How To Manage Money in Stressful Times: Financial Advice by Ramit

Okay, here we go. All right. Welcome to night two of Fireside chats with Ramit Sethi. I Ram Ramit Sethi, CEO of I Will Teach youh to Be Rich. Tonight we are talking about what to do in stressful times with your money. What should you do with your money during coronavirus? Now, as a quick reminder, I wrote a book called I will teach you to be rich. I've been writing about money for 15 or 20 years. I don't believe in cutting back on lattes, okay? That's not what I talk about. I talk about spending extravagantly on the things you love. I talk about money in psychology, and I talk about all automation. So I gotta say, there's a lot of questions coming in tonight about what to do with money. And I'm gonna give you some suggestions that may surprise you.

But.

And I want to answer questions as well. But what I first want to tell you is that the questions I'm hearing are questions of confusion, questions of analysis, paralysis, questions of fear. I got questions from people. In fact, I got one just 10 minutes ago. Somebody Dming me on Instagram saying, I got $2,000 from a tax refund. What should I do with it? And when I asked her, well, what are your options? She said, well, I can save it. I guess I could put it in my sep ira. And I said, how will you make the decision? Because usually people know the answer, especially if they've read my book or my stuff. And she said, well, only have a few thousand bucks in savings, and I guess I want my money to be accessible. So I guess I'm answering my question myself. So deep down, a lot of us actually have the answers, but we are paralyzed with all the information. So who here can tell me in a word or two what you feel right now when it comes to your money? What do you feel? Okay, while you're typing that, I want to make a couple notes about my set tonight. First of all, things have gotten very sophisticated. Everyone get your hand sanitizer out. That's how we greet each other every night. Again, this is our last of our supplies, so I apologize to my wife, but show must go on. Second, I got a lot of questions last night about our little friend Herbert. Oh, my God.

Be careful.

Where is he? He's on the basket. Oh, he's not even in here.

Hey, wait. Where is he?

Oh, my God. Oh, this is not part of the plan. Hold on. Oh, my God. Big. Okay, he's here. Hold on.

How did he get out?

I don't know. Oh, my God. Oh God.

Okay, he's back. It's all good.

Herbert's back. So hold on, wait.

Show them to everyone.

Oh yeah, yeah. Okay, so we found this guy yesterday. He's alive.

Yeah, he's alive.

Don't worry, I'm gonna turn him upside. I'm gonna get committed, accused of animal cruelty. It's not, it's not that. Please, it's not that. We took him outside. So yesterday we were giving this talk and this guy was walking past us. We live in Manhattan. Normally we don't know what bugs are. This freaking bug started walking past our stove, then walked on my computer. Okay? I was like, bro, only one of us get to do that and it's not you. So Cas caught him, not even me, and took him outside. Well, this guy's very persistent because he's like, I think I prefer a air conditioned environment. So he's back. So he's our guest tonight. Alright, so, so that's what we got tonight on the set. We got a special guest, escape artist Herbert. Alright, so what did people say about their money? What are some of the answers that they said about money? They are, I'm gonna guess, feeling nervous, anxious, scared.

Scared. Unconfident, overwhelmed and drowning. Confused.

Yeah. Okay, so we're gonna talk about this. For anyone who has friends or family members who should watch this, tag them right now, text them, tell them to come on and watch this live. Because I want them to know, and sometimes it's better to come from somebody outside a third party like me than from you. Because sometimes it can feel like lecturing if it comes from you. So if you've got family members, friends, tag them, tell them to join in and let's learn about money together. Now tonight we're going to cover some of the basics. And the first thing that I want to tell you is what I want you to do right now, starting today, is to create a one year emergency fund. Now usually you hear about emergency funds and people kind of poo poo it. Three months, maybe six months. No, one year. We are getting more conservative and more aggressive based on what has been going on in the news. And I've been hearing from a lot of you, some of you are telling me, I work in the restaurant industry. I don't, not only did I lose my job, I don't think there's gonna be a restaurant industry for the next six to 12 months. I'm hearing this from lots of you. So what I want people to do is accept reality. Things are going to get hard For a while. We can't put our head in the sand and we can't wish. We need to make a plan. So how do you do this? How do you create a one year emergency fund? Well, let me tell you how you do it. First of all, I want you to calculate your minimum expenses per month. Minimum. If you're married, let's assume that one of you loses your job. That means cable. Forget about that. If you have a vacation planned, I want you to calculate what it would cost to cancel that. Don't worry about any fees you incur. Now's not the time to worry about that. Now is the time to plan for the worst. It's funny, there are so many people who are writing me and saying I have this emergency fund, but I don't want to use it. They're still going to work. I'm like, what is an emergency fund for? This is an emergency. Guys, wake up. Read my post. Panic is bad, but overreaction is good. Go find it. It's on Google. Panic is bad, but overreaction is good. It's time. It's time to start thinking about an emergency fund because we have an emergency situation. So you calculate your minimum expenses. You cancel all the unnecessary stuff in this model. Hbo, Goodbye. Any what do people. Any organic extra stuff. Goodbye. We're cutting it down to the minimum. Okay? I hope you don't have to cut all the way, but you need to be prepared to do it. So I want you to do that. Then I want you to find out how much you need to spend per month just to live, to keep the lights on. Multiply that by 12. That's how much you need to save. Okay? Now how do you do that? First of all, like I said, anything you've got planned going forward for the I would say until the end of the year year. Personally, I would cancel it now. I talked to some people about this on Instagram and they were like, well if I cancel this thing, I'm going to lose a bunch of money because I already, you know, there's some non cancelability for some airline flight. Who cares? Cancel it. And if you have to eat the cost, eat it. Better to eat a small cost now and pay more later than to try to keep that money in another company. In other words, money now is worth more than money later. Do you understand what I mean? So if you eat $1000 and you might have to pay 1500 later, better to pay that later. What we want to do now is create a one year emergency fund. The next thing you can do. Call up anyone that you owe money to. Credit card companies, your landlord, student loan companies. Call them up on the phone.

Call.

Oh, I'm a millennial. I don't like using the phone. Shut up. It's time to get on the phone. And by the way, a lot of people are doing this already. I had a guy on Twitter, I just retweeted him, he said, I used the scripts in your book. I got $400 one refunded to me. So I have these scripts in my book. If you call up your student loan company or your credit card company, tell them, look, there's a lot of stuff going on. I'm concerned about my job security. I need to find a way to put a hold on these payments or I need to work with you to cut these payments down. I will commit to keep paying them and to pay you back. But I need to put a hold on these payments or I need to stretch them out and I don't want to pay any interest charges. That's what you need to tell me. Guys. You would be surprised. A lot of these companies will work with you. Student loan companies will take your payments and they will stretch them out. They'll especially now, companies do not want to get caught in the press for evicting people or doing all kinds of crazy stuff. They will work with you. So call them up. And when you do and you're successful or not, send me a note on Instagram, Twitter, email. I want to hear from you because I want to circulate the information back to you so you know what's going on. Okay, finally, just want to go back to this emergency fund thing. People use your emergency fund. It's there for a reason. If you've got an emergency fund, stop going to work and putting yourself and others at risk. This is the time to leverage that emergency fund. Alright, so that's number one, create a one year emergency fund. If you have questions, type them in the chat room. I'll answer them after I'm done. Point number two, what about investing, Ramit? Are you turning into Mr. Frank frugally? What are we going to talk about here? We're going to talk about where to invest. So if you already have a one year emergency fund, there are a lot of people who have been following, I will teach you to be rich. For many years. You've done it. You built up your emergency fund. You're ahead of the game. What do you do? Well, I'm hearing a lot of you asking questions about investments. Ramit, you talk about invest all the time, dollar cost average. But things are really crazy. Isn't it different now? And the answer is you should keep investing. If you have your one year emergency fund and if you still have money, then yes, you should keep investing. We don't know whether the market is going to go up or down. We do not know. But we know that if you miss the best few days in a decade of investing, your returns are cut dramatically. So if you still have money left over after emergency fund, you should keep investing. Where do you invest? Well, what do I talk about in my book? Talk about target date funds. Talk about asset allocation. Talk about automatically putting your money in and not sitting there fiddling around picking stocks. For anyone trying to pick stocks, the only reason you should do that is if you have your emergency fund, you've maxed out all your accounts and your asset allocation is spot on. If you still have money and you want to take 5 or 10% and have some fun by picking individual stocks, be my guest. But that is a minority of people and that is advanced. And I will talk about advanced stuff another time. Okay, so that is investments. Now, I want to make a quick point here. There are a lot of people who may not have a one year emergency fund, but you're still investing in things like a 401k a Roth IRA. Guys, I'm picking individual stocks. Be my guest. But that is a minority of people and that is advanced. And I will talk about advanced stuff another time. Okay, so that is investments. Now I want to make a quick point here. There are a lot of people who may not have a one year emergency fund, but you're still investing in things like a 401k a Roth IRA. Guys, I have some unconventional advice to give you. Stop investing in those things until you build up your emergency fund. Now you have never heard me say this before, but now more than ever, I believe that having that one year security is really important. Even at the risk of losing out on some potential returns down the road. Money to you and to me and to everybody is more important right now than money six to 12 months from now. Let me say it again. If you normally contribute to your 401k or Roth IRA or SEP or anything like that, and you don't have a full one year emergency fund, hold off on those investments and fill up your emergency fund. Okay? All right. So that's where to invest next. Start thinking about earning. So it's really important. We don't know what's happening. Some people are furloughed, some People have been laid off. Unfortunately, some people are at work, but things are really quiet and there's a few who are at work and things are going great. My suggestion here is do not wait. Your boss doesn't know what's going to happen, so do not delegate your career to waiting. You cannot wait until times like this. That is the number one thing people do. They freeze. What should I do? It's a mistake. In times of pain, you have to move. So yes, talk to your boss, find out what he or she knows. But odds are nobody knows anything right now. So you need to start thinking about what are you going to do if you're in an industry that looks like a dead end for the next one plus years, you need to start looking in other industries. Now. I have a ton of free stuff on my site. You can search. Ramit Sethi, dream job. I also have courses that show you how to do this. Frankly, hiring is pretty quiet right now. In fact, even at iwt we put a hiring freeze not because we had to, but proactively because we don't want to get our backs up against the wall. What I need you to do though is to start thinking proactively about have I updated my resume? Who do I know in my network? What industries am I going to go after? Because as soon as we get a little clarity, you're going to want to do it and you do not want to be weak. The other thing, of course, is to start thinking about how to create your own income. So many people for the last how many years have you guys been following me? How many people have said, oh, Ramit talks about starting a business and oh, maybe I should do this one of these days. Maybe it's time to start thinking about it now. Maybe it's time to start taking control, control of your own career so that you don't have one single potential source of failure. Okay, so I will tell you that in 2008, 2009, very difficult time as well, just like 2001, but also a lot of businesses were created there. So I want to encourage you, whatever route you choose, whether it's switching industries, staying at your job and becoming doubly committed or starting something on your own. Own or maybe a combination. You have to take control. You cannot wait. Okay, so that's starting to think about now. I will cover the advanced stuff later for people who have done all the I will teach you to be rich stuff. You have your one year plan. You've already maxed out all your accounts. You've even done your 5 to 10% fund, what do you do right now, opportunistically, basically to grow. Not just to protect yourself from the downside, but to grow the upside. We're going to talk about that on another episode. That will be advanced and I'm going to announce it as advanced because frankly, it's a little bit tone deaf to just say, oh, why don't you drop 50k in the market? That's not a basic thing that we're going to talk about tonight, but we certainly will cover it another day. Okay, so. So what else can I tell you? Let's answer some questions. How about that? For those of you who want to know the nuts and bolts of money as we start to shift to Q and A here, get my book. Go on Amazon. In fact, go on a local indie bookstore. Please support them as well. You can get the book, get it shipped to you, or you can get it on Kindle or whatever it's called. I Will Teach youh Be Rich. It will show you step by step what to do with your money. Who here has read my book in the chat room? Just type, tell other people what the book did for you. I don't even need to sell the book. Just get the book. It's seven bucks. You should pay 700,000 for what you'll learn in that. Alright, advanced stuff later. All right, let's take some questions. So, boy, I'm asking them to type a lot of stuff in there. You know what? If you're talking about how great my book is, feel free. Keep typing. All right, Type as long as you want. All right, I'm gonna answer some questions that came in early. So you guys can always send me questions earlier and then I'll take some questions here in the chat room as well. Okay, this first question is I read your book a few months ago and ironically, I was able to save $26,000. My plan was to invest some of it in a recession. Little did I know. Anyway, wondering with this particular situation, it's better to keep cash or gold or silver. What do you guys think my answer is? What do you think my answer is? For this person, the answer is one year emergency fund. Will $26,000 cover this person's emergency fund? Probably not. So in a way it can almost feel like a little different, demoralizing. I see $26,000 reading. I will teach you Be rich. But that's not enough. Not right now. And so put it away in liquid savings. Just a high interest savings account like the one I mentioned in my Book and just let it sit there. Don't worry about, oh my God, am I losing out on investments? That's not the time for this. Until you have a one year emergency fund set up, then you can start focusing on growth. Then you've earned the right to do that. Okay, so that person, congratulations. But that's not enough, not right now. And so put it away in liquid savings, just a high interest savings account like the one I mentioned in my book and just let it sit there. Don't worry about, oh my God, am I losing out on investments? That's not the time for this. Until you have a one year emergency fund set up, then you can start focusing on. On. But keep focused on the emergency fund. We got a question from the chat. Okay, while you're pulling that up, let me read one. This one is about rent. I really want your help to have a conversation with my landlord about making rent payments or negotiating a rent decrease. During this time, I'm hearing from friends who have. Then you've earned the right to do that. Okay, so that person, congratulations, but keep focused on the emergency fund. We got a question from the chat. Okay, while you're pulling that up, let me read one. This one is about rent. I really want your help to have a conversation with my landlord. Thousand dollars or less in their emergency fund and they're panicking about upcoming rent. Anybody here feel that? So first of all, let me tell you that a variety of times you can negotiate rent. We actually used to have a product on negotiating rent and I have negotiated my own rent in Manhattan. So you definitely can do this. Most people don't know that in times like this, landlords are skittish and freaked out. They do worry about making rent payments or negotiating a rent decrease. During this time, I'm hearing from friends who have, I've been monitoring. I have a lot of groups that I'm a part of that are landlord and they $1000 or less in their emergency fund and they're panicking about upcoming rent. Anybody here feel that know that if this pandemic and certainly a recession goes on that people are going to be unable to pay. So everybody knows what you need to do is call up your landlord and have a conversation, say, look, here's where I am right now. I've been a good tenant for the last four years. I've paid on time every single month, 48 months in a row. I need your help now and I can commit to continuing on. I want to live here. I want to be a good tenant. But I need to make some changes right now and I need to work with you on it. What does it mean? Go in with a plan. Go with a proposal. I want to pay half rent for the next six months. I will commit to you to pay the rest back. But I would like to sign a piece of paper that says I'll commit to it but I want a no interest. You know, I want an extension with no interest. Talk to them. Take that money, put it in your savings account. I hope you keep your job. I hope you start a business using earnible and you grow it. But if you don't, at least you have that money to live. Okay? Keep in mind, by the way, that in the worst case, most states are eviction friendly. I just want to say this, although I hope it doesn't come to that, but I've seen some very scammy things happen. Happening. I saw this one property realty company, by the way. The entire property management world, you should trust them about as far as you can throw. Okay? I don't even want to get into the whole real estate industry. Oh, any realtors getting mad at me? Oh Ramit, why are you so mean to realtors? Go read any of my posts about realtors. You'll know exactly what I think of you. I saw this property management company that sent an email telling tenants they need to pay right now so that they don't get evicted. First of all, it's complete bullshit. You can't just be evicted for not paying right now. There are very strong laws protecting you. You should read them. And I hope it doesn't get to this, but I do not want anyone to be the victim of scare tactics from these companies. It's totally unbelievable and totally unethical. Alright, what do we got from there?

Okay, so this person says they have a wedding and August. They followed your advice on save on non important and spend on what we want. Yeah, but now we're not sure if we should bite the bullet and postpone financial thoughts.

Personally, I would postpone. I hate to say it, but it's very simple to me. I hope things get better and in my opinion, in the worst case things. Well, let me start again. In my opinion, I hope you cancel and that by August everything is great and all you've lost is a little bit of money. You can make money back. Okay? You can do that. We have a long life ahead of us. What you can't get back is your health. Okay? And what you can't also get back is if you still leave all that money there and things continue to get worse and you still can't hold the wedding. Now you're really screwed. So again, what is my principal money in the bank now is worth more than money later. If you have to eat the costs of a hotel room or even a wedding, you can always make money later. But do not put yourself in a situation where your back is against the wall. I'm really sorry to hear that.

All right, another question. Is it a good time to remove some investments to build that one year emergency fund?

I would strongly prefer not to until you absolutely have to. This is a great question. I prefer not to sell investments, particularly now because it's. You're literally buying high and selling low if that's what you do. Now if you, let's just say you have 10,000 or $50,000 in investments, you lose your job, maybe your partner loses your job, you're about to get evicted, then yeah, you can sell some of it. But that's really worst case scenario. I think there are a lot of things you can do before you get to that point. I think you can cut your costs dramatically. I got people right now again on Twitter, email, they're like, oh, I use your scripts. 400 bucks, 600 bucks, 800 bucks. You can lower any payments you have and spread them out again, no interest charges. You can start to earn more money. There are lots of ways. We're going to talk about that in one more of these fireside chats and I'm going to have a whole program we're launching, Earnable where we show people how to do that. So I think I would hold off on selling until you absolutely have to.

Okay. What if you're in the midst of looking for your first full time job?

Timing sucks, man. I'm really sorry. It's gonna be tough for the next while. It really is. And I really apologize and I'm sorry that you're gonna have to.

You're in the midst of, of looking for your first full time job.

Through this I will say that I believe that there will be a bright future. I really do. I'm very optimistic about the long term prospects. I mean, sucks, man. I'm really sorry. It's going to be tough for the next while. It really is. And I really apologize and I'm sorry that you're gonna have to go through this. I will say that of where this country and where the employment numbers will be short term gonna be very painful. Hopefully if you are looking at your first full time job, I believe that there will be a Bright future. I really do. You have the ability to hopefully if you need to go back and live with your family or relatives, I hope that's the case for you. Hopefully your expenses are low because in your early 20s, I'm very optimistic about the long term prospects of where this country and where the employment numbers will be short term going to be very painful. Hopefully if you are looking at your financial first full time job, you haven't gotten the taste of that, you know, the extra dessert and maybe that you have the ability to hopefully if you need to go back and live with your family or relatives. Nice pair of jeans. So I hope your expenses are low. You keep them that way for now. But there was. I hope that's the case for you. Hopefully your expenses are low because in your early 20s will be opportunity. There. Absolutely will. It's just a matter of when. So if you can hold, you haven't gotten the taste of that, you know, the extra dessert and maybe that nice pair of jeans. So I hope your expenses are low. You keep them that way for now, but they're allowed. There will be opportunity.

All right, next question. Is it a good time to refinance mortgages?

I'm looking into that. I don't want to give it the opportunity there are. Absolutely Will. It's just a matter of when. So if you can hold answer yet. Because I'm still looking into it. So I don't. I doubt there will be opportunity.

All right, next question. Is it a good time to read?

That's a good question, but I don't have an answer for you.

Okay, another question I saw, I can't find it is finance mortgages.

I'm looking into that. I don't want to give it.

What are some good ideas for side hustles?

We'll answer yet because I'm still looking into it. So I don't. I'm talking about this a lot. First of all, that's a good question, but I don't have an answer for you.

Okay, another question I saw, I can't find it.

How are you guys not looking around and seeing the amount of opportunities you have? Look at these.

What are some good ideas for side hustles?

We're going to talk about this a lot. First of all, how are you guys not looking around and seeing the amount of opportunities you have? Look at these videos. My videos. They're pretty much only good because Cass at next level wardrobe is here filming. There's so many. If I were watching this right now, I'd be like, me, I See what you're trying to do. I can help you. Videos. My videos, they're pretty much only good because Cas, there are like three to five business ideas you could have just watching this video on at next level. Wardrobe is here filming. I mean, there's so many. If I were watching this right now, I'd be like me, I see what you're trying to do. I can help you. How you could help me think, guys, think about the opportunities around you. Now you have. There are like three to five business ideas you could have just watching this video on how you're constrained right now because you can't go outside for the most part. But I happen to know that there are people as of today who went on meditation program. How you could help me think, Guys, think about the opportunities around you now. You're constrained right now because you can't go outside for the most part. But like online, they attended classes to learn languages. They're doing all kinds. I happen to know that there are people as of today who went on meditation programs. So what can you do that you can teach virtually? It could be as basic as teaching English or math. It could be as technical as data analysis. And all. All these things can be done remotely. Like online, they attended classes to learn languages. They're doing all kinds. So we will be talking about what to do in another fireside Chat and earnable stuff. So what can you do that you can teach virtually? It could be as basic as teaching English or math. It could be as technical as data analysis. And all these things can be done remotely. The program I'm launching. But think creatively. Watching this video alone, there are three to so we will be talking about what to do in another fireside Chat and earnable five business opportunities just from what you could do to help me. So I want you to really start thinking, what services could I offer people? Next question.

Okay.

Oh, I have a good one here.

Okay.

Perhaps a program I'm launching. But think, think creatively. Watching this video alone, there are three to five business opportunities just from what you could do to help me. So I want you to really start thinking, what services could I offer people? Next question.

Okay.

Oh, I have a good one here.

Okay.

Perhaps I want to know about buying a house in these conditions. My wife and I just had our offer accepted last week. Now we're getting cold feet. Due to economic uncertainty, we've been saving our 20% deposit for 15 years. We'll still have an emergency fund, at least following typical guidelines. Mortgage rates are great, but the Unknown is scary. I want to know about buying a house in these conditions. My wife and I just had our offer accepted last week. Now we're getting cold feet due to economic uncertainty. We've been saving our 20% depending on for 15 years. Will still have an emergency fund. At least following typical guidelines. Mortgage rates are great, but the unknown is scary. I wouldn't do it. Way too risky to tie yourself to a massive, massive expense right now. I would wait. Unless you are truly advanced. Unless you have cash in the bank that you could pay all cash for a ticket and you're choosing by choice to pay a mortgage for the low interest rates and security, I wouldn't do it. Way too risky to tie yourself to a massive, massive expense right now. I would wait. Unless you are truly advanced. Unless you have cash in the bank that you could pay all cash for today and you're choosing by choice to pay a mortgage for the low interest rate rates and security. Fine. But that's almost no way. So I have to tell you, I would not do it right now. I would wait to see. Because if you or your partner loses your job, if things get worse, it's just not a good situation. And to suddenly have committed to a 15 or 30 year loan. So I hate to say it, but I would personally pull out of that offer. That's just my fine. But that's almost no way. So I have to tell you, I would not do it right now. I would wait to see. Because if you or your partner loses your job if things get worse, it's just not a good situation. And to suddenly have committed to a 15 or 30 year loan. So I hate to say it, but I would personally pull out of that offer. That's just my opinion, but that's what I would do. Okay, I got a question.

Okay.

Do I stop paying my debt, which takes up over half of my annual $70,000 income in order to care for my parents who can't work or pay bills because of coronavirus opinion. But that's what I would do. I asked this person, what kind of debt do you have? They said credit card misuse. Okay, I got a question. I do. I stop paying my debt, which takes up over half of my annual $70,000 income from my 20s student loan debt and total debt is around $90,000. They're making payments of $2,000 a month. This is a pretty serious situation. My parents are not working. I don't know what to do or how to fit this into my plan. Okay, so you know, some of the Stories I'm hearing are heartbreaking. And some of them are on the other end of the spectrum. They're like, I did every single thing and I'm ready. What did I care for my parents who can't work or pay bills because of coronavirus? I asked this person, what kind of debt do you have? They said, credit card misuse from my 20s, student loan debt, and total debt is around $90,000. They're making payments of $2,000 a month. This is a pretty cheap. What's next? So that's how wide the range is. My suggestion, which I covered in some of the preparation notes, is call up your lenders right now. Ask them what they can do to work with you. On payments. Again, make sure you clarify you do not want any additional finance or interest charges. Talk to your parents. What is their financial situation before you light yourself on fire. What if you find out they have a ton of money sitting in an account? Find out. And if you don't know how to do this, this is fairly complex and technical. Get my book. Read it. You're going to be able to speak a new language of money. Right now, it's just these scary bills that are showing up every month. You don't know what to do, so you're reacting. That's why I can see, that's why you're paying $2,000 a month and not making any progress. You don't have a systemic view of what to do, how to attack the problem. So zoom out, get the book. Understand the language. It won't take you long to read. Call up your lenders, call your parents up and ask them, I need to see the books. Show me your finances. They don't probably even know how much they have. Get their logins, start looking around and write it down. Suddenly you're going to have a much clearer picture of what's going on. And then you can make a plan.

Okay, next question. What is the best way for one state stable money to help others that with. What's the best way for one with a stable job to help others that lost their jobs due to this situation?

This is a tough one. Okay, so there are a lot of options. One, you can directly help them with money. Okay? And that is an option. Two, you can help them with knowledge. If you're watching this and you think one of your friends or family should. Should watch this, tag it and in fact, it's a great question because it ties in with another question I got. How could this from Kathryn. How can you help reassure those around you? Without sounding patronizing. Oftentimes, these are the people who laughed at me when I mentioned I had an emergency fund and told me money would be better spent in real estate. I don't want to stick it to them yet. I'm worried that people will go back to normal. So I think the easiest solution is to set, say, hey, I watched this thing by this author on money and what to do right now. I thought it was really interesting. Take a look. That is sort of like a very gentle way of saying, I really think you should pay attention here now. If they ask you questions, buy them a copy of the book. If it's extreme, maybe it's family, a loved one, someone you care about. You could talk to them and say, you know, I definitely do not want to step on any toes, but I just wanted to let you know that if you have a financial issue, please come to me. I hope there's a way that I can help you. And if they do come to you, get really clear. You know, some of the typical advice is just give them a gift, don't ask for the money back, etc. But you can figure that out on your own. That would be my advice to you.

Just a personal question I have for you. Are you hiring anyone to do the fire back back there?

Keep these questions coming. And I don't need advice about fire making. I got too many stupid pieces.

How's Herbert doing?

I hope he's still in there. What is this, a money show or like a lumberjack show? All right.

Okay. Another question. Who are some people you follow for advice?

Oh, that's a good question. So how's that, guys? What do you. That sucks. Oh, who do I follow for advice? So for fitness, I have a trainer, Chris Colson. I like BJ Foggs for building. BJ Foggs for building habits. Oh, what are we talking about? What kind of advice? Any.

Yeah, any.

You know, Kevin. There's a guy, Kevin Hillstrom, who I really like. He writes about marketing and the retail business. Can we just pause and give me.

Some props for that.

What do you guys say? Yes. Fire Master Ramit Sethi, change this logo. CEO Fire Master Ramit Sethi. I don't know. I have to think about that. I'll share some of my favorite people over the next few days and weeks. All right. All right. What other questions?

Oh, what books do you recommend to study during this time?

Oh, man. Great question. So I want everybody to read a book called the Social Animal by Elliot Aronson. It will help you understand human psychology. It's one of the books. I studied at Stanford while I was studying psychology and persuasion. He has another awesome book called Mistakes Were Made. And it helps you understand why people will continue to make mistaken beliefs. We see it right now, don't we, with people who don't take coronavirus seriously. In fact, tomorrow on the Fireside Chat, I'm going to be talking about how to convince your parents to take this seriously. And it is immensely frustrating to see how many people just don't take it seriously. So we're going to talk about that. Those are two books I would recommend. Yeah, start there. I love Human Psychology. I think it's applicable to everybody. They really help me understand myself and others.

Great. Okay, if you guys have any more questions, type them in.

Okay, so while you guys are any final questions, let me just do a couple of things. Number one, I'm doing this tonight and every night until this thing is over. I'm here because the way I know how to help is to share knowledge, is to teach what I know. And so money, business, careers and psychology, that's what we're talking about. If you have questions, DM me, email me, whatever. Second, tag a friend. I really want to bring more people into this community and I want you to know that whatever's going on outside, every night, I'm going to be here. Cast is going to be here and we're going to be talking about whatever the topic of the day is. Third, tomorrow, how to convince parents to take coronavirus seriously. If you have questions or advice, send it over my way. My book, I Will Teach youh to Be Rich. Get it anywhere. Indie bookstores, Amazon, wherever. Read it. It will change your comfort level and make you feel calm and in control. And finally, you know, get on my email list. I'm sending out a bunch of stuff. I'd love to share it with you guys. So thank you for coming. Do we have any other final things?

No, I think that's it.

Perfect. I'm putting this, by the way, I'm putting this on YouTube. So I uploaded last night's onto YouTube and I'm going to try to do that for all this stuff. So each day we'll try to get a little bit better. This is just the beginning and I appreciate your advice. So if there's other ways we can make this better, send over some notes. Thank you guys. Have a great night.

Wow, look at that fire.