I Will Teach You to Be Rich
- published
- reading time
- 2 minutes
- Author: Ramit Sethi
- Likelihood to recommend: 10/10 (if you live in the US) 8/10 otherwise
This book about personal finance is great if you live in the US, otherwise is still good, but situations might vary, the concepts will require translation, and some might not even apply.
As you know, I love simplicity, and one of the best things of this book is how easy to read and understand it is.
What’s included
Ramit teaches you about many important things like:
- How to pick a bank account, and a credit card
- All the benefits of credit cards and how to squeeze the most out of them
- How having a great credit score can save you thousands or even tens of thousands in interests on major loans
- Planning and saving for big expenses
- How to buy a house or a car
- Why houses are not as good an investment as many people think
- How to build a diversified investment portfolio, and why you want to start as early as possible
- How actively managed investment funds hardly ever beat index funds
- How target date funds allow you to automatize your investments and move on with your life
- Tax advantages you can exploit: specially the 401(k) and Roth IRA accounts.
- How to discuss money with your spouse, friends, family, etc.
- How to get more out of every negotiation life puts in your way
- How to ask your boss for a raise
- How your own psychology is often your worst enemy when it comes to money, and how to use it to your advantage, for instance, by automatizing savings and investing.
- Why a Rich Life happens out there in the real world, not in the spreadsheet
- Strategies to gain Financial Independence and Retire Early (FIRE)
- How to get out of debt, and when paying your debt should come before or after investing.
In general: how to build a financial system that works for you, for decades, without requiring much effort after the initial setup.
…and probably some other cool stuff I’m forgetting right now.
What’s missing
- How to create your own business, or make your current business more profitable