How to get richer is the question we all may sometimes or constantly think about. The “I Will Teach You To Be Rich” author Ramit Sethi answers the question in his Twitter post. The entrepreneur and the New York Times Best Seller author suggests changing the question.
What did Sethi Say?
Sethi says, don’t ask questions about $3; instead, focus more on $30,000. We often get more involved in how much we pay for a coffee. But we should, according to Ramit, worry more about increasing our savings, asset allocation, investments, earning more, and lowering our debts.
What do Pros Say?
Pro financial analysts sometimes have differing views with Sethi, but this time they do.
An expert financial planner said the impact of Sethi’s suggestions would not be limited to a mere small expense cut. She suggested that managing expenses related to housing and car are the most crucial thing for increasing savings and investments, lowering debts, and maintaining a normal lifestyle.
The expert planner says that more minor lifestyle expenses can allow you to achieve bigger goals. Adding the pro, one has to decide how his money would be allocated.
To build wealth, three things are essential. According to another finance analyst, those boost earnings, increase savings, and allocate investments properly. Minimizing expenses will help you accomplish the three goals.
Increasing contributions to retirement plans is always one of the best ideas for becoming wealthy, said another certified analyst who agrees with Sethi’s suggestion of investing automatically.
But the little things should also not be ignored entirely, as pro-financial planners suggested. Some experts also suggest that happiness is equally valuable as money, and a cup of coffee can sometimes bring happiness to you. So, you shouldn’t ignore small things always.
Disagreement to Sethi
A personal finance expert, though, disagrees with Ramit Sethi and says that what to buy in our daily life also significantly impacts our wealth.
