In this article, we have featured Ramit Sethi Net Worth in 2021 bio, his personal life, Books, and much more, read the full blog to know more.
Ramit Sethi became a successful entrepreneur and philanthropist by following his passions.
Ramit Sethi has a net worth of $25 Million
Ramit Sethi was a successful entrepreneur because he took risks and did not believe in the status quo.
Ramit Sethi started his blog IWT (I Will Teach You To Be Rich) in 2004 while he was studying technology and psychology at Stanford.
Who Is Ramit Sethi?
Ramit Sethi is a New York Times bestselling author and financial advisor. He has been featured in the Wall Street Journal, Forbes, and Business Insider for his expertise on personal finance topics.
His blog focuses on achieving success through blogging, freelancing, and entrepreneurship with an emphasis on teaching people how to make money online.
This post will talk about how Sethi became so successful as an author, entrepreneur, and philanthropist by following his passions for helping others improve their finances without having to go into debt or use credit cards. This is sure to help readers who want to follow their passions too!
Biography of Ramit Sethi:
|Born||June 30, 1982
California, United States
|Alma mater||Stanford University (B.A.), 2004 (M.A.), 2005|
|Relatives||Prab Sethi (father)
Neelam Sethi (mother)
Maneesh Sethi (brother)
Ramit Sethi in Numbers:
Ramit is very popular. He has a blog and YouTube channel with a lot of people who read it or watch it. He also has a lot of followers on Instagram and Twitter. Millions of people read his book on personal finance, too.
- 1,000,000 people read Ramit’s blog each month.
- Over 200 thousand people follow Ramit on Twitter.\
- On it, he has nearly 195,000 subscribers.
- Ramit has a YouTube channel called I Will Teach You To Be Rich.
- He also has 255,000 followers on Instagram and over 7,000 reviews on his New York Times bestselling book about personal finance.
How did Ramit Sethi earn his net worth?
Ramit Sethi is a famous author and financial advisor. He writes about money. He writes about how to be rich.
His book teaches people how to learn about personal finance in a way that is easy to read, too. People say he’s one of the easiest people to learn from when it comes to the subject of personal finance because his books are good for beginners too!
Sethi wrote a book in 2009 called I Will Teach You To Be Rich. It has been popular ever since. He also runs a website of the same name now.
He founded PBworks, which is also a commercial information website. What’s so special about his advice on how to become wealthy?
One important part of his program is focusing on what he calls Big Wins – things that would have a huge impact on your personal finances, for example negotiating salary, getting passive income, or starting investing early.
Inspiring Lessons from Ramit Sethi
Lesson 1: Play offense with your credit cards
The first chapter of Sethi’s book is titled “Optimize Your Credit Cards.” Credit cards usually get a bad rap, but they can be worth thousands of dollars in benefits.
Many credit cards offer rewards points that you can use toward travel, shopping, giving back to charity, or cashback. They also might offer extended warranties and benefits like car rental insurance and trip delay insurance.
However, you should only use credit cards for emergencies. If you don’t pay them off each month, they will cost you a lot of money with interest fees.
Make sure to negotiate with the company to lower your annual fee too if possible. Sethi says that people have to “play offense” when it comes to using credit cards and make the most of their many perks.
Lesson 2: Pick the best bank account
I like to travel and I do not want bank fees. That means that there are only a few banks that work for me. Chapter two of “I Will Teach You To Be Rich” is called “Beat the Banks.”
The book says you should open accounts with high-interest rates and low fees, but also have more than one account, maybe even three! My checking account is at Charles Schwab, I have two savings accounts at Ally Bank, and one money market savings account at Capital One.
All three of these banks do not have minimum balances or monthly fees on top of their low-interest rates on average.
Lesson 3: Spend based on values
The Lesson is about how you should spend your money. It’s not about cutting every penny out of your budget, but focusing on what you want to spend your money on.
One story in the book tells of someone who spends $5,000 a year going to bars and nightclubs. Although this person does not have much money saved up, they focus on making sure they save for their retirement and other things first.
Once they meet their financial obligations, then they can spend money guilt-free within the budget that they set themselves.
Lesson 4: Keep your checking and savings at two different banks
Sethi thinks it is important to have savings and checking accounts. But even more importantly, he recommends that you have two different savings and checking accounts at two different banks.
This way if you spend money from your savings account, it will take a few days for the money to go into your checking account.
That way you are less tempted to spend all of your money without thinking about it or saving some of the money.
Lesson 5: Automate your investing
Saving money is good. But when you are old, it is hard to make money. You need to save now in order to have enough when you are old.
If you work, put some away each time you get paid. And if you don’t work, open an account for retirement savings and set up the rules so that it’s always saving money for when you’re old.
Lesson 6: Start small, grow BIG
The truth is that it is hard to be successful. It can be difficult to think about making a million-dollar business when you are only running a $10,000 business.
Many people stop trying because they don’t think they can achieve their goals. But if you start small, then this will make it easier for you to succeed.
All professionals were once amateurs and all experts were once beginners! Ramit was an exception too. He started with selling an ebook for $4.95 and now he runs a million-dollar business! So dream BIG and start NOW!
Lesson 7: Do Side Hustle And Earn Money
A side hustle is a way to make money outside of your 9 to 5 job. It helps you earn more money that’ll give you the freedom to pursue your dreams.
Ramit used many side hustles to make money online including starting a blog, selling services, selling books, and more which eventually lead him to build a million-dollar business online.
Lesson 8: Open High-interest, Low-maintenance Bank Accounts
Banks will try to trick you by requiring “minimums.” This is because they make money if you keep your money in their bank.
If someone wants something like bill pay, they will require that the person has a minimum amount of money in their bank account. That is not true. I could be earning 20 times more if I put my money somewhere else instead of the bank.
Lesson 9: Keep your numbers close to the chest
Sethi talks about how he approaches talking about his career and financial success with his friends and family.
Once you start becoming more successful, if you share how much money you have in assets, it might make people feel bad. They might feel that they don’t measure up or that they are not as good as you.
If you are happy with your money, then don’t tell people how much you have. Just let them know that they won’t have to worry about you.
Your relationships might change the more successful you get. So if you go out to dinner with friends, choose a restaurant that is inexpensive for everyone or be more generous and pay for their meal too!
Lesson 10: Focus on ACTION, Not Consumption
You can read as many blogs as you want, but unless you take action, your life will not change. Most people wait for things to happen instead of making them happen.
They don’t have a goal and they just live an ordinary life. Ramit is not an ordinary person. He acts quickly on anything that comes up and he has a lot of success because of this. People should try to be more like him.
Conclusion: Ramit Sethi Net Worth
The first big check he got, he put it in the stock market. The stock market is where you put your money to make more money. But then he lost half of his money.
He learned how to make more money and also founded a company called I Will Teach You To Be Rich.