Why You Should Have a Diversified Investment Portfolio | My First Million #214 with Ramit Sethi

No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd - In this episode Sam (@theSamParr) and Shaan (@ShaanVP) are joined by Ramit Sethi (@ramit), the founder of I Will Teach You To Be Rich. They start off talking about course businesses and Ramit shares what he's learned running courses for over 15 years. Ramit shares a few ideas for businesses and then the trio talk about different strategies around investing. Shaan shares why his approach is so different from what Ramit recommends, and he breaks down his own asset allocation. At the end, Sam & Ramit share their personal money rules. — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire global talent (like Shaan does) and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than their US equivalents. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth 💰 Pitch your startup for a shot at a $1M investment with Sam Parr as the MC https://clickhubspot.com/pitch Links: 📧: Sign up for The Hustle Daily Newsletter: https://link.chtbl.com/saZiaPQW 🎙️: Download Our Podcast: https://link.chtbl.com/fTafLH3t A podcast where we brainstorm new business ideas based on trends & opportunities we see in the market. Sometimes we have famous guests, and they do it with us. --------- * Follow Ramit on Twitter: https://twitter.com/ramit * Ramit's new podcast: https://iwt.com/podcast * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * (0:00) Ramit's new podcast * (4:23) An update on Shaan's Power Writing course * (6:28) Ramit's course business * (10:51) Who is Jay Abraham * (16:04) Should MFM get a new name? * (19:35) How long can Ramit run his empire * (23:32) Ramit on trolls * (26:52) The history of courses * (32:33) Ideas around pets * (35:56) Ideas around cosmetics * (38:17) How Ramit would differentiate a product * (42:06) Ramit's money hacks * (44:20) How Shaan approaches investing * (45:18) A little anecdote about camera issues * (46:16) Back to Shaan's investment approach * (49:05) What game are you playing and what risk can you tolerate? * (51:41) What Shaan's goals are with investing * (55:29) Ramit's 10 money rules * (57:50) Sam's money rules * (1:00:24) Taking out loans on your assets * (1:03:48) How Ramit thinks of risk versus rewards * (1:15:25) Ramit on Sam's engagement ring story * (1:19:19) It's not all about the metrics