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Ramit hits it spot on. This is a down to earth ; no BS kinda book, no big fancy terms, no crazy plans or budgeting ... Just basic finance tips that will put your financial life on autopilot mode and quick, simple solutions for retirement and living a "Rich Life" that will work for 90% of people (and is likely already 10x better than whatever you're doing right now). Sounds too good to be true? Read the book, you'll see.
I already shared this book with a few friends and colleagues and will be forcing my younger sisters to read this so that they can start planning their Rich Life asap while still in their 20s. I wish someone had given me this book 10 years ago but as they say ; the best time to start saving was yesterday, the 2nd best time is NOW.
For Canadians ; you can safely replace "401(k)" references with RRSP (RÉER) and "Roth IRA" references with TFSA (CÉLI) in the book and although the accounts are not EXACTLY the same as their American counterpart, big picture wise they serve the same purpose. As for the banks proposed in the books, you can easily find equivalents with a bit of Google searching (try searching for "high interest savings account Canada" for instance).
After reading the first edition just over 12 months ago, I placed my faith in the process and followed Ramit’s actionable 6 week plan.
Fast forward one year and not only has Ramit’s advice made and saved me more than I could possibly imagine, he also offered to guide me and a group of select others through the 2nd edition of IWT.
Ramit looked at my exact numbers, said everything was looking good, and then showed me how and where they could be improved. Specifically Ramit suggested I increased the amount I invest in index funds and letting them compound, as that was the most beneficial piece of advice for my particular scenario (under 25 and able to use time to my advantage). This one simple change is set to make me an extra £162,000 by adding an extra £50 a month into what I currently invest... and that is only going to continue to increase.
Furthermore, Ramit showed the group how financial issues are caused through psychology and emotion rather than being to do with simple mathematics. The power of not waiting for permission and understanding how and why we make our financial decisions (or do not make them) was revolutionary and something that I have not seen discussed in other financial books. In Ramit’s words ‘This is a psychology book wrapped to look about finance’ and he is correct. If you know that you have let certain financial decisions get away from you, Ramit will help you get back on track with specific steps and zero judgement.
Every single person who was in the group was ecstatic with the progress they made in the 4 weeks that we had together and it was very much worth staying up until 3am every Monday in return for a lifetime of financial literacy.
Thank you Ramit, anyone would be a fool to not buy this book.
Did you read the first version of I Will Teach You To Be Rich?
If so you might be wondering why you should buy this updated version.
1. Your financial situation has changed since reading the first version.
2. It’s only the cost of a few cups of coffee Ramit will tell you to keep buying.
3. When executed accordingly with the new updated checking and investment accounts recommended you will have at least a 1,000 times return on investment when you follow his advice in the next few years.
4. If you have investment accounts you’re being screwed by your broker which is charging you a 1% management fee which is actually costing you 28% in the long term against money that fee prevents you from making with the Compounding Interest.
5. Ramit is a badass and actually lives by the advice he gives which very few financial “experts” can say the same.
6. This book saved me hundreds of dollars of fees by changing my checking accounts away from 2 banks he highly advises against which you most likely have an account or 2 with. (This alone will pay for the book 30x)
7. Let me guess you and your partner argue about finances? He includes word by word templates of how to talk about your finances with your partner and finally get on the same page.
8. Buying the book is the least you could do after reading and following Ramit’s amazing free content for years or being on his newsletter.
Read the book.
Take control of your financial situation.
You will be grateful you did this now instead of waiting another decade hoping, praying your finances will magically change.
Ps, I had the privilege of receiving an advanced copy, so I know the awesomeness you’re about to enjoy when you take action and buy the book for yourself and everyone you care about.
I have been searching online for how to manage my personal finances properly without ever really feeling that I had found the correct thing to do. I heard Sethi on the Art Of Manliness podcast and immediately bought the book, realising it was exactly what have been looking for. Six chapters end with a step by step guide on what/how to manage your finances. It's very US centric but the principles apply to the UK, I have now set up my automatic payments into my Stock ISA and paid off my debt. Highly recommended read!
Most simplified book on personal finance especially investing. Perfect first book on personal finance and once you have read it, you can read more details in Smarter Investing by Tim Hale for UK readers.
Ramit is fantastic at explaining concepts in a fun and engaging way. He has a background in psychology and spends a lot of time talking about fear and invisible scripts we tell ourselves. I gift this book constantly to people and have never had a negative review from them. Highly recommended.
One small note is that the book is written for the American market, not Canada. The concepts are the same, however, there are some terminology differences. These are easily searchable.