Episode 49: Teach You to Be Rich - Conscious Spending (Chp. 4)

Welcome back to The IBC Guys Podcast!  

In this episode of The IBC Guys, Dave continues the mini-series titled “Teach You to Be Rich (?).”  Using Ramit Sethi’s book I Will Teach You to Be Rich as a comparison, Dave tackles Chapter 4 which is titled “Conscious Spending.”  

The book is a great one, but has one major flaw - it doesn’t address the Infinite Banking Concept.  The goal of this mini-series is to work through Mr. Sethi’s book a chapter at a time through the lens of the Infinite Banking Concept.

This week’s episode focuses on being purposeful on how one spends their money.  Mr. Sethi suggests 4 categories in which to define and establish one’s values.  Those categories are (1) Fixed Costs, (2) Investments, (3) Savings, and (4) Guilt-Free Spending.  Dave discusses these four main categories and explores the following:  Did Mr. Sethi miss anything?  Can IBC fit into this framework?  If so, how?  Can IBC help expand on Mr. Sethi’s framework?

Also in this week’s episode, Dave’s boy rides his hoverboard by the office, he uses tv shows as analogies, and Dave gets help from two special guests!  Don’t miss this episode!

Key takeaway: “Conscious Spending helps one live rich today.  Infinite Banking helps one live rich tomorrow—without sacrificing today.”

Resources Mentioned:

[Link HERE] Ramit Sethi’s “I Will Teach You to be Rich” 

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