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I Will Teach You To Be Rich Paperback – March 23, 2009
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From the Back Cover
As irreverent and entertaining as he is practical and wise, Sethi explains how to beat banks and credit cards at the fee game, automate your cash flow, negotiate for a raise, manage student loans, and enjoy your lattes and Manolo Blahniks by practicing conscious spending. It's how to master your money with the least amount of effort―and then get on with your life.
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Top Customer Reviews
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.Read more ›
IN WEEK 1, you'll set up your credit cards and learn how to improve your credit history (and why that's so important).
IN WEEK 2, you'll set up the right bank accounts, including negotiating to get no-fee, high-interest accounts.
IN WEEK 3, you'll open a 401(k) and an investment account (even if you have just $50 to start).
IN WEEK 4, you'll figure out how much you're spending. And then you'll figure out how to make your money go where you want it to go.
IN WEEK 5, you'll automate your new infrastructure to make your accounts play together nicely.
IN WEEK 6, you'll learn why investing isn't the same as picking stocks--and how you can get the most out of the market with very little work.
That is a common mistake made by "beginners" who do not understand that car dealers often make more money through financing than through the car sale itself.
Ramit did a few things right to be fair. What he failed to do was either to get a loan from a nearby credit union right away and finance the car through them or to make a significant down payment at the car dealer. The latter is important to later refinance your car at a local credit union since otherwise the value of the car would be lower than the loan itself. Local credit unions almost always have 2-4% lower interest rates than the car dealer (if you have good or "excellent" credit as Ramit)...
I cannot believe Ramit failed to mention this and tells people to make the same mistake he did... (unless he is getting paid by the car industry to write this). A Honda with $2000 off, but with a 2-4% higher interest of a 5 year loan can easily mean he only "saved" $500 of MSRP. Not too good, actually pretty bad.Read more ›
Most Recent Customer Reviews
This is my new #1 recommendation for anyone seeking personal finance advice.
This is definitely the best personal finance book I've read so far. Read more
Great book! Definitely needed for individuals growing up in this new era. Been following Ramit's content for a couple months and can say his knowledge is reliable and effective.Published 5 days ago by James Potter
Good for people without any idea of how to manage their money, not me though...Published 7 days ago by lu
This book helped me in a lot of ways. I would recommend this book to all my friends. Teaches you the basics on how to keep your finances in order.Published 8 days ago by Rashon Davis
This is one of my new favorite finance books. It's mainly focused to older teens and 20's but it's great for people of all ages who want to understand more about responsible... Read morePublished 10 days ago by Melinda Rosencranz
This is the best investment I've ever made in a book purchase. I've highlighted, marked, commented all over my copy. I've loaned it to at least 10 friends. Read morePublished 10 days ago by Terri K.
Great book! I recommend this read for any young person interested in taking control of their finances. Read morePublished 10 days ago by Summer