@Netflix’s How To Get Rich | Money For Couples Podcast | NYT Bestselling Author

Los Angeles / NYC
Joined April 2008
Earnable Live closes tonight at 11:59pm Pacific. If you’ve been telling yourself you’ll start a business “after the holidays,” this is your first step instead. Link below.
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5 weeks, from “no idea” to your first sale, with a new cohort starting November 4: iwt.com/earnablenow
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Coming up in a future video! - Hiring a house manager, nanny, chef - How much it costs - Lifestyle of wealthy DINKs vs billionaire What else do you want to me to cover on how people spend their money?
Replying to @ramit
This was great - Since you asked for other topics, I’d love to hear about how people spend on overall household management
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Why would someone spend $400,000 on a vacation? I interviewed a luxury travel advisor who took us behind the scenes of high-end hotels: - Your advisor sends a note to the chef before you land. Allergies, dislikes, "we want Thai food." They’ll make anything for you, even off menu - No check-in desk. Slow welcome, “magical moment” upon arrival, bags are invisibly taken to your room and waiting when you get there - He wanted to feed the kids at 5 in his room, the butler cleaned up, then adults are at 7 - They know your drink order and it always appears anywhere you go across the property - Staff can pack / unpack your bags (almost nobody uses this) These are typical at luxury hotels — so what makes a trip ultra luxury? And who would pay for this? Find out in my new video below
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I don't track every expense. It's a waste of time. I focus on 4 key numbers: - Fixed costs (50-60% of take-home pay) - Savings (5-10%, higher is better) - Investments (5-10%, higher is better -- this is where the real wealth is created) - Guilt-free spending (20-35%) The only expenses I track are LARGE + VARIABLE expenses. For most people, these are eating out, travel, and kids' expenses This is how you can radically simplify your finances and spend less than 1 hour/month taking control of your money If you want a template to do this...
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Two customers. Same product. One spends $50. The other happily spends $500. I’m answering why on a live call this Monday.
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“I’ll deal with my debt when I make more money.” It’s one of the invisible scripts that keeps people in debt for years. Tonight at 8pm ET / 5pm PT, I’m going live to show you how to break it, and how to get out of debt without giving up everything you love. (link below)
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Surprising finding: When people talk about money early on while dating, it almost never changes the trajectory of the relationship - [Just discovered the guy you're dating has $43,000 of CC debt]: "We'll figure it out" - [She has $325,000 of student loans]: "We'll figure it out" - [They haven't ever made more than $37,500/year]: "We'll figure it out" Here's why I think this happens: 1. Most of us don't understand money ourselves so we never develop a strong POV on it. Compare this to the list of physical traits that almost everyone in America develops 2. Money is so abstract that we don't connect the dots to how our partner's finances will affect our lifestyle. For example, if our partner has to pay $2,250/month in CC debt payments, how will that affect both of us? Almost nobody asks questions like this 3. Money, like flossing, is one of those things we defer until "some day" Let me know what you think. I see this pattern often on my podcast
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Spend extravagantly on the things you love, as long as you cut costs mercilessly on the things you don't
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2 kinds of people in personal finance: #1: I don't need much. I prefer to live a simple life & spend less than I earn: - “I just don’t want much. Is that weird?” - “I’ve found the less I want the more content I am.” - “I’m pretty content with what I have. I’m not someone that has a ton of drive and needs, is constantly reaching for the next big thing.” - “I have what I need. And not aiming for the big-spending high life because I didn’t grow up with much and don’t need much more than I have.” #2: I want to experience X, Y, and Z. I'm willing to work really hard to make a lot of money and get the things I want: - “I’m front loading my suffering in order to enjoy the fruits later on.” - “One of my goals is to fly delta one with no guilt.” - “Being able to fly first class across the globe, and also being able to pay for our parents to fly first class with us.” I've always been #2. Which one are you?
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Here's the scenario from today's Money For Couples episode: - 45 years old, married for 20 years, 3 kids - Income: $178K - Savings: $571 (would last them 2 days) - Car: $1K/month ($76K Nissan Pathfinder) - Eating out: $9,275 this year - 8 pets: $300 - Fixed costs: 87% They've looked into bankruptcy. What would you do?
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What's your Rich Life? Here are a few examples of mine: Live in a walkable neighborhood with no car Eat mostly the same thing, mostly at home, every day. When I eat out, price doesn't matter Took my nephews on a college tour at Stanford Rent instead of owning Iron my own clothes Fruit & almond butter from the farmer's market Simple dates with my wife: coffee walk, Central Park, out w/friends. But also, a 3-month sabbatical to Barcelona, Paris, Marrakech, and Tokyo together with private tours and beautiful hotels Weekly haircut Unlimited spending on health
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If you doubled your income today, would your money problems disappear?
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One thing you can’t stop thinking about. One thing you avoid thinking about. We’re covering both this week, live and free. (see more info below)
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Understanding your anxiety isn’t the same as stopping it. Sometimes the next step isn’t more analysis. → try a 90-second drawing exercise live (no artistic skill required) → learn why drawing works differently from going for a walk → leave with one thing to try the next time your brain won’t let something go 🔗 Register for Wednesday: iwt.com/lorwennagle
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Yes, you can get out of debt and keep spending on the things you love. Start tonight: write down every debt you have, with the balance and interest rate. Then on Thursday, I’ll help you: → decide which debt to attack first → build a plan that pays it down automatically → identify the invisible scripts keeping you in debt 🔗 Register for Thursday: iwt.com/debtfreelive
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