Old money families have preserved their wealth over generations through specific habits and values that ensure long-term financial success. By adopting these habits, anyone can build and maintain wealth for themselves and future generations.
In this post, we’ll explore 7 key habits of old money families and how you can use them to achieve lasting financial stability.
1. Live below your means
One of the most fundamental habits of old money families is living below their means. Despite their substantial wealth, they often choose to live modestly and avoid excessive spending. This approach allows them to preserve their wealth over generations by avoiding the pitfalls of lifestyle inflation — where increased income leads to increased spending.
By prioritizing frugality, old money families are able to allocate more of their resources towards savings and investments, which compound over time to grow their wealth. You don’t need to sacrifice your quality of life to adopt this habit; instead, you can create your own Conscious Spending Plan (CSP).
What is a CSP?
A CSP helps you mindfully allocate your income across different areas, including fixed costs, savings, and investments, while still leaving room for guilt-free spending on things that matter to you. This approach keeps you aware of your spending habits and helps you resist the temptation to upgrade your lifestyle with every raise or windfall, focusing instead on building wealth for the long term.
By living below your means and using a Conscious Spending Plan, you can take a page from the old money playbook and start building a more secure financial future.
It’s easy for old spending habits to spiral, especially when expenses start to pile up without a clear plan. Take, for example, Paul and Morgan, who decided on a spontaneous trip to Key West. What started as a fun getaway quickly turned into a costly decision, with expenses adding up to nearly $8,000 — much of it on a credit card that already carried a balance.
[00:35:26] Paul: Well, we don’t get that much time alone being with two kids, and last year, we booked a trip to Key West together. It was somewhat spontaneous. I think a couple of months before we planned it out.
[00:35:43] Ramit: How did this come about?
[00:35:45] Paul: I was on Instagram and saw an advertisement for some bands we like playing at Key West Amphitheater. We booked the trip. I used credit card points that only covered one room of the stay, one night, because we booked the bougie room on the beach with the balcony.
[00:36:08] Ramit: Okay. Did you know that?
[00:36:11] Paul: What?
[00:36:12] Ramit: Like, oh, we’re going to use our points, it’s going to pay for one night, and we’ll have to figure out the rest?
[00:36:17] Paul: Once I started looking at the hotels, it was one of those high weeks where all the hotels earn more money.
[00:36:25] Ramit: Okay, so what’d you do?
[00:36:28] Paul: I booked three nights at the hotel. It was 800 a night, 900 a night.
[00:36:34] Ramit: Okay. So pretty expensive.
[00:36:35] Paul: Yeah.
[00:36:36] Ramit: So you got one night covered, and then two nights you’re paying on the credit card. This credit card, did it already have debt on it?
[00:36:43] Paul: Yeah, but I don’t recall how much, but not crazy. A couple thousand maybe. I don’t think we used the credit card a crazy amount when we were there. It was mostly cash and debit.
[00:36:55] Morgan: Debit and cash.
[00:36:57] Paul: But the airline and the hotel was all on the credit card.
[00:37:01] Morgan: Mm-hmm.
[00:37:02] Ramit: How much did it end up costing in total?
[00:37:03] Paul: I think when we ran the numbers afterwards, it was over $5,000, maybe closer to seven or something. Between five and–
[00:37:14] Ramit: No. It was probably eight if we factor everything in.
[00:37:18] Morgan: Yeah.
[00:37:19] Ramit: Can’t move forward if we’re not honest about what the numbers are. The numbers are the numbers. So then I’ll just say like, that’s a very easy-to-adopt technique, which is if you have a range, first off, if the range is 5,000 to 5,500, fine. I get that. There’s going to be some play. If it’s five to 7,000, that’s a pretty big range. And if you’re going to have that range, go for the top.
Their trip wasn’t the only issue. Like many people, they found themselves unsure about their overall financial picture. When asked to review their net worth, it was clear they didn’t have a grasp on where their money was going — or how much debt they had accumulated over time.
[00:43:06] Ramit: Morgan, can you walk through the net worth section? Just read off the words in bold and the full number next to it.
[00:43:15] Morgan: Assets, 495,000.
[00:43:17] Ramit: Okay.
[00:43:19] Morgan: Investments, 16,994. Savings, 5,744. Debt, 218,718.
[00:43:28] Ramit: And total net worth?
[00:43:33] Morgan: $299,020.
[00:43:35] Ramit: All right. What do you think about that?
[00:43:40] Paul: I think it’s pretty low.
[00:43:42] Ramit: Okay. What do you think, Morgan?
[00:43:43] Morgan: I thought we were going to be in negative.
[00:43:46] Ramit: Okay. All right. Damn. It’s depressing in here right now. I’m sweating. How do we know this is good or not?
[00:43:54] Morgan: I don’t know.
[00:43:55] Ramit: Hmm. What do you think, Paul? You said it’s pretty low. What number would be good?
[00:44:02] Paul: Just looking at the numbers, a higher savings and a higher investment would be good.
[00:44:08] Ramit: So your response is, I don’t know what would be good, but I know this is bad. That’s pretty much how most guys feel about their money. It’s like, all right. Well, that’s why I’m always going to have a job. All right, so I don’t know if it’s good or bad. I know that in general it’s positive. I know that you’re in your 30s.
[00:44:30] I know that looking at this, you have a net worth of $300,000, including a house. And alone, that just gives me a snapshot of where you are. Your income, your expenses, that tells me a lot more, right? So let’s put a pin in the net worth. First of all, it’s positive. That’s a good science. It’s positive with 300,000 bucks. All right. Income. Paul, what is your combined gross monthly income?
[00:44:58] Paul: 14,307.
[00:45:00] Ramit: All right, so you make $14,000 per month.
[00:45:04] Morgan: Mm-hmm.
[00:45:05] Paul: Gross.
[00:45:06] Ramit: Gross. So what do you think about that number?
[00:45:09] Paul: I don’t think it’s– I wish it was net.
[00:45:21] Ramit: Damn a lot of depressed responses. I’ve never had a couple making $14,000 a month telling me all the things wrong with life. What the hell is going on here?
[00:45:29] Morgan: I just feel like, where’s the money?
[00:45:31] Paul: It just seems like, yeah, with all the costs and living in the area we do, it seems like it doesn’t go very far.
Paul and Morgan show how easy it is for spending to get out of control when you don’t have a conscious plan for your money. Old habits can quickly lead to mounting debt and a sense of being overwhelmed.
2. Invest in quality
Old money families understand the value of investing in high-quality, long-lasting items. They choose classic, well-crafted clothing, furniture, and appliances that stand the test of time. While these purchases may come with a higher upfront cost, they provide better value in the long run by avoiding the need for frequent replacements. This approach also aligns with values like sustainability and reducing waste.
How to adopt a quality-first mindset:
Investing in quality doesn’t mean spending recklessly — it means making thoughtful choices that align with your values and priorities. Here’s how to get started:
- Buy for longevity: Focus on purchasing items that are built to last, even if they come with a higher price tag. Consider the cost-per-wear or cost-per-use of an item, and aim to invest in timeless pieces that remain stylish and functional for years to come.
- Spend on what matters to you: Don’t let anyone tell you that you’re wasting money if you’re spending on things that truly matter to you. After covering your essentials, allocate some money for guilt-free spending. If you love $1,000 shoes and can afford them, they belong in your budget.
For me, staying fashionable is important, so I hired Next Level Wardrobe as my personal stylist for events and everyday wear. While some might consider spending extra money on clothes outrageous, dressing well is part of my Rich Life, and I don’t feel guilty about it. Not only do I get to enjoy my life now, but I’m also investing in quality for the things that matter most to me.
3. Develop multiple income streams
Old money families rarely rely on just one source of income. They understand the risks of depending solely on a single paycheck or a particular investment and instead cultivate multiple streams of income to provide greater financial stability and flexibility. This diversification allows them to weather economic downturns, job losses, or unexpected financial setbacks more effectively.
It’s not just about creating a safety net; it’s about maximizing opportunities and leveraging different income-generating activities to their advantage.
To adopt this approach, start by exploring ways to generate additional income beyond your primary job or business:
- Invest in rental properties to create passive income.
- Start a side hustle based on your skills or interests.
- Build a portfolio of dividend-paying stocks for regular investment income.
- Monetize your skills, knowledge, or passions through freelance work, online courses, or consulting.
- Stay open to new opportunities as they arise, and be willing to adapt and grow.
By diversifying your income sources, you’ll build a more resilient financial situation and open up new pathways for wealth creation.
To explore more ways to increase your income, check out my Ultimate Guide to Making Money. It breaks down proven strategies for earning more, from freelancing and side hustles to launching your own online business, so you can start building your wealth right now.
4. Plan for the long term
Old money families are known for their long-term perspective when it comes to financial planning and wealth preservation. They prioritize strategies that ensure the stability and growth of their wealth over multiple generations, helping them navigate economic downturns, market fluctuations, and other challenges that could threaten their financial security.
Adopt a long-term mindset
To build lasting wealth, think beyond the immediate future and focus on strategies that provide long-term stability. This approach often includes:
- Diversifying your investments across different asset classes to minimize risk and maximize returns over time.
- Creating trust funds for future generations to manage and protect assets, while ensuring that wealth is passed on according to your wishes.
- Implementing tax-efficient wealth transfer techniques, such as gifting strategies or setting up family limited partnerships, to reduce the tax burden on heirs.
Regularly review and adjust your plan
A long-term plan isn’t set in stone. As your circumstances and goals change, make sure to:
- Regularly review and adjust your investment portfolio to stay aligned with your risk tolerance and financial goals.
- Update your estate plan to reflect changes in family dynamics, tax laws, or personal preferences.
- Consult with financial and legal experts to ensure your strategy remains effective and compliant with current regulations.
By planning for the long term, you’ll create a solid foundation that can withstand economic uncertainties and ensure your wealth continues to grow for future generations.
Elizabeth and Jon are one example of how old money habits can cause serious problems in the future. They are a couple in their 30s, earning a solid income but buried under $152,000 in debt. Despite making nearly $89,000 a year, they spend every dollar they earn on fixed costs.
[00:12:06] Ramit: Your debt payments are $1,265 a month. That’s a lot. We’re going to come back to that. We’ll just put a pin in that. Groceries are 920 a month. Explain that to me.
[00:12:17] Elizabeth: We came to this number based off of the amount of trips we took to Walmart or Target. It was actually very eye-opening for both of us how much that number was.
[00:12:27] Ramit: Especially because you mentioned that your in-laws provide meat for you, thing like that. That’s a huge savings.
[00:12:34] Jonathan: Yeah.
[00:12:34] Elizabeth: We overbuy because we both came from families that you buy what you can, when you can, when you have the money, and that goes for food as well. I like our cupboards to be completely stocked at all times. The moment I see–
[00:12:50] Ramit: Why?
[00:12:51] Elizabeth: Because I’ve come from not having, so I want them to be fully stocked so that I know where my next meal is coming from.
[00:13:08] Ramit: I think that’s pretty honest, and I can understand that if you were raised food insecure, not knowing where things are going to come, it’s a sense of comfort to open up a cupboard and see can after can, or a fridge full of vegetables or meat. I get it.
[00:13:23] Elizabeth: Mm-hmm.
[00:13:24] Ramit: Can I just give you a slightly different perspective?
[00:13:27] Elizabeth: Yeah.
[00:13:28] Ramit: Sure. I like to open up my fridge and see some food in there. That’s fine. I mostly eat the same meals every day. I’m not saying you have to. I’m just sharing what I do. I don’t really think about it. It’s easy. And when you said you like to see your cupboard full, I thought to myself, I like to see my portfolio full.
For Elizabeth and Jon, emotional triggers from their past — like growing up with food insecurity — are driving their present-day behaviors, such as overbuying groceries to feel secure or accumulating small purchases that add up over time. Despite their efforts to get out of debt, they find themselves stuck in a cycle of overspending, relying on short-term comforts rather than planning for their long-term future.
[00:19:40] Elizabeth: Like I said, we’ve tried to get out of debt many times, and we never get out of debt ever. That’s why it keeps accumulating. It just keeps getting worse.
[00:19:52] Ramit: Eating out. What else?
[00:19:54] Elizabeth: I would buy a lot of movies online.
[00:19:59] Ramit: What?
[00:20:00] Elizabeth: Like at $5 a pop, digital movies.
[00:20:04] Ramit: What?
[00:20:05] Elizabeth: That was something else I like to buy.
[00:20:06] Ramit: Wait, hold on. You have $185 a month in subscriptions. I presume that’s like Disney plus, Netflix, all that stuff, right?
[00:20:13] Elizabeth: Yes.
[00:20:13] Jonathan: Mm-hmm.
[00:20:13] Ramit: So you’re buying on top of those.
[00:20:15] Elizabeth: Yes, I am. I stopped. Jon made me stop, so I did stop.
[00:20:20] Ramit: What’d you say, Jon?
[00:20:21] Jonathan: Can we really afford that? You need to stop. It all adds up.
This example illustrates why adopting a long-term mindset, like the habits of old money families, is crucial. Instead of reacting to past fears and emotions, you can focus on building a solid financial foundation by planning ahead, making conscious spending decisions, and prioritizing sustainable wealth-building strategies.
5. Diversify your investments
Diversification is a cornerstone of old money investing. These families understand the importance of spreading their wealth across a variety of asset classes, sectors, and geographic regions to minimize risk and maximize returns.
By diversifying their investments, old money families are better equipped to preserve and grow their wealth over time, remaining less vulnerable to the performance of any single investment or market segment. This approach also allows them to seize opportunities in different areas as they arise.
To diversify like old money families, create a well-rounded investment portfolio that aligns with your financial goals, risk tolerance, and time horizon. This could include a mix of stocks, bonds, real estate, private equity, and alternative investments. It’s essential to regularly rebalance your portfolio to maintain your desired asset allocation and adapt to changing market conditions.
Ladder of personal finance
The simplest way to start diversifying your investments is by following my Ladder of Personal Finance — a step-by-step guide to building a strong financial foundation while maximizing your investment potential. Each step builds on the previous one, ensuring a structured approach to growing your wealth.
| Ladder of Personal Finance | How to Invest |
|---|---|
|
Rung 1 |
If your employer offers a 401(k) match, invest to take full advantage of it and contribute just enough to get 100 percent of the match. A “401(k) match” means that for every dollar you contribute to your 401(k), your company will “match” your contribution up to a certain amount. For example, for easy math, let’s assume you make $100,000 and that your employer will 100 percent match your contribution up to 5 percent of your salary. This means that you’ll contribute $5,000 and your company will match it with $5,000. This is free money, and there is, quite simply, no better deal. |
|
Rung 2 |
Pay off your credit card and any other debt. The average credit card APR is 14 percent, and many APRs are higher. Whatever your card company charges, paying off your debt will give you a significant instant return. |
|
Rung 3 |
Open up a Roth IRA and contribute as much money as possible to it. For current contribution limits, search for “Roth IRA contribution limits. |
|
Rung 4 |
If you have money left over, go back to your 401(k) and contribute as much as possible to it (this time above and beyond your employer match). You can search for “401(k) contribution limits” in the search engine for the most up-to-date information. |
|
Rung 5 |
If you have access to a Health Savings Account (HSA), it can also double as an investment account with incredible tax features that few people know about. If you’ve completed Rung 4 and you still have money left over, take advantage of this account. |
|
Rung 6 |
If you still have money left to invest, open a regular non- retirement (“taxable”) investment account and put as much as possible there. Also, pay extra on any mortgage debt you have, and consider investing in yourself: Whether it’s starting a company or getting an additional degree, there’s often no better investment than your own career. |
6. Practice stealth wealth
Discretion is a hallmark of old money families, who often prefer to keep a low profile and avoid ostentatious displays of wealth. They understand that flaunting their financial success can attract unwanted attention and create complications in their personal and professional lives. Instead, they practice “stealth wealth” — the art of blending in rather than standing out.
Stealth wealth looks like:
- The rich techie who wears hoodies instead of suits and drives a Ford Fiesta instead of a flashy sports car.
- The millionaire CEO who chooses to drink a cheap beer with friends at a football game rather than sip Dom Perignon at a polo match.
- The college student who sympathizes with his friend’s complaints about student loans — while quietly holding a trust fund.
- The individual who keeps their assets private to safeguard against identity theft, avoid awkward social situations, and maintain financial privacy in personal relationships.
By practicing discretion, old money families maintain their privacy, build genuine relationships based on shared values rather than financial status, and avoid becoming targets for those who might seek to take advantage of their wealth.
To adopt this mindset, be mindful of how you present yourself and your financial situation to others and avoid flashy purchases or excessive displays of wealth. Stay humble about your success and prioritize building authentic connections over showing off your financial achievements.
You probably see people all the time who struggle with practicing stealth wealth. It’s easy to be tempted by that luxury car or flashy purchase, even when the money isn’t there. Take Kevin and Michelle, for example. They’re in their early 30s, expecting their second child, and they’ve found themselves deep in debt — all while leasing two luxury vehicles.
[00:31:18] Kevin: I have a BMW. A lot of this was before I took that pay cut, but now that I have taken that pay cut, it’s so ridiculous, and I know I have to get out of it.
[00:31:32] Ramit: So how come you haven’t?
[00:31:33] Michelle: Because then we’ll take a loss. I mean, regardless.
[00:31:37] Kevin: Yeah. So the reason–
[00:31:39] Michelle: What was the worth of the car or whatever? You did the Kelly Blue.
[00:31:43] Kevin: Yeah. So the car’s valued at about 48,000, and 69 is what I owe on it. So I definitely would take a loss, but we haven’t taken the time to go in and figure out what our best option is, to be honest. The reason I stayed with them– so I had a BMW previously. Hers is a Mercedes. So we both have luxury vehicles that we both have no reason to be in.
[00:32:08] Ramit: You have a BMW and a Mercedes.
[00:32:11] Kevin: Yeah. That’s literally half of our income.
[00:32:14] Ramit: Mm-hmm. And those cars also take some pretty expensive gas, huh?
[00:32:18] Kevin: That is why I say I spend a lot of money on gas.
[00:32:23] Ramit: How come you got the cars? That’s what I’m curious about.
[00:32:26] Michelle: I don’t know. I’ve always had a luxury car since I was younger.
Their story shows how easy it is to fall into the trap of prioritizing appearances over financial stability and it only gets worse the more we spoke about it.
Instead of practicing stealth wealth, they allowed their desire for luxury vehicles to overshadow their long-term financial health, leading to escalating costs and mounting debt. Their choices were driven by a need to feel successful, even when it wasn’t aligned with their actual financial situation.
[00:32:29] Ramit: Oh, that’s a good reason to–
[00:32:31] Michelle: Well, because my dad always had a luxury car too. I don’t know, it just seemed like an asset that you had that. It made you feel good because you work so hard. You want to have a nice car.
[00:32:42] So I’ve always liked to have a nice car. This is getting into specifics, but I had a Lexus RX 500. It was paid off. It was great. It was fine. And one day, I don’t know what happened. We walked into a dealership, and we were looking at cars, and there was a really nice M series BMW.
[00:33:03] So I traded in my Lexus for the BMW that was on a lease. So then after that, we were having a baby. It was too small for the baby and everything, so that’s why I decided on the Mercedes. It was bigger.
[00:33:17] Ramit: Hold on, hold on. This is classic Americana in the worst ways. First of all, a luxury. How much were you making at the time where you had that Lexus?
[00:33:28] Michelle: Maybe 60,000, $70,000 a year.
[00:33:31] Ramit: Okay. Thank you. This is making my story even better. Making $70,000 a year, buying a Lexus. Basically, spending 100% of your salary on a car. Then you go, hey, this car’s paid off. I know what I’m going to do. I’m going to incur more payments.
[00:33:44] Michelle: It was the worst thing I ever did.
[00:33:46] Ramit: So you go in there. And then the minute you have a baby, what does every single parent in America do? We need a house and an SUV. Why? Because our little infant that can’t even move needs to around.
[00:34:00] Michelle: Right. Yeah, I know.
[00:34:01] Ramit: And so you go, you buy 1, 2, 3 things. Income goes down. One of you goes to school, one of you takes time back from work, etc. So you have these skyrocketing costs, lower income. Heavier costs with the baby. And now what happens? You’re trapped.
[00:34:18] Michelle: Stuck. Yeah.
[00:34:19] Ramit: You have car payments and transportation of $2,495 a month. That’s one of the highest I’ve ever seen.
[00:34:28] Michelle: Really?
[00:34:28] Ramit: Mm-hmm.
[00:34:29] Michelle: Yeah. That’s the car payment plus gas.
This example highlights the importance of practicing stealth wealth by avoiding flashy purchases that don’t align with your financial goals. By choosing to focus on long-term stability rather than short-term gratification, you can avoid the pitfalls that come with overspending and ensure your financial decisions contribute to building and preserving wealth over time.
7. Embrace a legacy mindset
For old money families, wealth isn’t just about personal success or material possessions. It’s about creating a lasting legacy that benefits future generations and makes a positive impact on the world. This requires a long-term view of wealth, focusing on how it can be preserved, grown, and used to create value over time.
Tips for buildings your legacy:
- Define Your legacy: Reflect on how you want to be remembered and the impact you wish to leave behind. Think about the values and principles that guide your financial choices and align your wealth with your deepest beliefs and aspirations.
- Involve the next generation: Engage your children or younger family members in financial decisions and philanthropic activities. This teaches them about responsible wealth management and helps instill values of stewardship and generosity.
- Plan for longevity: Take a long-term view of your wealth, considering how it can be preserved, grown, and used across multiple generations. Look into strategies like trusts, charitable foundations, or other vehicles that can help ensure your wealth makes a lasting impact.
- Promote financial education: Share your knowledge and experiences about wealth management, investing, and philanthropy with younger generations to empower them to carry on your legacy.
By adopting a legacy mindset, you can ensure that your wealth serves a greater purpose beyond yourself, creating a positive impact that lasts for generations.
Tommy and Caroline, for instance, have done an incredible job of this, amassing over $6 million through decades of hard work and smart financial decisions. Yet, interestingly, even with such a substantial net worth, they still find themselves caught up in debates over small financial decisions — the kind of “$3 questions” that don’t significantly impact their overall financial picture.
Tommy: [00:02:30] I need to chill because I think we’re in a really good position. Caroline’s retiring this March, and I’m so excited for her because she’s got a super stressful job. I know we can make it work yet I freak out too much. I freak out when I see all these Amazon purchases and I question why it’s happening.
Perfect example. Caroline decides to buy a pair of headphones that we already have wired pair of headphones. And I know it’s stupid because it’s probably a $20 or $30 purchase, but my mind just says, “Hey, we already have it.” I need to let go of that shit. I know I do because she’s doing nothing wrong, nothing. But I get worked up on that.
Ramit Sethi: [00:03:29] When you say, Tommy, that you freak out, tell me exactly what happened.
Tommy: [00:03:36] Nothing was said to her. But I inside internalized it by saying, why does she do that? There’s no reason for that. I wouldn’t have done that. So why does she do that? And it’s stupid. She’s not doing anything wrong. But this is how I react to myself. I get worked up over stupid ass stuff.
Ramit Sethi: [00:03:58] Okay. Caroline, do you remember that headphone situation?
Caroline: [00:04:02] Well. Yeah, I could tell because he rolls his eyes or he tries to control the situation. He’ll say, “We don’t need it.” It’s a good thing I did buy them because we would be in bad shape right now if I didn’t buy ‘em cause the ones that he had didn’t work.
Tommy’s focus on minor purchases, like the $30 headphones, reveals how easy it is to fall into the trap of worrying about the small things, even when you’ve already secured your financial future. This mindset often stems from a lifetime of saving and investing, but be careful, because it can also prevent you from enjoying the wealth you’ve worked so hard to build.
Ramit Sethi: [00:23:31] Okay. Caroline, what does it mean for you that one is going to be retired and one is not?
Caroline: [00:23:37] It means, like he just said, that we’re not going to have as much income. And I worry because we’re young, I want to do stuff now. I don’t want to do anything because we feel like we don’t have money. And then [sarcastically speaking], when we’re 75; because he’s going to live to “100”, we’re going to do stuff. And I’m like, “I don’t see it that way at all.” I had a mother that did everything. She always was going and going and going. Then she got sick and she didn’t do anything. She ended up still giving us money because later on in her life she didn’t do much.
My greatest fear is that we’re not going to spend any money now because he feels like we don’t have a double income and by the time we can spend money as when we’re older, I won’t want to travel as much. [Sarcastically] And we’re saving for Tommy to live to 100 is what we’re doing. We’re totally saving for Tommy to live to 100.
Ramit Sethi: [00:24:30] Tommy, what do you think about what Caroline said? She had some pretty important things there.
Tommy: [00:24:37] I believe we need to be on the same page. And then I do believe it’s pretty smooth because Caroline’s going to speak her mind and she knows that I’m going to speak my mind. Yet I realize there are times that I do feel I control things too much. And that’s probably a huge downfall for me.
But huge attribute because I own my own business and I guess I’ve had to go with that mindset that the buck stops with me. If things screw up, it’s my fault and hopefully, they go well, and collectively, we’ll do well. But I know I control shit way too much.
Ramit Sethi: [00:25:28] All right. Do you want to change that or no?
Caroline: [00:25:32] Yeah.
Tommy: [00:25:36] Yes. Put it this way. I love playing sports. And when I’m on a team sport, I am never, ever the coach or the manager because I love when other guys are telling me what to do. I love it. It’s like for once, I don’t have to worry about this or that. It’s just I got to worry about how well I perform.
Ramit Sethi: [00:25:58] Okay. So you like being the individual contributor when it comes to sports, but at work, you’re the person in charge. The buck stops with you. But it sounds like you have also adopted that mentality when it comes to money in your relationship. Would that be fair?
Tommy: [00:26:17] Yes.
This conversation shows how easy it is to get caught up in the little things, even when you’ve done a great job building wealth. For Tommy, years of saving and investing have made it hard to shift his mindset from worrying about every expense to enjoying the money they’ve worked so hard to accumulate.
So remember, a legacy isn’t just about saving money; it’s also about learning when to let go and when to enjoy your Rich Life.
Get started on your lasting legacy today
Understanding how to build, manage, and enjoy your wealth is key to creating a lasting legacy. Focus on mastering these core areas to navigate your financial journey with confidence:
- Smart (and even boring) investment strategies that align with your goals
- Effective budgeting techniques for a balanced life (aka Conscious Spending)
- Eliminating debt and building healthy credit
- Increasing your income over time
- Planning a secure retirement
- Protecting and preserving your wealth
It’s one of the best things I’ve published (and 100% free), just tell me where to send it:
