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This is the main premise of the best selling book by Ramit Sethi. He structures his ideas into 4 buckets:
“Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t.”
Ramit Sethi lists his favourite approaches to money:
Do this to get on a path to becoming rich:
A great place to start because it can have a big impact on your finances:
Open a no-fee online bank account (e.g. Ally, Capital One). Avoid brick n’ mortars banks
The problem with brick n’ mortar banks (e.g. Bank of America) is they need minimum balances to avoid fees. For example, Bank of America’s “free” checking account requires a minimum $1,500 balance. This locks up your capital.
Use a tracking tool to see where your money is going. (e.g. Mint) Don’t just go and “create a budget”.
Choose the things you love enough to spend on— and then cut costs on the things you don’t love. This leads to a happy, rich life, not living a life of frugality for no reason.
Think about your goals. Ask yourself if you’d rather spend $10 on lunch or save $10 toward a house or a car. If you would rather spend the money on lunch, enjoy lunch! You save money so that you can spend it later on the things that make you happy.
Use this schedule to help you set up your own automation:
If you’re paid on the 1st of the month. Switch all bills to arrive on or around that time, too.
Invest in index funds not individual stocks. Put your own behavioral psychology to work here. Invest automatically and over long periods of time.
Once you’ve covered the basics (aka index funds), allocate 5-7% of your income to “mental outlets.” This is money for you to invest or spend however you like.
After you’ve maxed out savings and investments, consider your most important investment: yourself. Take a course, learn new skills, and improve your career trajectory.
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