7 Old Money Habits to Adopt for Long-Term Wealth (+ examples)

[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.