How to Get Rich Netflix is a docuseries hosted by self-made entrepreneur and financial advisor Ramit Sethi. Jack Burgess, Stephen Lambert, Tim Harcourt and Alex Walton are the executive producers of the show. With a total of 8 episodes, the approximate runtime is 30-35 minutes each.
Who is Ramit Sethi in How to Get Rich?
Ramit Sethi is a 40-year-old self-proclaimed financial advisor who authored the book called I Will Teach You to Be Rich, which became a New York best-seller in 2009 and runs a podcast of the same name as well. Hailing from California, the entrepreneur offers methodical and logical advice to people who are in need of dire situations due to their financial instability. He has built a rapport among the people that led him to land a Netflix show. The most intriguing aspect about him is that he digs deeper and tries to understand an individual from within rather than offering superficial advice.
How to Get Rich Netflix: 5 Financial Mistakes to Avoid by Ramit Sethi
Unrealistic Expectations
One thing that Sethi stressed in the show is to remain realistic with the financial plans. He said along the lines that the best decision is not to make a wrong decision. Investing money without proper advice can put you in trouble a lot quicker than you can imagine. Hence, one should have a proper idea about their financial situation and curate a plan surrounding it rather than dreaming too big and suffering a grave loss.
Avoiding Money Conversations
According to Sethi, not talking about finance is one of the most toxic mindsets that should be avoided at all costs. Running away from this conversation can lead to more problems in the future. For successful financial stability, talk about money should be normalised in a household, which will help one to move forward and grow wealth in a healthy way.
Multi-level Marketing (MLM)
Multi-level Marketing (MLM), or network marketing, is individuals selling products to the public through word of mouth or direct sales. The main idea behind the MLM strategy is to promote a maximum number of distributors for the product and exponentially increase the sales force. During a conversation with a client in the show, who was working in MLM, he advised her to stop being involved in it as it is very similar to a pyramid scheme and is a trap. Less than 1% make profits, and most lose money in the profession, so his advice is to avoid it completely.
Investing in Crypto
Another big NO from Sethi to his clients is to avoid cryptocurrency. As the market fluctuates heavily, it puts an individual’s money at risk tremendously. He compares the activity to gambling and an addictive habit that one should break away from. There is no fast way to create generational wealth, and expects people to make smart decisions with their money.
Owning a property
At the beginning of the show, Sethi says that one’s definition of a “rich life” can differ from someone else. There is an age-long belief that owning a house proves one’s success, and he completely disagrees. An ample amount of responsibilities, including maintenance, come along with buying a house which can prove to be a bad investment. He suggests people choose to rent houses which can be much easier and safer.
How to Get Rich is now streaming on Netflix. Did you watch the show yet? Let us know what you liked about it!
Also Read: How to Get Rich Review: Ramit Sethi Makes Complex Financial Talk a Lot Easier