Monday, September 13, 2010

Book Review: I Will Teach You to Be Rich

I was skeptical when I first saw the title of this book. It struck me as another one of those get-rich-quick schemes. Then, another review I read said it was geared towards 20-somethings. As a 30-something, I thought I would know everything the book covered. Boy, was I wrong!

I've been following Ramit's blog (also called I Will Teach You to Be Rich) for some time. Then I took the plunge and decided to try his course Earn 1K where he gives you valuable, actionable advice for consistently making money on the side while you work full-time. It was after I started taking the course that I thought it may make sense to check out his book. So I did.

The book is divided into a six-week program, so each week you have an action to move you closer to being rich. Mind you, being rich means different things to different people. While it may mean gobs of money to one person, it could mean spending more time with family to another.

Chapter 1 -- Optimize Your Credit Cards
How credit can help you be rich, what not to do with your credit cards and what you should definitely buy with a credit card

Chapter 2 -- Beat the Banks
Negotiating bank fees, why online banks offer the best rates and how banks make money

Chapter 3 -- Get Ready to Invest
Why inbvesting is the single best way to get rich, the ladder of personal finance and the importance of crushing debt

Chapter 4 -- Conscious Spending
Spend less without a budget, guilt-free spending, how to make more money and handle unexpected expenses

Chapter 5 -- Save While Sleeping
Setting up a bill-pay transfer system, irregular income and how to spend only three hours per month managing your money

Chapter 6 -- The Myth of Financial Expertise
Why you can't time the market, you don't need a financial adviser and pundits worth reading

Chapter 7 -- Investing Isn't Only for Rich People
The beauty of automatic investing, creating your own portfolio and investing the easy way

Chapter 8 -- Easy Maintenance
The tricky part of managing your portfolio, when to sell, a tne-year plan and don't fear taxes

Chapter 9 -- A Rich Life
Weddings, negotiating your salary, the benefits of renting and buying a car or house

To be honest, I was so engrossed with the advice in the book that I finished it in two days flat. I'm now going back and figuring out what I need to do to get my financial house in even better shape. I highly recommend this book whether you're in good or bad financial shape. There are definitely many nuggets of great info to take advantage of in this book.

Have you ready the book already? What did you think?


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1 comment:

  1. Ramit is a champ - I love the book and his blog.

    ReplyDelete