Tuesday, March 11, 2014

"I Will Teach You to Be Rich" Book Recommendation

I've read a lot of personal finance books (they're usually on my birthday and Christmas list every year). But I recognize most of them don't have the wide appeal of Harry Potter or the Hunger Games. Except maybe this one, which I think is a good read for both those who are really interested in personal finance and those who aren't (but have somehow ended up with a copy in their hands. (And, just so you know, the author has no idea who we are and never asked us to write this.) I have lent this book out and recommended it several times to personal friends, so it's time I shared it with all of you.

It's I Will Teach You To Be Rich by Ramit Sethi.

Here's what I like about it:

  • It's actionable. He doesn't just give concepts, he tells you exactly what to do. At the end of each chapter, he gives you action steps. For example, in the investing chapter (page 90 of my edition) he has you (1) Open your 401(k) (three hours), (2) Come up with a plan to pay off your debt (three hours), and (3) Open a Roth IRA and set up automatic payment (one hour). Of course he gives guidance for each of these steps.
  • It's funny. It's honestly a pretty good read. Under the subheading "If You Pick a Crappy Car, You Are a Moron," section (page 245) it says, "Please, pick a good car. There are some cars that are just objectively bad decisions that nobody should ever buy. For example, has anyone with an IQ over 42 ever consciously chosen to buy a Chevy Lumina?"
  • It's good for lazy people. Let's face it, that's all of us. He shows how to automate your personal finances so your laziness will work with you and not against you.
  • It's real. He has a focus on knowing your spending habits and figuring out what's important to you and what isn't. It's not about being a Scrooge in every aspect of your life.
Honestly, (and this means a lot coming from me because I HATE accumulating stuff), I would probably buy this one rather than check it out from the library, because it's a good reference to have on hand. Or, you could always check it out from the library and see how you like it before you buy it, or just check it out and then take notes. Up to you!

 Tell us-- Have you read this book before? Any others you would recommend?

1 comment:

  1. Great review! I really want to read this book. I just added it to my Good Reads "To Read" list.


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