Trading Secrets - Netflix Host of “How to Get Rich”, Ramit Sethi, shares the 4 #s you must immediately identify and the $ecrets to start living your rich life! We talk housing, investments, debt, and more!

Episode Date: July 10, 2023

This week, Jason is joined by entrepreneur, NYT bestselling author, podcast host, and TV host, Ramit Sethi! His unique approach to managing finances is sometimes different from the traditional advice as he advises individuals to spend money on things you love, but cut back on the things you do not. By exploring his unique approach to personal finance management and how he has been able to diversify his methods into a multifaceted and successful business career, he is host of the I Will Teach You to Be Rich podcast and Netflix’s How to Get Rich.  Ramit gives insight to creating something that a small number of people love, not a large number of people to like, defining your rich life, reshaping your perception of money, the four numbers you need to know, and how the more money you pay does not mean better results. Ramit also reveals his take on renting versus buying, what percentage your total housing cost should be, his take on credit cards, student loans, and investments, and why money is one of the core most important things in your life. Which element of his businesses have been the most lucrative? What is a money dial?Ramit reveals all that and so much more in another episode you can’t afford to miss!  Be sure to follow the Trading Secrets Podcast on Instagram & join the Facebook Trading Secrets Steals and Deal Whoop:  To make it easier than ever to start, Trading Secrets has partnered with WHOOP to announced a new 30-day FREE trial. Go to join.whoop.com/tartick today to take advantage. Athletic Greens: Get a FREE 1-year supply of Vitamin D AND 5 Free Athletic Green Travel Packs with your first purchase. Go to: drinkAG1.com/TRADINGSECRETS Better Help: Start today and get 10% off your first month https://betterhelp.com/tradingsecrets 

Welcome back to another episode of Trading Secrets. I'm your host, Jason Tardick, and welcome to the pre-market trading segment, where we talk a little bit about what you can expect from this episode, behind the scenes, a couple of quotes that you need to know going into this work week and stuff happening in the market that you can't afford to miss. First and foremost, I want to start with this. Where the hell is time going? I mean, what is going on? This is the week of July 10. July 4th just passed us. The first half of 2023 is over. We're now on the back half of 2023. I'm going to turn 35 in October. 2024 is right around the corner. Like, are we living in a simulation? What is going on? It's scary, but it also

is a great reminder that time is finite. So make sure you're taking full advantage of it. Now, something else you must take advantage of is this episode. This might be just like the Chris Voss episode where you need to have a pad of paper and write things down. However you do that, because there are some major, major takeaways. Our guest is Rameet Setti. He is the host of Netflix's top show How to Get Rich. What happens in that show is Rameet sits down with couples and talks them about their finances, shows them ways to improve it, but better yet helps them understand what a rich life means to them, more than money, but truly what

a rich life means to them. In this episode, he puts me through the same practice, and you can see where my head goes, and I want you to do the same thing. We talk about in the recap exactly what you can do to start envisioning what your rich life will be. Now, in this episode, we talk about four big numbers that you must know about your finances. We talk about his take on financial advisors, where specifically you should invest your money today at a low expense ratio, how to budget, and just what's happening in this crazy world as it relates to finance and the traps that have been set in place for us. Now, one other thing you should be aware of is that Rameet is really focused on keeping things simple and digestible. And with our powers combined between Rameh,

meet and myself, I promise you, this is a finance episode that is sexy and fun and easy to understand unlike most of them. So don't instantly be turned off because we're talking about numbers. You will walk away from this episode. I can guarantee this in a better financial position. Now, if you remember last week, we had McLemoran. That was an episode that touched me so deeply. It was amazing conversation. But he has a new line coming out with Adidas and it's called Bogey Boys. And we bought one of his exclusive Adidas by Macklemore, Bogie Boys Hats. What we said was, give us five stars and let us know your biggest takeaway from the episode in the reviews. So go give us five stars in the Apple Review. Tell us your biggest takeaway.

And in the following week's recap, we are giving one thing away to one of you. So this week, it's a bogey boys hat. The announcement is in the recap and continue to give us five stars, even if you've done it before. I wanted to make sure we put that out there. But I have a couple quotes for you that I want you to think about going into your work week because I think they're more important than money. Quote one, understanding and unconditionally believing in your self-worth is so much more important than worrying about your network. I live in a world where I tell you to worry about your net worth. But if you believe in yourself unconditionally that you are so dependent on who you are as a person and you put so much self-worth

and value to that, all the other things will come. They're all going to come. The second quote, we live in this world where we showcase everything, right? We're on thread now, firing away our thoughts. We're on Twitter, giving our opinions. We're posting everything that's out there and benchmarking ourselves to other people and seeing what they think. But I want to make sure this is out there, especially going into your work week. How much sweat equity are you putting into something when no one is keeping score, when no one is watching. That's really important. How much work are you putting in when no one is keeping score and no one is watching? I think those times in your life are times that really move the needle forward. But you'll never get to that point unless you have

some type of passion, excitement, or impact that comes from your work. And if you reanalyze and readjust that, I think you might see massive changes in some of the results. Now, as you guys know, before I bring in our main guest, I got to tell you a little bit what's happening in the market because there is a lot happening, especially last week. First and foremost, we talk about it often. The cost of things have just gotten out of control. But as a result of that, 37% of workers have taken a loan early from their retirement funds. So they have withdrawn or taken a loan. So they have withdrawn or taken a loan from their 401k or a similar plan or an IRA. That's according to a survey released Thursday by a not-for-profit Transamerica Center for Retirement Studies. Workers are rating their

retirement savings at record highs. So what does that tell us? Make sure you have an emergency plan. Make sure you pay attention to this episode so you can avoid that. Be tactful with where your money is going and why, because right now workers are tapping into the retirement savings. account at high records. Another one, unemployment is hit 3.6%. We haven't seen it this low in decades. What does that mean, though? That means that if unemployment is staying this low when the Fed keeps raising the cost of capital, they keep increasing our interest rates, but everyone is still hiring and still growing, that tells the government we need to continue raising rates. And right now, mortgage rates have soared to 7.22%. That is the average 30-year fixed rate for a mortgage.

So the cost of capital has gone up significantly, and unemployment is still that low. And with unemployment that low, we know that companies are still growing. So that tells us that the economy is in much better shape than we anticipated. And as a result of that, the Fed knows they're going to have to keep increasing interest rates. So there is a 90% chance that next month, interest rates go from a 5.25% benchmark to a 5.5% benchmark. That leads me to one last thing before we ring in, Rameet. There's never been such a large gap between what banks are paying you for your deposits and what they're charging for interest rates at an average of 7.22% on a 30-year mortgage. That means if you are sitting in cash, you need to get the money to work.

That money cannot sit there at zero percent interest because inflation is going to continue to rise, interest rates are going to continue to go up, and you are going to have to make money on your money. And that's a perfect segue into this episode with Ramit Setti from Netflix, How to Get Rich. Welcome back to another episode of Trading Secrets. I am joyed by Rameet Saiti. Rameet is an entrepreneur, New York Times bestselling author, podcast host of I Will Teach You to Be Rich,

and now TV host of Netflix How to Get Rich, where he teaches people how to live their rich life. His unique approach to managing finances is sometimes different from the traditional advice as he advises individuals to spend money on things you love. You heard that, guys. Spend it on what you love. But cut back on the things you do not.

We're going to explore everything within Rameet's you, approach to personal finance management and how he was able to diversify his methods into a multifaceted and successful business career. I also just think it's so cool that you took personal finance and you brought it to Hollywood. Top 10 on Netflix with this show. Rameet, thank you so much for being on Traying Secrets. Thanks for having me. We're excited to have you. This is awesome. And one of the reasons we're so excited to have you is watching your show, episode one, it was one of the first things that were said. It came out of your mouth. Ever wonder how much people make? ever wonder how much people spend, how much is in their checking account. And I think about my life,

since I was like six years old, those are the things I always thought about. That's what I always drove me to finance. And with Trading Secrets, that was literally the mission of what we were doing two years ago. So tell me this, of all the businesses you've had from the ones that you've founded and the book and now Netflix and the podcast, which is the most lucrative? Which do you think will be the most lucrative? Wow, that's an interesting question. The most lucrative has been the digital programs that my team and I create. So people will come, they'll hear about me and go on social media, newsletter, whatever. At a certain point, they're going to hear about one of our programs.

For example, people want to know how to start a business and earn more. They might join our earnable program. That's $2,000 to $3,000. They might want to find a dream job and negotiate a $25,000 raise. They'll join our dream job program. And if they join a program, what do they get? So some of them will be a series of very extensive playbooks and videos. For example, Dream Job, we will show you exactly how to negotiate your salary,

including videos where I bring people in and we negotiate against each other. That's cool. It's very juicy. Some of them will actually have coaching involved. So they'll get in small groups with me and they'll get help refining their idea or learning how to do sales calls. Like live coaching? Yeah. Yeah. I'll do one. In fact, I have a live coaching call for earnable tonight. Okay. So that part of the business is probably the most lucrative, digital programs, high margin, and we've learned how to scale them. What will be most lucrative in the long term? Gosh, it's hard to beat that,

but we definitely have new revenue streams. For example, we just started running ads on our podcast like three months ago. We're totally new to the game. And that has done very well. Your podcast is blowing up. It's going to continue to blow up. Thank you. It is exciting, exciting times.

I want to make your story relatable for people at home. They might not be business experts. they might not be personal finance experts, but they are a niche in something that they need to get that message out and it would be a dream for them to get the message out the way you have. What are the first steps?

Is it writing a book? Is it doing a newsletter? What are the first steps if you have a skill set and you need people to see it? What do you recommend? I heard this really good idea about one of the studios and they create shows

for a small amount of people to love, not a large amount of people to like. So they want to create something so good that a small number of people loves it. If I were just starting out with being a personal organizer or a fashion line or something, I would create something so good that a small number of people would rave about it and love it. In order to do that, what does it mean? It means you probably need to have a strong point of view. You can't look like everybody else and sound like everybody else.

You've got to actually be talking to prospects. And I mean talking a lot, emailing them, talking on the phone, texting them. You've got to have a direct relationship. And then ultimately you have to sell something. People can say they love your stuff, but the ultimate sign that they love it is they pull out their credit card and they happily pay. If you can do those three things with 10 people and then translate it to 25 people,

gosh, you have a really nice trend. That's exactly how I started my business. That is a brilliant piece of advice, guys. Especially now with social media, everyone's trying to go like viral and trying to like get the big hit. just build that small loyal community and slowly, slowly it will go and you never know, might be a Netflix show and go overnight.

All right, so that's a little career direction from her meet, so fascinating. Let's get into the meet now. Now it's dinner. There's so many issues right now people are having. Credit card debt, interest rates, real estate, student debt. They don't know where to turn

and everything they read right now is fearful. So before we get into some of the specifics of finance, what advice do you have for someone who's just like, I'm stuck, I don't even know which direction. to go because everything I'm hearing is conflicting. Well, I agree with them. I think that most of the advice people hear out there is negative. And you'll hear people saying, in this economy, I go, what are you talking about?

You've been saying that for the last 20 years. The economy has been phenomenal for a lot of people. And no matter what, people say, in this economy, I go, stop talking like that. I'm doing a lot of press right now. And a lot of journalists, they'll start off by saying, times are really tough. I go, okay, they are tough for certain groups in certain situations, but we're not going to start talking about that because that automatically sets the tone as money is something negative. Bad. And that's what it's always bad. Exactly. And if you've only been taught that money is bad,

then how are you ever going to feel good about it? Yeah. So I always start off by saying, tell me what your rich life is. I want to start there. Even if you are in $25,000 of credit card debt or 200K of student loan debt, what is your rich life? You want to do it right now? now? Yeah, let's do it. Let's do it right now. And then everybody listening, play along. Yes, I love it. So what is your rich life? My rich life is, it's freedom and it's having the flexibility that if I want to adjust my schedule or do something impromptu, I can do it with the people I love and not always having to be worried about, will I have enough, will it go away? Okay, love it. Let's dive into the freedom and impromptu thing. Can you give me an example in the last

month or two where you did something impromptu, and you just loved it. Impromptu. Okay. Yeah. I actually had a childhood buddy I grew up with. He's always been a big WWE fan. I was able to get us connected into WrestleMania. Yeah.

It probably wasn't the best financial or career decision just because I had so much going on. But I was like, you know what? Let's go. We flew out to L.A., went to WrestleMania at the time of our lives. Love it. Okay. Awesome.

So now I want to ask you a couple more questions. When you think about spending your money, what do you love spending on. Not just like, but love. I love spending it on experiences and I love and trust. Okay. Okay. Experiences like what? Traveling, going out to dinner, going to shows, entertainment, essentially doing things that I won't forget and happiness and joy. And, you know, time is so finite. So being able to do things that are like once in a lifetime, if that makes sense. Love it. Pick one. Would it be eating out or would it be traveling? for you. Let's say travel.

Travel. Okay, great. So that example, what do you love spending money on? I call it a money dial because we can turn these dials up or down. So the most common answer is food, eating out. Travel is number two, which is yours. Very common. Basic dude, I guess. Number three is health and wellness. Okay. And then four is mine, which is convenience. And then there's a whole bunch more. Yeah. Now here's my second question for you. If you could quadruple the amount, you spent on your money dial, on travel. What would it look like and feel like for you? Oh, wow.

Tell me. It's quadruple. I would say first class or maybe even have the ability here and there to do like a private jet. It would just be paying for the convenience, top tier food, getting in, getting out, five-star hotels. That's what it would look like. Love it.

Take me on a specific trip. Where would the next place you're going? Italy. Italy. Okay. So you're going to go first class, Italy. Yeah. Lay down bed.

How are you getting to the airport? I am, oh, I like this. I want a driver. You want a driver? Okay, very good. So you get to the airport. Do you have bags in your hand or is someone taking the bags for you? I can carry the bags.

I can handle that part. I personally, I like this. I love the idea of walking through an airport with my hands free. Some people go, I don't care. All right, so you get there and when you land, what happens? Where are you staying? I want to stay at an unbelievable winery. I want to stay at a winery.

Nice. And who's going with you? It's going to be my fiancee and I. Amazing. Okay. So we could go on and on. I want... By the way, I feel great.

Like, do you talk about the dials? Right now, I'm thinking things. I haven't spent time to just sit back and think about these things. And now the images are going to my brain as you're asking me. This is... I see it. I see the liner. Okay, so for everyone, like, the smile on your face is irresistible.

Whenever people talk about something they love spending money on, we instinctively know. We all have it inside of us for the thing we love to spend on. Now, when I ask them the second question, most people, they smile, but they've never thought about it. Okay. And I think we heard some of that here, but you've thought about it a bit. Most people are like, they've never thought about it because we've all been taught that money is only for restriction. It's actually shocking to imagine thinking about spending more because we've all been taught to cut back 5% on broccoli, 5% on coffee, 5% on taxis. Yeah.

Yeah. And I always challenge that because if you can't imagine spending more on the things you love, then how are you ever going to make changes to your current finances? Right. So I love the vision you painted. What you did really well was to get specific. I want a driver. I don't mind taking my bags. And I want this hotel. The first time people answer this question, they tend to be pretty vague. They go, I want to travel. And I go, okay. Where? They go Europe. I go, and where? Tell me what seat on the airplane you want to sit on. Tell me what you want to eat as an appetizer. That's the level of specificity. Because when you get specific and vivid with your rich life,

suddenly now you have a reason to make changes. And that might mean accelerating your debt payoff. It might mean stopping paying 1% to a financial advisor because you're getting financially bled dry or whatever. But now you have a vision. Without that, you're just sitting here operating one transaction after another. Okay, so I'm going to act as my listeners here. Rameed, I'm with you.

I'm now sitting at home. I'm listening to this. I have the vision. I know what I want. And for the first time, I actually feel pretty good about this whole money thing. But I got issues. And I don't know where to start. Where do you tell someone in like a general statement for the thousands of people listening back home?

Where do you start? I want you to know four numbers. These are the four numbers that I track for myself. And I want everyone to be able to track these four numbers. This should take you less than 15. minutes. All right. So I'm going to give you the numbers right now. The first is your fixed costs. So fixed costs should be 50 to 60 percent of your take home pay. That's after tax. Now within fixed cost, that would be your rent or mortgage, any debt you're paying off every month, utilities,

groceries, car payment, things that are fixed. If you know that, you actually know a huge amount. That's number one. Number two is your savings. Ideally, you should be 5 to 10% of take-home pay. For a lot of people, it's zero. The third is investments. Again, 5 to 10% of take-home. I'd like for that to be higher, but okay. And the fourth is actually my favorite category.

Guilt-free spending. This is going out. This is traveling to Italy. It's surprising your fiancé with a beautiful dinner or a coat or a bag or both of you going to get massages. That number, 20 to 35% of take-home pay. That's a lot. Pretty good.

Yeah. So what this does, if you know these four numbers, all you got to do to find these numbers is pull out the last month of spending and approximate it. Really do not agonize over this or that. The goal is to get it 85% of the way there. Okay. And you're going to look and you're going to suddenly realize, oh my gosh, my fixed costs are 85%. That's very common. People overspend on their fixed costs. Of course. Once you know these four numbers, suddenly you have the pieces of the puzzle. and you can start to adjust them. And I can tell you right now that when I talk to couples who fight over money, oftentimes they'll be fighting over someone's target spend for like 20 years. And I look at their numbers and I can instantly tell what's going on. They think it's about target. But I know that they overspend on their mortgage.

So they actually are fighting about the mortgage, but they think it's about target. Because if their mortgage was positioned correctly, they wouldn't be fighting about target. Yeah. And honestly, you shouldn't be fighting about the price of pickles. You shouldn't be fighting about $25 here or there. It's not the point. It's almost always people overspending on their housing costs and their car. Okay. As simple as that. You also have a unique take on renting versus buying. I saw that three million Americans, their couples are making over $150,000 a year and they are renting. So obviously, the trend that you're supporting is a trend that's happening in the United States. It's up 87% since 2016 and 2021 of people with higher

incomes that are renting versus buying. Give us your takeout. So I rent by choice and I could go and buy a place in cash today, but I don't. And the reason for that is something that is going to sound shocking, but it's not controversial in my opinion at all, which is that sometimes it can actually be a better financial decision to rent than to own. Let me explain because a lot of people listening are going, this guy just said the sky's green. This makes no sense. In America, we have these beliefs. They are taught so deeply, I call them invisible scripts. They're so deeply believe that they're invisible to us. And one of the deepest beliefs we have in America, the American dream, in fact, is you have to own a home. And so we have all these associated phrases. You're throwing

money away on rent. Funny, no one ever says you're throwing money away at a restaurant. You're paying your landlord's mortgage. Really, are you worried about the sushi owner's restaurant mortgage that you're paying? No, they are said so many times they're almost religious because they are impervious to logic. Let me give you an example. I've lived in San Francisco, New York, L.A., three very expensive cities. In each of those cities, it was cheaper for me to rent than to own. When I lived a few blocks from here, let's say that my rent was $3,000 a month. I kept a very close eye on the market. There was a building right next to me. Same square footage, same view, same number of bathrooms and it would have cost $6,400 a month to own when I factored in all the phantom costs,

taxes, interest, maintenance, opportunity cost, et cetera. So I didn't want to own. I didn't want the maintenance. I just said, I'm going to keep renting. I took the difference, and I invested it. And I made way more than I ever would have made owning. So what's my message? It's not that owning is bad.

It's that you need to run the numbers. on the biggest purchase of your life. And you should never feel guilty about renting. So what are some of the things that people should look at, like the rent-to-own ratio? What are things that you consider are big resources to make that decision? Here's a great number that most people do not think of at all.

Your total housing costs should be roughly less than 28% of gross income. Let me give you an example. Total housing costs means not just your mortgage, It means repairing the sprinklers. It means the roof repair that costs $19,000 nine years from now. You need to actually spread that out. It means the interest that you're going to pay, which most people are not aware of.

Which is fluctuating like crazy. Yeah. And the opportunity cost of however much you put for your down payment, what you could have made in the market. Now, most people are like, I don't want to calculate all that shit. So you know what they do? You're supposed to make this fun, really. Yeah. Here's what they do.

For the biggest purchase of their life, they go to their realtor. You do not ever trust a realtor's financial advice. They go, oh, what should I buy? And the realtor tells them the worst two words on earth, monthly payment. People make the worst financial decisions on big purchases because of monthly payments. Think about it. They go to a realtor who's incentivized to get you to spend more. And literally.

Or a car salesman, right? Well, that's what they do for number two. That's number two. Chet the car salesman goes, oh, what do you want your monthly payment to be? That's how financially unsavvy people buy. You never make a large purchase based on monthly payment. You, now that you've listened to this, are always going to be thinking TCO, total cost of ownership. So just to make a simple example, a lot of people come to me, they have trucks, really expensive.

They go, Ramit, I need this truck. I go, really, why do you need this truck? They drive 2.3 miles on concrete road to get to their job in insurance. They go, I need the truck. I go, whatever. the $75,000 truck they bought, if you factor in all the phantom costs, insurance, gas, repairs, all of it, it ends up costing them like $10,5008,000. Now, if I say to them, would you have bought a truck if you knew it was 108?

They go, no way, I can't afford that. I go, but that's what you bought. So you've got to run the numbers on the biggest purchase of your life. Yeah. So run the numbers. Total cost ownership. It's great. I also like the idea of backing into where money's made.

We are taught so many messages in our life. you had said. Buy the home, that's the dream, right? Only look at monthly payment. But if you back into it, that system, those messages are what are creating massive, massive profits for the people at the top. Yeah. Like a credit card. Where else can you get something where it behooves them if you don't pay? Yeah. It behooves them if you throw something away. Like what a wild system. It is wild. And sometimes, sometimes when my wife and I travel, we wish it were just a little easier to eat healthier. You know, like when we're at home, we kind of know our environment, but when we're out, we're like, gosh, it's a little hard. I wish it were just a little easier.

I feel the same way about money for everybody. I wish it were just a little easier. I wish you didn't have to understand all these things. And I wish you didn't have people trying to trick you out of your money. So when you go to buy a house, for example, you're basically told you should spend this much and the bank will give you way more than you can comfortably afford. You're never taught about phantom costs. They just say, here's your monthly payment. Everything is stacked against you. And I don't know, I root for the underdog. So I want people to know how to go into battle for these big purchases so that if you want to buy a house and you run the numbers, you go, yes, I know exactly what I can afford. I know that even if one of us loses our job will be okay,

and I am confident. I love that. All right. I'm a big fan. of the underdog. I'm a big fan of giving the people the information they need so that they can navigate accordingly, not what the people that are selling to them are telling them. And we've had a ton of big real estate brokers here. I love them. You guys love them. They're super successful, but even they say, you know, I'm going to tell you what's going to make the market look good, right? Because that is my job. Let's get into some like underdog, remit top rapid fire rules of like just in general. I'm going to say a topic, you give me the rules. Is that cool? Credit cards. Do you have a rule on how to manage them.

Never pay credit card debt. You can use them. If you spend enough, go ahead and get a nice credit card with benefits. I use a Chase Sapphire Reserve. I use a fidelity, 2% cashback. And just for pure fun, I use an Amex platinum for the lounges. But I spend a lot and I pay it off every month. Got it.

Pay it off in full. For the people that are searching for the right credit card, what's your biggest piece of advice? Get a simple 2% cashback card and move on with your life. Okay. I love it. All right, student debt. How should people manage it, especially with all the balls up in the air about forgiveness? First of all, it's okay to have student debt. It's not the worst thing in the world. graduating from college for the vast majority of people means you're going to earn way

more than a non-college graduate. So if you have student loan debt, it's not the worst thing in the world. Two things I want to point out. Number one, you can actually shave off years of your payments if you run a debt payoff calculator. So just go search for debt payoff calculator, plug in your numbers, and you can play around if you put $50 a month extra, sometimes you can cut that down by years. This is shocking to people. And the second thing is don't count on anything happening from the government. If it happens, fantastic. Bonus. Bonus. But don't hope is not a strategy when it comes to your money. Yep. I love it. Investing. You had already mentioned financial advisors, just the management fees. Obviously, those are things that are so critical to be aware of.

But that's even like three steps ahead. Yeah, let me give you one. People don't even know where to start with investing in general. Hey, I have some money. Where do I go? What are your thoughts? Here's what I tell my family. My family comes to me, they go, where should I invest? My favorite investment for them is something called a target date fund. It's so simple. It's one investment and that is all you need. Let me tell you how it works. So depending on how old you're going to be, what year you are going to turn 65, you pick the fund by the same name. Let's say I'm going to turn 65 in 2050. So I'm going to go pick a fund called Vanguard 2050 or Fidelity 2050 or Schwab 2050. This fund automatically is diversified. It includes all

kinds of stocks, bonds, everything. And as you get older, it automatically becomes a little bit more conservative, which you want as you get older. All you have to do, is pick the fund based on age, and then put as much money as possible into it. This fund is low cost. It requires nothing. You do not need to look at it. That is what I tell my family to do when it comes to starting off investing. Okay.

Now more than ever, though, there are so many of these target funds that are under different groups. And based on who it's being managed by, the fee might not be low cost. So do you have any recommendations of what type of target funds and where you should look for them? Yeah, well, personally, I don't get any benefit from naming any of these companies, but I love Vanguard. They're focused on low cost, and their expense ratio, the fee, I just checked it the other day. It's like 0.08%. That is essentially free. Yeah, you can't beat that.

In general, you want to look at these funds at less than 0.2% fee because they're so competitive, they're almost nothing. Schwab, Fidelity, Vanguard, all great companies that are low cost. And there's others as well, but those are the three that I, tend to name. I name names in my book, and that's why I'm doing it here, too. Take on robo advisors. I don't mind robo advisors. I personally don't think that they are worth it, but if your choice is between a Vanguard fund and a robo advisor like Wealthfront or Betterment, honestly, you're already asking the right questions. Some people really prefer the nice interface

on a robo advisor, but for the additional fee, in my opinion, I wouldn't do it. I don't do it. but if you really want to do it, okay, okay. Interesting. So many different takes on everything A to Z when it comes to money management. I think these are all really good places to start, too. This also connects. I think a lot of your principles and your rules and your strategies connect to the way you think, but the way you think is also different than a lot of the personal financial advisors out there. A lot of the people that are getting personal finance tips. So of the personal financial tips, you see out in either the influencer space or the space or the TV space. What are some of like the biggest financial no-noes that you see

personal financial individuals putting out 24-7? Okay, number one, that whole life insurance is some secret way of making a bunch of money. It's a crock of bullshit. Yeah, Whole life insurance is one of the worst products out there. There's actually no reason for anyone to be doing it. If you need insurance, term life insurance is great. Get insurance. Yeah, get insurance. Don't overpay for it. Exactly. Insurance is not an investment. Listen up. Insurance is not an investment. You're getting ripped off. That's number one. Number two, the idea that you should pay a financial advisor 1% or 1.5%. This is very common, but most people do not realize how destructive it is. Let me give an example. If you pay 1% to a financial advice, you go, oh, 1% somebody's

looking over my money. That sounds good to me. One percent means that 28% of your long-term returns will go into their pocket as fees. That's more expensive than all the coffee you will ever buy combined it's more expensive than all the vacations you will ever take combined and you know I remember this young woman who wrote me she was 31 she was paying 1% and she thought she had no idea how much it would actually cost her she thought it would be like $30,000 over the next 30 years she said that sounds reasonable I calculated it for her it was $315,000 so imagine she had been going to the grocery store comparison shopping finding the best can of tuna and all that was Pointless compared to the fee that she was invisibly paying.

So most of us do not need a financial advisor. Get the book, manage it yourself. But if you really want one, pay two, three, four, even $500 an hour. Happily pay it. Instead of AUM, in other words, a percentage-based fee. Okay. I love the idea, but I think a common retort to that would be, I'm not an expert. I don't have time to be an expert.

I got to do what I'm going to do. What would your response to that argument be? No, that's bullshit. Okay, I don't accept that. Imagine we have two parents in here, and both of them go, I'm not an expert at this baby. Here, somebody take care of this baby. I go, what are you talking about?

That's your kid. Be an expert. Your money is one of the core most important things in your life, whether you are single or in a relationship. It is not the equivalent to washing the dishes, which maybe you have somebody come and do, or mowing the lawn. Okay, you can outsource that. Money is what you eat, where you live,

what your children can do, It is as important as almost anything. And so you've got to know the basic language of money. You do not need to pay the vast majority unless you have a very large portfolio, a highly complex situation. You don't need to do it. And honestly, the reason most people go, I don't understand this stuff is they think that by paying someone, they're going to get some magical knowledge.

Right, right. They're not. Paying someone is never going to get you better long-term returns than a simple target date or index fund. The other interesting thing is I think the whole conversation of fiduciary comes up, but there's also so many what I'll call actors out there saying that fiduciaries. This is how crazy the financial industry is. There used to be a law saying you have to be a fiduciary, which means you will put your clients first. What? Like what? What else am I paying for? Exactly. Like when you go to see the doctor you expect them to put you first you just you don't even ask because you just expect it

well it turns out wall street did not like that rule so they went and they fought it and they their argument was actually if you force us to be fiduciaries and to be clear about it we will not be able to serve as many people what a bunch of bullshit and so now there are so many different terms fee only all different terms, that it's by arguing so many times against clear transparency, Wall Street has earned the ire of average people. You can't trust them. So now the word fiduciary has been corrupted. Financial advisors, while there are some very good ones charging an hourly fee, I simply have a blanket refusal for any of my students to pay AUM or a percentage-based fee. Okay. Interesting. Hourly, only no hourly or per project 200 bucks an hour pay it and happily pay it because there are great

advisors who will look out for you put your interest first they will not sell you larded up funds where they might be making money on the front end the back end and in ways you can't even imagine gotcha so take away there unless you're at the ultra high net worth position yeah manage yourself do it yourself where there any other misconceptions you want to make sure that you put on the records. Whole Life Insurance, we talked about 1% A-U-M. Oh, I knew there was one. I could feel it.

It was at the tip of your top. So here we are in New York. So let's say we want to go to some cheap sushi place. We can get cheap sushi. If we pay more, we're going to get better sushi. Sure. And if we pay a lot more, we'll get better service, better ambiance. The sushi's probably flown in from Tokyo yesterday.

Okay. Most of us are used to, if we pay more, we get better service or results. Correct. But in money, it's actually not true. Tell me why. And this is shocking. You can't believe it. Look, if you pay more expensive, you'll get a softer blend, et cetera.

In money, the more you pay, you do not get better results. And this drives people insane. When you pay more, even for ultra high net worth, the ultra high net worth do not have access to magical investments that make them more than a simple Vanguard index fund. They do have access to more investments. That is true. But those investments have fees that are way higher than Vanguard's 0.05%. They're way riskier.

Some of them perform better in the short term, but almost none of them perform better in the long term. And here's the final twist. Even of the ones that do perform really well, you can't predict which ones they are. And even if you could, they won't take your money. you can have $30 million and Sequoia Capital does not want your money. They will not let you in their fund. So this is shocking. When I post about this and I show people, look, they're not these secret rich people investments.

You, the average person has access to some of the most fantastic investments out there. People get furious. They want to believe that the rich have secret access. The rich do have certain benefits, which I don't like. the rich, including me, should be taxed more. It doesn't make sense that I'm taxed at the rate I am. But in terms of investments, I could choose a lot of investments, private equity, venture capital. I love a nice vanguard fund. Interesting. Pick it, same as anybody else, and get on with our rich lives. But what would be your response to hedge funds? There's a great New Yorker

article on hedge funds. Everybody thinks hedge funds are these super cool things. They outperform. Some of them do for a while. You can't predict which ones will ahead of time. Of course. And then they all go down. Yeah, it's a roller coaster. Exactly. Now, if you happen to be lucky, you could make more than the Vanguard fund or a Schwab fund. But you can't predict it. And odds are, especially for what's called a retail investor, that's a nice way of saying,

dumb money. It's like Ma and Pa. That's the way Wall Street talks. Then you can't actually predict and consistently make more than a simple low-cost index fund. Again, this is shocking to people. They go, I pay more, I get better sushi. So why can't I pay more like those rich people do? I go, those rich people are actually losing money.

They don't know it. But the people who are investing in these things often do it for different reasons. They want the status of being in a certain fund. They get served coffee on a fancy tray. Believe it or not, that actually is influential to people. Status drives more consumption than you would imagine. But in those situations, when you do have more money under management, they will have the ability because there's profitable P&Ls elsewhere that they're making the fees up,

but no mortgage origination, less fee basis for AUM, like there are certain perks to it. I'll give you the example of the perks. Someone in a private wealth banking, they're going to get perks that were like someone else may not. Retail investor would. I'll give you examples because I have had access to private banks. So I was there for a while. I go, what do I get? What do I get?

That's actually a good question for every one of us to ask. Put your hand out and say, what do I get? Spell it all for me. And I'm like, what are they cool? Like, what are the cool, like rich guy perks? It's bullshit. Okay, I'll tell you right now. If I wanted to get a mortgage, yes, that is true.

They would have given me a preferential rate on mortgages. That's true. And at a very high amount, that can start to be meaningful. Sure. But sometimes you can get those same rates from a credit union. Okay? So that's one option. That's probably the most influential.

All the rest of the benefits are designed to make the bank money. they go, we will give you preferred access to our investment group. I go, your investment group is shit. They sell the worst funds. They have back-end fees, expense ratios out of this universe, and you're telling me I get preferential access. That's like someone giving me preferential access to a butcher. Oh, we'll let you get your hand cut off first. I go, why the fuck would I want that?

No, these private banks are... What's the response to your response? I'll tell you, I had a call with Wells Fargo, Private Wealth Management. These two, they had this beautiful British accent. They called me. This is in my book. I wrote about this. They called me and they knew that I was some sort of,

they thought I was like a celebrity or business owner. That's their two primary clientele. They're based out of Beverly Hills. And without even asking me any questions about myself, they launched into their spiel. Now, I loved it. You're going to have a field day. Yeah, I pretended to not know anything about money.

I was like, I started asking these questions that I knew a celebrity would ask. I was like, so what can you do to protect my money? And then I was like, you know, I've heard about investing. I know I should be investing, but I don't want to lose too much of my money. This is gold to them because what they hear is basically a sucker. A sucker who they, which is exactly how they treated me, they go, you know what? Our goal with managing money is not to beat the market.

but rather to keep your money safe because people who don't know anything about money love to hear the word safe yeah we keep your money safe we manage it for you and we can open up preferential opportunities for you because we know that you want to keep your eyes focused on your business and we can watch out for your money now that sounds really good especially in a British accent meanwhile I'm like you motherfuckers I can read between the lines let me tell you what they just said in plain English they said we are going to underperform a simple S&P index fund, we're going to charge you a ton for it. A ton of money to get you worse results. And then we're going to give you more sales

opportunities where you can pay us more on the back end. I go, are you insane? But if you don't know the language of money, you walk out of there going, oh my God, that's amazing. Yeah, but the way I felt was like, these guys are two steps away from putting a bullet in my head. Yeah, but their strategy is to make you feel relaxed. Exactly. Because they go, You're a busy business owner. You want to focus on your business. You know that blah, blah, blah. And the irony is they tried to put me,

because I asked them some very simple questions. I was like, how would you invest for somebody like me? And the stuff they were telling me was so insane. I had to stop from laughing. They were talking about putting me in heavy bond mixes. Yeah, yeah, yeah. Why the fuck would you put a 30-year-old, I was 30 at the time, a 30-year-old entrepreneur in bond?

It makes no sense. Terrible. But of course, they thought I was stupid. They thought maybe not even stupid, just unsavvy. Sure. And so they treated me accordingly. And this is what I mean by I wish it were just a little easier. I wish that when people started to manage their money, they didn't have to walk into a room of sharks.

Ironically, sometimes when I tell people how simple it actually can be, they actually get skeptical of me. Because it's the opposite of everything they've been told. Exactly. When I go, you don't need to pay a financial advisor 1.25% AUM. You do not need whole life insurance because it's complete bullshit. You can manage this on your own and you can do it in less than one hour per month. They almost look at me like, what's the catch? I go, don't look at me.

Go talk to your baker. Ask them what's to catch. In fact, if you're listening right now, I want you to text either your financial advisor or if your parents have one, have your parents text them. And just say this, hey, I was just reviewing my accounts and I'm curious, how much are you charging me for our work? work together. Now, if you get an answer that is direct and clear, it says something like $200 bucks an hour or $2,000 a year, fantastic. You're not going to get that answer. You're going to get

them saying, either, can we hop on the phone? Let's walk through it all together. They don't want it in writing. Or they're going to say something with a vague answer, go right back at him and say, I totally understand that. Just want to get the fee. Can you clarify it for me? If you see a percentage, you are paying way too much, way too much. Guys, there are so many tips there. I could keep going and going and ask you a million more because I love the passion. I love the energy. And I also love just the fact that you're breaking the mold of talking differently about this.

You're doing it differently than what everybody else is saying. And why is the most important asset, the thing that makes the world go around something still. In 2023, something we don't talk about? taboo, fear, and I think because the more we talk about it, the more information people are getting to defend themselves, the less they're making. That is my conclusion from this conversation. All right, we got to get a trading secret. So you've given us a lot, but it's going to be a trading secret about it could be money management, it could be your personal financial situation, career management, just the behind the scenes of reality TV, any type of trading secret

that could help our viewers, the Money Mafia, get a little bit more information from all the experiences you've had. Remit, what can you leave us with? My favorite thing is every December, my wife and I do a rich life review. So we take some time. We try to go somewhere that's different than our normal setting. And we look at the past year and we go, what was awesome? What do we want to do again? What was not awesome? What do we want to change? And we just talk openly about it. No judgment, just open. And then we look at next year. We love to travel. So we go, where do we want to travel? How often? Who do we want to bring with us? And that December allows us to just chart our rich life looking forward while taking into account everything that we did from the past. That has allowed

us to take amazing trips, bring our family together, just things that I wouldn't have done if I was just going day by day. So whether it is going to a restaurant, taking a trip, a surprise dinner for somebody, even sending a little gift, this December Rich Life Review, you can do it solo, you can do it with a partner. It allows you to go on offense with your money instead of only playing defense. And I hope that everybody takes a little time to plot out what they want their rich life to be. I love it. And as we learned in this episode, if you hear those, things about living your wretch life and you get a little nervous because you have to spend think about where you can make all that up with a lot more zeros than just Target or Starbucks. There's a lot to be

said for that. Remate, it has been such a pleasure to have you on. You have so much going on. There's so much to promote. But where can people find everything you got going on? You can find everything on my website. I will teach you to be rich. And of course, I'm on Netflix and I'm on social media. And on my podcast, I will teach you to be rich. Check out his book. His podcast. His podcast. podcast, his Netflix show. I'm sure you guys have just like stacks of notes after this and go follow them on Instagram because he is growing by the second. Thank you so much for being here on Trig Secrets. Thanks so much. Ding, ding, ding! We are closing in the bell to the Rameet episode. It was jam-packed. We were vibing all finance stuff. The money mafia said to us, listen,

we like the people from reality TV. We like the celebrities, but we also like some hardcore financial facts. And that's what we got here today. David, there's a lot going on in the world. Things are moving left and right. Markets are up and down. It looks like in July there's a 90% chance that interest rates are going back up. We now have new social media forums like thread that have completely taken over the world. Elon Musk is throwing cease and desist at Zuckerberg.

I mean, holy shit, it's a crazy week and then we got Ramead on top of it. How are we doing? What did you think of the episode? Well, first off, I've been poking around the thread. Should I get involved or should I not? Is it real? I mean, I think you have to, you have to. It's taken, I mean, the fact that Twitter is literally throwing a cease and desist shows that it is a direct competitor and they are threatened by them. And the speed at which they are gaining users traction and output of like content, it's crazy. It's crazy. Do you think there's any part of this that has to go into building up an eventual, they've talked about like an MMA fight between the two of them, like building up some momentum? Like, is there a little conspiracy, David, that's behind this or no? Oh, this is completely outlandishly non-related whatsoever.

Okay, maybe there is something to that. And you know what else there's something to, Jason? What's that? Me coming on these recaps and always saying, oh, I wish the listeners could hear behind the scenes of the before or after you guys started recording because you're getting such good feedback from your guests and it's really connecting with me. And I'm going to ask you, you and Rameet did this at the end.

Mike cut off, episode was done, and I got to hear a little minute after. Can we play that for the people? Could we cut that, edit that and slice that in so they can hear what I'm talking about all the time? See, this is why you're the Curious Canadian. We've had this a few episodes. We always cut it out. But you know what? Let's do it.

Let's roll it right now. There is a little bit of time where, you know, the cameras and the audio was still going. And you can catch some of the things we said, David, I'll edit it in right now. That was awesome. That was awesome. I love the energy. Oh, thank you. I appreciate it.

That was great. I've done a lot of interviews. I love that you, you know, you had where you wanted to go. but I love how it flow. Oh, I love that. It was amazing. I think we hit everything from personal finance, couple relationship, driving the boat differently.

I love the energy clips. Those are going to be great when you find it up. The money management. The clips will be great. Awesome. With money, it's always tricky, so I'm glad. I'm glad. Yeah, and I think we,

I'd go a ton of the same principles, which is great. Yeah, I mean, you clearly were, you knew what was going on. That was impressive. So that's exactly what I'm talking about. You have a guy who all of a sudden the camera goes off, his energy almost gets greater. You got to feel so great for you when people are saying, hey, you know what you're talking out.

Not only that, the flow of your questions, I'm sick of pumping your tires all the time when I come on here. So I'm glad the remit's in there mixing it up for you as well. So hope the people at home enjoyed that 30 seconds. I appreciate that, David. Thanks for bringing that to light. I was going to bring this up later. I'm going to bring it up now because it kind of builds off that.

Most of our listeners aren't they're really, really rich. They're the voice of the viewer, the common folk like myself. he talked a lot about a target date and I mentioned Vanguard a lot. He said like a 2050 Vanguard fund as a great way to really get in initial investing. It was to the point where I almost pulled my car over, hit pause in the episode and signed up for one myself, which is very, very rare, still might do it. I actually have a Vanguard Roth R.I. in there. I love Vanguard.

My question to you is, do you prescribe to that if you want to get into investing is a target date fund, a good place to start? I am all team Vanguard. you are going to get such a good quality investment at such a ridiculous low expense ratio. Vanguard Target retirement funds, amazing. There's a couple other Vanguard funds, which are just incredible for other people to look at. The tickers VOO, that is a Vanguard that mirrors the S&P 500. Another one is called VTI.

You can own essentially the entire stock market with one fund, VTI. That expense ratio, 0.03%. And then there's another one called the Vanguard. Total International stocks. So that's VXUS. You can pretty much own all international stocks in one funds. So there are really, really good funds with Vanguard that are great for people that want to buy and hold and let them do the work at a low price point. Vanguard, you might want to sponsor the pod with a little ad here and there. But I do have a Vanguard account. It is for the people out there who said it and forget it. I have said it and forget it. I probably check it

once a year in the words of day portnoy stocks always go up and it has which has been great one thing i got to get to and i have to say j this was not only my favorite part of the episode but a favorite part that i've had as a listener a long time because i put myself in your shoes and my mind started visualizing and picturing is when he asked you about what is your rich life i thought that was a such a cool way of getting a different vision and a way of spending out of the person but when you go into the detail and start picturing those things i pictured you at that wandering in Italy? I did. I pictured it. I'm such a busy mind. I'm going 100 miles an hour. Just check the boxes and get through your day. I enjoy it. I love it. That's what keeps me going.

But I never take time to think about what is what's behind it all. What can I do with it? What can put a smile on my face in that moment? Like it felt amazing. And I don't think we do that enough in this world. And it's brilliant advice from Rameet. So David, let's actually do it with you. You're here. We got the Curious Canadian. What is your rich life? Oh man. My rich life. Well, it's changed probably in the last five years with all my life events, but I think my rich life is to be able to have a job in which is a true passion of mine, which I have, but with that, the financial flexibility of not having to worry about when I want to go see my friends, when I want to take my family on a trip. I'm a big travel and experience guys and spending time with people

I care about, but I just don't have that, like you said, that freedom of that right now. I have the job that fits my I think my my rich life but I don't have the flexibility let's do two instances here one a trip with your friends one a trip with your family quick summaries a trip with your friends what is the rich trip with your friends look like oh taking a week a year on a golf trip with you and the boys and it's you know five seven days and we're unplugging from work all of us for a little bit and we're just enjoying the chirps on the golf course the gambling the dinners, the conversations, but that's my rich life with my friend. That's my dream. What was your rich life with you and your family, the vacation you're out?

My in-laws have a house in Orlando going there more than once a year and taking Carter to Disney World and being able to take them out on the boat and unplugging with my family and just being in those experiences and starting to make traditions with my family outside of just our home. I think that's my rich life with that. When you think about you at Disneyland with you and your family, do you envision having that fast pass where you get to show Carter being up at the front, things like that? Full immersive experience.

Like he get whatever. It's like Disney World mentality for Carter. Dad, I want this. Done. Dad, I want to go on this. I want the Mickey ears. I want the fast. I want it all.

You have the best vacation. You're with your family. You got the fast pass. Carter's looking up to you. You're then at the last dinner before vacation's over. What is the type of dinner? What are you eating? What does the service look like?

I just think building off you and I, like I love conversations. And I want to get my son in a situation where he can be at a dinner and look his parents in the eyes and put the technology way and engage in conversation. And to do that, it all goes into building traditions. I would love to have a place in Orlando that we go after Disney World on the last day of vacation every year and build through that years over year. So I think that's what it looks like for me. I love it.

You just explaining it. I started to envision it. I got goosebumps three times thinking about it. And at the end of the day, I don't need a Bentley. I don't need an $8 million mansion. Like, I just want to be able to create an annual tradition with my friends and family that we can live right, do it right. We can get the fast pass. And, you know, Carter will always look up to me and think happily about it. And then you start to put the dollars and cents behind it. The next time you're struggling or you don't want to spend or you don't want to go to work or something, you're like, you know what, I can do it. Or the next time you say, I'm not going to go on that trip. So I can do that. It starts to like manifest. And you

think positively about it. And you're already doing some of these things, right? So it's reprioritizing, okay, where I'm already golf 30 rounds a year. How do I golf? If these are more meaningful, how do I do this? I already go to Orlando. So I already have an idea of how much it costs and I can map it out. Why aren't I planning for budgeting it?

And that brings me into the next question that I have for you is he talked about the four numbers, the four numbers that we all should know and it takes 15 minutes to gather. And that's the percent of our take home pay as it relates to fixed cost, savings. investments in guilt-free spending. I think what he's saying is live your rich life by just investing in your knowledge of your own life. So my question to you is, what do you think is something that our listeners would need to address in those four categories that really maybe we're not as aware of or could do a better job of understanding so we could live our rich life? It's a great question. I want to also just put this out there before we wrap up that last

segment, which was beautiful. Yeah. I want to give everyone a take home assignment. Ask yourself these questions at the dinner table and your next date, whatever it is, your family member, like talk about these things because it literally you'll be able to feel what we're feeling as we're talking through it. And maybe you can't because you're not having it. So do it. That's a homework assignment. But David, it's a really good question. The biggest takeaway for me is on average, U.S. households are spending $5,577 per month. If you do the math, that's after taxes. You do the math multiply at times 1.4 when you factor in taxes. You're talking about 93K in spending on average in the United States. To me, that's the issue. United States, we have a

spending issue. Only 18% of people are making over 100K a year. And the median household income is right around that 70K mark. So we are spending way more than we can. And he talked about where people overspend the two major categories is housing in cars. Housing, I understand, there's a little bit more difficulties. You know, prices based on where you live. It's tougher to really just give you customize tool or stat that can blow you away. But cars, it's much more controllable. And at the end of the first quarter, 2023, the average monthly car payment for a new vehicle was over $700, $725. For a new lease vehicle was just about $600. It was $586. And for use vehicles, 516. So that is a simple place that you can control how much you're spending and reduce it to get yourself within the

limit you need to to find your rich life. Yeah, hand up. My fixed costs are out of control. When I'm hearing 50 to 60 and I start doing some quick math, I don't know the number, which is an issue. I got to find it. But I know when I start adding things up, my fixed costs are getting in the way of my rich life. Which of the four do you think you can sharpen up a little bit to make sure you live your rich life? I think mine is going to be the guilt-free spending. I think I probably need to dial that in. I think I do too much guilt-free spending without monitoring it. So fixed costs pretty good, pretty good at saving, pretty good at investing. But I think that percentage, that ratio on the guilt-free spending, because I love spending on experiences, I think

I go a little overboard there. So if you want to cut back on your guilt-free spending, let's say then you start putting more into savings and investment, is that security blanket of your savings and investment is going to allow you to maybe tailor your guilt-free spending to take the trip to Italy? Yeah, it will because here's why, especially with returns in the market right now. If you're sitting in just cash right now, wake up because you can be sitting in pretty much cash and making 5%. So if you think about the opportunity cost of not spending and saving and investing and you're making 5, 10, 15, 20% and you do it annually, that number can be massive and life changing. So to me, yeah, and the way I'm doing it, David, I just put a tutorial out.

Guys, go follow me on Trading Secrets or Jason Tardick on the difference in cost of making food at home versus going out. Those are areas just being aware where you're spending and watching it. What else you got, David? That's all I got. This was great. It was one of those like, you know, trading secrets. If you're listening for the first time, you're going to listen, you're going to take something

home. You're going to be energetic. You're going to be motivated about it. My challenge to all of our listeners, we love the reviews, nothing more than Jason and Evan and I screenshot and review, sending it over and just marveling about kind of your guys' takeaways and your involvement and engagement in the Money Mafia. write what your rich life is in the reviews. We would love to read them and talk about something interesting in terms of doing this exercise because it was really, really awesome.

David, it's a great point, and that comes to the giveaway. Every recap, we do a giveaway. For one person that leaves a review, last week we had Macklemore on. We bought one of his exclusive bogey boy hats. We are now giving that away, and we are giving that away to Samantha Lynn, 6591. The review you left with five stars, enlightening and calming, money has always been anxiety-inducing for me. It feels very shameful to analyze and critique my financial decisions. Jason has an incredible ability to make me feel at ease while taking in so many important financial ideas and practices. Love the guests from a variety of industries and I appreciate the non-judgmental explanations with the advice that comes from trading secrets with one another to help

everyone. Thank you, Jason and The Curious Canadian. Samantha Lynn, 6591, you just won the bogey boys hat just email us your address trading secrets at jason tardick.com and for you back home go to apple give us five stars tell us about your rich life what does it look like it could be one word it could be a whole blurb and you will be entered in next week i'll be picking something out of influencer closet and giving it away remit this was an unbelievable episode thank you so much for coming on if you stay tuned to the recap and we hope this was another episode of trading secrets one you couldn't afford to make on me making that money and money living that dream making that money money money pay on me making that money money living that dream