How to Get Rich on Netflix: 3 key takeaways from Ramit Sethi's financial docuseries

Finance guru Ramit Sethi's new Netflix docuseries titled How to Get Rich is a blessing to people who are or want to get serious about their money. The show is based on the host's 2009 New York Times Best Seller, I Will Teach You to Be Rich, and sees Ramit travel across the USA and enlighten common folk on how to make the most of their hard-earned money.

How to Get Rich was released on Tuesday, April 18, 2023, at 3:01 am ET on Netflix. The streamer decided to drop the docuseries at the perfect time since April 18 is also Tax Day for Americans.

Here are 3 key points to remember from How to Get Rich if your goal is financial responsibility.

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3 key takeaways from How to Get Rich on Netflix

1) Do not avoid the topic of money

Ramit says that while most Americans are brought up to avoid conversations about money, the only way a person can be successful and financially secure is by being open about it. It is due to the fact that without knowing exactly how much money you make, it is impossible to be proactive with your finances.

You should always question your financial habits as part of maintaining a smooth relationship with money.

Sethi said:

“How can you expect to get ahead if you’re not actually talking about money, either solo or with a partner. Money is a regular topic in any financial successful household. Hey, what do we think about this? How should we do that? Are you interested in this? I’m not sure if we have the right savings account. Let’s discuss."

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2) You do not have to be rich to invest

There is a common public notion that investing money is a luxury that only the wealthy can afford. However, this is far from the truth. Sethi says that even if a person has an entry-level income, it's wise to invest wherever and whenever they can.

"The way you get wealthy is by investing. Even if you can only invest $20 a month — that’s how you get started."

Instead of parting with the money you earned by the month's end, set up automatic transfers from your paycheck into an investing account. Because while you are busy enjoying life, your money will steadily grow at a compounding rate.

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3) Industry traps are a no-no

Sethi says that the financial industry sometimes makes money unnecessarily complicated, to your disadvantage. He can't stand financial advisers who charge yearly fees for assets under management rather than fee-only planners who bill you for what they do.

"You ask them: How much do you charge? And they can’t give you a straight answer. I am critical of the confusion, although I have nothing against financial advisers per se"

But this advice still isn't enough to convince people. One particular participant on How to Get Rich named Nathalie insisted on keeping her money with a financial planner, charging her a 1% fee no matter how much Sethi tried to convince her to do the right thing by showing the math.

He said:

"You could save hundreds of thousands of dollars doing it yourself or paying by the hour. But the more you explain the math, the more they become resistant to it."

Sethi is also vocal about online trading platforms that encourage people to trade individual stocks at their own risk.

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How to Get Rich on Netflix is streaming worldwide.