Money Rehab with Nicole Lapin - The MVP of Retirement Investments with Ramit Sethi

Episode Date: January 13, 2024

Originally aired 02.10.23 There are many funds in the financial world. We’ve talked about index funds, mutual funds, hedge funds, exchange-traded funds… and believe it or not, there’s more. Today, Nicole sits down with financial expert and author Ramit Sethi to talk about a new addition to the fund family: target date funds. For more Ramit, check out: https://www.iwillteachyoutoberich.com/ Want the kiddos in your life to become money masters? Check out Greenlight, the best money app and debit card for families (and get one month free!): http://greenlight.com/moneyrehab Investors: want to get a 1% bonus on your investments? Check out our sweet deal with Robinhood at http://robinhood.com/mnn  Is mental health a resolution for 2024? Get 10% off your first month of therapy with BetterHelp at: http://betterhelp.com/moneyrehab  Want one-on-one money coaching from Nicole? Book a meeting with her here: intro.co/moneynewsnetwork 

One of the most stressful periods of my life was when I was in credit card debt. I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with features like no maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener, you know about my infamous $35 overdraft fee that

I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then, that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN. Chime. Feels like progress. Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A. Members FDIC. SpotMe eligibility requirements and overdraft limits apply. Boosts are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to Chime.com slash disclosures for details.

I love hosting on Airbnb. It's a great way to bring in some extra cash, but I totally get it that it might sound overwhelming to start or even too complicated if, say, you want to put your summer home in Maine on Airbnb, but you live full time in San Francisco and you can't go to Maine every time you need to change sheets for your guests or something like that. If thoughts like these have been holding you back, I have great news for you. Airbnb has launched a co-host network, which is a network of high quality local co-hosts with Airbnb experience that can take care of your home and your guests. Co-hosts can do what you don't have time for, like managing your

reservations, messaging your guests, giving support at the property, or even create your listing for you. I always want to line up a reservation for my house when I'm traveling for work, but sometimes I just don't get around to it because getting ready to travel always feels like a scramble, so I don't end up making time to make my house look guest-friendly. I guess that's the best way to put it. But I'm matching with a co-host so I can still make that extra cash while also making it easy on myself. Find a co-host at Airbnb.com slash host. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. There are so many funds in the financial world. We've talked about index funds, mutual funds,

hedge funds, exchange traded funds, and believe it or not, there's more., we're going to be talking about target date funds. And so I'm bringing on a big fan of the target date fund, financial expert and author Ramit Sethi. Let's have some funds. Sorry, had to. Ramit Sethi, welcome to Money Rehab. Thanks for having me. So you and I have been in this space for it feels like a bazillion years. I feel like it's only recently become sexier. Maybe we've made it to the promised land.

Money is cool. Let's talk about it. Let's talk about it. You've said that target date funds are your go to recommendation for new investors. You said this is the advice you're going to tell your family. And so you give the same advice to your audience. For anyone who doesn't know what a target date fund is, can you explain it and how it works? Yeah, I think a lot of us are confused. We hear people saying you should invest, you should invest. But what actually are you supposed to invest in? And oftentimes we hear words like 401k, Roth IRA.

We're like, all right, I don't really understand the relationship between that and stocks. Roth IRA. We're like, all right, I don't really understand the relationship between that and stocks. And we also think that if we are investors, that means we need to sit in our dark, reclusive room with 10 screens and all these PE ratios flying across the screen. That's actually not how investing works. That's what they do on TV. It's not cool. And it actually makes you less money. So the real way that individual investors work is they set up a plan, they make it automatic, and then they spend less than one hour per month on all of their money. That is exactly what I teach in my I Will Teach You To Be Rich system. So for me, I have investments that have

been going on for a long time. I look at them every once in a while. I don't change anything. Maybe once a year, I might make a minor change. But investments should not be entertainment. If you want love, get a dog. Go on Tinder. Yeah. You have a lot of options. Okay. But your investments are boring. They should be like watching paint dry because the real benefit of investing is you get to live your rich life. And that means traveling, eating out, working out, whatever your rich life is. It's not about how exciting and cool picking your stocks are. So that's the basic context I want to set for investing. Totally. I have often said, I don't want gamification. I don't want fun, sexy, cool.

I just want it to be like super vanilla boring. Yes. If you want fun, sexy, cool, go like read a tabloid, go to Tinder, go to Bumble, whatever. Yes. I love it. So yes, totally aligned. Let me give you a few examples of how this actually plays out in real life. And then we'll talk about target date funds. You actually don't need financial apps on your phone. Why do you need them? I talk to couples all the time on my podcast and they're like, oh yeah, I log in every day. I go, why? Well, I like to be in control. I go, you don't need that kind of control. We're raised in America to think that we need control over everything. But with investments, ironically, the more time you spend on them, the worse results you're going to get.

Think about that. It's very counterintuitive. And the more anxiety you get. Yeah. And what happens is people start to shrink and minimize their lives. They go, ooh, I'm going to log into my Wells Fargo account. First of all, why are you on Wells Fargo? It's such a shitty predatory bank.

True. But second, they go, ooh, I'm logging in to check and make sure my account's cleared. I go, you know a robot can do that, right? You don't need to be spending your time on that. You and potentially your partner should really be talking about elevating yourself to a higher level. What is our rich life? What is our asset allocation? What's our debt payoff date? That's the kind of stuff that makes sense to spend time on. Yeah, for sure. Refreshing and refreshing is not going to change anything. Set it and forget it. Exactly. All right. So target date funds. Let's talk about this. This is what I recommend for my family members when they ask me, what should I do? A target date fund is my favorite investment because it is one fund and that's all you need to do is choose that one fund.

Let me explain. The way that you choose a target date fund is you simply pick the year that you expect to retire. For most people, that's when you're 65. If you don't know when you're going to retire, just pick 65. You can always change it. It doesn't matter. You pick the fund year that you're going to be 65 in.

So it'd be like a Vanguard 2050 fund or 2055. It could be a Fidelity fund or a Schwab fund. Those are all great companies. You pick the fund with the corresponding year that you're going to be 65 or so. And let me tell you what happens to this fund because I love it. It's automatically diversified. We all hear about diversification. We're not quite sure how to do it. This is automatically diversified. It includes stocks and bonds. It includes international and domestic, large cap, small cap, all of it. And my absolute favorite part of this is that as you get older,

it automatically gets more conservative. Now, why would you want that? Because if you all remember in 2008 or even 2020, when the market goes dramatically down, you do not want to have granny losing 50% of her income because her stocks went down. And the reason that your stocks go way up or way down is that it's something called asset allocation. It's like how the pie chart is allocated. So I love a target date fund because it's one fund and you can put this fund in your Roth IRA, in your 401k, and all you have to do is set money up to automatically go into it. And that is it. If you just make that one decision in life and you set up one transfer, That one decision in life and you set up one transfer, you will have hundreds of thousands of dollars, if not over a million dollars right there. You just need time in your target date fund.

Yeah. Time in the market versus timing the market is something a lot of finance nerds also say. And if you're looking at a normal asset allocation, like one rule of thumb is to put your age in bonds. Yeah. Right. So this does it for you. Each year you get older, it kind of moves around the percentages for you. Yeah. I think some confusion comes in when people think they're putting in the date, they're going to get an expected amount. It's not the amount that's guaranteed. Can we really drill that in? Yeah. So first of all, one of the most common phrases people have is, I don't invest because it

feels like gambling. And another phrase they use is, I don't want to lose money. And what I want to point out to them is you're actually losing money every single day of your life by not investing. It's kind of like being in a rowboat and you're worried about hitting this huge tanker out there. But actually, you've got 50 little holes in your rowboat and you are sinking. So you're worried about the possibility of sinking. You are sinking right now. If you are not putting money in

investments, you are losing money due to inflation. And when I show people the math, I'm like, look, you have $3,000 sitting in your checking account, or you could be investing 10% of your gross income every year. Let me show you how much that adds up to using a simple compound interest calculator. Their mind is absolutely blown. Yeah. It's this very cool thing that is often used against people in the financial system with credit cards, right? It gets out of control, but you can actually take control and use that in your favor. And so when you sit down and look at a nerdy compound calculator, you can understand the power of investing. And by the way, I guess we should just put note and say inflation has been a hot topic

and has been a thing recently. But inflation is always somewhat of a thing. Typically, it's growing at 3%. Now we're much higher than that. But you're always going to be losing money if you just put it in a savings account. Exactly. So this is just a simple way to make returns. I use a very similar strategy. I tell my family members the exact same thing. And it's just the easy way to build long-term low-cost investments. Yeah. Let's double click on how to get them though. You said you can get them in your

retirement accounts. Can we just do the blocking and tackling? Because I think that's also where people get tripped up like, cool, Ramit, Nicole, I'll get an index fund or I'll get a target date fund or whatever, but actually what am I doing? Okay. Yeah. So I have something in my book called The Ladder of Investing and it shows which rung you should put your money into first. So for example, if you have a 401k match at work, meaning for example, if you put a dollar into your 401k, your company will match it with 50 cents. That's the first place to start. That's free money. After that, there are other options like a Roth IRA, et cetera. These are each different accounts, okay? But within those accounts,

you've got to pick an investment and put money in it. Now, a lot of people make this mistake and it's not actually talked about enough. I have readers, they open up a Roth IRA, great job, that has amazing tax advantages, especially if you're young. And they go, I did it, Ramit. I opened up a Roth. I go, cool. What'd you do with your investment inside of it? And they look at me

blankly. I have readers who have lost over $25,000 because they just had money sitting in their Roth IRA in cash. They did not go the last step, which is investing it in a fund. All right. That's what you got to do. So target date fund, the way blocking and tackling you would get it is you can go whatever brokerage you have. If you have a 401k at work, you log in. If you have a Roth IRA, which is on your own, it's not through your employer. You log into your Vanguard account or your Schwab account or your Fidelity account. And you log on over there and you look at their list of target date funds. Sometimes they're called life cycle funds look at their list of target date funds. Sometimes they're called lifecycle funds. They're usually called target date or target funds.

For me, I like Vanguard. I like Schwab. I like Fidelity. I like them all. You could just Google Vanguard target date funds. You can go there, you find the proper fund based on what year you're going to be 65 and you can buy that fund. So you find the ticker, like when you're Googling Vanguard target date fund, you're going to find a ticker symbol there. Yeah. So let's do one right now. So I just went onto Google and I searched Vanguard 2050. Okay. Let's say you're going to be 65 in 2050. The fund name is v like victor f like fox i f like fox x like xylophone v f i f x okay i'm not saying go buy that but this is how i would do it if i were getting a target date fund which by the way i own i own a target date fund and that's it that is how you secure a target date fund and then

you want to set money up to automatically get invested in every single month, which you can do through the website. So you would find the specific ticker, go on and do this allocation in your retirement account and or your individual brokerage account. Would you say that if you have a certain amount of money already that you've graduated from target date funds? Thank you for saying that. People often think that, ooh, let me just do the basic stuff, but what's the advanced stuff for me? That's where all the rich people do. I'm rich. I'm going to tell you, there is no secret investing strategy that rich people use that gets you better returns, okay. I can tell you because I know about angel investing, PE, hedge funds, VC, all of it. All the acronyms, every single one.

Yeah. Sorry. I should have been clear. Hedge funds, venture capital, private equity, all this fancy stuff that people go, rich people, that's how they make secret returns. I go, do you guys actually know that if you look at the research, the vast, vast majority of all of those fail to beat a simple target date fund or index fund? Yeah, it's so hard to beat the market. People's minds are blown. And I posted this on Twitter. I did this long thread about how people really believe that rich people have these secret investments that make like 25% returns.

And actually, they don't, guys. And you know the reaction of people, they were pissed. They were so pissed off because if you believe that wealthy people have some secret investment, then at least you can say, well, I'm not wealthy because I don't have access to that. And a lot of them, they go, Oh, Ramit, have you ever heard of accredited investing? I go, dude, an accredited investor is like eating at Chili's. It's not that impressive. Okay.

There's a lot of people who are accredited investors. I'm an accredited investor. Yeah. I'm an accredited investor. You just need a certain amount of money, period, the end. Yeah. So if you truly understand how costs affect your returns, for example, a 1% fee will result in 28% of your returns going out of your pocket over the long-term. People are like, what are you talking

about? That's insane. That doesn't make any mathematical sense. Yeah, because the fees are quite counterintuitive. The whole point here is you do not need to graduate from a target date fund. If you're 25, I'm just going to pick a very simple, impactful example. If you're 25 and you're a corporate attorney, you make 215 coming out of school. All right, I'm just making this up just to prove the point. And let's say you consistently invest 15% of your gross income. You could do that in a target date fund. You could split it across your 401k. You could pick the very same target date fund in a taxable account. By the time you're 50, 55, 60, you will be a multi, multi, multimillionaire. You actually do not need any fancy strategy. Index funds and chill, target date funds and chill.

For your Instagram post that you had on this, I thought it was so funny because somebody said to this point, 60, 40 portfolios will get decimated over the next decade by Bitcoin and gold. And you wrote, I don't think I'm going to take your advice on anything in life, especially money. But that's like the sentiment. People just want a cheat code. They want to get rich quick. They want the crypto like they don't want to stick to it. Why would I take advice from a guy whose picture is a panda bear? Like, fuck off. Okay, if we're going to talk about money and it's between the two of us, let's go ahead and take my advice.

All right. Now, if you want to have a debate, first of all, I might ask who on earth is doing a 60-40 portfolio? Not young people. They shouldn't be, nor do I ever talk about that. A young person has an appetite for risk. If you pick a target date fund, your portfolio is going to be more like 90-10, which everybody listening means 90% equities, 10% bonds.

Equity is in stocks. Yeah, in stocks. But 60-40, what this Bitcoin fanatic does not understand is that it's all nice and good to be like, oh, Bitcoin is so cool. Get all the returns. What happens when grandpa is 75 years old, has a fixed income in a small portfolio and loses 40% of his portfolio overnight? You know, these Bitcoin fanatics and others, they vanish. They go, well, that's too bad. Grandpa

shouldn't have done that. That's why over time you have to automatically rebalance your account. That's what a target date fund does really well. Hold on to your wallets. Money Rehab will be right back. One of the most stressful periods of my life was when I was in credit card debt. I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where

we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with features like no maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener, you know about my infamous $35 overdraft fee that I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then, that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN. Chime feels like progress. Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A.

Members FDIC. SpotMe eligibility requirements and overdraft limits apply. Boosts are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to chime.com slash disclosures for details. I love hosting on Airbnb. It's a great way to bring in some extra cash, but I totally get it that it might sound overwhelming to start or even too complicated if, say, you want to put your summer home in Maine on Airbnb, but you live full time in San Francisco and you can't go to Maine every time you need to change sheets for your guests or something like that. If thoughts like these have been holding you back, I have great news for you. Airbnb has launched a co-host network, which is a network of high quality local co-hosts with Airbnb experience that can take care

of your home and your guests. Co-hosts can do what you don't have time for, like managing your reservations, messaging your guests, giving support at the property, or even create your listing for you. I always want to line up a reservation for my house when I'm traveling for work, but sometimes I just don't get around to it because getting ready to travel always feels like a scramble, so I don't end up making time to make my house look guest-friendly. I guess that's the best way to put it. But I'm matching with a co-host so I can still make that extra cash while also making it easy on myself. Find a co-host at Airbnb.com slash host. And now for some more money rehab. Target date funds have fees of around 75 basis points,

and we've talked about basis points on the show. It's 0.75 percent. Index funds, which I alluded to before, like tracking the S&P 500, which are maybe five basis points, 0.05%. If somebody says, well, who the fuck cares? It's like fractions of a percent. What would you say to that? Well, I want to say two things. First of all, costs really matter in investments. Unlike going out to a restaurant where you go, ah, the chicken, 20 bucks. No, I'm going to get something else or steak or whatever. These fees are presented in confusing ways and they actually cost you hundreds of thousands of dollars over your lifetime. That's point one. I'll give you some examples. Point two, I just want to say that I'm looking at that target day fund we just referred to. It's actually 0.09, not 0.75.

It's basically free. When you say free, what do you mean? Good question. I think for me, anything below these days, 0.35% is really good. You could make the argument, hey, this fund is 0.4%. Okay, fine. But when you talk about 0.75% or 75 basis points, it started to get pretty expensive. After that, there's no reason to be paying for more. Here's the key. When you go to a restaurant and you pay more, you typically get better food, better service. and you pay more, you typically get better food, better service. When you buy a car and you pay more, you get a better interior or technology. You do not get the same thing with investments. Paying more gets you nothing better. It's actually just pain. Now, people are going to go,

they don't believe it. They actually don't believe it because in our life, if I go to buy a sweater and I'm paying more, I'm getting better cashmere or whatever. That is not the case in investments. And if we take an example, a 1% difference over the course of your life, like 0.1% versus 1.1%, the difference is you're paying over 25% of your returns to fees. That's fucking crazy. It is fucking crazy because it compounds. It compounds. And people sit here and they agonize. Oh, should I get this latte? Oh, should I get the extra clip this? Yeah. And I'm like, you're literally bleeding. You have a gaping

wound in your arm. It is gushing blood. And you're sitting over here worried about this paper cut. Yeah. Couldn't agree more. I'm getting mad right now. I'm getting mad too. Like I'm getting a little worked up. Should we take a breather? No, I love it. Let's keep going. Okay. So, so bottom line, look for things like when you hear Warren Buffett say the best investment Americans can make are low cost S&P 500 index funds. If you really decode what low cost means, low cost means like 0.25%, low cost means like 0.25%, 0.01%, not 1%, even though that looks like low cost. It's not low cost. I totally agree. And this is one of the reasons that I am so ferociously against the fee structures that Wall Street has laid out, both Wall Street and its financial advisors. I want to talk about this because how can we expect the ordinary person to sit here

and parse all this shit? They don't even know what basis points means. Expense ratios, what is that? It's unfair to expect my mom, who was a teacher for a long time, to sit here and understand all the complexity of compounding expenses. It's ridiculous. So we have to create mental shortcuts for people. Okay.

That's the way it works. And I think you're doing an awesome job of saying, hey, like ballpark, less than 0.25%. That's probably pretty good. I think that's great. I think that there are low cost companies now that are absolutely competing on price, which is what you want.

Vanguard has always known it. Schwab Fidelity. You can look at the funds and you should look at their prices. You want to make sure that you're not getting tricked by back-end fees, loads, all kinds of stuff that, again, it's very complex to look through. That's why if you just use some of these good companies that are focused on low fees, you're probably going to do pretty well. Yeah. It's all of those sneaky, jargony words. I grew up in an immigrant family. I didn't speak any of this Wall Street stuff, but I realized it's a language just like anything else. And a load sounds innocuous, but a load is just another word for fees. But you don't know it

until you know it. No. The worst thing for me, I'll speak to these couples on the podcast, and they're literally agonizing over how much one of them spends at Target. Okay. Oh, why does he or she spend $50 a week at Target? And I'm sitting here looking at all their numbers because we talk real numbers, how much they make, how much they spend, everything. You get in their sheets, their balance sheets. Everything. And they've got, let's say, $250,000 portfolio, let's just say, or a million dollars in some cases.

And they're paying 1.15% to a financial advisor. And I'll ask him, how much are you paying your advisor? They go, oh, I don't know. He's a really nice guy, Chet. Chet takes us to the baseball game once a year. I uh let me guess um did you meet chet because chet helped your parents oh yeah he's been helping our family for the last two generations he's so nice i go chet fucking ripping you up you don't chet bought his bmw because of your ass or you're paying for those tickets of course you're paying your those aren't it's not free yeah so i had i had a young

woman who she's you know they hear people hear me talk about this stuff. And let me be clear. I do not mind paying for value. I love spending money on nice clothes. I love spending money on travel. I have my own money. On your wife. On my wife.

But I am allergic to spending money on a percentage basis for a financial advisor. If you need to see a financial advisor because you have a complex portfolio, you're about to retire, whatever, fine. Pay a healthy hourly fee, 500 bucks an hour. Go ahead, pay it. Pay a per project fee, pay $5,000 even, fine. But percentage of my net worth? No, thank you. I would never pay someone who's mowing my lawn a percentage of my assets. It makes no sense. So why does it make sense to pay 1%? And so anyway, there's this woman on Instagram. She writes me, she goes, Ramit, I get the feeling I'm being ripped off, but I can't figure out how. I go, okay, send me all your info. She's like early thirties.

She makes 80K a year. And I look at her numbers. I go, cool. Over the course of your lifetime, how much do you think you will pay in fees to this advisor? She goes, I have no idea. I go, just guess. She goes, 50 grand. I said, okay. You want to know the real number?

She goes, yeah. I said, $315,000. $315,000. She had spent the last 10 years of her early career worrying about lattes, trying to be so responsible. And what she didn't realize is she's actually losing the only game that matters. She's being bled dry and she had no idea because it is engineered through AUM or the percentage-based fee for the average person to not know. So you don't need to pay these fees. AUM is assets under management. Yeah.

Do you have a financial advisor? No. Or do you have a wealth manager? No, I wrote a fucking book on this. I know what I'm doing. I'm just, just to, me neither, but just to be clear. But I will say. I'm just saying, you put your money literally where your mouth is.

Yeah. Yeah, I mean, shrinks have shrinks, right? Trainers have trainers. And I kind of think of it like a personal training situation where if you go and you're working out and then you have one session with a personal trainer, you get the moves like they tweak whatever thing you're doing. Or if you're trying to, you know, work out for a specific goal, they can tweak it and then you can take that plan and then do it on your own. Yes. I have low cost index funds split. I have a 401k. This is how this is exactly how I make my money. But I will say one thing. I have I I do not have anything against

if you occasionally need to get help. Feel free. I did hire an advisor for a very specific project. help, feel free. I did hire an advisor for a very specific project. I found an advisor and I said, hey, everybody needs help. I want you to look at my asset allocation or the way that I have split my assets up. And I just want a second set of eyes. Am I missing anything? Give me just a second. So he charged me an hourly fee. I was happy to pay it full rate. And he came back with a report. He said, oh, it's rate. And he came back with a report. He said, oh, it's pretty good. A couple of things you may want to think about. Basically, what about your international allocation?

I said, wow, great, done. That is a healthy way to use an advisor, especially if you have a simple situation. Maybe you're married. You put your money in your 401k. You have a couple of goals. You could do most of this yourself, but if you need an advisor, fine, pay an hourly fee per project and then move on. I think one thing that I really wish more people paid for would be

behavioral coaching. So the irony is I'm sitting over here saying like AUM sucks. I frankly believe it's unethical. But the fact of the matter is people would rather pay $100,000 in invisible fees than write a check for $10,000 out of their pocket. Why does it feel different? Oh, it's the same reason that people prefer to buy things based on a monthly payment for a car versus looking at the total price, the TCO, total cost of ownership. In many ways, especially with money, we love to delegate it because it has been presented as so complex to us. so complex to us. So people go, I got a guy. I got a guy for this. I have my trainer for that, which is all great. I love it. I love paying for value. I have coaches and trainers and all kinds of stuff. But money is unlike that. And interestingly, you're not going to get any secret investing advice from an advisor. It doesn't exist. What you will get from having

help, whether it's listening to this podcast or joining one of my programs or whatever, you will get regular interaction with a healthy environment around money. Like nobody's listening to this podcast and hearing you go, put all your money in Bitcoin. It's the only thing that's going to make sense, right? They're choosing to surround themselves

with your advice, which is fantastic. It's really healthy to have somebody be able to hold your hand, especially when markets go down, people get skittish and say, you know what? We're focused on 40 years from now. Let's not make any rash decisions. We have an allocation. Here's what the research tells us. That's really helpful. And that's well worth 300 bucks an hour easily. The problem is people won't pay for that. People will not pay. They, in many ways, we're very arrogant. We think like, oh, I'm good. I'm good. And then when the market goes down, we freak out. Instead, what we pay for are secret hacks. Like some scammy insurance

salesman is going to give us the secret to wealth. It's never going to happen. There's no secret. Yeah. I wish people would acknowledge it, but it's a deep human. You know, we look for hacks with food. We look for hacks with fitness, and we look for hacks with money and love. There's no easy way. What's that old dad joke that's like, if you want to double your money fast, fold it in half. That is a good dad joke. At the end of our episodes, Rami, we end with one money tip listeners can take straight to the bank. I'm sure you have a gazillion. Do you have one that's your favorite these days? My favorite is whether you're solo or whether you're in a relationship, sit down with your partner and dream about what would make this year an amazing year for you.

And you sit down and you say, what do we want to do month by month that would make this a rich life for us? It might be, you know, our anniversary's in March. I'd really love to go here. Oh, I'd really love to see this show. I'd like to donate this much, whatever it may be. Start from that vision, that place of dreaming, and then work your way backwards on how to get your money to fulfill that rich life dream. That would be my tip. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Levoy.

Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at moneynews and TikTok at moneynewsnetwork for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.