Finance Guidance

Thursday, December 04, 2008

The weekly December guest, Ramit Sethi, founder of, a blog on personal finance and entrepreneurship, gives tips on how to approach your finances in this down economy.


Ramit Sethi

Comments [11]

Tami from New Jersey

Eduardo - I wasn't complaining about eating beans and rice. I was commenting on Ramit's comment that cutting costs is "boring". Like I said, it's not "boring" for many people. It's painful. My example was just an example. Obviously for some people it's a lot more painful than that.

Dec. 04 2008 12:27 PM
Eduardo from the Bronx

Everybody posting here needs to chill out! This guy is trying to help people save money--he is not the person responsible for reviving our economy (that's still the Bush administration until Inauguration day; thank God for Obama). I'd hoped not to find racist, anti-foreigner, xenophobic rhetoric on this site.

I work multiple part-time jobs, have no health insurance, and a two-year old boy. Ramit Sethi is correct that everyone can save a little money. I don't care who you are. Maybe it's not your Starbucks latte but how many folks think nothing of paying for beer or drinks at a bar that easily cost more than Starbucks drink? This guy is just making helpful suggestions.

This job market sucks in NY right now. I am trying to get additional part-time jobs or a full-time gig that might also have health insurance.

**If you you're eating beans and rice (first of all be grateful for that--when was the last time you visited a homeless shelter and saw how they eat?), then buy that stuff in bulk.

**Whatever your home owner's insurance cost is (first be grateful you own a home, for real), you can still re-negotiate that monthly fee. That was the point. Any set monthly expense, see if it can't be changed to a cheaper version of the same thing.

I think the anger in the posts above mine is misdirected. The real source of this anger is at the economy itself and our diabolically foolish president (Bush). Just because someone tries to make suggestions about a difficult subject doesn't mean you get to take out your anger on that person--take it out on the difficult subject! Our horrible economy!

Dec. 04 2008 11:29 AM
Yulia from Brooklyn

PS... we got rid of cable and watch everything online and get netfix and have started cooking more and hardly eat out since we actually have time to cook now. As far as Starbucks goes, we make our coffee at home and put it in a travel mug. We've eliminated our vacations and I now do my own nails (ok not pedicures). I've also stopped getting facials and instead invested in a few more beauty products.

While I speak for only myself and my man, I can see our situation not working well for a family. Things like this are harder for families.

I think the current economic crisis is a wake up call for America. Maybe it's time to invest in ourselves and mom and pop businesses and try to bring production back to the states. It can start small... like scarves and hats but it has to start somewhere. Call me a dreamer, but I believe in the American Entrepreneurial spirit.

Dec. 04 2008 11:24 AM

I agree, bogus segment. And no mention that the first step to saving money should be assessing where one's money is going. Keep track of every penny in and every penny out- if you have a computer there are any number of applications to do this. There is a book called Your Money or Your Life which has some great, REAL information on controlling your money, and its not an 'I'll make you rich!' scam. Its about achieving a rich life, not a rich bank account.

Dec. 04 2008 11:15 AM
Yulia from Brooklyn

I am an Art Director in Advertising and last year my fiancee (also an Art Director) and I made the switch to being freelancers. We left our 2 bedroom apt in Williamsburg and moved into a 1 bedroom railroad in order to cut our spending. We're lucky to be busy with work in this recession.

We decided to make the move in order to have more time for our personal projects. Being on staff (and working 10-14 hour days for months on end) didn't give us any time to do anything creative for ourselves.

So... in the time between gig my man is working on a documentary that he directed and produced I have started a small scarf and hat company I am currently trying to branch it out into baby knit wear for 2010.

What we did is very radical. Not everyone would enjoy our lifestyle but this is America and if you take risks sometimes there are rewards at the end. One hopes at least.

We might go full time again but it won't be until our projects are finished... or we really need the money. If you consume less you learn to make do. The corporate world and cubicle will hopefully always be there to return to.

Dec. 04 2008 11:08 AM
tash from les

I agree with Tami from NJ. There are so many articles out there about cutting starbucks and getting rid of cable. there are so many of us that never had these things to begin with and find these types of segments repetitive, boring, and unhelpful.

Dec. 04 2008 11:04 AM
Liam from East Elmhurst

He strikes me as the kind of full of **** foreigner who strikes it rich with this nonsense on our backs. His information is essentially useless. He makes the money and advences his career alone.
What we need is Democratic-Socialism like in Europe-cradle to grave-6 weeks paid vacation-an emphasis on learning other languages to our youth-travel for ALL-not just the rich *****. Then, America would grow. Enough with 26 yo Rush Limbaugh!

Dec. 04 2008 11:01 AM

A caller just claimed to have saved $500 per month on homeowners insurance? How much is her home worth? My homeowners insurance is only $800 per YEAR.

Dec. 04 2008 10:55 AM

This vapor seller sounds straight from an infomercial

Dec. 04 2008 10:49 AM
Tami from New Jersey

Honestly - he doesn't seem to be talking to people who are really having trouble. It's not "boring" to cut costs, it's painful. It's not about skipping the Starbucks latte for everybody. For some of us it's about making beans and rice for supper instead of chicken.

Dec. 04 2008 10:48 AM
Andy from NYC

Ugh. How did this guy get on the show? He should be on an infomercial instead.

Dec. 04 2008 10:48 AM

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