I Will Teach You to Be Rich: The Journal: No Complicated Math. No More Procrastinating. Design Your Rich Life Today.

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I have done more than I ever expected from charitable events, to travel, to living in or visiting most areas in the US, even Canada. We’re great at knowing what not to spend on, as you mentioned in our interview last time, but we’re not good at knowing what to spend on. How come we don’t just take the thing we’re interested in and say, I’m gonna go find somebody who’s pretty good at this, can you come to my house and help me understand this for two hours?

Journal | Ramit Sethi I Will Teach You to Be Rich: The Journal | Ramit Sethi

Spending is going to be a big focus on the Mad Fientist this year and I can’t think of a better way to kick off this discussion than by getting yelled at by Ramit so hope you enjoy it! And so, I remember for example, we took a backpacking trip with two of my college buddies one summer, and we stayed at the cheapest places. If you can’t increase your salary at your current job, why not pursue a new job at a salary that matches your experience? And I’m, and that’s why I’m so excited to have you on, and you’re the only person that I could think of to get on for this sort of topic. I am the person you describe having enough when growing up but never forgetting the sacrifice of my parents.So yeah, the journal definitely there’s a lot I want to touch on in there, but before we do the podcast, episode 40 was really helpful in the sense that, like you said, we can spend on our kids or spend on our dog or spend on somebody else. And this has shown me that there’s a whole other level that it’s just like brings you so much joy that doesn’t even relate to the actual functionality of the thing, just the actual beauty of it and the design. My defining moment was watching my father go to work when he was too sick to stand to support the family.

Ramit Sethi - How to Spend (and Actually Enjoy It) - Mad Fientist Ramit Sethi - How to Spend (and Actually Enjoy It) - Mad Fientist

I am going through a similar shift in mindset as well recently, just in a more compressed timeframe than the madfientist. So for you I think that it is fascinating that most of us have lost the ability to dream about money.From what time you want to wake up and what’s on your calendar on an ideal work day - and then reimagining that same scenario but if you’re 10x more successful than you hoped. Also, how we can stay at FI and not be forced back into the rat race and into a job you dislike, is by watching what you spend.

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But there’s one particular topic that we touched on back in our first interview that I really want to dive into today because I think it’s a huge problem in the FIRE community and it’s a problem that I know I have, and it is the fact that FIRE people aren’t very good at knowing what to spend on. I use that word excited intentionally because when you asked the average person what words come to mind when you think of money, they go stress, overwhelm, guilt, am I too late or restriction. However, it will take a good deal of time to change because ever since I was young, my parents were always looking for sales and deals, even when they made enough to where that wasn’t needed. Maybe there’s something I could do where I could actually like go and learn the espresso stuff and the barista stuff that I don’t do. When you see it being made in front of you and you understand where the ingredients came from and how it was sourced.If I were gonna encourage that, what I would do is I would look at your finances with you and I would say, okay, let’s pick a number that you have to spend every single month on this hobby of yours, coffee. One thing is spending more when you have 10 million and another one is when you can barely stay at 25x your annual expenses and always worried if you’ll have enough to live on.