Post a Comment

I Will Teach You To Be Rich: Book Review

By: Green Panda | Date posted: March 23, 2009 (1:22 pm) | Write a Comment (2 Comments)

I decided to read Ramit’s new personal finance book, I will Teach You To Be Rich, and give a review. Ramit gives specific step by step guides and scripts to help you with handling your money. Many topics that are covered in the book, I shared my thoughts on.

 My favorite chapters were 4and 5 which dealt with consciences spending (pg.108) and automating your cash flow (pg 132). Ramit gives specific step by step guides and scripts to help you with handling your money.i-will-teach-you-to-be-rich-book-cover

I wanted to highlight of three of the chapters. 

Chapter One – Optimize Your Credit Cards

Ramit opens the book with information on how to get your credit cards under control and organized. He encourages reader to check out their credit report and make sure it’s accurate. We’ve had to check out reports and noticed errors on both credit reports.

He explains the benefits of having a clean and accurate credit report and the difference between that and your credit score.  He also shows you how to negotiate lowering your interest rate and getting rid of annual fees.

If you’re looking to pay off credit card debt, it’s also covered in the first chapter.  

 

Chapter Two: Beat the Banks

 I think that the second chapter is very important in getting your bank accounts in order.  Ramit discusses what to look for in a checking and in a savings account. He also takes the time to explain how his own accounts are set up. 

Credit unions are another great option for people looking for accounts with no fees. Try to avoid paying for fees if there are comparable fee less option.

 

Chapter Four: Conscious Spending

 Loved this chapter because it highlighted that personal finance is about spending on the people and things that you love and cutting expenses on what doesn’t matter to you.  Having a specific goal in mind is a great motivator to keep on saving and Jim’s thoughts on having a reason to save showed the power of this.

 Some people confuse being frugal with being cheap ad think the chart on page 96 does a great job of explaining the difference.

 ======

I hope this review was helpful for you.  The book flows very well, explaining how to cut fees from your credit cards, explaining how credit scores affects your life, finding the best bank (or credit union) for you, and how to start investing. 

I used the tips on information on automatic transfers as I have both scheduled and irregular income. I think this is a useful and entertaining book well worth the price. Here’s the link to buy the I Will Teach You To Be Rich book.

»crosslinked«

Blog Traffic Exchange Related Posts
  • home.jpgDiscrimination in Mortgage Lending Dual Income No Kids had an article based on a book published regarding race and poverty. Wow, that's a big topic that could fill its on site. James reviewed the books thoughts and summarized it. In closing James remarked: So, it seems that lower wealth in African-American and Hispanic families......
  • beach-hutsHow Am I Doing With Ramit’s Save $1,000 Challenge? Photo Credit:  muha... Ramit has been posting a lot more tips on his  Save $1,000 in 30 Days Challenge. I’m just going to put a few of my thoughts on the tips. I really encourage not only to look at the posts, but to check out the comments that are......
Blog Traffic Exchange Here are Some Other Great Thoughts
  • The Santa Monica Stairs on Entrada Drive A few weeks ago I was in California on some Fat Man business. My host suggested we take a drive to the Santa Monica Stairs. I had no idea what that was, but he said it was one of the most grueling workouts in Santa Monica. From what he......
  • Don't Sit Back, Attack Your Credit Problems A credit card may be the last thing that someone with credit issues wants to look at, let alone use. Unfortunately for consumers aiming at a higher credit score, merely letting time work does not, in fact, work and a credit card represents the most efficient means of attaining credit......
2 Comments
  1. Comment by Craig — March 23, 2009 @ 3:17 pm

    Being 23 and single this sounds like a good book for me to read. I have no debt, pay credit cards off in full every month, but need to organize my finances and spending better and set up an IRA retirement account. I have read other reviews and they say this book is really recommended towards 25 and younger, which fits me perfect.

  2. Comment by Green Panda — March 23, 2009 @ 4:08 pm

    @Craig: I think you’ll find the investment portions really helpful. Ramit is writing to a very specific audience and he does a good job helping them. I got some helpful tips for my budgets.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.



This blog uses the cross-linker plugin developed by Jan Hvizdak, owner of Aqua-Fish.Net