Ramit SethiRamit Sethi: The No-BS Guide to Living a Rich Life

@stayinguppod great video! More of us need to understand money on a percentage basis.

18 Dec 2024 · 1 min

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0:54

A short conversational transcript where Speaker A gives numerical examples (e.g., $1 equals $878, $1,200 iPhone equates to ~$37, $750 dinner equates to ~$0.81 when scaled) illustrating how costs shrink for very wealthy people. Ramit Sethi endorses the clip’s pedagogical point: people should understand money on a percentage basis and Taylor Swift (as an extremely wealthy example) shows how large purchases can be trivial relative to total wealth.

Chapters

Value of $1 to the average person in the US is the same as $878. 1200 iPhone to her costs a $37. Okay. Literally, that's like a side of fries. I can't even buy coffee for $1.37. So, like, a phone is like, that's a tip on a coffee. That's a very coffee. Wait, this one really got me because I relate to it. Dinner at novo Malibu for two is like $715. That's what you say. I'm sorry, what are you all eating? Okay, so $750. Guess how much relatively that would cost divided by 800 or whatever. Like, like five bucks. 81 cents. You wouldn't even bat NYE. 81 cents is literally. You wouldn't even know that was missing. 81 cents is in the valley of the beast.
I really like this video. I think that more of us need to understand how money works on a percentage basis. So using Taylor Swift is a great example because she's incredibly successful, incredibly wealthy, and we can start to understand how an iPhone or a 750 dinner is effectively a dollar or two to her.