I Will Teach You to Be Rich

I Will Teach You to Be Rich

by Ramit Sethi

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Product Details

ISBN-13: 9780761147480
Publisher: Workman Publishing Company, Inc.
Publication date: 03/23/2009
Pages: 266
Sales rank: 25,608
Product dimensions: 6.00(w) x 8.90(h) x 0.70(d)

About the Author

Ramit Sethi is the founder of and voice behind iwillteachyoutoberich.com, which has more than 500,000 monthly readers. He speaks regularly to young staff members at companies, including Deloitte, KPMG, and Intel, on the topic of personal finance. He also cofounded PBwiki, a company that provides online tools and services. Ramit Sethi is a graduate of Stanford and lives in New York City.

Table of Contents

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


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I Will Teach You to Be Rich 4 out of 5 based on 0 ratings. 75 reviews.
kegger999 More than 1 year ago
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.
Alexis_Martin_Neely More than 1 year ago
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
Anonymous More than 1 year ago
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.
StyloNom More than 1 year ago
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 More than 1 year ago
Such a great book for young adults, especially college students trying to manage money and learn the best ways to invest.
Debbs4 More than 1 year ago
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.
sachachua on LibraryThing 7 months ago
Personal finance book that goes beyond dealing with debt. Has good tips on envelope systems, negotiation, automation.
lisaflip on LibraryThing 7 months ago
I'd highly recommend this personal finance book to most people but I think it's especially valuable to people in their 20s and 30s who are just becoming aware of their financial situation. I first heard about this book in a Charles Schwab magazine. Ramit Sethi was a psychology major who had heard advice like, buy one less coffee per week to save money. But he noted that people never offered advice about what to do with that extra money. Some of the ideas in the book are obvious and all sections are very well explained. Sethi does a great job of making financial advice accessbile to all. He also has a great sense of humor and quotes people like Salt 'n Pepa. In a nutshell, if you are turned off or intimidated by finance, this book would be a great place to start. I really liked it!
yannie on LibraryThing 7 months ago
This is the personal finance book to read if you want to sort out your money and get on with your life. The writing is easy to follow, is devoid of annoying acronyms and other offputting self-help gibberish. In the author's six-part outline for organizing your finances(divided each per chapter), the fourth chapter dealing with a 'conscious spending plan' is probably the most invaluable. It also demonstrates clearly that wealth accumulation does not equal to a life of deprivation and austerity. All in all, it's pretty effective in demystifying personal finance, especially for 'young people'.
burningskulls on LibraryThing 7 months ago
Good for those who do not have much financial knowledge going in. If you have a 401(k), IRA, emergency fund, or follow any of the popular personal finance bloggers (Simple Dollar, Get Rich Slowly, Ramit himself), you really won't learn much new from this book. But if you are still living paycheck to paycheck, this is a definite must read, along with the aforementioned blogs.
Anonymous More than 1 year ago
Does a good job of explaining investing and how to get the funds to invest
Anonymous More than 1 year ago
In all aspect Sacrifice, and opportunity cost is key.
Anonymous More than 1 year ago
Anonymous More than 1 year ago
A very instructive book on how a young person can get life on track financially no matter what job you have, but also provides advice for the college student and career person. Practical (and humorous) advice on spending, saving, establishing credit, imvesting for retirement (the younger you start the more you have with smaller amount), making major purchases (discussions on car purchases, saving for that beautiful wedding, and to buy or not buy a house), and still do the things YOU love. Geared to the young but so applicable for anyone needing to get their life financially on track. Though in the present interest market, bonds and CDs are not the investment perhaps to be in - best to wait a few years for better interest rates, and invest in funds or etfs for now within your accounts.
Anonymous More than 1 year ago
It is a cool book
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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.
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