Customer Reviews

I Will Teach You To Be Rich

5 star:		(140)
4 star:		(26)
3 star:		(12)
2 star:		(6)
1 star:		(11)

 

 

First, here's what this book is not: It's not your parents' money management and investing book, although as a parent I wish I had done in my twenties what Ramit Sethi tells the twenty-somethings they should be doing right now.

Ramit starts with the premise that most people are so overwhelmed by the sheer amount of financial information available that they just shut down and do nothing. So Ramit tells you exactly what to do with your money and why. Want to know whether it's smarter to pay extra on your student loans or put that money into your 401(k) instead? Ramit will tell you. Want to know some specific financial companies that offer the low-cost index funds you should invest in through your Roth IRA? Ramit will tell you. Do you not even know what the heck an index fund is? Ramit will tell you!

Ramit also tells the truth about brown bagging your lunch and curbing your latte habit; and the truth is that these actions on their own are virtually pointless. Instead, you should go after the big wins, like getting the lowest interest rate and the best price on your next car because you have impeccable credit and negotiated "like an Indian" (negotiation scripts included).

Ramit maps out exactly how to get from where you are now to where you want to be financially, including how to create a personal money management system that practically manages itself. Ramit's system starts with a no-fee checking account and an online high-interest savings account. (He even tells you which online bank he uses.) He then walks you through setting up automatic bill payments and regularly scheduled transfers to your investment accounts. Throughout, he includes easy-to-understand charts, as well as short pieces by other personal finance bloggers.

I wish I could quote some of the passages that I found especially useful or entertaining--Ramit writes with an appealing, if oddball, humor--but I have already mailed my copy of the book to my 24-year-old son, who called me last night to tell me it never would've occurred to him to ask his bank to waive an overdraft fee. (That gem is in chapter 2, I think.)

Thank you, Ramit! I hope this enthusiastic review by an "old person" will not stop the young people from buying your book!

I Will Teach You To Save Money, though a far less titillating title would be the more appropriate name for this book. 20 and 30 somethings are the intended audience for this book. And for them the book is delightfully irreverent and saucy in its language. You will not get rich by using the concepts in this book however you will gain basic financial literacy, which is the first step on the path to creating wealth. There are no new financial revelations in this book. If you already have a personal finance library you can pass on this book. If you don't already have one and are looking for a place to start, this book is a great way to go. I Will Teach You To Be Rich is not for people who have created a measure of wealth and are looking to increase it. For that you will have to look elsewhere.

Length:: 3:09 Mins

Ramit is part of the new round of financial savants. It is one thing to know about finance, another to be able to write about it, and another entirely to write about it in a way to motivate the younger crowd. Ramit hits the tri-fecta here.

I'm good with my money and pretty knowledgeable but am the kind of person who needs a nudge now and again. Ramit gave me that nudge (and some great tips to boot) with this book. I'm barely through chapter two and already have a savings/profit of about $860 (as I explain in the video...)

Get this book for yourself, and with the money you save, buy another copy for a teenager or college student you know and care about.

In the last two weeks I've read three finance books to keep me from having a nervous breakdown every time I turned on MSNBC: 1) The WSJ Guide to the End of Wall Street by Dave Kansas; 2) Suze Orman's 2009 Action Plan, and; 3) I Will Teach You To Be Rich by Ramit (pronounced "Ra-meet") Sethi.

Ramit's is by far the best of the three for my purposes (I'm 26, have a job, don't really know what I'm doing w/money, but I love compound interest and try not to be stupid).

This book is worth its weight in gold and here's why:

First, it's targeted to a younger demographic (guessing 18-34, aka the FOX demo), and his advice is much more detailed and specific than the other books: giving readers detailed options for setting up high interest online savings accounts; breaking down renting vs owning; showing you how to save hundreds a month without budgeting ("Budgeting is the worst word in the history of the world") but by spending consciously; figuring out how much a $250 ipod really costs when charged on a CC w/14% APR ($297), and much, much more.

Second, Ramit is very funny and tells good stories. He doesn't talk down to the reader, or say that it's not our fault that we maxed out our credit cards on DVDs and 14 subscriptions to Vibe. Instead, he tells it like it is (for example, "If you miss a credit card payment, you might as well just get a shovel and repeatedly beat yourself in the face.") He's like Dr. Phil, if Dr. Phil weren't a doctor and instead was a skinny Indian kid.

I especially appreciated Ramit's attitude about the Starbucks rule being BS, and that instead of obsessing over lattes, we should focus on the big wins like improving our credit scores. Another valuable distinction he makes is between stupid and conscious spending. Scrimp on unnecessary expenses so that you can spend lavishly, consciously and w/o guilt on the things that really matter to you (nice pens, vacations, expensive stuff for babies, etc.)

Third, this book is well-organized into a 6-week action plan. Of course, it will take more than that to get out of debt, build retirement savings, raise credit scores, etc., but the 6-week schedule will put you well on your way to achieving your financial goals, big and small.

Overall, I walked away from this book with a much clearer understanding of my spending, and a much more functional relationship with my money. My only regret is that it wasn't published sooner, so I could be compound awesome. This is a MUST for every college student, post-grad, young professional, you get the picture. Truly, one of the best, most useful books of its kind, for any generation.

[I originally wrote this review for the Kindle version -- Amazon doesn't have the link set up correctly yet, so if you want to buy on Kindle, just search for it under the "Kindle Books" category]

I kept reading each chapter hoping to find something new or worthwhile, but it didnt come. A better title would have been "I will teach you not to be poor"

Ramit seems to be restating all the general personal finance advice that you can get by watching/reading mainstream media. He packages this info in "hip" language so its targeted to those in their 20s. There is so much waffle and padding around the content, which when stripped back, has no originality.

Are you rich Ramit? How do you propose to teach us to be rich when you don't even understand the way that the banking system multiplies money. His idea of rich seems to be retiring at the usual age and living off a frugal income - which, eroded by inflation, will probably be half the average wage.

In light of the current economic crisis, it is appalling that he is publishing such awful generic advice. It is just not possible to get rich and be lazy, and not learn anything about sophisticated investment strategies.

The usefulness of the book was in the idea of automation and budgeting, which has some merit, and will save you money.

This book would be useful for people with no clue about money, but if you've ever read a book about investing, you can skip this.

If you can wait until you are 65 to retire on a below average income, then this book is for you. If you want to get wealthy, read something else!

Q: Can you learn the things that Ramit talks about in other books or even on-line? A: YES

Q: If you are already a money genius will this book help you? A: MAYBE

Q: Is this the only book you will ever need to become wealthier beyond your wildest dreams? A: NO

I'm writing this review mostly because of my frustrations with the *very few* low one star ratings on this book, I hate it when people in their one star reviews admit that the product they are reviewing is actually not that bad.

Anyway, many of the things that Ramit teaches/outlines in this book are common sense things that all of us should be doing, but either forget or never motivate ourselves to do.

The thing I like about this book is that it does not just talk about theory, but actually outlines action items and next steps. Goals without deadlines are just pipe dreams, this will inspire you to action. Within a few moments of picking this book up I started to save money, not because the book is magic, but because it made me take action and stop and look at my finances.

Even if you can only get one idea from this book that will save you more than $10-15 how can you rate it lower than 5 stars? The book is FREE to you!

Is the name misleading? MAYBE - but you have to admit, it is good marketing, it makes you take a second look. This is what ALL marketers do from the toothpaste and shampoo lane in you local super-mart to the car lots you pass on your way to work everyday.

Q: Is this book for everyone? A: NO - and I think Ramit would be the first one to admit that. If you are looking for a get rich quick scheme, go somewhere else. If you are looking at getting off your lazy butt and doing something to change your current circumstances, BUY THIS BOOK! Worst case scenario is that you can pass it on to a friend who needs it, and they will love you because THEY saved more than $10-15 bucks.

I like the way it is written (it does target a younger audience, but does not leave everyone out). Ramit has a sense of humor and did, at a very young age, what many people only dream about doing - he published his own book!

Way to go man! I salute you!

The book is good, especially if you aren't following the authors blog. Unfortunately, if you are following the blog you will find little new information here. Ramit Sethi does have a nice writing style and uses great examples. Highly recommend this book to people who don't have a computer.

The only thing interesting about this book is that it is incredibly well marketed despite having mediocre content that you can get for free on literally millions and millions of web sites. Most of the ideas in this book are pretty basic - get a credit card to build up your credit, keep a budget, save money, etc. I think most people know all that already. You aren't really going to be rich following any of these ideas, but if you follow them for 40 years you will most likely have a more comfortable retirement than people with poor credit or no savings. If you really want to be rich I suggest reading the Millionaire Next Door. Most of the millionaires surveyed in that book are business owners, doctors, lawyers, executives, etc. Most didn't get rich just by being frugal. They were frugal, had jobs with high incomes and were often masters at finding ways to shelter their income from taxes. That is how people really get rich.

This book isn't about making money but rather if you are in some upper income bracket and you are pissing away your money Ramit will show you what a retard you are. Very little on actually making more money.

I loved this book. I pre-ordered it and read it in one weekend. It's an easy read, with humorous and helpful tone. I was a bit doubtful when I first got it, because I thought I had already heard the best tips and gotten all the advice I could get on personal finance. However, I was pleasantly surprised by all the new things I picked up while reading this book. Much of what is helpful in this book, in my opinion, is the way the author addresses the psychological barriers we have or put up that block us from reaching our financial goals. I can honestly say that I now know much much more about personal finance than my friends do.

Here is my personal experience so far with implementing some of Ramit's recommended strategies. I am 25 years old and here are my results.

I have:

- Saved $630 in credit card interest

- Saved $450 in gym membership fees

- Saved $133 on filing taxes

- Got back $375 for a weekend travel/ retreat when I told the company I reserved it through that I was laid off from work after booking the trip and decided it would be better to save the money instead.

- Saved $40 on a prescription medication

- Saved $7445 in my online savings account. Switched to an online savings account with higher interest, which over the course of 1 year will save me about an extra $122.58.

- Paid off $11,000 in credit card debt, leaving a balance of $0. ***THIS ONE MAKES ME VERY HAPPY :)

- Paid off a $3,300 loan from my parents.

- Have invested $1,400 in a 401(k), which I have now rolled over into an IRA account.

- Donated $160 to charitable causes.

I know this book has helped me tremendously and it's just the start. This book is excellent and well worth it.