cover of episode Ramit Sethi: Never Split The Bill, It's A Red Flag & Renting Isn't Wasting Money!

Ramit Sethi: Never Split The Bill, It's A Red Flag & Renting Isn't Wasting Money!

2024/10/14
logo of podcast The Diary Of A CEO with Steven Bartlett

The Diary Of A CEO with Steven Bartlett

Chapters

Ramit Sethi emphasizes the importance of open communication about finances in relationships. He discusses the four money types: avoiders, optimizers, worriers, and dreamers, highlighting the challenges each type poses in a relationship. Ramit also offers practical advice on initiating conversations about money, addressing financial red flags, and creating a shared financial vision.
  • 50% of couples don't know their household income.
  • 90% of couples in debt don't know how much they owe.
  • 100% of those with credit card debt have trouble saying no to their children.
  • The biggest financial problem for couples is the lack of a shared vision.
  • Generosity is more important than splitting the bill on a first date.
  • It's crucial to talk about money early and regularly in a relationship.
  • Cheapness and financial avoidance are major red flags.
  • Prenups are advisable when substantial premarital assets are involved.
  • It's essential to manage lawyers during the prenup process and focus on the long-term relationship.

Shownotes Transcript

Master your money, revolutionise your relationships, and live a rich life with personal finance expert Ramit Sethi. 

 Ramit Sethi is the host of the Netflix series ‘How to Get Rich’ and author of the best-selling book, ‘I Will Teach You to Be Rich’. He is also founder of the podcast, ‘Money For Couples’. 

In this conversation, Ramit and Steven discuss topics such as, how to create your vision for a rich life, why you should rent rather than buy a house, the best money talks to have with your partner, and the top 3 money red flags in a relationship. 

00:00 Intro

01:35 Why People Should Care About This Conversation

02:25 What Has Ramit Learned About Money And Relationships

04:10 Differences Between Men And Women's Spending Habits

05:40 What Are The Sources Of Arguments In Relationships

07:14 Women Earning More Causes Problems

11:47 You Don't Need To Buy A House To Be Successful

14:18 Should Men Remain Single?

15:39 Who Should Pay For The First Date?

18:09 Should Men Be Chivalrous?

19:45 What Are Financial Red Flags?

20:51 The Money Types – Avoider

22:17 The Optimizer

24:31 The Worrier

26:14 The Dreamer

27:29 Which Money Type Lives A Happier Life?

29:14 Do You Know How Much Your Partner Makes?

31:32 Should You Keep A Bad Financial Situation A Secret?

36:00 Are Prenups A Good Thing?

42:44 Do We Need A "Money Guy"?

43:59 Red Flag: They're Cheap

45:24 Robert Kiyosaki's Advice Is Rubbish

46:36 What Makes A Worrier?

48:14 What Is A Rich Life Vision?

52:32 Merging Finances As A Couple

58:15 Should You Sweat The Small Stuff?

01:00:13 Is Buying A House Financially Savvy?

01:03:59 Why Is It Hard To Buy A House In 2024?

01:07:13 A Better Use Of Money Than Buying A House

01:14:04 Alternatives To House Buying For Investments

01:16:16 Uncovering Finances And The Shock It Can Have

01:22:19 Should You Make A Budget?

01:24:01 How Do We Teach Our Kids About Money?

01:27:16 Should We Let Our Kids Enjoy Our Wealth?

01:28:23 How To Raise Kids Without Spoiling Them

01:29:34 How To Educate Your Kids If They Want To Be Wealthy

01:31:54 The Principles Of Wealth Creation

01:33:57 How Much Money Do You Need To Start Investing?

01:35:27 Gambling In Relationships

01:36:46 Money Issues Destroying Marriages

01:38:09 Steven's Parents' Money Mystery

01:39:23 If You Have Enough, Why Continue?

01:40:01 What Ramit Would Do With A Surprise $100M

01:41:55 What People Love To Spend Their Money On

01:47:01 The Guest's Last Question

Follow Ramit: 

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Twitter - https://g2ul0.app.link/A0YgzpVVBNb) 

Website - https://g2ul0.app.link/UyeTgBYVBNb) 

You can pre-order Ramit’s book, ‘Money For Couples’, here: https://g2ul0.app.link/L532luaWBNb) 

Watch the episodes on Youtube - https://g2ul0.app.link/DOACEpisodes) 

My new book! 'The 33 Laws Of Business & Life' is out now - https://g2ul0.app.link/DOACBook) 

You can purchase the The Diary Of A CEO Conversation Cards: Second Edition, here: https://g2ul0.app.link/f31dsUttKKb) 

Follow me:

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