Rule #1: When to spend, when to save

Most personal finance advice is about extreme frugality. “No more lattes!” Can't view this email properly? [View in Browser]() {NAME}, Most personal finance advice is about extreme frugality. “No more lattes!” “Think twice about getting that appetizer!” Get the appetizer But what if we like lattes and shrimp ceviche? Do we have to go an entire lifetime without them? That’s why Money Rule #1 is this: “Spend extravagantly on the things you love. Cut costs mercilessly on the things you don’t.” [MCRS-Mike Flaherty]() An IWT reader implementing Rule #1. How to spend your money on what you love What do you LOVE spending money on? This is my favorite question to ask people. My follow-up question is always this: What would it look like if you could spend MORE on it? Let’s say you like going out to eat. Spending more could mean going out more frequently, trying a Michelin restaurant, or sitting at the chef’s table. Spending more on things we love is within reach. We just have to pick 1–2 areas to mercilessly cut costs in. I love traveling and staying at luxury hotels… Ramit in Aman Tokyo Aman Tokyo But I refuse to spend $400 on laundry at hotels no matter where I am! Ramit walking to a laundromat Happily walking to the laundromat! Take this empowering step now Pick one area where you can cut back on your spending mercilessly. Be ruthless! Think about things you pay for but rarely use. Or, consider cheaper alternatives for things you buy, if you wouldn’t mind the difference. Now, pick an area where you would love to spend more. Then, do it! Write back and tell me how it went. I love hearing your stories. [MCRS - Katie Mild]() An IWT reader spending on luxury travel. And if you want to continue diving deeper into this step, join me in Money Coaching. We go beyond just spending more on things you love. We look at those big, bucket-list experiences you want, then take action steps to make them a reality. It’s all about living your Rich Life. How Money Coaching works [Money Coaching]() has four layers of support: 1. The Rich Life System—A step-by-step guide to create a plan for your money, automate your finances, and finally make your money work for you. It looks like this from start to finish: The Rich Life System The entire Rich Life System. 2. Monthly coaching calls—I host 90-minute group calls exclusively for members. I cover all kinds of topics—from spending more, to cutting back, to the psychology of money. All so that you can take control of your life, no matter what income level you’re at. 3. The Money Coaching library—These are past group coaching recordings. Many of the lessons I share are timeless and invaluable as you live your Rich Life. 4. The Rich Life Community—This is a private community of like-minded people getting their finances in order. You can share your experiences, offer inspiration, provide tips, and more. [Join Money Coaching now]() Life isn’t about scrimping and saving in hopes of enjoying life when you finally reach some magical net worth number. Spend extravagantly on what you love. Cut costs mercilessly on what you don’t. Money Rule #1 opens so many possibilities for people when they first hear it. I can’t wait to share the next rule with you! It could deliver an extra $30,000 in your pocket. Literally. Keep an eye on your inbox for my second money rule. [Signature] [Programs]() [Podcast]() [Netflix show]() [Books]() [Website]() [IG]() [in]() [X]() [YT]() Was this forwarded to you? [Sign up here](). [Unsubscribe here](. 548 Market St #89946 San Francisco, CA 94104-5401