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by Robin Sharma
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I Will Teach You To Be Rich summary
Ramit Sethi
The easy approach to smart banking, saving, spending and investing
17 mins
Brief summary
I Will Teach You To Be Rich by Ramit Sethi is a personal finance guide that offers practical advice on saving, investing, and living a rich life.
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I Will Teach You To Be Rich
Summary of 7 key ideas
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Key idea 1 of 7
Don’t blame others for your financial problems. Blame yourself.
You’ve probably felt guilty at some stage about not saving money or maybe you think it’s too late to start. Resist those thoughts! It’s time to stop making excuses.
The first thing you should know is you shouldn’t get distracted by information fed to you by the media.
There’s a lot of information on finance out there, and it can be paralyzing. Plus, a great deal of this information is boring and unhelpful, like “you should cut back on those lattes,” which doesn’t take into account the actual life of a young adult.
When it comes to investment advice, young people have reason to point the finger at the media and blame others who could have taught them better. But the best way for someone to change their savings outcomes is by taking responsibility for his choices.
Such common excuses, like our education system doesn't teach money management, are grossly inaccurate. Many colleges do provide classes on finance, yet students don’t attend them.
Fear of losing money is another popular excuse for not doing anything with it. But it's actually preferable to lose money when you’re young, because you don't have that much to lose! Then when you have more later, you'll better understand how to keep it. Bear in mind money is also drained from your account when you leave it to stagnate in banks!
Yet another excuse is not being able to afford to put $100 aside a month. Really, the amount is not so important. Even $1 saved per day adds up over time.
We all remember the financial crisis in 2008 when many foolishly withdrew their money from the market. A lot of these people had no diversified portfolio and bought high and sold low, a big mistake. It was easy to blame the government and banks, but most hadn’t picked up a single personal finance book to educate themselves.
We need to take responsibility for our problems and start solving them.
Now that you know this, how do you get rich?
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What is I Will Teach You To Be Rich about?
I Will Teach You To Be Rich takes a straight-talking and amusingly cocky approach to smart banking, saving, spending and investing. You don't need to be an expert to become rich, you just need to have a plan and know a few tricks. Sethi will teach you the benefits of saving as early as possible and setting up automatic investments so you can sit back and let your money work for you.
I Will Teach You To Be Rich Review
I Will Teach You To Be Rich (2009) is a comprehensive personal finance book that you shouldn't miss. Here's why:
- It breaks down complex financial concepts into simple, actionable steps for readers to follow.
- The book covers a wide range of topics, from saving and investing to negotiating and spending wisely.
- It provides real-life examples and case studies to demonstrate the effectiveness of its strategies.
Best quote from I Will Teach You To Be Rich
Because of inflation, youre actually losing money every day your money is sitting in a bank account.
—Ramit Sethi
Who should read I Will Teach You To Be Rich?
- Anybody who wants to start making more money
- Students, graduates or recent recruits who want more from their investment in their educations
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I Will Teach You To Be Rich FAQs
What is the main message of I Will Teach You To Be Rich?
The main message of I Will Teach You To Be Rich is to provide practical financial advice for saving, investing, and living a rich life.
How long does it take to read I Will Teach You To Be Rich?
The estimated reading time for I Will Teach You To Be Rich is 6-8 hours. The Blinkist summary can be read in about 15 minutes.
Is I Will Teach You To Be Rich a good book? Is it worth reading?
I Will Teach You To Be Rich is a valuable guide for improving your financial life with practical, easy-to-follow advice.
Who is the author of I Will Teach You To Be Rich?
The author of I Will Teach You To Be Rich is Ramit Sethi.
How many chapters are in I Will Teach You To Be Rich?
There are 12 chapters in I Will Teach You To Be Rich by Ramit Sethi.
- Optimize Your Credit Cards
- Beat the Banks
- Get Ready to Invest
- Conscious Spending
- Save While Sleeping
- The Myth of Financial Expertise
- Easy Maintenance
- A Rich Life
- The Best Investment Strategy
- The 85 Percent Solution
- The Future of I Will Teach You To Be Rich
- A Final Word
How many pages are in I Will Teach You To Be Rich?
There are 266 pages in I Will Teach You To Be Rich.
When was I Will Teach You To Be Rich published?
I Will Teach You To Be Rich was published in 2009.
What to read after I Will Teach You To Be Rich?
If you're wondering what to read next after I Will Teach You To Be Rich, here are some recommendations we suggest:
- Secrets of the Millionaire Mind by T. Harv Eker
- Millennial Money by Patrick O’Shaughnessy
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko
- Losing My Virginity by Richard Branson
- The Richest Man in Babylon by George S. Clason
- Everyday Millionaires by Chris Hogan
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- The Psychology of Money by Morgan Housel
- The Body by Bill Bryson
- The Total Money Makeover by Dave Ramsey