First, let me start off by saying that I've read a lot of different books on personal finance. So I'm very familiar with Dave Ramsey's method of personal finances and a bunch of others. I've read tons of articles, blog posts, etc... on paying off debt and investing, etc...
So this topic isn't new to me.
So when I got this book (I got an advanced copy of it)I was figuring that I would read this book and probably wouldn't learn anything new.
I was thinking "ohhhkaaay...so it's gonna probably talk about how to get out of debt by reducing your spending to almost nothing, eat beans, rice and ramen noodles...cut coupons..and do this for several years then you'll be able to start living your life"
I figured it would be the same old information that I've read in all the other personal finance books....yaaawn!
Boy oh boy...was I ever wrong
I honestly have to say, that this book was the complete opposite of everything I've ever read.
For you parents, it's like having two kids.
You know..your first child is usually calm, relaxed, quiet, well mannered and well behaved.
Then you have child #2...expecting things to be pretty much the same...only to find out your second child is the complete opposite
Child #2 is a wild child. Crazy, loud, eats dirt...touches the bathroom handles in public washrooms and then the next minute has their fingers in their mouth
Well, Ramit's book is like your second child.
LMAO.
It's fun and actually really interesting to read! ( I know...I know..who says that about a dry topic like paying off debt, investing and saving?).
It'll make you laugh in some parts(fo real!).
And...it gets you motivated and makes you want to start taking action as soon as you've finished the chapter
He gives you action steps at the end of each chapter that you can start implementing right away!
And...it's real! He keeps it sooo real that he even talks about his discussion with his wife when bringing up the topic of having a PRENUP!! (ohhhh snaaaapp!! ...bring out the popcorn cuz it's about to go down!!)
>>>>>>>>>>>>>>
Ok...so here's what I really liked about this book and thought was friggin awesome!
[1. Conscious Spending]
Ok...so we've all heard about "having a budget". And when we hear that..we automatically think "cut back on everything. Use water instead of milk in your cereal. Grow your own coffee beans at home in your backyard and make your own coffee to save a couple of dollars a day"...right?
But Ramit goes about this in a TOTALLY different way. And I love his approach to it. It's such a small shift in your mindset, but it has a HUGE impact!!
So basically, he's telling you this. Instead of thinking of your budget as a way to cut back and not enjoy life..think of it like a plan.
It's your plan where you are CONSCIOUSLY choosing how to SPEND your money each month.
But not only that... this is YOUR life! And to live a "rich" and "happy" life - you get to choose to spend on the things that make you happy.
So why not cut back on the things you hate - so that you can spend on the things you love!
As he says in Chapter 4 on Conscious Spending "conscious spending isn’t about cutting your spending on everything. That approach wouldn’t last two days. It is, quite simply, about choosing the things you love enough to spend extravagantly on—and then cutting costs mercilessly on the things you don’t love."
(BOOOM!! MIC DROP!!)
[2. Scripts to use to save you money]
You ever get nervous when calling up a financial company (like your credit cards) and then you don't know what to say.
Maybe you don't know how to negotiate, or you just get nervous and forget what to say.
Well...not to worry.
Ramit gives you WORD FOR WORD scripts that you can use to waive annual fees on your credit cards, and even get fees waived on your bank accounts!
I know...when I read that I was like "hoollld up..wutcha talkin bout Willis!"
I told you that this book was the complete opposite of other personal finance books. What other personal finance book is giving you exact scripts to use on how to call up your credit card and get annual fees waived?!
It's these small details that the average person wants to know cuz let's be real...who likes paying fees? Right?!
[3. Open and Honest]
What I really liked...which I've never seen before....was the willingness to be open and direct with the reader.
Ramit laid all the cards on the table and he mentions
a. the exact credit cards he uses
b. the exact bank accounts he uses
c. the exact online brokerage account he uses
d. the investments he puts his money in
Who else does that?
But not only that....like I said, he GOES THERE and talks about the very very very touchy and sensitive topic of having a prenup.
In Chapter 9 LOVE & MONEY - he talks about how he had this difficult conversation with his wife. He also talks about why he decided to do it and should you sign one or not?
Also in this chapter, he covers difficult topics around money like
a. How to help parents who are in debt
b. Should you tell your parents and friends how much money you have
c. Talking Money with your significant other
d. How to handle money when your spouse makes more than you
e. How to handle planning for a wedding
f. Negotiating your salary at work
and more and more...
I'm telling you...Chapter 9 is where it all goes down!
Just keepin it real with ya...this is the stuff that we REALLY want to know about. This is the real life stuff we deal with on a day to day basis that NOBODY IS TALKING ABOUT!!
I mean, sure...we want to know how to pay off debt, invest, etc... But let's be real. That part is boring.
That's like reading the first few chapters of a hot & steamy novel..like 50 shades of gray. It's necessary to build the story, but the REAL juicy stuff happens later on.... and that's the part you want to get to.
We've all had a difficult convo with someone about money (spouse, fiance, boyfriend/girlfriend, etc..)
Don't you wish you knew how to handle it better...well now you will! Now you'll have a plan
[4. He's very specific]
For example, in Chapter 7 he talks about investing. And he recommends setting up your asset allocation using David Swensen's recommendation. Swensen manages Yale's endowment for more than 30 years and has an amazing 13.5% annualized return.
He even gives you the exact percentage's to use
30 percent—Domestic equities
15 percent—Developed-world international equities
5 percent—Emerging-market equities
20 percent—Real estate investment trusts
15 percent—Government bonds
15 percent—Treasury inflation-protected securities
I like this because it takes the guess work out of it for you
Just do exactly what he's laid out - and boom! You've got a successful investing plan in place.
>>>>>>>>>>>>>>>>>
WHAT'S DIFFERENT
Here are some things that I found different with this book vs other personal finance books
[1. Focus on Big wins, not small wins]
So for example, instead of chasing small percentages by getting introductory rates for high interest savings accounts, focus on your asset allocation and what you're invested in. Your time is much better spent focusing on that, and it will have much bigger returns in the long run
Ramit continues to remind us that it is better to use your time working on things that will have a big impact on your life (i.e. setting up your automated investing) vs spending hours or days looking for the perfect credit card.
[2. Word for Word Scripts]
As I mentioned, he gives you exact scripts you can use to save money and get fees waived
[3. Automating your finances]
Let's be real..who REALLY enjoys paying bills? Who really enjoys reading over investment statements and managing their money? No one!..that's who! Not even Ramit (he even admits this in the book)
Plus - we're all lazy. We don't really want to set aside time to look at our investments. We say we will...but let's be honest..most of us don't.
So in Chapter 5 - he shows you how to automate your finances so that you can get on with your life. He shows you how to setup a system so that your bills get paid automatically and your investment accounts get funded automatically.
And when it's all setup and done...you basically only have to spend 1hr a month looking over your finances, so that you can get on with the more important things in your life
[4. Conversations around money]
He talks about things that others don't talk about...like the judgement you get from friends and family when you spend money on certain things you like...or how we may judge others on things they spend..but we don't know the full context.
Or I'm sure we've all had that one friend who says to you "why do you still have that old iphone? Don't you think it's time to upgrade?"
This was very eye-opening to me and it was great to see someone finally be honest and talk about these things. I have never read a personal finance book that talks about these real life situations this way before
>>>>>>>>>>>>>>>
WHAT IS MISSING
Here are some things I found that were missing from the book
[1. Real Estate Investments]
I'm actually kind of surprised that he didn't talk about investing in real estate (residential or commercial)
This is such a hot topic, and there are TONS of Real estate related TV shows now about flipping homes, or agents finding these multi-million dollar homes for their clients.
I think it's a topic that many people are also interested in.
Also, just based on regular "street knowledge"...the average person probably has an easier time understanding real estate and owning property vs understanding how the stock market and index funds work.
They probably feel more comfortable with real estate because it's a physical asset, whereas the stock market may feel like black magic to a lot of people.
He talks about Cryptocurrency, so I thought for sure he'd talk about investing in real estate.
But he didn't
I wish he had touched on Real Estate as an investment and mention at least what percentage of your portfolio should be allocated towards real estate and how to go about investing in it in a strategic, methodical manner. Kind of like how he explained how to invest in the stock market
[2. Saving up and paying cash for your car]
I found it odd that he didn't talk about the option of saving up and paying for a car in cash.
He does talk about how to buy a car, but it involves getting a loan.
Which - I found ironic because Ramit is completely against debt.
So it didn't make sense to me why he is telling us to get a loan for a car
He mentions how to save up for other big ticket items (like your wedding, etc..) but he doesn't give you a plan on how to save up for your car and use cash so that you can avoid getting into debt and getting a car loan.
I'm not sure what the reason is behind this...but this was very surprising to me.
[3. Investing in blue-chip stable companies]
Ramit is against picking and investing in individual stocks. He recommends investing in Index Funds instead. And for the average person, I understand why
And..he explains why in the book (Chapter 7)
But - at the same time, I think there could have been an opportunity to mention in the book how to invest in well known, stable, big name companies that have been around for many decades that produce dividends and can be a good addition to your portfolio
I'm not saying that they should make up the majority of your portfolio, but perhaps a small percentage.
Ramit is very methodical - and I believe he could have given some sound advice on some criteria to look at for blue-chip companies that have been around forever, and would be solid investments.
One company that comes to mind that Warren Buffett publicly admits he likes is Coca-Cola. It's not an exciting company but it has a history of being stable and producing dividends for the investor.
>>>>>>>>>>>>>>>
MAIN TAKEAWAY FROM THE BOOK
The main theme of this book is all about living your Rich Life
And of course, living a Rich Life will mean different things for different people.
For one person, that might mean always upgrading their seats on a flight to the seats with extra leg room...for another, that might mean always buying the VIP section tickets at concerts but also that person could care less about eating out at lunch so they always pack their lunch.
In Chapter 9 (A Rich Life) ...Ramit says :
"it’s about not having to think about money all the time and being able to travel and work on the things that interest me."
this pretty much sums it all up right here.
I realized that life is more about enjoying your money, and using it to do the things that bring you joy and make you happy. Whatever those things are for you. You will have to decide.
I already had a mindset of doing the things I enjoy...but this book helped me to get more clarity on exactly how to do that on a daily basis.
This book helped me to have a plan to set aside a specific amount each month towards things I love. And more importantly, how to NOT feel GUILTY about spending on things I enjoy (like upgrading my seats on flights or buying courtside basketball seats) because I am cutting back on things I don't like as much (like paying a cable bill)
>>>>>>>>>>>>>>>
WHO SHOULD GET THIS BOOK
This book is for the person who
1. hates manually paying their bills each month
2. wants to have simple and easy investments that they actually understand
3. wants to not feel guilty about spending on things they love
4. wants an easy to understand plan on how to pay off debts and still enjoy life (without eating ramen noodles and cutting coupons)
5. wants tips for having real life awkward conversations with friends and family about money
6. wants to enjoy their money and know that in the background their money is growing and they will have enough to retire
7. is tired of the regular boring personal advice that they've read for years and years
Ramit's approach is like that one friend who tells you how it is. They call you out on your B.S. and you appreciate them for it cuz they always keep it real with you and you know that they want nothing but the best for ya.
If you like that quality in people, then you will most definitely enjoy this book!
also...just being honest...I would've given it 4.5 stars, but there was no way to do so. I think 5 stars is for absolute perfection
And since Ramit left out the topic of Real Estate Investing, he didn't discuss the option of saving up and paying cash for a car and I think he could've touched on investing in blue chip stable companies - I would say it's 4.5 stars (in my opinion)
It's still an awesome book and by far the best most COMPLETE book I've read on personal finances because it handles those real life topics around money that happen to all of us, but no one else is talking about.
Loading your book clubs
There was a problem loading your book clubs. Please try again.
Not in a club? Learn more
Join or create book clubs
Choose books together
Track your books
Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free.
Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required. Learn more
Read instantly on your browser with Kindle for Web.
Using your mobile phone camera - scan the code below and download the Kindle app.
Flip to back Flip to front
Follow the Author
Something went wrong. Please try your request again later.
| Price | New from | Used from |
|
Audible Audiobook, Unabridged
"Please retry" |
$0.00
| Free with your Audible trial | |
|
MP3 CD, Audiobook, MP3 Audio, Unabridged
"Please retry" | $18.61 | — |
- Read with Kindle Unlimited to also enjoy access to over 4 million more titles
-
Audiobook
$0.00 - 45 Used from $9.07 37 New from $9.69
- 7 New from $18.61
Frequently bought together
$9.69
In Stock.
+
Total price:
To see our price, add these items to your cart.
Choose items to buy together.
More items to explore
Page 1 of 1 Start overPage 1 of 1
Popular Highlights in this book
Sometimes the most advanced thing you can do is the basics, consistently.Highlighted by 6,720 Kindle readers- Cynics don’t want results; they want an excuse to not take action. Ironically, even if they win their own manufactured argument, they lose overall, because they’re stuck in a prison of their mind.Highlighted by 5,883 Kindle readers
- The single most important factor to getting rich is getting started, not being the smartest person in the room.Highlighted by 5,554 Kindle readers
- The single most important thing you can do to be rich is to start early.Highlighted by 4,473 Kindle readers
From the Publisher
Videos
Page 1 of 1Start OverPage 1 of 1
Videos for this product
1:07
Click to play video
Watch before you buy-Sethi helps everyone
Chris & Kristin
Videos for this product
1:24
Click to play video
Look inside "I will teach you to be rich"
✅️ FAQs, Reviews & More
Videos for this product
1:27
Click to play video
I Will Teach You to Be Rich: No Guilt. No Excuses
Scotts Honest Reviews
Videos for this product
1:14
Click to play video
WHAT HAPPENED FOR ME and why YOU should read it
Heather Mae
Videos for this product
0:05
Click to play video
Customer Review: Came damaged, but excited to read
Amira
About the author
Follow authors to get new release updates, plus improved recommendations.
you’ll have your Oprah Winfrey aha moment complete with the brand new car (close enough) moment!
Reviewed in the United States on May 17, 2019
I will teach to you to be rich…. The A-Z guide for those of us who don’t have a clue of where to start! Chances are, if you’re reading this, you’re a lot like me.Intrigue by the notion of being “rich,” but pretty sure it’s a quick rich scheme of some sort. Like that old friend from high school who suddenly friends you on Facebook, then one day tricks you into going out for a coffee date to catch up on life… only to pop open a laptop and try to set you up to be a consultant for a natural beauty company that is not "a pyramid scheme.” Yeah, I hate those too.But here’s what I do know from stalking *ahem* following Ramit, and soaking up all the goodness through his emails: THIS guy knows his stuff. No fluff.He provides you actionable steps and tells you EXACTLY what to do. He’s done the research, and with each chapter, I simply did exactly what he tells me to do.He drops names, and tells you which banks to get away from— and which ones he personally uses and trusts. That’s the thing about Ramit, he’s of the straight and narrow, and tells you how he sees it. All his recommendations are based off his own personal experience, and when you haven’t a clue of where to start— like there’s such a thing as a high-interest savings account (whaaa?!), and there’s an alternative for those of us who don’t have a 401K with employer match?!Yes, he goes over the “technical” aspects of money… providing you a step-by-step framework on how to get your finances in order, and how to automate it so you don’t have to keep thinking about it or neglecting it (which you may be doing right now, if you’re still reading this review).He simplifies it, breaks it down for you Ramit-style, so just follow the system. This 6-week program, which yes, you can probably take it slower if you like, works. Just DON’T deviate from the system.I’ll challenge you to stick with it. Give yourself a deadline, and stick with the deadline.Why? Because if you don’t set deadlines for yourself, you’re going to procrastinate… and the next thing you know, it’s been a whole year, and you haven’t read past the first chapter.So, just trust me on this okay? The moment you get to the section on compound interest, you’ll have your Oprah Winfrey aha moment complete with the brand new car (close enough) that has you sending me virtual high fives for telling you to JUST START today!But seriously, if you don’t give yourself a deadline, you’ll never open the accounts he tells you, and then you’ll get frustrated, and instead of trusting the system, you’re going to deviate, get mad, and write a mean reply on my comment calling me a liar, because it didn’t work for you.Of course, it didn’t work for you! You didn’t do the work.So, read the book and do the work.Do you know why the KonMori method works? It works because those who were serious about getting their house in order had a deadline for removing the clutter from their house. They got serious about getting their home in order in the next 30 days, and keeping only the items that truly "spark joy.”And that’s how you begin to build momentum, but without a deadline you can easily lose momentum.Similarly, Ramit takes you step-by-step, telling you EXACTLY how to set up specific accounts (sorry guys— not going to give the whole book away!), teaches you how to automate, understand your money dials, what you truly value, and how to get you from broke to implementing strategies to help you live a rich life that is in alignment with what you truly value.This book challenged me in many ways, forcing me to take a closer look at my finances, I opened up new accounts for the first time, started learning about investments, and having difficult money conversations with my husband (no spoilers here— but Ramit provides you scripts to help you work through these difficult conversations with your partner to getting those overdraft charges removed from your account to negotiating a lower interest rate on your credit cards. You’re welcome.)What does my rich life look like? Going on road trips with my family of five. I’ve designated one sub-savings account for vacations, set up to be automatically funded, and we’re going to take a trip nine months out of the year.You may be thinking it’s not possible, or your circumstances doesn’t allow you the time to get through the program. Here’s what I know about you. You’ve read this far. You’re curious. It’s a small investment for your future, your family’s future.And as a mom of three, two with special needs, someone who works part-time for a non-profit, while running an on-line business part-time, I get it.You have the time you make. You can do this. I’ve committed to getting our finances in order for myself, and for my family. I know you can do it too.The minute your book arrives, write a date on your calendar…. 6 weeks from today, and work through the book. It’s not magic, but it’s a system that works if you’re willing to do the work. You got this!
Reviewed in the United States on May 17, 2019
Images in this review
Top reviews from other countries
IanLN
Informative. An aide to financial planning for the under 60!
Reviewed in the United Kingdom on May 6, 2023Ben Pronovost
I never finished a Finance book ...
Reviewed in Canada on August 16, 2019A2X
Good for America , not so good for EU or any other region
Reviewed in Germany on July 21, 2019
