"My Rich Life" - Ramit Sethi on Netflix

Apologies if this gets moved somewhere else because it's not MFW, but I'm putting it here because 
1) I'm interested specifically in the views of the people who hang out in MFW and
2) it's really making me think about mortgage freedom and whether that's the thing. 

So, the 2009 book 'I can teach you to be rich' has been made into a netflix show 'How To Be Rich' but the primary point is to think about what 'your rich life' looks like, and making your money work for you to that end. He advocates spending on the things you care about and cutting back massively on the things that don't add value to your life. Otherwise it's all fairly normal suggestions re fire and forget investing, building up savings, etc, although (given he's in the US) he doesn't necessarily advocate home ownership for all. 

It's got me thinking about what matters to me - and actually we have quite a lot of what we need for a rich life, although I'd prefer a much bigger cushion of savings, and that's something that I need to work on, One of the things that has come up here and from elsewhere is that also I want to get rid of a lot of clutter, because feeling like we have more space and being able to keep things clean is much more aligned with 'my rich life'. 

So - has anyone else seen the programme, or have you read the book? What do you think? I suspect many of us will have had these kinds of thoughts when considering being MFW. 

Comments

  • South_coast
    South_coast Posts: 4,775
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    I haven't seen the programme, but I have read the book. There is also a podcast, where he counsels couples whose spending decisions are out of alignment. Being honest, I found the podcast quite same-y after a while and stopped listening, and the book was a bit basic for me (but he kept referring to it in the podcast, so I felt like I really ought to read it 🤦‍♀️!) But that's probably just my perspective after too many years of MSE and MFW - I'm past entry-level stuff with finances!

    I do like the rich life idea though, and don't have any qualms on splashing out in certain areas (while not spending on other things that I'm not bothered about) 😀
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • Viking_mfw
    Viking_mfw Posts: 555
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    Thanks @South_coast. Was pondering the book but suspected that would be the case. The tv programme is not repetitive in that they've clearly chosen contrasting cases, but also there's fairly straightforward answers in most cases. It was a bit of fun nonsense to while away a couple of hours though. 

  • beanielou
    beanielou Posts: 89,218
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    No harm in getting the book from the library!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
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  • Viking_mfw
    Viking_mfw Posts: 555
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    beanielou said:
    No harm in getting the book from the library!
    That was my thought but it's not in our county!
  • savingholmes
    savingholmes Posts: 26,800
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    I watched a few episodes while away. I found it irritating as stories were split across episodes and there were too many threads in one programme. I didn't agree with all his advice either and wondered how many of us MSErs could do a lot better. I do agree it's important to have a powerful vision of what you want out of life and to keep checking your progress against that. You might want to check out 'The money or your life' by Vicki Robin - which makes you challenge yourself on whether the spends you made were worth the life energy it took to get the money.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
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