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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. Integrated with his website, where readers can use interactive charts, follow up on the latest information, and join the community, it is a hip blueprint to building wealth and financial security.
Every month, 175,000 unique visitors come to Ramit Sethi's website, Iwillteachyoutoberich.com, to discover the path to financial freedom. They praise him thoughtfully ("Your site summarizes everything I want with my life—to be rich in finances, rich in experience, rich in family blessings," Dan Esparza) and effusively ("Dude, you rock. I love this site!" Richard Wu). The press has caught on, too: "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). His writing is smart, his voice is full of attitude, and his ideas are uncommonly sound and refreshingly hype-free.
Introduction: Would You Rather Be Sexy or Rich?
Why do people get fat after college? The eerily similar guilt about spending and not working out.• Counterintuitive but true: We need less personal-finance information• Common excuses for not managing money• Stop debating minutiae and get something done• The key messages of I Will Teach You to Be Rich• “Rich” isn’t just about money: What does it mean to you?
Chapter 1: Optimize Your Credit Cards: How to beat the credit card companies at their own game
Why Indian people love negotiating• How credit can help you be rich• Picking the best credit card for airline miles, cash back, and rewards• Getting a card when you have no income• The six commandments of credit cards• How to negotiate with your credit card company to get fees waived and receive lower rates• Why you should always buy electronics, travel, and furniture on your credit card• What not to do with your cards• The burden of student loans• When credit cards go bad• Five steps to ridding yourself of debt• Week One: Action Steps
Chapter 2: Beat the Banks: Open high-interest, low-hassle accounts and negotiate fees like an Indian
Why old people are afraid of online banks—even though they offer the best new accounts you can get• How banks rake it in• Why you really need a separate savings account• Opening high-interest, no-fee accounts• Five marketing tactics banks use to trick you• My personal favorite accounts• Negotiate out of fees with your current bank (use my script)• Week Two: Action Steps
Chapter 3: Get Ready to Invest: Open your 401(k) and Roth IRA—even with just $50
Why your friends probably haven’t invested a cent yet• Investing is the single best way to get rich• The ladder of personal finance• Everything you need to know about your 401(k)• The importance of crushing your debt• Why everyone should have a Roth IRA• Week Three: Action Steps
Chapter 4: Conscious Spending: How to save hundreds per month (and still buy what your love)
Spend less—without making a detailed, irritating budget• The difference between cheap and frugal• Conscious spending: how my friend spends $21,000 per year going out—guilt-free• Using psychology against yourself to save• The four buckets: fixed costs, savings, investments, and guilt-free spending money• The envelope system for not overspending• How to make more money• Handling unexpected expenses• Week Four: Action Steps
Chapter 5: Save While Sleeping: Making your accounts work together—automatically
The power of defaults: Give yourself fewer choices• How to spend only three hours a month managing your money• Where does your next $100 go?• Setting up a bill-pay and transfer system that works for you• Consultants and freelancers: What about irregular income?• Week Five: Action Steps
Chapter 6: The Myth of Financial Expertise: Why professional wine tasters and stock pickers are clueless—and how you can beat them
We’ve been tricked by “expertise”—why financial “experts” can’t even match the market• You can’t time the market• How experts hide their poor performance• You don’t need a financial advisor• Pundits worth reading• Most mutual fund managers fail to beat the market• Why I love index funds
Chapter 7: Investing Isn’t Only for Rich People: Spend the afternoon picking a simple portfolio that will make you rich
What’s your investor profile?• The beauty of automatic investing• Asset allocation: more important than the “best stock of the year!”• Convenience or control? You choose• The many flavors of stocks and bonds• Creating your own portfolio: How to handpick your investments• Investing the easy way: lifecycle funds• Feeding your 401(k) and Roth IRA• The Swenson model of asset allocation• Week Six: Action Steps
Chapter 8: Easy Maintenance: You’ve done the hard work: Here’s how to maintain (and optimize) your financial infrastructure
Feed your system—the more you put in, the more you’ll get out• Ignore the noise• The tricky part of managing your own portfolio: rebalancing your investments• Don’t let fear of taxes guide your investment decisions• When to sell• For high achievers: a ten-year plan• Giving back—an important part of being rich
Chapter 9: A Rich Life: The finances of relationships, weddings, buying a car, and your first house
Student loans—pay them down or invest?• Don’t let your parents manage your money• Role reversal: How to help when it’s your parents who are in debt• The big conversation: talking about money with your significant other• Why we’re all hypocrites about our weddings (and how to pay for yours)• Negotiating your salary, I Will Teach You to Be Rich style• The smart person’s guide to buying a car• The biggest big-ticket item of them all: a house• The benefits of renting• Is real estate really a good investment?• Planning for future purchases• Parting words (cue the violins)
Index
As a personal lawyer, legal expert on TV and author of the weekly online magazine Family Wealth Secrets as well as a best-selling book about legal planning for parents, I come across a whole lot of personal finance advice. Most of it is either trite, bad or just downright ineffective.
Ramit's guidance is exactly what you need when you are just starting out in your financial life (and frankly even if you aren't). His 6 week action plan leaves you with no question about the right way to handle your finances and more importantly how to make decisions as they come along on a day to day basis.
After reading Ramit's book, I Will Teach You to Be Rich, you will have all the answers within you and be able to stop looking outside of yourself to know what you should be doing with your money.
Alexis Martin Neely, Founder & CEO
Family Wealth Planning Institute
http://www.FamilyWealthMatters.com
3 out of 3 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted June 10, 2012
B&N should check the sample. Maybe there is something screwy with my Nook but it seems to have duplicate info so it's not the full 60ish pages.
2 out of 3 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.kegger999
Posted December 27, 2010
Ramit Sethi makes personal finance entertaining. Sethi is about my age and has the same sense of humor so I liked his style a lot - I actually laughed a couple of times while reading. The advice and action steps are not groundbreaking for those familiar with David Bach and others of the same type, but there are a few really good pieces that are unique to Sethi. If I had to pick two finance book to give to a friend this would be one along with The Richest Man in Babylon - both practical and Sethi has some comic relief. Don't buy the e-book though. The graphs and charts were so small on my nook that I could barely read them and there are many insets that interrupt the main text - sometimes in midsentence - so you are endlessly flipping pages back and forth and interrupting your train of thought. This formatting error for the ebook was very frustrating to me. Buy the paperback or hardback and be happy.
2 out of 2 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Debbs4
Posted May 16, 2009
I Also Recommend:
I Will Teach You To Be Rich, by Ramit Sethi, is a well written, concise book for beginners and in particular, young beginners in the area of personal finance. The author takes you from basic budgeting to saving for large purchases such as your first house. He makes it relevant to today's buyer in that he will state whether it is even a wise decision to buy a home as opposed to renting. Ramit has a keen sense of wit and boldness that will appeal to this generation. I am glad that there is someone such as Ramit that will speak to this subject in an appealing way, there is certainly a need! I recommend this book as a purchase for those interested in learning basic finance; it would also make a nice graduation gift.
1 out of 1 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.gerardf
Posted March 23, 2009
I am definitely looking forward to reading this book. I have already read some excerpts and they sold me on this book. Ramit teaches us so much through his blogs, now it's time to see what he uses everyday. Keep up the great work.
1 out of 3 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted May 30, 2013
Because BN delivered it to the wrong address and refused to assist in correcting the error.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.StyloNom
Posted March 29, 2013
I didn't grow up in a household that knew how to handle money, so when I got my first full time job, I couldn't figure out why I was More in debt than when I had a cashier job (didn't even get hookers and drugs)! Luckily, this book teaches all that I didn't know. Every month, I can put more of his practices into action. He doesn't guilt you about small things you like in life (my cappuccino is a real treat, don't take it away!), but will berate you if you don't try to spend a few minutes of your time tweaking your system or negotiating a good rate that will save you lots of trouble, financial heartache, and possibly hundreds to thousands down the line. I've had the worst month of hidden expenses, moving costs, overlapping rent/deposits, but I've managed to focus on my finances, thanks to Ramit, and my net worth is more than it was last month. Feels good, bro.
This book is straightforward, amusingly written, and Ramit's excitement about the potential to change you finances is contagious! I had a free .pdf of this book, but I liked it so much that I bought a copy for my nook! Money and time well spent!
Anonymous
Posted September 29, 2012
There is nothing fancy here, just solid advice. I lead a comfortable life because I've followed his instructions and don't have to worry about money. It's taken care of.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted March 18, 2012
Such a great book for young adults, especially college students trying to manage money and learn the best ways to invest.
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Posted November 7, 2011
Ramit's book is filled with sensible, practical advice that EVERY young professional should know. It's a shame that they don't stress financial education more in school, but this easy and entertaining read will teach you the basics in no time... this is truly a must-read for any money-conscious individual working today.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.5156451
Posted September 28, 2011
Mr. Sethi offers a detailed game plan to acquiring wealth. Great for young adults who are tired of the vapid, dry and uninspiring financial literature. A must read!
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.1714672
Posted June 6, 2011
Still has not downloaded after 24 hrs
0 out of 4 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Shawn77
Posted January 3, 2011
I spent all day trying to download this audio book after purchasing it. Every time I tried to download it, the site threw a generic error message saying to try downloading again later. So after a few hours of that I called customer service. I was on the phone for over an hour and 20 minutes, and they are saying that they can't give me another download link for the book. Instead they will refund me the money, and then I have to wait 3 days to attempt to download the book again! What great service is that?? After all that they are refusing to apply any type of discount nor will they give me a new link to download the book. What a waste of time. Never will I buy anything online from BN again. Oh and by the way, since I purchased with a gift card it will take 2 - 3 weeks for them to mail me a refund as a check to my house.
0 out of 2 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted March 28, 2010
I loved the author's great sense of humor as well as his straightforwardness, he made me want to keep reading. I haven't even finished the book yet, but with only a few chapters under my belt I am already making some changes to get where I want to be financially. And I have read other money books before...Sethi's is more motivating.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted February 14, 2010
It is not the only book about the topic. But, I believe at least one of the top 10 if not top 5.
0 out of 1 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Ramit Sethi is the author of I Will Teach You to Be Rich -- the book and the web site. (The web site, which is a financial blog, prefaced the book, but I discovered him through the book -- which is brand-spanking new and completely up-to-date for today's financial world.) I think that his financial advice is the most down-to-earth, witty, and Internet savvy that I've come across. In fact, I think so highly of Mr. Sethi that I subscribed to his Scrooge Strategy emails... at the price of $8 a month! (While I highly doubt that anyone can give me $96 worth of savings tips a year, if ANYONE can, it is Ramit, so I will try it keeping the 2-month satisfaction guarantee in mind.)
In the 3 months since I read the book, I have opened an online checking account which pays .77% interest (higher than my brick-and-mortar bank's SAVINGS account!), and have started saving 10% of my income -- 5% in retirement savings and 5% for short-term savings. Soon I will be able to save 20% of my income! Sethi makes it easy to see the importance of saving, and he gets you in the right habits so that it is easy to do. HIGHLY RECOMMENDED.
I read financial books all the time, this one was effective and to the point. Its not bogged down with a bunch of beating around the bush and B.S. This program re-structured my accounts and got me to invest. I am constantly talking about this book to friends/family because its legit. Everyone I know could benefit from this book, for 13.95 or less at Barnes and Nobble; why wouldn't you read it. I know I am going to make people I care about read it.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted March 23, 2009
Ramit's book gives a great plan that anyone can implement! He writes in an easy-to-ready style, and he focuses on the most important aspects of personal finance.
If you are skeptical about the book, spend some time at iwillteachyoutoberich.com. But the book is definitely worth the money and the time spent!
Anonymous
Posted March 23, 2009
Ramit gives the reader straight talk on how to get a handle on one's finances. Whether you're a student or a professional, in your 20's or beyond, this information is priceless. This book is a great value for the money which is one of Ramit's mantras so kudos to him for walking his talk! Even my 12 year old found some of the chapters helpful to him as he is one to save for things he wants. It's opened up a whole new set of conversations for us as parent/child. I love it!
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted March 24, 2009
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Overview
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...