I Will Teach You to be Rich review (Second Edition) | Ramit Sethi

I will teach you how to be rich by Ramit Sethi 2nd Edition, a non-bias but maybe a little bias book review. ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬

If I had to sum up this book in one sentence, it’s basically a book about: How to automate the work towards wealth and think less about being extremely frugal.

Ps. I’ve taken one of his course before and taught me a few things, and the overall Idea I remember is, “ keep simple, no need to complicate what’s working”

– I like keeping things simple and I believe and know that consistency wins the game in the long term. So I literally just deposit 500 into acorn every single month and I plan to keep doing that and increasing the amount every year for the next 20-40 years.

Things I like

1. He gives you the fish
Story: Giving someone the fish is giving exactly what they want
Example: in the book he talks about
– The banks he uses
– How he says and invest ( exactly )
– The credit cards he uses ( and he gets rewards)

The Bad: The Ramit is great guy, I’ve been following him for over 3 years now, so I don’t think he would risk his legacy.
– But the thing about giving people the fish and exactly what you do is that sometimes it can become bias if the companies are paying.
– Example: sign up for this and use my code
– However: with Ramit, I think he not offer referrals but after helping people.

Like me:
When I tell people how I invest using acorns and they get $5 when they start. ( 5$ is cool, but you starting a road towards financial freedom is a lot better)

2. Fire: Financial Independence Retire Early
Focus on the stuff you can change ( play with the cards you get)
Story: I remember as a kid I wished I had my friends parents: They had a big house in the hills, he got all the new video games and they would buy him lunch for school ( big deal, my mom would just make me lunch)
– And because my mom struggled to get my one game a year, I learned how to hustle at age 7.
– I sold paper planes to kids, I resold my lunch and I got my first jobs and ever started selling bootleg movie DVDs. All within the age of 7-12.

If you want it:
Invest: What he invest in, the brokerage, and how to rebalance it
1. Max out your 401k, Roth IRA, Traditional, basically taking advantage of all the tax benefit accounts you have ( however ramit goes into detail about what he does exactly)
2. And remember to qualify when you’re contributing that money to and that it makes financial sense.
Oh: and he also has examples, by age and how much money you’ll have

Debt: HE uses the avalanche method for this, paying off the card with the highest Apr first
1. Check your debt Pay off-plan and see if you’re on track or you can pay certain debt off faster
2. Check your credit report and credit score ( yes it’s different)
3. Renegotiate your credit cards APR ( HE also provides scrips for that in the book)

Credit Cards:
1. Use your credit card points to have fun
2. Verify all the perks with the cards
3. Confirm fees and try to negotiate them

Raise your Income:
1. Negotiating your salary ( he has scripts for that)
2. Side hustle ( and ideas for side hustles )

Manage your Money:
1. Saving both cash money
3. Savings on expenses

4. Finance is Simple ( its just people don’t like playing the long game )
Story: People ask me, Tommy how do I get rich or how do I start making money on youtube.
– Save a portion of your income invest it into a business, or create a business or just invest into ETFs for the next 20-40 years ( that’s too long)
– Youtube Upload every day for 4 years and keep testing out what works and buy the course ( that’s to much work)
Answer: then you don’t want it, that’s fine but don’t full yourself.

5. The proof is in the Pudding ( in this case History)
Story: when he wrote his first book, first edition to this one; some people focus on the interest rates changed so didn’t take action and complained.

But: if you had invested back them consistently you would be up X amount

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