Thread by @ramit

I spoke to a couple making $335,000/year. Impressively, they knew their savings rates, investment rate, etc (most don't)

I asked "How do you feel about those numbers?" they laughed

"We don't know! Is it good? Bad? We have no idea!"

Here are a few things we talked about👇

Because they didn't know basic benchmarks -- savings rate, investing rate, etc -- they had no idea if they were doing POORLY, FINE, or VERY WELL

Knowing these benchmarks is key

They were doing well but felt guilty

I reassured them, then we celebrated

https://twitter.com/ramit/status/1343979665849872384

Telling people to "learn benchmarks" is a losing battle. Nobody cares. So I dug in

They had some peculiar $ habits. When I probed, it became clear why

They had no vision of a Rich Life. They were just saving to save...because "that's what you're supposed to do"

My approach...

I helped them develop a really compelling vision of a Rich Life. Oh, you want a beach house? What city? When do you want it? Think bigger. Let's dream.

NOW they were excited. They had a reason to learn their investing rate because they could see a path to their future Rich Life

A high income solves most financial problems

Thanks to their income, they could "make up" for a few years of not being completely dialed in

This is why earning more is such an important Big Win

(In our programs, we teach how to get $10K - $80K raises and start a side business)

Here is a list of words I NEVER USE in a first meeting

Estate planning (who cares)
Taxes (scary)
Expense ratio (GTFO)
Budget (die)

Words I DO use
Rich Life
Dream
Feelings

If you want to have a conversation like this -- where you dig into your Rich Life vision -- stay tuned