#171 Ramit Sethi on The Most Important Financial Advice You Need to Hear Right Now | Impact Theory
Tom Bilyeu's Impact Theory
05/12/20
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On this episode of Impact Theory with Tom Bilyeu, Ramit Sethi, founder of IWillTeachYouToBeRich.com, shares powerful advice on how to make it through the most severe recession in decades. He details a plan of action that will help you nail any job interview, discusses ways to immediately reduce debt or at least postpone payments, and explains how to build up an emergency savings fund so you can weather the coming storm.
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SHOW NOTES:
Why you need to accept reality, make a plan, and build up a 1 year emergency fund [1:29]
Ramit explains how to save significant amounts of money right now [4:45]
What to do if picking up the phone scares you [7:27]
How to go on offense when it comes to cost-cutting [10:25]
What government programs are available to people struggling now? [15:26]
Ramit talks about why you should not chase interest rates [18:43]
Ramit explains why you should only invest for the long term [19:45]
Ramit recommends that people not invest until they have a 1 year emergency fund [22:27]
Ramit and Tom discuss making the changes you must make without any shame [24:15]
It doesn’t matter what you look at. It matters what you see. [28:31]
Ramit shares advice on how to get a job if you are unemployed [33:07]
You must take care of yourself and your family first [38:46]
Ramit describes the one change he would recommend people make right now [43:02]
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Previous Episode
Right now people need to know the facts about the novel coronavirus, COVID-19. Knowing how the virus actually spreads, how it damages the body on a cellular level, and how it provokes counter-productive immune system responses will help everyone make significantly better decisions about their diet, lifestyle and social activities. On this episode of Health Theory with Tom Bilyeu, Dr. Rishi Desai explains exactly how the coronavirus infects people, what it does to the body’s cells and immune system, the reason why tracking the virus is so difficult, and why it will take time to get a vaccine.
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SHOW NOTES:
Dr. Rishi Desai explains exactly how the coronavirus infects people [1:37]
Rishi describes how the virus actually damages your body on a cellular level [3:16]
Rishi talks about the effect of humidity on the virus [7:37]
Hospital admissions are a lagging indicator of how many cases there really are [9:23]
The possible reasons for why COVID-19 seems more contagious than other viruses [13:14]
Rishi describes the steps he takes to reduce his chances of getting infected [15:51]
Rishi talks about methods for treating the virus that he has high hopes for [18:15]
Why does diabetes seem to be such a serious risk factor? [19:51]
Rishi explains how cells “communicate” with each other, and why it matters [23:59]
Rishi explains how fluid builds up from severe inflammation, preventing oxygen flow [27:01]
Tom and Rishi discuss why it’s so important to actually understand how the virus works [30:07]
Rishi explains why merely transferring antibodies doesn’t confer immunity [33:40]
Why are vaccines so time-consuming to create? [35:12]
How important is Vitamin-D? [39:52]
You can probably only get too much Vitamin D if you take a pill [43:52]
What is the single most important health change most people should make? [45:30]
FOLLOW RISHI & OSMOSIS:
WEBSITE: https://bit.ly/2SLOlqW
INSTAGRAM: https://bit.ly/2YQVydd
TWITTER: https://bit.ly/2YEa9bJ
YOUTUBE: https://bit.ly/2W9mvqr
Next Episode
In this episode of Conversations with Tom, Ray Dalio and Tom Bilyeu discuss the current severe recession and the debt crisis that preceded it. And while Ray does advocate planning for the worst-case scenario, he also offers a powerful reminder that you don’t have to do this alone.
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SHOW NOTES:
There’s a pattern to history, but some things only happen once in a lifetime [0:41]
Ray discusses debt crises and the problem of money creation [1:29]
The Federal Reserve is part of the government but outside of politics [5:38]
Money is digital. So how do we know it’s going to be of value? [7:37]
Ray talks about the large wealth gap and the rise of China [10:04]
Look at your income, expenses and savings, and then do a stress test [12:31]
Ray advocates intelligence and non-antagonism in politics [17:07]
Ray discusses the success of FDR in dealing with depression and debt crisis [19:47]
Ray strongly advocates for the virtues of a complete education [22:38]
Tom and Ray discuss the importance of skill acquisition [27:35]
You don’t need to make your decisions in your head. You can ask others. [33:56]
No one is going to come to save you [36:32]
You’re better off knowing that you don’t know than believing you know when you don’t [39:06]
Tom talks about the need for people to aggressively get educated and acquire skills [43:04]
What you don’t know is greater than anything you do know [47:42]
Ray is extremely curious, and he loves learning about the world and then betting on it [50:24]
When Ray was 12 years old, he started investing with his earnings from odd jobs [53:32]
Ray thinks the decline of the US empire will be manageable [57:11]
Ray advocates again planning for the worst-case scenario [59:57]
FOLLOW RAY:
WEBSITE: principles.com
INSTAGRAM: https://bit.ly/2zokFsZ
FACEBOOK: https://bit.ly/35PZHzi
TWITTER: https://bit.ly/2YTYmGc
Are You Ready for EXTRA Impact?
If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you.
Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness.
This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day.
Subscription Benefits:
- Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more
- New episodes delivered ad-free
- Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list
- You’ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more:
- Legendary Mindset: Mindset & Self-Improvement
- Money Mindset: Business & Finance
- Relationship Theory: Relationships
- Health Theory: Mental & Physical Health
- Power Ups: Weekly Doses of Short Motivational Quotes
Subscribe on Apple Podcasts: https://apple.co/3PCvJaz
Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impactt...
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