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I Will Teach You To Be Rich by [Ramit Sethi]

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Ramit Sethi

I Will Teach You To Be Rich Kindle Edition

by Ramit Sethi (Author) Format: Kindle Edition

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At last, for a generation that's materially ambitious yet financially clueless comes I Will Teach You To Be Rich, Ramit Sethi's 6-week personal finance program for 20-to-35-year-olds. A completely practical approach delivered with a nonjudgmental style that makes readers want to do what Sethi says, it is based around the four pillars of personal finance— banking, saving, budgeting, and investing—and the wealth-building ideas of personal entrepreneurship.

Sethi covers how to save time by not wasting it managing money; the guns and cars myth of credit cards; how to negotiate like an Indian—the conversation begins with "no"; why "Budgeting Doesn't Have to Suck!"; how to get things rolling—for real—with only $20; what most people don't understand about taxes; how to get a CEO to take you out to lunch; how to avoid the Super Mario Brothers trap by making your savings work harder than you do; the difference between cheap and frugal; the hidden relationship between money and food. Not to mention his first key lesson: Getting started is more important than being the smartest person in the room.

Print length

437 pages
Language

English
Sticky notes

On Kindle Scribe
Publisher

Workman Publishing Company
Publication date

March 23, 2009
File size

8543 KB
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Editorial Reviews

Review

“Don’t let the breezy, irreverent style of this book fool you. It contains serious advice on personal-finance decisions from budgeting and savings to spending and investing.” —Burton G. Malkiel, author of A Random Walk Down Wall Street

“Ramit Sethi is a rising star in the world of personal finance writing . . . one singularly attuned to the sensibilities of his generation . . . His style is part frat boy and part Silicon Valley geek, with a little bit of San Francisco hipster thrown in.”—San Francisco Chronicle

“The easiest way to get rich is to inherit. This is the second best way—knowledge and some discipline. If you’re bold enough to do the right thing, Ramit will show you how. Highly recommended.” —Seth Godin

“Particularly appealing to the younger generation with its easy-to-read, no-holds-barred language.”—Business Insider

“Ramit’s like the guy you wish you knew in college who would sit you down over a beer and fill you in on what you really need to know about money—no sales pitch, just good advice.” —Christopher Stevenson, Credit Union Executives Society

“Smart, bold, and practical. I Will Teach You to Be Rich is packed with tips that actually work. This is a great guide to money management for twentysomethings—and everybody else.” —J. D. Roth, Editor, GetRichSlowly.org

“. . . one of our favorite personal finance sites.” —Lifehacker

--This text refers to an alternate kindle_edition edition.

From the Back Cover

You don't have to be perfect to be rich. Or the smartest person in the room. Or a type-A personality. In fact, with Ramit Sethi's six-week program to financial independence, you can start with any amount of money, do just 85 percent of what he suggests, and succeed brilliantly through good times and bad.

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.

--This text refers to an out of print or unavailable edition of this title.

Product details

ASIN ‏ : ‎ B004WL4BW6
Publisher ‏ : ‎ Workman Publishing Company; 1st edition (March 23, 2009)
Publication date ‏ : ‎ March 23, 2009
Language ‏ : ‎ English
File size ‏ : ‎ 8543 KB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 437 pages

Customer Reviews:
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Ramit Sethi

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RAMIT SETHI is the author of the New York Times bestseller, I Will Teach You To Be Rich. He writes for over a million readers on his newsletter and social channels. Listen to his new podcast on love, money, & psychology: http://iwillteachyoutoberich.com/podcast

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4.5 out of 5

3,011 global ratings

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Wind Engineer

This is Where you Start

Reviewed in the United States 🇺🇸 on March 17, 2017

Verified Purchase

This is the perfect book for people of any age that haven't optimized their finances yet. If you haven't taken the basic steps this book lays it out. Stylistically it is written for people in their twenties but if you're 30 or 40 and haven't taken these steps yet then this book is great for you. The book gives specific recommendations for companies/accounts to use which are now out of date but thats ok a little research will get you the best up to date info and I'll fill you in on my accounts here. The most important aspect of this book is the recommendation to START INVESTING NOW!!!!! It doesn't matter how old you are or how much money you have, just start putting some money in the market NOW, as you save more you can invest more. The problem a huge portion of the population has is doing nothing with your savings for fear of "not doing it right." I cant tell you how many 35 year olds have $50k sitting in a savings account because they have this fear issue. If they had just taken some simple steps at age 25 instead of age 35 they'd have $70k instead of $50k. It is very simple to get started "doing it right" and this book will teach you how, and also why its the right thing. This book teaches you the very simple steps and the most simple investing strategies. But guess what 98% of the population should only do these simple things and nothing else.

The book will teach you how to:

Get your financial accounts organized you need: Regular Checking/Savings with physical branches near you, online high interest savings account, investment account. The book will teach you how to set up these accounts, and automate sending money from one account to the other. This way you don't really need a detailed budget to control spending, you send your savings away from your checking account and only spend what you have left in checking every month.

Figure out where you might be wasting money - The book teaches you how to stop wasting money on bank fees, high cable bills etc, but also just tells you to figure out where you might be spending money that you don't really care about and stop it. If you loooove your lattes and never go to the gym, then keep buying your lattes but stop paying your gym for nothing! If you buy lattes but you don't really care about them then stop, etc.

Ok here are the best specific accounts I use (2017).

Local Bank - Bank of America (yes they are evil but sometimes you need a local branch, and don't worry they have a very small portion of my money). This one doesn't really matter just pick one with branches near you. When you get money (paycheck etc) it goes here. Once a month you send a specific amount of $$ to Online High Interest Savings. Pay your credit card bills using this account.

Online High Interest Savings -- Ally Bank has the best rate right now, Capital One 360 (used to be ING Orange), is the other main one. You keep a set amount in here that is your reserve funds (2-3 months of expenses). If possible pay your car payment, and mortgage/rent using auto draft from this account. Then every month a set amount of $$ gets sent from here to your true long term savings which is your investment account.

Investment Account -- CHARLES SCHWAB!!!! -- Right now I think Chuck is the best investment house. I have been using them for years and I have literally never paid them a single penny in fees for making trades or anything else. They have the best array of no fee ETFs. Use their "ETF Porfolio Builder" to help you pick your Index ETF's and you are off and running with investing in the stock market! You can also get a real person on the phone now and then for no cost if you want to ask questions. Also when you have an investment account with them you can get a checking account where they pay you back for every single penny in ATM fees! So if you're in Vegas and the ATM charges you $10 to withdraw cash, Chuck gives that money back to you! Never again feel stupid for pulling money from an ATM!

Credit Cards – Stop with the points and the miles. It’s a shell game, its kinda fun and it seems like you’re winning but you’re not. Cash back the best way to optimize

Citi Double Cash – 2% cash back on every single purchase you make. No revolving categories etc. No annual fee. This is the best cash back card on the market.

Amex Blue Cash Preferred -- $75 fee per year, 3% back at gas stations, 6% back at grocery stores (with a cap), 1% on everything else. For families where gas and groceries are large expense items this card is very much worth it.

Ok go buy this book and start optimizing your finances! Once you have all this done, then maaaybe think about buying specific stocks. But probably not, its just gambling.

147 people found this helpful

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tech_books_movies

This is definitely the best personal finance book I've read so far

Reviewed in the United States 🇺🇸 on February 10, 2016

Verified Purchase

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. It's a logical, step-by-step, practical handbook for financial success, specially written for people in their 20's. Sethi gives advice on “automatically enabling yourself to save, invest, and spend - enjoying it, not feeling guilty...because you’re spending only what you have.” His main point: automate your finances so you effortlessly save and invest, leaving you money to spend on things you love without feeling guilty. Automatic saving and investing helps overcome psychological barriers and laziness.

In addition to his emphasis on automation, I agreed with Sethi’s recommendation for long-term, passive, buy-and-hold investing instead of speculative, market-timing investing. I also liked Sethi’s 85 Percent Solution, which states that it's better to act and get it 85% right than to do 0%; sometimes good enough is good enough, and it’s always better than doing nothing.

Another good message is "spend extravagantly on the things you love, and cut costs mercilessly on the things you don't." That's valuable because everyone defines being "rich" differently, and it's not all about money. Money is just the tool we use to acquire the material possessions and experiences we want. That's the difference between being cheap and being frugal; being cheap is trying to cut spending on everything, and being frugal is cutting costs on the things you don't care about so that you can splurge on the things you do.

I liked the concept of making a Conscious Spending Plan instead of a budget. Almost no one actually makes a budget, and even fewer follow it. Instead, consciously decide how you'll spend your money. I especially like this idea of guilt-free spending, because too often the recommendation is to limit all spending. But people in their 20s want to live it up, not sit at home and pinch every penny! The Conscious Spending Plan lets you spend a certain percentage of your money on whatever you want, without feeling guilty, since you’re paying yourself and your bills first.

The book is written in the form of a 6-week action plan. Each chapter describes the tasks and reasoning behind them, and ends with a checklist of steps to take. Here are the weeks:

Week 1: Credit Cards. Check your credit, pick a good credit card, set up automatic payments, pay off debt.
Week 2: Bank Accounts. Open or assess your checking account, open and fund a high-interest savings account.
Week 3: Investing Accounts. Open a 401(k), make a plan to pay off debt, open a Roth IRA and set up automatic payment.
Week 4: Conscious Spending. Create a Conscious Spending Plan, track spending, and cut in the right places.
Week 5: Automatic Money Flows. List and link accounts, then set up an Automatic Money Flow to automatically fund the 4 categories of your Conscious Spending Plan.
Week 6: Investing Choices. Figure out your investing style, research investments, and buy funds.

The book gives a fairly in-depth explanation of the concepts and fundamentals of personal finance, but also contains plenty of examples of actual bank accounts and funds. There are many references to the 2008 recession and other events, so those parts of the book didn't age well.

Notes

Personal Finance Ladder
Rung 1: invest enough in 401(k) to get company match
Rung 2: pay off debt
Rung 3: invest as much as possible in Roth IRA
Rung 4: put more into 401(k), as much as possible
Rung 5: invest in non-retirement (taxable) account

Conscious Spending Plan recommended percentages (save and invest more if possible)
50-60% on fixed costs
10% on long-term investments
5-10% on savings goals
20-35% on guilt-free spending

Investing
Use target-date funds or index funds.
Invest aggressively in retirement accounts, since retirement is so distant.
Recommended financial institutions: Vanguard, T. Rowe, Schwab
Rebalance every 12-18 months by investing more in underperforming assets (not selling outperforming assets).
Hold tax-inefficient (income-generating) assets like bonds in tax-advantaged accounts.
Hold tax-efficient assets like index funds in taxable accounts.

Choose funds based on:
1. Expense ratio
2. Asset allocation
3. 10-15 year return

Model your portfolio after David Swenson’s Yale Endowment portfolio:
30% US stocks
15% developed international stocks
5% emerging market stocks
20% REITs
15% government bonds
15% TIPS

Buying a house
Houses are a poor investment compared to stocks; they’ve historically returned 0% after inflation. Before buying a house, determine the total monthly payment including mortgage, taxes, insurance, and maintenance. It should be less than 30% of your gross monthly income.
The total house price should be less than 3 times your annual gross income.
Buy a house only if you can live in it for 10 years. Make a 20% down payment and get a 30 year fixed rate mortgage.

To be fair, I probably should have listened to this one, but I did many of the other things Sethi points out.

Additional notes
Use savings for goals less than 5 years away.
Set your accounts for automatic deferrals, transfers, and payments to automatically direct money into retirement accounts, savings, bills, and a spending allowance.
Negotiate a higher total compensation (salary plus benefits) by researching compensation for comparable jobs and proving the value you bring to the company.

One thing I did was that I continuously talked to my friends about the book and we sat down together and completed a lot of the actions in sequence. By having those around me also aligned it made easier for me not to be tempted to go out. For example, we decided only to go out to eat for lunch once a week to stick to our plan.

Sethi also gives many tools and recommendations throughout the book to help you accomplish your goals.

370 people found this helpful

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Top reviews from other countries

Joe Bathelt

Great finance advice BUT there is an updated 2020 edition

Reviewed in the United Kingdom 🇬🇧 on April 1, 2021

Verified Purchase

Finance has been an area that I ignored for a long time because I found it unbearably boring. It also seemed like something that I could not do that much about. I was always careful with budgeting and managed to save up a buffer. I thought my efforts would be better spent on advancing my career. However, now that I’m in my thirties, I thought that I should at least read something about personal finance to check that I’m on the right track. This book was consistently recommended for novices to personal finance like me who have no strong interest in the matter. The book turned out to fit this bill perfectly. It was very readable for such a dull subject. It also contained very concrete advice and even digested that advice down to a simple 6-week action plan. I especially liked the no-nonsense attitude of the author who recognises that there are a lot of things the reader would rather do than delve into the minutiae of financial matters. I was also pleasantly surprised by how well the book had been localised. It is still obvious that the book was written for the American market, but the advice has been adapted to be appropriate for the UK market. Altogether, the book made me feel much more in control of my finances. For that reason alone, the book is well worth the time investment.
There is only one major caveat. When I looked for the title of the book, the top result was for the 2010 edition, which is the edition I bought and read. Subsequently, Amazon kindly recommended the 2020 edition to me. I assume that quite a few things have changed in the last 10 years and I would have liked to read the latest edition. So, if you consider buying the book, you might want to check which edition you are ordering.

2 people found this helpful

eily31

Most motivating finance book I've ever read

Reviewed in the United Kingdom 🇬🇧 on August 13, 2019

Verified Purchase

I read Ramit's original version of this book in 2009 and it prompted me to start a pension. 10 years on, he again prompted me to get a credit card for the first time in 7 years to build some credit history, to switch to a bank account with no charges and to move my pension fund (which I only have thanks to his original book) to another company with lower fees. In short, his advice has actually gotten me to act, which is rare even though I've read a lot of other finance books in my time! If you follow this six week plan with actionable steps, you WILL get results. Try it.

10 people found this helpful

Roland Foxcroft

“I will teach you to be slightly less poor”

Reviewed in the United Kingdom 🇬🇧 on December 20, 2018

Verified Purchase

At best, this should be called “I will teach you to be slightly less poor”. The advice was basic, and more about conserving income than building real wealth

23 people found this helpful

Skyline1968

This book is changing my life!

Reviewed in the United Kingdom 🇬🇧 on January 29, 2018

Verified Purchase

This book is life changing for me. I have read many financial books / spiritual books on money and abundance which I loved and helped me. But they didn't give any practical advice. I am only on chapter 3 and it is already turning my life around. My financial affairs were a little messy to be honest. This book gave me structure and focus I needed to get things sorted. Already i have saved around £500 by taking action - and that's not including optimising accounts and investments.

Some of the information is outdated - the book was released in 2010, I did pass over some sections and it may be what you know already however- if you need a little kick, structure and refocus I would recommend this book. Look forward to reading the rest!

7 people found this helpful

Federico

Many points to reflect on

Reviewed in the United Kingdom 🇬🇧 on February 16, 2020

Verified Purchase

As mentioned in the title, Ramit offers a lot of points on which each one of us should reflect. What does it mean to be rich for you? This is the main question. I am really thourogh when it comes to analyse my finances and overall expenses. Ramit offered me a new view which I am trying to incorporate. I will try to apply the suggestions I consider best aligned with my view to my daily life. This book does not offer a solution, but it may help many people finding a way to deal with all the money-related problems and questions they may have.

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