Get my 5-day email funnel that generated $400,000 from a single launch

Want an email sales funnel that's already proven to work? Get the entire word-for-word email funnel that generated $400,000 from a single launch and apply it to your own business.

Yes! Send me the funnel now
Start Here: “The Ultimate Guide to Personal Finance”

Am I an elitist pig?

19 Comments- Get free updates of new posts here

0

I was in New York for a few days, so back to regular posting.

I ran across this blog entry yesterday, which is pretty thought-provoking:

Ramit Sethi’s otherwise-great site I Will Teach You to Be Rich is a classic example of rich-person thinking; he assumes that people in their 20s can afford to take risks in their investments, because if worst comes to worst, we can just move in with our parents. Can all of us who have studiously avoided burdening our parents for the last 5-10 years laugh uproariously together?

The whole article has more thinking: “on becoming a capitalist pig.”

She’s right, I do think that. But is that wrong?

What do you think?

0

Related Articles

standard post picture

How to give advice that people actually take

Alright, who here has a friend who’s asked you for advice, and when you told them exactly what to ...

Read More
standard post picture

How to not hate live events

I recently spoke at a conference in the Bay Area where the speaker introduced me as saying, “AND WE GOT ...

Read More

19 Comments

0
 

Leave a Reply

19 Comments on "Am I an elitist pig?"

Notify of
avatar

Sort by:   newest | oldest
Jennifer
Jennifer
10 years 10 months ago

I think you’re elitist in the sense that you assume:

a). Everyone has a good relationship with their mature mentally and financially stable parents.

b). Twenty-somethings don’t have anything holding them back: no kids, no health issues, no addictions, no past

c). Every one who went to school is educated

Bryan Covington
10 years 10 months ago

I can certainly say that once I managed to move out it was a very serious pride issue to not move back in. I think I would have lived in some pretty rough conditions before I moved back home.

The earlier poster also make an excellent point. Many people’s parents are relying on THEM for support, not the other way around. Several of my friends in college sent money home to help out.

We all speak from our own point of view, but I think if you’re giving advice to folks you might want to consider those folks outside the 75% center.

Michael
Michael
10 years 10 months ago

IMHO it’s also a basic characteristic of entrepreneurs that we don’t focus on the negative results, but only the positive. If you fall, you just get up again.

And honestly even if you don’t have the parents to fall back on its still a simple matter to have a backup buffer of cash or get a menial labor job to support yourself. To achieve success a certain amount of risk needs to be taken.

asterisk
asterisk
10 years 10 months ago

Holy goodness, someone found my site! Ramit, I love your site and I’m not trying to insult you. I had just always thought I’d be more comfortable taking risks as I got older, rather than risking the little I have at the moment, so your advice really surprised me. I think Jennifer’s #2 sums up the rest.

JC
JC
10 years 10 months ago

If you don’t take risks with your investments, you’re not investing at all! Without risk there is no reward! However, I would be surprised if Ramit is suggesting that 20-somethings get involved in rank speculation with their meager savings.

As far as the parents thing goes, I think I’d rather have root-canal without anesthesia than move back in with the family unit… But if some people feel comfortable doing so, more power to them.

JC

jim
10 years 10 months ago

People like it when everyone acts in the herd. They don’t like to know the guy who takes risks and swings for the fences… because what if they hit a home run?

I run a personal finance blog, it’s simple, it generates some extra cash, but my friends ridiculed me on my “nice website, haha, what a waste of time!” Then I flashed a Google Adsense check and they’ve since shut up.

I’d rather be an elitist pig, taking risks, than a cubicle mole working the 9-to-5 for the rest of my life.

Sam
Sam
10 years 10 months ago

I moved back in with my parents at 20 when my start-up went into a “low revenue phase” 😉

My parents are middle-class but not especially wealthy; and at that level I think that your relationship with your parents is a more significant factor in deciding factor in whether you can rely on them for serious support.

derek_
10 years 10 months ago

I think making a generalization about anyone because of their age is ignorant. I honestly think it’s on par with stereotyping someone because of their race. There’s too many variables in people’s lives. So far I have really enjoyed this site but since you asked, I thought I’d share.

Miss Barnes
10 years 10 months ago
Well I dont think its elitist at all… I am in my very early 20s, done with college, and in grad school to pay the bills while I try out many rather risky ventures… there is one problem though. my family is more broke than I have ever been. Moving back in with parents would mean not knowing where my next meal would come from… So maybe my risks are more “risky” if you will, But I figure if I screw up I’ll just get a regular job later. lol. I do admit at getting annoyed when people assume I… Read more »
Jennifer
Jennifer
10 years 10 months ago
Sorry, Ramit. Didn’t mean to start a bash fest. We all have our assumptions about how the world works. You and my freshmen have poked some holes in mine, which were: a). All psych majors nickel and dime it for the ‘greater good,’ not for lack of empowerment b). People who have fun are paying 20% APR or still getting an allowance from daddy. c). I need to get married because I will never be able to afford property on my own outside of Fargo, MN and owning property is the first step towards any kind of freedom d). If… Read more »
Jacq
10 years 8 months ago

To me, it seems more like Ramit is holding his readers to higher standard than they do for themselves. Steve Pavlina addressed this very topic yesterday.

When we are faced with someone expecting us to be better than we are, we can do two things.

  • We can turn on the victim mentality and accuse people of being elitist, or
  • We can take a moment to evaluate what they’ve said and consider the possibility that they might be on to something.
Denny
Denny
10 years 8 months ago
Is money going to make a person happy? There are many poor people all around the world who often times don’t have enough to eat, yet they are very happy, close-knit units. On the other hand, there are many rich people who are absolutely miserable. The husband cheats on the wife, the wife treats the husband like a money machine, the kids are treated as burdens, and so on. For instance, I have a friend who babysits for a couple in DC. The kids get no attention from the parents whatsoever. They’re always running around doing a billion things to… Read more »
Ramit Sethi
10 years 8 months ago

The point of this site is not just to make money. It’s to be rich. There is a difference, and I’ve written about it before: Why Do You Want To Be Rich?

Denny
Denny
10 years 8 months ago
I’m not criticizing your site, Ramit. I think it’s wonderful that you’re sharing your knowledge with people. Undoubtedly, many people will benefit from this website. However, like you have mentioned elsewhere, many times we fool ourselves into thinking we understand something, if only because it brings with it a certain amount of comfort. I’m simply emphasizing that we should give considerable thought to that question: Why? It should be primary. We have the weight of the whole society pushing us along like the current in a river. We have to elect whether it is right to swim with it or… Read more »
karishma
10 years 7 months ago
I don’t think it’s elitist to expect young people who read a personal finance blog to be able to find some means of supporting themselves if their first (2ns, 3rd,…) entrepreneurial venture fails. Moving back in with Mom and Dad might not be an option for you, but finding a friend who will let you sublet a room, and flipping burgers to make the rent might be. Keeping in mind that it’s a temporary situation until you’re in a position to try your next business venture. The point is that when you’re in your twenties you don’t have a lot… Read more »
.vince
.vince
10 years 6 months ago

its not wrong

Bryan
Bryan
9 years 10 months ago

With great risk comes great reward. If you’re unwilling to take that risk, expect what you get in return.

Also, don’t be a person who constantly thinks, “I can’t do this”. You’re setting yourself up for failure before you even start. I come from a financially unstable background, and my family was poor growing up, but i’m not letting that stop me.

Alex Boutet
Alex Boutet
9 years 7 months ago

Your theory can be wrong on one point.

My parents are both in their mid-40s, they have a far-from-paid mortgage, lawyer debts, and a very bad opinion of investing. I tried to make them figure out, but my father says: “If I can pay the house before I retire, I’ll see then what I’ll do”.

If I’d lose everything, my parents couldn’t afford the burden I’d become. This is not the case for everybody, but I can not afford to lose everything.

Anyway, I won’t 😛

Lorena
Lorena
8 years 11 months ago

i am not gonna say if you are a pig or not… i just tell a story:

In the Roman empire, when a successful general returned from the battle, after having won, the whole village received him with plaudits and vitos.

There was a civil servant whose work was consisting of remaining next to the general… and of saying to him to the ear ” REMEMBER THAT YOU ARE HUMAN ” … sometimes (me included) people believe we are God, and we have to be humble and don’t “¿loose the north?” (i don’t know if this phrasal verb is ok).

Kisses 😉

wpDiscuz