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Monday, February 1, 2010

Book Review-I Will Teach You To Be Rich

I Will Teach You To Be Rich by Ramit Sethi
I recommend this book to everyone. Especially anyone under forty who wants to know more about being financially successful. Ramit gives sound advice on becoming rich, and not becoming rich quick, mind you, but about becoming rich. (It seems to me that every get rich quick scheme is either a scam or is somehow taking advantage of other people.) The first thing he asks is what does being rich mean to you? Really think about it. For some people it means being able to afford nice vacations. Fine. Cut corners and be cheap on other things so you can afford the things that matter to you. And did I mention that he's hilarious? Often finance books=boring, but not in this case.
 He set his book up as a 6 week program that goes like this:
Week 1: Optimise your credit cards- Don't pay fees or interest and get some perks too.
Week 2: Beat the banks- Open high interest accounts and never pay fees
Week 3: Open investment accounts- Your 401K and Roth IRA
Week 4: Conscious spending- Figure out where your money is going
Week 5: Automate your accounts- Make your bill pay and investing automatic
Week 6: Investing- Why it's important and how to make the most of the market
 Nothing off-the-wall, just sound financial advice explained so the average person can understand. If you want more info, he also have a blog that offers great advice, although it tends to be geared more towards entrepreneurial and business types:

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