Netflix has produced a few notable finance TV shows offering great personal finance advice.
However, their newest series, “How to Get Rich,” takes a different approach to talking about finance on TV.
“How to Get Rich” is hosted by Ramit Sethi, the author of “I Will Teach You to Be Rich.” He guides three individuals and five couples who are looking for financial help.
It plays like a reality TV show and provides a close look at all of the people Ramit is working with.
Everyone’s situation is different, and each person or couple he works with has many of the same financial problems other Americans have, from debt to lack of savings.
It’s a great way to learn about the broad financial issues many face daily. In addition, there are some great tips and pieces of advice to help you get closer to your rich life.
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3 Key Takeaways from, “How to Get Rich.”
Takeaway 1: Create a better relationship with money.
Every person or couple Ramit meets with all have specific financial issues they are facing, from overspending to not being able to afford their home.
While each person or couple has different issues, the main takeaway from each person that Ramit works with is that they need to improve their relationship with money.
This show does a good job of being very transparent about the income and spending of each person and couples being featured on the show. As you learn about each individual situation, you learn that every person doesn’t have a lack of money problem.
Their problem is that their behavior and attitudes toward money are negative.
Takeaway 2: Create financial goals.
When Ramit first meets with an individual or couple on the show, he asks them about their current financial issues as well as their current income and spending.
The next thing Ramit asks everyone to do is to write down what their rich life is. A rich life can be whatever you want it to be. Many people first think this means having a fancy house or car. The truth is, many people find their rich life to be things like:
- not worrying about money
- being able to spend time with family
- having the freedom to do the things you love
- being able to pay your bills
- being debt free
These aspects of your rich life allow you to find your financial goals.
For example, if your rich life is to be debt free and be less worried about money, your financial goals may be to pay off debt, lower your expenses, and increase your income.
Ramit shows them that by making clear financial goals, people can prioritize their spending and saving to match these goals. His coaching approach is making small changes that add to larger ones. By reiterating each person’s rich life, they start to make smart financial decisions to help them reach their dream.
Takeaway 3: Control your spending.
Many of the individuals that Ramit coaches do not control their spending.
Frank Grimaldi, the winner of the Netflix reality show “The Circle,” is one individual who Ramit works with to help them understand their spending habits – and temper them.
These real-world examples can help break down how we talk about money with people.
For example, Frank Grimaldi is about to receive his winnings from “The Circle” and knows he has a spending problem. He can easily spend $500 on brunch in one weekend! So he works with Ramit on how he should look at his spending and focus on paying off his debts.
Some other individuals and couples also are struggling to control their spending. Ramit works with each person on their spending, because controlling it can help you reach your financial goals. By limiting how much you spend, you can put more money towards debt or savings.
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Final Thoughts on “How to Get Rich”
“How to Get Rich” is a unique Netflix original that has elements of a documentary mixed with a reality show.
The host, Ramit Sethi, helps different people with their current finances. He asks them to write out their idea of a rich life and uses that to help them work on their finances. If you can identify what your rich life looks like and take small steps, you can reach the financial goals you have set for yourself.
This series gives you great insight into how other individuals and couples live and their common financial problems. You may even resonate with certain individuals and apply what Ramit has suggested for those people into your life to help you get closer to your rich life.
Editor’s note: This article was originally published May 13, 2023 and has been updated to improve reader experience.
