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My 3-minute video response: What you can do about today’s economy?

95 Comments- Get free updates of new posts here

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Yesterday a bunch of you left comments and sent me emails about what’s going on in the economy. Here’s a quick video I did to answer some of them. Check it out and see my notes below.

Worst screen capture ever?

0:01 — Intro: We’re going to talk about what’s happening with the economy, asking the right questions, what you can do with your money. PS–It’s my first time doing video for this site, so please cut me some slack!

0:12 — Lots of questions: “What’s happening?” “Who can I blame?” “Why is the government bailing companies out?”

0:45 — Most of the questions are totally irrelevant!.

What do we know?
1:11 — Your money is generally safe: Money in savings accounts is insured up to $100,000 per account, and money in brokerage accounts is insured up to $500,000 (with some nuances). However, this doesn’t mean money in your portfolio is insured against losses in the stock market — if your portfolio is down 20%, it’s really down 20%. That’s why investing is “investing,” not “picking a sure thing and profiting a lot.” SIPC insurance means it’s insured against the brokerage firm going belly-up. Learn more by reading this article.

If you’re looking for a broad-based understanding of what’s going on, The New York Times has been providing excellent coverage, especially this page.

Worry about the things you can control
1:47 — We misjudge risk and worry about stuff in the news — as opposed to the real risk. Let’s say you’re worried about not having enough money. Which is more likely?

1. You’ll run out of money because you lost it all in a tumultuous stock market
2. You’ll run out of money because you didn’t save enough, spent money on stupid stuff (vs. spending consciously), and didn’t properly diversify your assets

OF COURSE it’s the second, but because of the availability heuristic, we tend to overweight what’s easily accessible in our brains (i.e., we’re all worried about what we read in the papers right now).

Remember, we are cognitive misers and can only pay attention to a few things, so take advantage of that. I’d rather focus on the very real risks that have caused millions of people before me to not have enough money to sustain their lifestyle — that is, not saving enough — rather than worry about a macro-economic topic that’s in newspapers. Sure, it’s important, but I can’t control anything at the macro level. At the micro level, I can control everything. (Note: Here’s a good book on judging risk.)

What you should focus on
2:12 — Save more — single-best thing you can do to mitigate risk

(No time stamp.) I forgot to mention this in the video, but please don’t fall prey to the myth of financial expertise: Nobody has The Answer about how bad this will get and how long it will go. Experts have been trying to predict this for years — remember in 2007 when they said it would “probably be fine by the end of the year?” — and they’re still trying. And failingDon’t try to time the market. You’ll fail too. Just pick a regular, consistent investing strategy and optimize for the long term.

2:23 — Tweak your asset allocation

2:42 — Stop asking stupid questions!

2:52 — Best things you can do: Forget about macro-stuff and focus on your own finances. Save more, do a kick-ass job at work and get a raise, or even start a side business.

* * *
Hey, what did you guys think of the video? Should I do more? Let me know if you have any suggestions or questions for other stuff you want me to talk about.

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95 Comments on "My 3-minute video response: What you can do about today’s economy?"

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J.Z.
J.Z.
7 years 10 months ago

Great job on the video post, Ramit! I would definitely recommend you doing more, as your conversational style of writing lends more to verbal interaction than it does print [in my opinion, of course 😉 ]

Cath
Cath
7 years 10 months ago

I like the video feature – especially with the expanded ‘liner notes’ as it were. It gets to me twice.

Thank you for bringing up diversifying your income, taking another job or starting a side business. My husband recently cut back on one job, the smaller paycheck for longer is more valuable than a big paycheck for a shorter period, like if they shut the doors when they can’t cover payroll. Getting a second job in a more stable company kind of hedged our bets, per say, and we’d end up okay if either company tanks.

Matt
Matt
7 years 10 months ago

Ramit,

I love the new video format. I think it will engage visitors in a new and novel way.

Matt

Future1investor
Future1investor
7 years 10 months ago

That was a great first video.
Don’t stop! We’ll promote them!

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[…] Here’s my response to the questions. (2 votes, average: 4.5 out of 5)  Loading […]

Dereque
Dereque
7 years 10 months ago

Ramit, this was great. I totally agree with all of your points. I often wonder why people are babbling about the impact of the recession rather than taking proactive, personal steps like saving, investing, entrepenuership.

This post was also far better than the last 4 or 5 snipits you’ve put up here which (like one disgruntled reader) left me ready to unsubscribe from this feed.

Kim
Kim
7 years 10 months ago

oooo Ramit, love the video post. Sound financial advice and eyecandy is quite a nice combination. I just started reading your site and have a tinnnyyy nest of money that I’d like to use to start investing. I will definitely read up on asset allocation. Looking forward to more videos.

Keff
Keff
7 years 10 months ago

“Hey, what did you guys think of the video?”

Watching the video: 3 minutes.
Reading your summary with all important stuff: 15 seconds.
Worthy information: same ammount

My economical thinking very much prefers reading, thank you 🙂

Almeida
Almeida
7 years 10 months ago

About posting videos: interesting but please keep summarizing them as you did with this one (helps sintetizing and indexing).

E
E
7 years 10 months ago
Liked the video, thanks. And, embarrassingly, it helped me learn how to pronounce your name correctly. Sorry, I’d been mentally mispronouncing it every time I read it. That’s what happens when you grow up in a predominately German-Swedish part of the Midwest! I agree with your comments on saving more money, at which most of us Americans are horrible. However, I don’t think anyone’s questions were dumb. I think if we as consumers are to take better control over our future assets we need to understand what happened *now* so we can watch what is happening in the future, invest… Read more »
FMF
7 years 10 months ago

As usual, I agree with with you 100%.

Jennifer
7 years 10 months ago

Thank you. Your video post was short and to the point. This is smart and easy advice that people don’t practice enough (myself included.)

Noel
Noel
7 years 10 months ago

Quick advice, and good advice. As some others have mentioned you really should do more of these – you take to the format well!

Jamie
Jamie
7 years 10 months ago

Good, solid perspective to keep it (the bad economic news) in perspective!!

Justin
7 years 10 months ago

Kick-ass video Ramit. You should think about doing an introductory series of videos for people new to IWTYTBR if you haven’t already.

John
7 years 10 months ago

Hi Ramit,

You give more useful, down-to-earth advice in one minute than many financial gurus can dish out in an hour. Keep up the good work!

Amy
7 years 10 months ago

Thanks for the great video! It definitely helped to explain some of the details of what’s going on now. Now I just need to sit down and lay out my budget to increase savings 🙂

S
S
7 years 10 months ago

Fantastic job on the video, I really appreciated what you had to say. Honestly, you are a perfect example of offering something of value for free (your blog) with plans for monetary return eventually (your book, which I WILL be purchasing – not to mention attending conferences where you are a speaker).
Kudos to you.

Kathy
Kathy
7 years 10 months ago

Great job on this video! Very straight to the point, loved the notes and simplicity for all to understand. I will just add on the notes some links to go deep into the suggestions.

Thanks for your advice.

Rowyn
Rowyn
7 years 10 months ago

Nice work, Ramit! FYI, in YouTube if you go to http://www.youtube.com/my_videos and click on “edit” for your video you should have several options for the “video thumbnail”(screenshot) which shows before the video starts playing.

Patty
Patty
7 years 10 months ago

Sorry to say but your videio stopped and then started running about every 3-4 seconds. However, since no one else mentioned this, it must be something caused by my system. Thank goodness you had a draft of your talk included. It was a great monologue and really made sense. Thanks for your efforts.

DannyB
DannyB
7 years 10 months ago

Good job…I believe you got your point across loud and clear, which is half the battle…now people must put your knowledge into action!

Keep up the good work.

Carlo
Carlo
7 years 10 months ago

Great video response to the mass of similar questions. I like that you chose the best medium to communicate to a larger group. Seeing you put yourself out there adds all the more credibility and shows you actually take the emails seriously.
It adds a persona and one that we look forward to seeing more of in all media.

Excellent!
C

JJ
JJ
7 years 10 months ago

Well, in addition to the wonderful insights listed in this truly helpful post (no sarcasm here), we now we know two things: there IS such a thing as a stupid question and if you ask one Ramit may just publish it and make fun of you on his website.

I didn’t submit the question but the response is nonetheless reprehensible.

-5 points for lack of professionalism. I would have expected better.

Jen
Jen
7 years 10 months ago

Regarding this “Money in savings accounts is insured up to $100,000 per account”, do you know how soon we’d get that money from the govt if the bank goes down? Maybe it’ll take 10 years before we get that money back?

Scott Lethiot
Scott Lethiot
7 years 10 months ago

Hi,

The video is a great idea and do more of them! So much better than an email and you get more out of them! Keep it up!

Thanks!

Charlie
7 years 10 months ago

@ Jen- I heard from a close friend that the FDIC has up to 99 years (essentially no time limit) to pay you back. I haven’t checked to see if this is true or not.

Ramit, can you confirm/refute this?

Lisa
7 years 10 months ago

Ramit,

Great video, especially for your first. Important information, I think you are right on the mark, especially with the savings part. Not sure about calling questions ‘stupid’ though. Naive yes, but stupid? That’s how your readers/viewers will learn by asking you.

Look forward to more.

Cecily
Cecily
7 years 10 months ago

Not bad for a first video. We watched what happened this week and pulled everything out of our portfolios, since they were all very small and set them aside for savings, period. We wanted the funds to be ours and not flucutate. we had lost funds in 2 of the 3 investment portfolios and that was that. Right now, stuffing my mattress looks safer than leaving anything out there to chance. I’ll keep addinig to the “mattress” as I would to a savings account and wait for safer times.

Ben Casnocha
7 years 10 months ago

Good video, but I’m not sure “don’t try to understand the macro” is good advice. Really, understanding at least a tiny bit about how markets or financial institutions work would go a long way.

Lee Hall
7 years 10 months ago
The biggest challenge in investing in the markets is we give too much credence to the returns always being there for us, as well as assume that we can be successful as long term investors if we just throw money at a fund. Unfortunately, this attitude gets us into bad situations, and can easily be avoided. We need to take an active role with our investments, because we are the only ones who genuinely care enough about whether we retire wealthy or not. You can’t afford anything less. Here are a few steps you can take next time: 1 –… Read more »
Craig
7 years 10 months ago

Reposted, because it got messed up:

Ramit,

I liked the video. It’s a different experience listening and seeing someone talk than reading their words. All that non-verbal communication. I went to a couple of the links about asset allocation. I have two questions.

1. How important is rebalancing every year? Specifically, if you just invest the new money in the appropriate balance.

2. Is it reasonable to have only stocks indices? I’m 24 and don’t mind risk.

(Right now my contributions go 50% Vanguard Total Stock and 50% Vanguard Total International Stock. I have yet to rebalance.)

Amy
Amy
7 years 10 months ago

i’m going to go out on a limb here and let you know you should really take care of the uni-brow before you do your next video… especially if anyone gets HD!

Drea
7 years 10 months ago

Nice video. What would your solution be for people who have followed a savings philosophy for a while, but haven’t had it pay off because of rising commodity prices and inflation? Seems like savings these days barely keeps you afloat (tho it’s far better than living off credit).

Toby
7 years 10 months ago

Ramit,

Great job with your first video. Very precise. Keep’em coming.

Susan Grant
Susan Grant
7 years 10 months ago

Congratulations on a video well done.
I enjoyed it and hope that it is the first of many.
Thank you for the information.

Whitney
Whitney
7 years 10 months ago

I’ll add to the chorus of folks saying “liked the video.” I especially loved the way you said “leave a comment” and pointed downward–it was a funny physical representation of a digital event.

Sean
7 years 10 months ago

Great delivery and nice use of links to supplement the video.

Kathleen Ferenz
Kathleen Ferenz
7 years 10 months ago

Really like the video answers! I Short and to the point. like the mix up of video and writing too. You are a great writer. What was great was having the transcript – that is an excellent mix of media.

videoman
videoman
7 years 10 months ago

Try using vimeo.com not youtube.com

I do like the video portion!

Warren
Warren
7 years 10 months ago

Good video. Clear and to the point!

Do you really believe that saving more than the next person is the best thing to do with money?

I have been told recently that investing in precious metals and real estate is the best thing to do with money.

Please advise and/or give me your opinion.

Charlie
Charlie
7 years 10 months ago

Great Stuff!
Work on framing your face in the picture. You may want to back away from the camera a little.

The written synopsis is important as their are many learning styles.

trackback

[…] a post about this week’s events, but then I saw that Ramit at I Will Teach You to Be Rich has done the work already! He’s created a three-minute video with tips for today’s […]

Me
Me
7 years 10 months ago
Ok, we are just supposed to throw our money in a mutual fund and forget about, right? I don’t think so. That’s how we got into this mess. We have millions of American with billions of dollars in mutual funds and they have no idea how that money is being used. So the mutual fund management is just having a field day spending your money because they know that there are not repercussions. All they have to do is collect there management fee and explain away your 20% loss by saying “diversify”, “dollar cost average” and “asset allocation”. PUHLEASE, until… Read more »
David
David
7 years 10 months ago
Great Job on the video!!! I competely agree with you about stupid questions! Especially the one about “who can I blame?” People can only blame themselves for being financially irresponsible with their money. You can’t blame the government or any one party. If you don’t like the way the system (government) is being ran you have to realize that there is very little and individual can do to change it, and complaining about it doesn’t help or change it! My personal thoughts are that you have to learn and teach yourself how to beat the system at their own game… Read more »
Drew
Drew
7 years 10 months ago

great advice

Sara
Sara
7 years 10 months ago

I know this blog is geared toward young people and few of us have had money invested when there was significant market downturn before, but try to think big picture. Today, your Roth IRA contribution is pretty much offered at a discount. Take advantage of it.

HollyS
7 years 10 months ago
Hi Ramit! I normally don’t watch many videos I come across because I am much more of a reading person, but I liked this video of yours. You come across great on camera and had a very reassuring tone, which is fantastic considering the subject and the questions you are responding to. I liked your bit about just doing what you can at work and perhaps opening a side business – I am young and don’t have a huge net worth, but I feel this is one of the better things I can do to try and brace myself against… Read more »
Alex
Alex
7 years 10 months ago
I enjoyed the video, it was pretty informative and well done. Some constructive criticism: -sit farther back from the camera, it feels like you are looming over me when I watch -talk slower, and exaggerate your annunciations -use an intro-body-conclusion format where you right away tell the viewer what they are going to be seeing, then give the meat of your presentation, then recap it all at the end briefly -this might be asking too much, but could you insert graphics (charts etc.) into your presentations? I am a visual learner and I know many others are too, it really… Read more »
Mart
Mart
7 years 10 months ago
@Cecily: Pulling out your investments was a mistake and a more balanced asset allocation reflecting your appetite for risk is the way to go, I doubt 100% mattress is really what you want to be doing, not just because you won’t have any returns, but also because it is not as safe as you might think (dollar depreciation / inflation scenarios from all these bail-outs are equally a source of uncertainty.) So rather than focus and act on the things we the little investors can’t control, I think it is probably better to focus on the things we /can/ control,… Read more »
Thisson
Thisson
7 years 10 months ago

Ramit,

You need to invest a little bit of money in either A) collar stays or B) a good iron.

Also realize that the policy issues are likely to have as great an impact on future generations as their saving rate and asset allocation. This is because to make any investment progress, your returns have to beat inflation.

Other than that, thanks for posting the video, which I enjoyed. And keep up the blogging.

ekrabs
ekrabs
7 years 10 months ago

Excellent video blog!

I just want to throw out there that if you’re not sure how to set an asset allocation and/or rebalancing, or you just don’t care but still want to invest, there’s always Target Retirement/Life Cycle funds out there. They can do all that automatically for you.

And yes, very good point that we are actually hurting ourselves more by our own poor saving habits than with what’s going on with the market right now. Unless you put all of your money into AIG stocks….

Laugh Survive Prosper
7 years 10 months ago

All good points. After you go through all of the above in the video, I would only add one more thing, “Laugh”.
Check out the video clip in “What really happened at the Fed this past week.” http://tinyurl.com/4cu69k

Liane Day
Liane Day
7 years 10 months ago

Right on and thanks for the notes so I can revisit what you said. Thanks.
ld

Kris
Kris
7 years 10 months ago

I enjoyed the video portion of this post. Very informative and easy to understand. Thanks!

Daniela
Daniela
7 years 10 months ago

I loved the video Ramit! It gave your personal touch to the blog.
And you posted it at the right time! I was panicking a bit about the markets going down so much, but before doing anything to my investments I checked your blog. I realized I have a diversified portfolio, I am saving as much as I can, and now I feel a lot better. So… thanks Ramit!!

Geoff reed
7 years 10 months ago

Enjoyed the video — good, easy to digest information in a very conversational style. You should continue!

As a photographer, I have to comment on a way to greatly improve the quality of the visual: Shoot against a completely neutral background, and try to keep the distance from you to the background at least twice the distance from the camera to you — that will help throw the background out of focus. (That bookshelf jutting out of the back of your head doesn’t improve your looks! :-))

Take care!

Geoff

Becky
Becky
7 years 10 months ago

I too like the video format and the synopsis below it. But I also agree with Geoff, the background’s a little distracting. I noticed the sticks in the corner and started questioning your decorating scheme instead of listening intently to your words of wisdom…

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[…] For his full post on the matter, go here. Possibly related posts: (automatically generated)Great ArticlesHealth and Money IssuesTop 6 Ways to Teach Your Kids About Money […]

Paul Williams from Crackerjack Greenback
Ramit, I liked the video, but I just wanted to point out one small issue. You said “as we know, over 90% of our returns come from asset allocation”. I’m guessing you got this from the Brinson, Hood, and Beebower study, or from someone quoting that study. Most everyone gets the results of that study wrong. What they actually said was 93.6% of the VARIATION in your returns comes from asset allocation. Now Roger Ibbotson and Paul Kaplan did a subsequent study because they realized everyone was misquoting Brinson, Hood, and Beebower. They looked at what portion of your total… Read more »
Lisa DiMona
Lisa DiMona
7 years 10 months ago

Love the video, Ramit! And the links with more explanation are great. Do more! But finish the book! Bet you love the comment about ironing….

billie
7 years 10 months ago

hey rammit,
i liked the video and i really liked how you wrote a breakdown of what you covered. thanks for the advice!

trackback

[…] because your stocks went to zero, or you didn’t save enough in the first place?  (from a recent article by Ramit at iwillteachyoutoberich.com).  Take a look at your savings % and spending habits if you […]

Linda
Linda
7 years 9 months ago

I like how you kept it short but sweet. Plus, your quite nice to look at.

sugitha
7 years 9 months ago

save your money on savings account

sankar
sankar
7 years 9 months ago

Indian media is making a lot of fuss about recession in US and you are asking us to mind our own biz. Great advice ramit. not an expert to comment on quality of the video; great idea

Charlie
Charlie
7 years 9 months ago

Linda’s comment just gave me an idea for re-branding this site: “A blog on personal finance… for the ladies!” Then just do video posts and idly strum an acoustic guitar the whole time. I think you’ve really got a solid niche on your hands here.

N
N
7 years 9 months ago

Ramit!! You’re awesome. Loved the video post.

Susan
Susan
7 years 9 months ago

Thank God Ramit! I’m so glad to see some quality, insightful content on the site. I used to read your blog several times a week, but then stopped when I just felt like every post was welcoming yahoo readers, advertising your publications/upcoming interviews etc etc. I thought I would check in today in light of today’s activity in the markets and I am super pleased to see that you are back to posting some content worth reading/watching.

Keith
Keith
7 years 9 months ago

Great Video. Next time use more light on your face. 1/2 your face is lite and the other side isn’t. I like to see facial inflections when someone is speaking… it helps make the presentation more vivid and captivating. You already have good on screen presence and charisma. Light it up so we can see the subtle nuances of your communication!
Thanks and Keep it coming!

Debbie
Debbie
7 years 9 months ago
Good job on the video and the links. I loved when you said stop buying dumb stuff. I’ve seen too many people whining on various TV news clips about how they can’t afford the basics when they have a massive big screen TV in the background a 3-5,000 SF house and a Cadillac. I am not rich by most people’s definition, but I have saved and lived within my means. What’s happening on Wall Street is disturbing and speaks to the greed on some and ignorance or gullibility of others, but I’m not that worried. Politicians and the media and… Read more »
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[…] Orman, Ramit Sethi, Dave Ramsey, Bill Bartmann and JD Roth – what you’ll hear is that there are opportunities to […]

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[…] I was surfing some of my favorite personal finance blogs.  I came across this short video at “I Will Teach You To Be Rich”.  It’s only about 3 minutes long and worth […]

SP
SP
7 years 9 months ago

Great video! I love the interactive approach to convey your message. Definitely keep doing them!

trackback

[…] about it. If you do this in the spirit of sharing good information with others — like this video about the current economic situation that Ramit Sethi, a personal finance blogger, distributed via Twitter and other tools — […]

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[…] about it. If you do this in the spirit of sharing good information with others — like this video about the current economic situation that Ramit Sethi, a personal finance blogger, distributed via Twitter and other tools — you’ll […]

Rick
Rick
7 years 7 months ago
That was an excellent video on a pretty free flow thought on this economic situation. I would like the opportunity to disagree with you sir, if you or any other readers disagree with my point please post your feedback, thank you. You mention that putting money into a savings account and starting a business would protect against “hyper” inflation, as said in the end of your video. I would like to focus primary on this statement and the accuracy of it. If you where to place your money in to a savings account and the economy did experience a hyper… Read more »
Janice in Spain
Janice in Spain
7 years 7 months ago

Hi Ramit,

Clear concise and to the point, I absolutely agree that there is no point in whingeing about things which are out of our personal control. Can’t remember how I found this site, but glad I did. I have a full time job managing a shop, and also translated a magazine from Spanish to English; it folded! so I’m looking for more translating work and am glad of tips to make money, without the rice cake bit. I go to the library 3 or 4 times a week.

Cheers and thanks, Janice

moriam
moriam
7 years 5 months ago

Positive feedback on your feedback. Like the casual video augmented with your notes below the screen. Easy way for us visual/audio learners to max out our time spent!

joyce
7 years 3 months ago

I wanna see more videos…where do I purcase the book in Bangalaore, India????

mark
7 years 15 days ago

Most people should take their money out of stocks and put it into
CDS and high interest bank accounts.Stocks and funds are a
suckers game.

And start a small business which I do as a writer. Just my two cents.

Opie
Opie
7 years 15 days ago

I have my ROTH IRA in a target-date retirement fund (Fidelity Freedom Fund) because I’m not an expert and didn’t want to have to manage it much! Are these a good idea?

Josh Friedlander
7 years 14 days ago
Most macroeconomic questions are dumb, agreed (though I question the wisdom of calling readers dumb!), but not all of them are immaterial. People in low tax brackets who expect to later be in higher brackets in retirement should clearly preference Roth IRAs to standard IRAs, and similarly there is a value judgment to be made about whether a 401k makes sense (even with the compounding) if you can only choose a lousy overpriced plan (as most of them are) AND believe your tax rate will increase in retirement. The last question requires a value judgment on whether the USGovt can… Read more »
Keely
7 years 14 days ago

I loved this video — you get straight to the point with what to do, no extra explanation of the many factors that go into today’s economic situation that doesn’t really apply to the average individual’s personal finance. Keep ’em coming!

Sandeep
Sandeep
7 years 14 days ago

Great video….short and accurate…Please keep the videos coming. Rock on…

Manisha Thakor
7 years 14 days ago

It’s such a delight to watch this nearly 10 months after its original airing. Your comments were spot on back in September 2008 – and as relevant as ever today. My favorite line:

“Most people don’t have enough money because they didn’t save enough – not because they lost it all in the stock market.”

This is so true – even with the bear market we’ve just gone through (and perhaps are still in). Your advice to focus on what we can know and control and ignore the rest is sage counsel indeed. Way to go Ramit!

Kristi
Kristi
7 years 14 days ago

Ramit,

Great first effort (love the tranquil background BTW). You are so right about macro vs micro issues. The questions will drive you batty, and when you ask people “how much did you put in your 401k last pay period?” they will continue to rant about this macro stuff.

Just keep increasing your savings by a percent or two, and put aside your raises. Make some extra money, and put it aside. Old formulas that work.

Ken
Ken
7 years 14 days ago

Awesome video, I do have a question that would impact myself (as well as possibly others on your site). The market is low now, we all know that but my question is this. While the market is low, is it really a good time for me to start throwing everything I can afford to into it?

Thanks a lot, I’ve been a reader for quite sometime now but sadly very slow at actually taking action.

Tyler
7 years 12 days ago

Hey, I love what you do and how you focus on picking the low hanging fruit of personal finance. Nothing to do with how you look or the quality of production but I tend to skip over the video in favor of text.

Tariq
Tariq
6 years 2 months ago

Thanks for the valuable information! I definitely like the video format, feels more interactive. I like your comment on stop asking dumb questions…people tend to focus on the complexities instead of sticking to the basics.

Jody
Jody
6 years 2 months ago
You’re a cutie! I was watching OPB a few months back and saw you on a finance program for teenagers. I was intrigued by your book (despite being in my 30’s), and read it. I’ve decided to take the extra $100 that I was putting towards my mortgage premium (I bought my first house last year) and invest it. I put it into an index fund, but don’t I have to pay taxes on the earnings when I withdraw it? I had some money in an ING Direct savings account last year and when I put the interest earned amount… Read more »
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