Ramit Sethi: 3 Hard Money Truths You Must Learn To Be Successful

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Most adults are familiar with standard financial rules such as how much money you should put into an emergency fund or the importance of balancing your investment portfolio. But many might not be as familiar with broader money truths on how to lay the foundation for financial success.

In a recent newsletter from Dec. 13, entrepreneur and financial author Ramit Sethi laid out a few rules that can apply to your money and career. Here are three of the rules that “transformed” Sethi’s life and are helpful to learn if you want to be successful.

Do the Hard Things in Life Early

In his newsletter, Sethi asked readers to “think about trying to learn a new language now vs. when you were 5 years old,” or “trying to start exercising at 50 vs. 25.” This was his way of demonstrating how important it is to learn skills early, when you’re better able to embrace new ideas and habits and stick to them.

“That’s why putting in the hard work now makes life so much easier,” Sethi wrote. “Even if you feel like you’re getting a late start, it’s better than waiting and getting a later start.”

To help establish a successful career or simply prepare yourself for the future of finance, online learning site Coursera recommends learning these high-income skills:

• Generative AI
• Data analysis
• Web development
• Project management
• Content creation and management

Nobody’s Coming To Rescue You

To demonstrate this rule, Sethi shared a phrase he learned when speaking at an all-girls private high school: “A man is not a financial plan.”

“I laughed, but it’s actually a great lesson — and true for all of us, men and women,” Sethi wrote. “When I finally realized that nobody was going to magically come down from the sky to give me the secret code to get my dream job at Google, make me more fit, or grow my business, THAT’S when I really internalized it: It’s all up to me.“

Sethi admitted it was “scary” realizing he would have to sink or swim on his own. But eventually, he found comfort in “each small win” and gained more confidence as time went on.

According to a 2023 article from Forbes, there are two basic ways to achieve financial independence on your own: save your way to wealth or sell your way to wealth.

“Create regular savings programs to build an asset base and acquire assets that will generate income (annuities, rental properties, etc.) and aggregate to contribute toward independence,” Michael Kazakewich, partner and advisor at Connecticut-based Coastal Bridge Advisors, told Forbes. “Understanding the attributes and risks within your portfolio can also help contribute to financial independence. Secondly, have a clear financial plan to achieve your vision of financial independence, and regularly revisit where you are in relation to your goals.”

Don’t Try To Do It Alone

Although Sethi emphasizes the importance of not depending solely on others for success, that doesn’t mean you shouldn’t seek the advice of people with more expertise than you.

“People want to help you,” he wrote. “There’s no reason to reinvent the wheel when you can learn from others, then apply your special skills to create a uniquely rich life for yourself.”

Here are some questions you should ask:

• When was the last time you invested in yourself?
• When was the last time you asked for help?
• When was the last time you hired a coach?

“If the answer is never, think about all the things you’re trying to do on your own,” Sethi wrote. “Don’t let your mental barriers get in the way of your success.

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