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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.
- Sales Rank: #3256 in Books
- Brand: Sethi, Ramit
- Published on: 2009-03-23
- Released on: 2009-03-23
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .58" w x 6.06" l, .90 pounds
- Binding: Paperback
- 266 pages
Review
'Don't let the breezy irreverent style of this book fool you. It contains serious advice on personal-finance decisions from budgeting and savings to spending and investing.' -- Burton G Malkiel, author of A Random Walk Down Wall Street Ramit Sethi is a rising star in the world of personal finance writing ... one singularly attuned to the sensibility of his generation ... His style is part frat boy and part Silicone Valley geek, with a little bit of San Francisco hipster thrown in. -- San Francisco Chronicle
From the Back Cover
You don't have to be perfect to be rich. Or the smartest person in the room. Or a type-A personality. In fact, with Ramit Sethi's six-week program to financial independence, you can start with any amount of money, do just 85 percent of what he suggests, and succeed brilliantly through good times and bad.
As irreverent and entertaining as he is practical and wise, Sethi explains how to beat banks and credit cards at the fee game, automate your cash flow, negotiate for a raise, manage student loans, and enjoy your lattes and Manolo Blahniks by practicing conscious spending. It's how to master your money with the least amount of effort―and then get on with your life.
About the Author
Ramit Sethi speaks regularly to young staff members at companies, including Deloitte, KPMG, and Intel, on the topic of personal finance. He also co-founded PBwiki, a company that provides online tools and services. Ramit Sethi is a graduate of Stanford and lives in San Francisco, California.
Most helpful customer reviews
373 of 402 people found the following review helpful.
Not your parents' money management book
By Susan Roberts
First, here's what this book is not: It's not your parents' money management and investing book, although as a parent I wish I had done in my twenties what Ramit Sethi tells the twenty-somethings they should be doing right now.
Ramit starts with the premise that most people are so overwhelmed by the sheer amount of financial information available that they just shut down and do nothing. So Ramit tells you exactly what to do with your money and why. Want to know whether it's smarter to pay extra on your student loans or put that money into your 401(k) instead? Ramit will tell you. Want to know some specific financial companies that offer the low-cost index funds you should invest in through your Roth IRA? Ramit will tell you. Do you not even know what the heck an index fund is? Ramit will tell you!
Ramit also tells the truth about brown bagging your lunch and curbing your latte habit; and the truth is that these actions on their own are virtually pointless. Instead, you should go after the big wins, like getting the lowest interest rate and the best price on your next car because you have impeccable credit and negotiated "like an Indian" (negotiation scripts included).
Ramit maps out exactly how to get from where you are now to where you want to be financially, including how to create a personal money management system that practically manages itself. Ramit's system starts with a no-fee checking account and an online high-interest savings account. (He even tells you which online bank he uses.) He then walks you through setting up automatic bill payments and regularly scheduled transfers to your investment accounts. Throughout, he includes easy-to-understand charts, as well as short pieces by other personal finance bloggers.
I wish I could quote some of the passages that I found especially useful or entertaining--Ramit writes with an appealing, if oddball, humor--but I have already mailed my copy of the book to my 24-year-old son, who called me last night to tell me it never would've occurred to him to ask his bank to waive an overdraft fee. (That gem is in chapter 2, I think.)
Thank you, Ramit! I hope this enthusiastic review by an "old person" will not stop the young people from buying your book!
377 of 416 people found the following review helpful.
I Will Teach You To Save Money should be the title of this book and Ramit's Blog
By Wealth Doctor
I Will Teach You To Save Money, though a far less titillating title would be the more appropriate name for this book. 20 and 30 somethings are the intended audience for this book. And for them the book is delightfully irreverent and saucy in its language. You will not get rich by using the concepts in this book however you will gain basic financial literacy, which is the first step on the path to creating wealth. There are no new financial revelations in this book. If you already have a personal finance library you can pass on this book. If you don't already have one and are looking for a place to start, this book is a great way to go. I Will Teach You To Be Rich is not for people who have created a measure of wealth and are looking to increase it. For that you will have to look elsewhere.
27 of 27 people found the following review helpful.
This is definitely the best personal finance book I've read so far
By tech_books_movies
This is my new #1 recommendation for anyone seeking personal finance advice.
This is definitely the best personal finance book I've read so far. It's a logical, step-by-step, practical handbook for financial success, specially written for people in their 20's. Sethi gives advice on “automatically enabling yourself to save, invest, and spend - enjoying it, not feeling guilty...because you’re spending only what you have.” His main point: automate your finances so you effortlessly save and invest, leaving you money to spend on things you love without feeling guilty. Automatic saving and investing helps overcome psychological barriers and laziness.
In addition to his emphasis on automation, I agreed with Sethi’s recommendation for long-term, passive, buy-and-hold investing instead of speculative, market-timing investing. I also liked Sethi’s 85 Percent Solution, which states that it's better to act and get it 85% right than to do 0%; sometimes good enough is good enough, and it’s always better than doing nothing.
Another good message is "spend extravagantly on the things you love, and cut costs mercilessly on the things you don't." That's valuable because everyone defines being "rich" differently, and it's not all about money. Money is just the tool we use to acquire the material possessions and experiences we want. That's the difference between being cheap and being frugal; being cheap is trying to cut spending on everything, and being frugal is cutting costs on the things you don't care about so that you can splurge on the things you do.
I liked the concept of making a Conscious Spending Plan instead of a budget. Almost no one actually makes a budget, and even fewer follow it. Instead, consciously decide how you'll spend your money. I especially like this idea of guilt-free spending, because too often the recommendation is to limit all spending. But people in their 20s want to live it up, not sit at home and pinch every penny! The Conscious Spending Plan lets you spend a certain percentage of your money on whatever you want, without feeling guilty, since you’re paying yourself and your bills first.
The book is written in the form of a 6-week action plan. Each chapter describes the tasks and reasoning behind them, and ends with a checklist of steps to take. Here are the weeks:
Week 1: Credit Cards. Check your credit, pick a good credit card, set up automatic payments, pay off debt.
Week 2: Bank Accounts. Open or assess your checking account, open and fund a high-interest savings account.
Week 3: Investing Accounts. Open a 401(k), make a plan to pay off debt, open a Roth IRA and set up automatic payment.
Week 4: Conscious Spending. Create a Conscious Spending Plan, track spending, and cut in the right places.
Week 5: Automatic Money Flows. List and link accounts, then set up an Automatic Money Flow to automatically fund the 4 categories of your Conscious Spending Plan.
Week 6: Investing Choices. Figure out your investing style, research investments, and buy funds.
The book gives a fairly in-depth explanation of the concepts and fundamentals of personal finance, but also contains plenty of examples of actual bank accounts and funds. There are many references to the 2008 recession and other events, so those parts of the book didn't age well.
Notes
Personal Finance Ladder
Rung 1: invest enough in 401(k) to get company match
Rung 2: pay off debt
Rung 3: invest as much as possible in Roth IRA
Rung 4: put more into 401(k), as much as possible
Rung 5: invest in non-retirement (taxable) account
Conscious Spending Plan recommended percentages (save and invest more if possible)
50-60% on fixed costs
10% on long-term investments
5-10% on savings goals
20-35% on guilt-free spending
Investing
Use target-date funds or index funds.
Invest aggressively in retirement accounts, since retirement is so distant.
Recommended financial institutions: Vanguard, T. Rowe, Schwab
Rebalance every 12-18 months by investing more in underperforming assets (not selling outperforming assets).
Hold tax-inefficient (income-generating) assets like bonds in tax-advantaged accounts.
Hold tax-efficient assets like index funds in taxable accounts.
Choose funds based on:
1. Expense ratio
2. Asset allocation
3. 10-15 year return
Model your portfolio after David Swenson’s Yale Endowment portfolio:
30% US stocks
15% developed international stocks
5% emerging market stocks
20% REITs
15% government bonds
15% TIPS
Buying a house
Houses are a poor investment compared to stocks; they’ve historically returned 0% after inflation. Before buying a house, determine the total monthly payment including mortgage, taxes, insurance, and maintenance. It should be less than 30% of your gross monthly income.
The total house price should be less than 3 times your annual gross income.
Buy a house only if you can live in it for 10 years. Make a 20% down payment and get a 30 year fixed rate mortgage.
To be fair, I probably should have listened to this one, but I did many of the other things Sethi points out.
Additional notes
Use savings for goals less than 5 years away.
Set your accounts for automatic deferrals, transfers, and payments to automatically direct money into retirement accounts, savings, bills, and a spending allowance.
Negotiate a higher total compensation (salary plus benefits) by researching compensation for comparable jobs and proving the value you bring to the company.
One thing I did was that I continuously talked to my friends about the book and we sat down together and completed a lot of the actions in sequence. By having those around me also aligned it made easier for me not to be tempted to go out. For example, we decided only to go out to eat for lunch once a week to stick to our plan.
Sethi also gives many tools and recommendations throughout the book to help you accomplish your goals.
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