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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.
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 ›
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.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.
Most Recent Customer Reviews
Well written, easy read and will recommend to others. Written for people in their mid 20's, still information anyone can use. Read morePublished 2 hours ago by james toner II
It is centred around the economics in USA. Just a few generic tricks and takeaways for those outside USA, valuable nonetheless.Published 21 hours ago by Abilash
Managing your income and making that fine distinction between spending, saving, and investing is incredibly daunting. Not to mention the many other subsets within the mentioned. Read morePublished 1 day ago by hokkaido kuma
I would give it 10 stars if I could. I bought this book after reading a lot of reviews for numerous self-help financial books. Read morePublished 2 days ago by LizD
There is a lot of good information in this book. You will find yourself highlighting a lot of info.Published 2 days ago by TKF
Great book for young people and to train older people. Awesome!! Great buy for the money and easy to read.Published 3 days ago by Amazon Customer