8 ways on Netflix to get rich

Maybe I’m getting there, but I doubt anyone on the planet would turn down an opportunity to make more money. After all, we all get jobs and build up our savings and investments just so we can enjoy a little of the finer things in life. So it’s no surprise that as I scrolled through Netflix one night the aptly named movie How to get rich– certified letter New York Times Bestselling author and self-proclaimed financial advisor Ramit Sethi—piqued my interest.

How to Get Rich is based on Sethi’s 2009 book I will teach you to be rich, which teaches readers how to create a wealthy life by optimizing their credit cards, beating the bank, investing effectively, spending wisely, and more. In the docuseries, we see these principles at work as Sethi meets people across the US who each have different financial situations, challenges, and opportunities to teach them how to -how to control their money and get them the richest life.

And yet, I would not have questioned whether this was too good to be true. After all, can just watching Netflix movies make me more money-savvy? And if so, how? Read on to learn my incredible ideas on how to get rich and how to make money through a self-help financial system.

My opinion is that How to get rich

The show lures you in with the promise of getting rich without sacrifice, but beneath the flashy camera angles and catchy blurbs is serious financial advice. It’s better, and it’s easier. Sethi takes the fear out of fundraising by asking thought-provoking questions like “what is your rich lifestyle?” and to start an honest conversation with his viewers and the people he works with. I love how all 8 episodes are how Sethi is able to break down difficult and emotional topics like financial psychology, debt, building money and retirement in a way that I find both factual and informative for people. startups and startups.

The main thing I learned from watching How to get rich

1. Adopt a good budget

I don’t know about you, but I don’t like being told where I can and can’t spend my money—which is where the beauty of budgeting comes in. “Good budget planning is forward-looking, backward-looking budgeting,” Sethi explained simply. By investing wisely, you give yourself the power to overspend on the things you love and ruthlessly cut costs on the things you don’t; This helps you save more and better allocate your money to suit your life and needs.

2. A rich life looks different to everyone

This is one of my favorite ways to get rich. Sethi repeatedly reminds us that the rich life is different for everyone, and the rich life can go beyond financial gain. One person’s idea of ​​a rich life may be having the freedom to drop off and pick up their children from school every day, while another person’s idea may be a wonderful vacation and dinner. It’s a personal thing! All that matters is that you understand what the rich life is like for you. Once you know that, you will be able to spend more carefully and turn your dreams into reality.

3. Having a financial plan is everything

One thing I learned about myself after watching How to Get Rich is that I have money sitting in the bank but I don’t know exactly what I’m saving for it. Is it my wedding? A new house? Am I looking for a designer bag, if so, which one? Sethi insists that without a plan, your budget will be filled with daily expenses. Now, I’m taking the time to understand what my rich life looks like so I can create a plan on how to get there.

4. Be active with your money

In one episode Sethi says: “You can’t stick your head in the sand and become a millionaire.” When that comment made me LOL, I love the feeling behind it. Knowing where your money comes and goes and the total amount of your expenses is the first step to building your wealthy life. Similarly, Sethi suggests calling your lender for any delinquent payments and asking for them to be waived, if one of your recent credit cards has damaged or broken, he suggests calling the credit card company and asking for a refund.

5. Don’t ignore debt

What else did Sethi say you shouldn’t do? Ignore debt. Ignoring debt is like carrying a heavy bag and pretending it’s not there, but the longer you ignore it, the higher your interest will be and the longer it will take to pay off. If you don’t want to be paying off credit card or student loan debt 20 or 30 years from now, Sethi suggests adding just $100 to your monthly payment or calling someone at – lend you money and ask them to return the money or bring the debt. .

6. Your income doesn’t predict your finances

One thing that really surprised me was that some of the richest people in the show had the worst money habits. These people are making more than six figures and still struggle with mortgage payments, collecting credit card debt, and more. Sethi explained that one of the biggest money myths is that making more money automatically means you know how to manage your money. Bad financial habits stay with you, no matter how much money you make; you could be making $250K and still feel like you don’t have enough money. This is why breaking bad financial habits and following your unique financial plan is so important.

7. You are not a failure if you are homeless

Sethi’s self-proclaimed “more controversial” financial theory is that borrowing can make you richer than owning a home. Although we’re taught that renting is bad and owning a home is the way to go, Sethi says that’s not always the case. With a mortgage, you pay a flat fee, but you’re responsible for the mortgage, maintenance fees, potential HOA fees, and more when you own the home. So, instead of succumbing to the illusion that you’re broke if you don’t own a home, Sethi suggests running the numbers to ensure you’re making a good, healthy investment.

Ramit Sethi questions to ask yourself if you want to buy a house:

  • Does total housing cost less than 28% of my gross income?
  • Have I saved 20% for the deposit?
  • Do I plan to live there for at least 10 years?

8. The #1 investment you can make is in yourself

At the end of the day, the best investment you can make is in yourself. Whether it’s going back to school or making a career change, investing for retirement, becoming debt-free, and more, invest your money in the right things. ‘The deep principles in your life are rich. Of course, there is no secret to success, and everyone’s journey is different, but if you can put yourself through creating better financial habits, spending money wisely, and being aggressive with your money, you will be living your rich life in no time. .

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