Book Review|He Will Teach You to be Rich
I probably don’t even have to introduce him, but I will because he likes to be introduced WELL according to what I’ve learned from him so far in his book.
Friends this is Ramit Sethi…
Who is he?
Ramit is the author of Iwillteachyoutoberich.com, and the NY Times Best Seller book too. He’s also an entrepreneur, speaker and graduate of Stanford University. I hope that was a good introduction Ramit?
I must say he’s made everything so simple, I took finance classes in college and I don’t remember finance being this easy to understand. For someone on their mid-twenties looking for a good personal-finance mentor I can recommend Ramit enough. I’ve only read a few chapters and I’ve done more in one week than I ever did before with my finances.
I’ve always wanted to start saving and investing but I never really knew where to start. I thought that I needed to hire someone to do that for me and always assumed that it would cost me too much. With Ramit’s book- IT’S FREE!
Why should I care?
Do you want to be rich? Then you should care. I’ve always understood that rich people invest and save their money. I know—I know… you need money to invest and you don’t have much, right? Well good, you don’t need much to get started. I learned that I didn’t need to have $50,000 or something crazy to get started. Just a few hundred to $1000 will do, my friends.
The reason I’m telling you about this is because if you read my blog you’re probably around my same age or close and you’ve probably not opened a savings or investment account and never have even thought about it.(No offense, I haven’t either) Well it’s time to take those small steps Ramit talks about and just START! If you’re young even BETTER, because you’ll probably make some mistakes and it’s better now that you’re young than later. Every book I’ve ever read about personal-finance always said it was better to start investing and saving as young as possible and I’m gonna repeat what has been said…Let’s do this!
Should I get this book?
Absolutely! It’s so easy to follow and understand even if you’re NOT the smartest person like me. It only takes six weeks to complete the program and become financially independent. Okay I don’t want to sound like a snake oil salesman, so read the following and decide:
Would you rather be rich or sexy?
I would say that Ramit has done an excellent job in providing useful tips that even a Colombian (me) can understand it and follow it. You’ll find some of the stuff on his site, but it looks like there’s a lot of fresh ideas here.
In the beginning of the book he makes it very clear of what should happen after you read his book, take a peek:
“After reading this book, you’ll be better prepared to manage your finances than 99 percent of other people in their twenties and early thirties. You’ll know what accounts to open up, ways not to pay your bank extra fees, how to invest, how to think about money, and how to see through a lot of the hype that you seen on TV an in magazines every day.”
What I liked the most about this book is how at the end of each chapter Ramit literally takes you through a step-by-step process of what to do. He even tells you what to say and how to say some things when you call your credit card companies to lower your interest rates really cool shit! He really knows how to negotiate a deal.
Six weeks that’s it!
Here’s how he puts this program into place by week:
- First week optimizing credit cards and improving your credit history.
- Second week how to find great bank accounts, and how to negotiate away fees.
- Third week open a 401(k) and/or a Roth IRA.
- Fourth week he helps you figure out how much you’re spending, and then helps you figure out how to make your money go where you want it to go.
- Fifth week you basically automate everything so that it works smoothly.
- Last week is the investing part— how to diversify your investment and learn asset allocation to meet your investment goals.
The target market for I will teach you to be rich
The main reason I’m reviewing this book is because it’s on my age bracket. With that said, you should not buy it if you’re not 35 years old or younger, because I don’t think that’s who its intended for. He even says it on the book:
“This is a great guide to money management for twentysomethings — and everybody else.”
I think it’s a great book and it offers great advice for young people like me and others who fit this market.
If you’re just getting out of college, thinking about getting married, buy a new car and get into all sorts of debt I recommend you read this before you do it. I will teach you to be rich (affiliate link) is really a great book, probably one of the best fit personal finance books I’ve read. Definitely worth reading!photo credit