5 min read ⌚
Contrary to what you may believe, you do not need to be an expert to become wealthy. In fact, having a solid plan and a few tricks in your bag is enough.
In the following summary of “I Will Teach You To Be Rich,” we present you an overview all the things you can do to put some money aside.
So, stay with us as we pick Ramit Sethi’s mind.
Who Should Read “I Will Teach You To Be Rich”? and Why?
You know, investing and saving money is not as hard as you may think. In fact, it all comes down to creating a plan that enables to do as little as possible.
To do that, you need to understand how credit cards and money automation work, and to focus on smart investments.
“I Will Teach You to Be Reach” is just what it says it is – a guide to becoming richer than you are.
We heartily recommend this book filled with investing and saving tips to everyone who would want to start making more money.
What we are guessing is that no person in this world would not want that.
About Ramit Sethi
Ramit Sethi, or otherwise called “the new finance guru” by Fortune magazine, is an author, public speaker, and a financial advisor.
“I Will Teach You To Be Rich Summary”
We have all been in that place of guilt, when we realized we failed at saving money, and think that now is too late to start.
Do not fall into that trap!
Feeling bad will not change anything. Stop looking back, and resist making more excuses.
It is time you change your life.
To do that, the first thing you need to do is to avoid being distracted by all that information the media feeds you. There is an overwhelming pool of information headed your way each day, and it can be quite overwhelming. Moreover, most of this information will not help you in any way.
So, instead of searching for success stories and investment advice, take the control.
You know, there are so many things we tell ourselves and are wrong on so many levels.
For example, many people say that the education system is faulty since it does not teach money management. But, being a student of economics myself, I know for a fact that many schools do provide classes on finance, yet students do not take them.
Another thing you may feel, that will undermine your chances of getting more prosperous, is the fear of losing money. At least when you are young, be more courageous. It is better to lose money in youth since no one depends on you, and you do not have a lot to lose.
Also, you will learn how to keep your money early on, so you will not make the same mistakes when you are older.
Another excuse that comes to mind is the inability to afford to put much money aside a month. What you need to understand is that the amount is not important, the consistency is. Even the smallest amount adds up over time.
To sum it up, what we want to say is that you need to take responsibility for your life and your choices. All problems are solvable; you just need to want to solve them.
Now that we set the basis, how do you get rich?
Read our key lessons to find out some of the possible ways.
Key Lessons from “I Will Teach You To Be Rich”
1. Use Your Credit Cards Smartly
2. Choose the Bank Accounts with the Highest Interest
3. Direct Money Where You Want It to Go
Use Your Credit Cards Smartly
Many of our purchases are made on credit, and understanding how to use credit cards wisely is the first step toward putting aside much money.
Credit comes in forms of mortgages, loans and credit cards, and we love it so much since it allows us to buy things even when we do not have the money at the moment.
Below, we give you a couple of smart tips for wise credit handling:
- Kill your debt. Stop spending money, and pay the debt that has piled up off.
- Try to get your credit company to waive service charges and annual fees, as well as reduce your annual percentage rate.
- Ask for the best benefits from credit card companies.
Choose the Bank Accounts with the Highest Interest
You may believe that zero interest and high-interest rates are unattainable, but you are wrong.
Online banks often provide high-interest rates, since their overhead costs are minimal and they do not carry the burden of having to spend money on marketing and branches.
Additionally, they offer better customer service and interest rates as much as ten times higher than traditional banks.
Furthermore, get the best bank accounts. Opt for having one checking account, for frequent withdrawals, and one savings account for bigger goals.
Direct Money Where You Want It to Go
First, realize how much you are spending, and then try to employ conscious spending in your buying habits.
Conscious spending reduces the amount of money you spend on things that you do not need and allows you to spend more on things you really care about.
To start spending consciously, create a conscious spending plan.
Set an amount which you will automatically save per month, so you can spend the rest on whatever you may want, without feeling any guilt.
You can have anything you want; you just need to get more organized.
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“I Will Teach You To Be Rich” QuotesInvesting is the single most effective way to get rich. By opening an investment account, you give yourself access to the biggest moneymaking vehicle in the history of the world: the stock market. Click To Tweet The single most important factor to getting rich is getting started, not being the smartest person in the room. Click To Tweet Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t. Click To Tweet My friend Jim once called to tell me that he’d gotten a raise at work. On the same day, he moved into a smaller apartment. Why? Because he doesn’t care very much about where he lives, but he loves spending money on camping and biking.… Click To Tweet Fear is no excuse to do nothing with your money. When others are scared, there are bargains to be found. Click To Tweet
Our Critical Review
“I Will Teach You To Be Rich” is a book filled with simple and straight advice. Sethi presents you the benefits of saving and gives you all alternatives on how you can go about it.
Learn more and more, in the speed that the world demands.