<ul><li>Most people have never thought about this question, individually and as a partnership</li><li>People’s feelings on how they are doing financially are highly uncorrelated with their actual financial status</li><li>Americans love to compare themselves to their neighbours</li><li>Financial plans are more exciting and successful when you shoot for the moon rather than sacrificing your values and interests right away</li><li>The more dialed-in your rich life becomes to you, the more incomprehensible it should become to everyone else</li></ul>

Defining A Rich Life

It’s a tragedy to live a smaller life than you have to.

In the next 48 hours, spend $100 on something you love. Can not be on kids, family, or charity. On yourselfChallenge is made for people who have trouble spending, designed to create a habit of spending money on things that are valuable to you

The 100 Dollars Challenge

<ul><li>You’re off to a bad start if one person is dragging the other to the meeting</li><li>Don’t blame, always ask questions to understand the context around spending/saving habits</li><li>Spend less time looking at fixed expenses (rent, groceries, gas), spend more but still little time on variable expenses (travel, gifts)</li><li>Spend most of the time examining rich life goals and updating progress, maintain a backlog of more rich life goals as you achieve them</li><li>These meetings can be depressing/challenging, make it a positive experience my going out to dinner or something out of the ordinary</li></ul>

Weekly Financial Meetings

We spend our whole life thinking about what we can’t do with our money, so it’s hard to imagine your rich life initiallyStep by step process with your partner:<ul><li>On separate pieces of paper, write down your bucket list</li><li>Share them with each other</li><li>Pick a couple and put a dollar value on them</li><li>The numbers can be very different</li><li>Go with the bigger number – it will make the moment that much more worth it!</li></ul>This makes talking about finances more fun to talk about each month while you slowly but surely chip away at the goal

Counselling Exercise With Your Partner

<ul><li>We spend our whole life thinking about what we can’t do with our money, so it’s hard to imagine your rich life initially</li><li>A rich life is not a number; it’s understanding you and your partner’s values/interests and achieving them without the influence of society</li><li>What is your rich life? Talk about this with your partner</li><li>Money is opaque and unclear to compare across situations</li><li>We always try to compare ourselves to others but it’s more important to take a deep dive into understanding your goals</li><li>Spending/saving habits are not always directly correlated to wealth</li></ul>

Podcast: Key Takeaways

<ul><li>Everyone is taught how to save money but nobody teaches you how to spend money</li><li>Family history can be very influential on this</li><li>Many people collect money eternally without having any rewarding goals</li><li>Would you rather end up at 60 years old with more money or more experiences and a little less money at 60?</li><li>People create a false financial story and live it</li><li>“I’m not good with money” is a narrative that can easily be changed if committing to a plan</li><li>Treat your financial plan like a business</li></ul>

Saving Could Be Worse Than Spending

Ramit Sethi — How to Play Offense with Money, Plan Bucket Lists, Build a Rich Life with Your Partner, and Take a Powerful $100 Challenge | Brought to you by Wealthfront automated investing, Athletic Greens all-in-one nutritional supplement, and Pique Tea premium tea crystals. More on all three below.Ramit Sethi (@ramit), author of the New York Times bestseller I Will Teach You to Be Rich, has helped tens of millions of people live a rich life with their money, careers, businesses, and psychology. He hosts more than a million readers on his site iwillteachyoutoberich.com, newsletter, and social media. His new podcast, I Will Teach You to Be Rich by Ramit Sethi, reveals real stories about love and money from behind closed doors. Subscribe on Apple Podcasts, Spotify, or wherever you listen to fine podcasts.Please enjoy!This episode is brought to you by Wealthfront! Wealthfront pioneered the automated investing movement, sometimes referred to as ‘robo-advising,’ and they currently oversee $20 billion of assets for their clients. It takes about three minutes to sign up, and then Wealthfront will build you a globally diversified portfolio of ETFs based on your risk appetite and manage it for you at an incredibly low cost. Smart investing should not feel like a rollercoaster ride. Let the professionals do the work for you. Go to Wealthfront.com/Tim and open a Wealthfront account today, and you’ll get your first $5,000 managed for free, for life. Wealthfront will automate your investments for the long term. Get started today at Wealthfront.com/Tim.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could only use one supplement, what would it be?” My answer is usually Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Pique Tea! I first learned about Pique through my friends Dr. Peter Attia and Kevin Rose, and now Pique’s fermented pu’er tea crystals have become my daily go-to. I often kickstart my mornings with their Pu’er Green Tea and Pu’er Black Tea, and I alternate between the two. Their crystals are cold-extracted, using only wild-harvested leaves from 250-year-old tea trees. Plus, they triple toxin screen for heavy metals, pesticides, and toxic mold—contaminants commonly found in tea. I also use the crystals for iced tea, which saves a ton of time and hassle.Pique is offering 15% off of their pu’er teas, exclusively to my listeners. Simply visit PiqueTea.com/Tim, and the discount will be automatically applied. They also offer a 30-day satisfaction guarantee, so your purchase is completely risk free. Just go to PiqueTea.com/Tim to learn more.*If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages.  Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk."  In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

RAMIT SETHI

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