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Ramit Sethi Profile picture
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1 Apr, 10 tweets, 3 min read
Wow, after listening to a 3.5-hour podcast today, I realize Bitcoin is actually the future. Fiat is doomed
College is over

Higher education is doomed

Bitcoin proves this
7% returns?

Enjoy being poor

Bitcoin proves this

Few understand
I was putting together a plan to spend money on the things I love

But I changed my mind

Why spend it in a system that's doomed anyway?

Bitcoin is where I'm putting all my money
I was trying to decide what to wear today but I got overwhelmed

#Bitcoin solves this
Religion is dead

But #bitcoin will live forever
"The mass of non-HODLers lead lives of quiet desperation"

--Henry David Thoreau
I am selling an NFT of my new art piece, "Revelation," for $72 million

Contact Sotheby's if interested
Today I received some extremely useful feedback from other #bitcoin HODLers

Like me, they believe in the rapid death of fiat currency and a new store of decentralized value

Many of them are very smart & they convinced me to "do my research"

Therefore, I have updated my profile
Some of my new #bitcoin friends are skeptical about me. I don't understand why

Guys, who needs diversification? Concentration is for winners. Buffet said so

8% over history? LOL! I can make 215% in one week. Decentralization

I am a HODLer now

Few understand. But I know you do

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More from @ramit

Ramit Sethi Profile picture
23 Mar
Guy on reddit: "I'm 27M, $14mm net worth, looking for a city to live in. City must have:

-Good weather
-Safe
-Low capital gains tax"

Imagine being on track for $100mm+ by breathing oxygen and, of all your options in life, you decide on TAXES as a top criteria for where to live
There are 2 groups who make decisions based on taxes that I find incomprehensible

1. Low earners. I remember a guy making $14/hour in TX telling me I was dumb for voting democrat because "they'll raise taxes"

Buddy...they want my tax $, not yours. And they should raise my taxes
2. The rich! OK, you're a multi-millionaire...you can live anywhere. You make 8% returns with capital-gains advantages. You literally cannot spend it all

Of all the things you can do in your life, what guides you?

HOW LITTLE YOU CAN PAY IN TAXES?

FUCKING GET AN IMAGINATION
Read 6 tweets
Ramit Sethi Profile picture
23 Mar
A friend asked me if the Amazon 5% credit card was worth it ("I spend a lot at Amazon")

How would you decide?

I'll share my thoughts in the comments below 👇
He first thought about getting the Amazon CC because Amazon showed him a big number: "If you had an Amazon credit card, you would have saved $XXX last year"

Very compelling. Companies love to show you big top-line numbers like this.

However, what's missing from this?
In reality, he already has a 2% cashback card. So an Amazon card would get him an incremental 3% of his Amazon purchases (5% - 2%), not 5%.

He should also factor in:
- Annual fees
- Maintenance (setting up accounts, payments, monitoring) <---this is a huge invisible cost
Read 5 tweets
Ramit Sethi Profile picture
8 Mar
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

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...
Read 6 tweets
Ramit Sethi Profile picture
5 Mar
How do cult members respond to being wrong?

On January 21th, a QAnon cult member messaged me promising that by March 4th, we would have 45,000 "pending indictments" released and our country's corruption would come to an "abrupt end"

Today I followed up with him

👇
As a reminder, here are some of the things he messaged me, totally unsolicited.

What do you notice about his comments?
His messages continued to become increasingly unhinged until his crescendo, a supposed "smoking gun" video...which was unavailable

You can see others' responses to his comments here

Read 10 tweets
Ramit Sethi Profile picture
5 Mar
Do you agree or disagree with Noah?

What are the things to take into consideration to decide what's right for you?

I'll leave my thoughts in comments below.
Here are some things to consider about buying vs. renting.

I've rented by choice for 15+ years in SF, NYC, and LA. Renting was an awesome lifestyle and financial decision

Why? Because even though house prices appear to go up, most people forget about PHANTOM COSTS
Here are examples of PHANTOM COSTS:

- Down payment
- Maintenance
- Interest
- Taxes
- Time
- Opportunity cost

Once you factor these in, your returns shrink, often dramatically. This is why granny buying a 1979 house for $100K and selling for $800K didn't actually make $700K
Read 16 tweets
Ramit Sethi Profile picture
3 Mar
In general, I'm not a fan of ordinary people using financial advisors

* Wall St fights against commonsense regulation
* People don't realize that 1% fees can equal 28% of returns
* They'd would rather pay $50K in hidden fees than $2.5K out of pocket

But... ImageImage
There are good reasons to hire a fee-only advisor. I've done it myself and had a great result.

(This is an excerpt from an email that I sent out today.) Image
I asked my readers to share their BEST and WORST stories of using a financial advisor Image
Read 5 tweets

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