can you disconnect your emotions from your financial decisions?
If you give it a watch, let us know what your biggest takeaways are! Plus, if there are any other money movies or TV shows you want us to watch, send us a message!
