I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a 6-Week Program That Works by Ramit Sethi (PDF)

Description

The groundbreaking NEW YORK TIMES and WALL STREET JOURNAL BESTSELLER that taught a generation how to earn more, save more, and live a rich life—now in a revised 2nd edition. Buy as many lattes as you want. Choose the right accounts and investments so your money grows for you—automatically. Best of all, spend guilt-free on the things you love. Personal finance expert Ramit Sethi has been called a “wealth wizard” by Forbes and the “new guru on the block” by Fortune. Now he’s updated and expanded his modern money classic for a new age, delivering a simple, powerful, no-BS 6-week program that just works. I Will Teach You to Be Rich will show you: • How to crush your debt and student loans faster than you thought possible • How to set up no-fee, high-interest bank accounts that won’t gouge you for every penny • How Ramit automates his finances so his money goes exactly where he wants it to—and how you can do it too • How to talk your way out of late fees (with word-for-word scripts) • How to save hundreds or even thousands per month (and still buy what you love) • A set-it-and-forget-it investment strategy that’s dead simple and beats financial advisors at their own game • How to handle buying a car or a house, paying for a wedding, having kids, and other big expenses—stress free • The exact words to use to negotiate a big raise at work Plus, this 10th anniversary edition features over 80 new pages, including: • New tools • New insights on money and psychology • Amazing stories of how previous readers used the book to create their rich lives Master your money—and then get on with your life.

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐First, let me start off by saying that I’ve read a lot of different books on personal finance. So I’m very familiar with Dave Ramsey’s method of personal finances and a bunch of others. I’ve read tons of articles, blog posts, etc… on paying off debt and investing, etc…So this topic isn’t new to me.So when I got this book (I got an advanced copy of it)I was figuring that I would read this book and probably wouldn’t learn anything new.I was thinking “ohhhkaaay…so it’s gonna probably talk about how to get out of debt by reducing your spending to almost nothing, eat beans, rice and ramen noodles…cut coupons..and do this for several years then you’ll be able to start living your life”I figured it would be the same old information that I’ve read in all the other personal finance books….yaaawn!Boy oh boy…was I ever wrongI honestly have to say, that this book was the complete opposite of everything I’ve ever read.For you parents, it’s like having two kids.You know..your first child is usually calm, relaxed, quiet, well mannered and well behaved.Then you have child #2…expecting things to be pretty much the same…only to find out your second child is the complete oppositeChild #2 is a wild child. Crazy, loud, eats dirt…touches the bathroom handles in public washrooms and then the next minute has their fingers in their mouthWell, Ramit’s book is like your second child.LMAO.It’s fun and actually really interesting to read! ( I know…I know..who says that about a dry topic like paying off debt, investing and saving?).It’ll make you laugh in some parts(fo real!).And…it gets you motivated and makes you want to start taking action as soon as you’ve finished the chapterHe gives you action steps at the end of each chapter that you can start implementing right away!And…it’s real! He keeps it sooo real that he even talks about his discussion with his wife when bringing up the topic of having a PRENUP!! (ohhhh snaaaapp!! …bring out the popcorn cuz it’s about to go down!!)>>>>>>>>>>>>>>Ok…so here’s what I really liked about this book and thought was friggin awesome![1. Conscious Spending]Ok…so we’ve all heard about “having a budget”. And when we hear that..we automatically think “cut back on everything. Use water instead of milk in your cereal. Grow your own coffee beans at home in your backyard and make your own coffee to save a couple of dollars a day”…right?But Ramit goes about this in a TOTALLY different way. And I love his approach to it. It’s such a small shift in your mindset, but it has a HUGE impact!!So basically, he’s telling you this. Instead of thinking of your budget as a way to cut back and not enjoy life..think of it like a plan.It’s your plan where you are CONSCIOUSLY choosing how to SPEND your money each month.But not only that… this is YOUR life! And to live a “rich” and “happy” life – you get to choose to spend on the things that make you happy.So why not cut back on the things you hate – so that you can spend on the things you love!As he says in Chapter 4 on Conscious Spending “conscious spending isn’t about cutting your spending on everything. That approach wouldn’t last two days. It is, quite simply, about choosing the things you love enough to spend extravagantly on—and then cutting costs mercilessly on the things you don’t love.”(BOOOM!! MIC DROP!!)[2. Scripts to use to save you money]You ever get nervous when calling up a financial company (like your credit cards) and then you don’t know what to say.Maybe you don’t know how to negotiate, or you just get nervous and forget what to say.Well…not to worry.Ramit gives you WORD FOR WORD scripts that you can use to waive annual fees on your credit cards, and even get fees waived on your bank accounts!I know…when I read that I was like “hoollld up..wutcha talkin bout Willis!”I told you that this book was the complete opposite of other personal finance books. What other personal finance book is giving you exact scripts to use on how to call up your credit card and get annual fees waived?!It’s these small details that the average person wants to know cuz let’s be real…who likes paying fees? Right?![3. Open and Honest]What I really liked…which I’ve never seen before….was the willingness to be open and direct with the reader.Ramit laid all the cards on the table and he mentionsa. the exact credit cards he usesb. the exact bank accounts he usesc. the exact online brokerage account he usesd. the investments he puts his money inWho else does that?But not only that….like I said, he GOES THERE and talks about the very very very touchy and sensitive topic of having a prenup.In Chapter 9 LOVE & MONEY – he talks about how he had this difficult conversation with his wife. He also talks about why he decided to do it and should you sign one or not?Also in this chapter, he covers difficult topics around money likea. How to help parents who are in debtb. Should you tell your parents and friends how much money you havec. Talking Money with your significant otherd. How to handle money when your spouse makes more than youe. How to handle planning for a weddingf. Negotiating your salary at workand more and more…I’m telling you…Chapter 9 is where it all goes down!Just keepin it real with ya…this is the stuff that we REALLY want to know about. This is the real life stuff we deal with on a day to day basis that NOBODY IS TALKING ABOUT!!I mean, sure…we want to know how to pay off debt, invest, etc… But let’s be real. That part is boring.That’s like reading the first few chapters of a hot & steamy novel..like 50 shades of gray. It’s necessary to build the story, but the REAL juicy stuff happens later on…. and that’s the part you want to get to.We’ve all had a difficult convo with someone about money (spouse, fiance, boyfriend/girlfriend, etc..)Don’t you wish you knew how to handle it better…well now you will! Now you’ll have a plan[4. He’s very specific]For example, in Chapter 7 he talks about investing. And he recommends setting up your asset allocation using David Swensen’s recommendation. Swensen manages Yale’s endowment for more than 30 years and has an amazing 13.5% annualized return.He even gives you the exact percentage’s to use30 percent—Domestic equities15 percent—Developed-world international equities5 percent—Emerging-market equities20 percent—Real estate investment trusts15 percent—Government bonds15 percent—Treasury inflation-protected securitiesI like this because it takes the guess work out of it for youJust do exactly what he’s laid out – and boom! You’ve got a successful investing plan in place.>>>>>>>>>>>>>>>>>WHAT’S DIFFERENTHere are some things that I found different with this book vs other personal finance books[1. Focus on Big wins, not small wins]So for example, instead of chasing small percentages by getting introductory rates for high interest savings accounts, focus on your asset allocation and what you’re invested in. Your time is much better spent focusing on that, and it will have much bigger returns in the long runRamit continues to remind us that it is better to use your time working on things that will have a big impact on your life (i.e. setting up your automated investing) vs spending hours or days looking for the perfect credit card.[2. Word for Word Scripts]As I mentioned, he gives you exact scripts you can use to save money and get fees waived[3. Automating your finances]Let’s be real..who REALLY enjoys paying bills? Who really enjoys reading over investment statements and managing their money? No one!..that’s who! Not even Ramit (he even admits this in the book)Plus – we’re all lazy. We don’t really want to set aside time to look at our investments. We say we will…but let’s be honest..most of us don’t.So in Chapter 5 – he shows you how to automate your finances so that you can get on with your life. He shows you how to setup a system so that your bills get paid automatically and your investment accounts get funded automatically.And when it’s all setup and done…you basically only have to spend 1hr a month looking over your finances, so that you can get on with the more important things in your life[4. Conversations around money]He talks about things that others don’t talk about…like the judgement you get from friends and family when you spend money on certain things you like…or how we may judge others on things they spend..but we don’t know the full context.Or I’m sure we’ve all had that one friend who says to you “why do you still have that old iphone? Don’t you think it’s time to upgrade?”This was very eye-opening to me and it was great to see someone finally be honest and talk about these things. I have never read a personal finance book that talks about these real life situations this way before>>>>>>>>>>>>>>>WHAT IS MISSINGHere are some things I found that were missing from the book[1. Real Estate Investments]I’m actually kind of surprised that he didn’t talk about investing in real estate (residential or commercial)This is such a hot topic, and there are TONS of Real estate related TV shows now about flipping homes, or agents finding these multi-million dollar homes for their clients.I think it’s a topic that many people are also interested in.Also, just based on regular “street knowledge”…the average person probably has an easier time understanding real estate and owning property vs understanding how the stock market and index funds work.They probably feel more comfortable with real estate because it’s a physical asset, whereas the stock market may feel like black magic to a lot of people.He talks about Cryptocurrency, so I thought for sure he’d talk about investing in real estate.But he didn’tI wish he had touched on Real Estate as an investment and mention at least what percentage of your portfolio should be allocated towards real estate and how to go about investing in it in a strategic, methodical manner. Kind of like how he explained how to invest in the stock market[2. Saving up and paying cash for your car]I found it odd that he didn’t talk about the option of saving up and paying for a car in cash.He does talk about how to buy a car, but it involves getting a loan.Which – I found ironic because Ramit is completely against debt.So it didn’t make sense to me why he is telling us to get a loan for a carHe mentions how to save up for other big ticket items (like your wedding, etc..) but he doesn’t give you a plan on how to save up for your car and use cash so that you can avoid getting into debt and getting a car loan.I’m not sure what the reason is behind this…but this was very surprising to me.[3. Investing in blue-chip stable companies]Ramit is against picking and investing in individual stocks. He recommends investing in Index Funds instead. And for the average person, I understand whyAnd..he explains why in the book (Chapter 7)But – at the same time, I think there could have been an opportunity to mention in the book how to invest in well known, stable, big name companies that have been around for many decades that produce dividends and can be a good addition to your portfolioI’m not saying that they should make up the majority of your portfolio, but perhaps a small percentage.Ramit is very methodical – and I believe he could have given some sound advice on some criteria to look at for blue-chip companies that have been around forever, and would be solid investments.One company that comes to mind that Warren Buffett publicly admits he likes is Coca-Cola. It’s not an exciting company but it has a history of being stable and producing dividends for the investor.>>>>>>>>>>>>>>>MAIN TAKEAWAY FROM THE BOOKThe main theme of this book is all about living your Rich LifeAnd of course, living a Rich Life will mean different things for different people.For one person, that might mean always upgrading their seats on a flight to the seats with extra leg room…for another, that might mean always buying the VIP section tickets at concerts but also that person could care less about eating out at lunch so they always pack their lunch.In Chapter 9 (A Rich Life) …Ramit says :”it’s about not having to think about money all the time and being able to travel and work on the things that interest me.”this pretty much sums it all up right here.I realized that life is more about enjoying your money, and using it to do the things that bring you joy and make you happy. Whatever those things are for you. You will have to decide.I already had a mindset of doing the things I enjoy…but this book helped me to get more clarity on exactly how to do that on a daily basis.This book helped me to have a plan to set aside a specific amount each month towards things I love. And more importantly, how to NOT feel GUILTY about spending on things I enjoy (like upgrading my seats on flights or buying courtside basketball seats) because I am cutting back on things I don’t like as much (like paying a cable bill)>>>>>>>>>>>>>>>WHO SHOULD GET THIS BOOKThis book is for the person who1. hates manually paying their bills each month2. wants to have simple and easy investments that they actually understand3. wants to not feel guilty about spending on things they love4. wants an easy to understand plan on how to pay off debts and still enjoy life (without eating ramen noodles and cutting coupons)5. wants tips for having real life awkward conversations with friends and family about money6. wants to enjoy their money and know that in the background their money is growing and they will have enough to retire7. is tired of the regular boring personal advice that they’ve read for years and yearsRamit’s approach is like that one friend who tells you how it is. They call you out on your B.S. and you appreciate them for it cuz they always keep it real with you and you know that they want nothing but the best for ya.If you like that quality in people, then you will most definitely enjoy this book!also…just being honest…I would’ve given it 4.5 stars, but there was no way to do so. I think 5 stars is for absolute perfectionAnd since Ramit left out the topic of Real Estate Investing, he didn’t discuss the option of saving up and paying cash for a car and I think he could’ve touched on investing in blue chip stable companies – I would say it’s 4.5 stars (in my opinion)It’s still an awesome book and by far the best most COMPLETE book I’ve read on personal finances because it handles those real life topics around money that happen to all of us, but no one else is talking about.

⭐All Sr year HS kids should read this. It not only teaches you how to manage your finances and retirement, but it goes as far as how to choose the right bank and credit cards!! I really wish I had this book back when I got my first job or last year of high school. I loved it so much, I purchased a book for each of my little cousins who can really benefit from it.

⭐I will teach to you to be rich…. The A-Z guide for those of us who don’t have a clue of where to start! Chances are, if you’re reading this, you’re a lot like me.Intrigue by the notion of being “rich,” but pretty sure it’s a quick rich scheme of some sort. Like that old friend from high school who suddenly friends you on Facebook, then one day tricks you into going out for a coffee date to catch up on life… only to pop open a laptop and try to set you up to be a consultant for a natural beauty company that is not “a pyramid scheme.” Yeah, I hate those too.But here’s what I do know from stalking *ahem* following Ramit, and soaking up all the goodness through his emails: THIS guy knows his stuff. No fluff.He provides you actionable steps and tells you EXACTLY what to do. He’s done the research, and with each chapter, I simply did exactly what he tells me to do.He drops names, and tells you which banks to get away from— and which ones he personally uses and trusts. That’s the thing about Ramit, he’s of the straight and narrow, and tells you how he sees it. All his recommendations are based off his own personal experience, and when you haven’t a clue of where to start— like there’s such a thing as a high-interest savings account (whaaa?!), and there’s an alternative for those of us who don’t have a 401K with employer match?!Yes, he goes over the “technical” aspects of money… providing you a step-by-step framework on how to get your finances in order, and how to automate it so you don’t have to keep thinking about it or neglecting it (which you may be doing right now, if you’re still reading this review).He simplifies it, breaks it down for you Ramit-style, so just follow the system. This 6-week program, which yes, you can probably take it slower if you like, works. Just DON’T deviate from the system.I’ll challenge you to stick with it. Give yourself a deadline, and stick with the deadline.Why? Because if you don’t set deadlines for yourself, you’re going to procrastinate… and the next thing you know, it’s been a whole year, and you haven’t read past the first chapter.So, just trust me on this okay? The moment you get to the section on compound interest, you’ll have your Oprah Winfrey aha moment complete with the brand new car (close enough) that has you sending me virtual high fives for telling you to JUST START today!But seriously, if you don’t give yourself a deadline, you’ll never open the accounts he tells you, and then you’ll get frustrated, and instead of trusting the system, you’re going to deviate, get mad, and write a mean reply on my comment calling me a liar, because it didn’t work for you.Of course, it didn’t work for you! You didn’t do the work.So, read the book and do the work.Do you know why the KonMori method works? It works because those who were serious about getting their house in order had a deadline for removing the clutter from their house. They got serious about getting their home in order in the next 30 days, and keeping only the items that truly “spark joy.”And that’s how you begin to build momentum, but without a deadline you can easily lose momentum.Similarly, Ramit takes you step-by-step, telling you EXACTLY how to set up specific accounts (sorry guys— not going to give the whole book away!), teaches you how to automate, understand your money dials, what you truly value, and how to get you from broke to implementing strategies to help you live a rich life that is in alignment with what you truly value.This book challenged me in many ways, forcing me to take a closer look at my finances, I opened up new accounts for the first time, started learning about investments, and having difficult money conversations with my husband (no spoilers here— but Ramit provides you scripts to help you work through these difficult conversations with your partner to getting those overdraft charges removed from your account to negotiating a lower interest rate on your credit cards. You’re welcome.)What does my rich life look like? Going on road trips with my family of five. I’ve designated one sub-savings account for vacations, set up to be automatically funded, and we’re going to take a trip nine months out of the year.You may be thinking it’s not possible, or your circumstances doesn’t allow you the time to get through the program. Here’s what I know about you. You’ve read this far. You’re curious. It’s a small investment for your future, your family’s future.And as a mom of three, two with special needs, someone who works part-time for a non-profit, while running an on-line business part-time, I get it.You have the time you make. You can do this. I’ve committed to getting our finances in order for myself, and for my family. I know you can do it too.The minute your book arrives, write a date on your calendar…. 6 weeks from today, and work through the book. It’s not magic, but it’s a system that works if you’re willing to do the work. You got this!

⭐There’s nothing new here – spend less, earn more, invest in index funds. Thing is, many like JL Collins or Pete Matthew say it much better, especially for a UK audience.This is the updated, UK version of the book, but there are still confusing US related bits coming through (mortgage tax relief anyone). There’s also some bits that are questionable – do I really want financial advice from someone who says he took out a pre-nup agreement and thinks more should or suggests that anyone who buys a Ford Focus is basically an idiot (I didn’t, so I’m not being bitter and I’m sure he thinks he’s funny, he’s just not).There’s also great tips on earning more – negotiate harder. Yeah, try that if you’re a public service worker or work for any large corporate where your salary increase is signed off by someone you’ll never meet.There’s only one person getting rich from this book and it won’t be you. Save the money and buy from one of the other authors I mentioned.

⭐Until I got this one.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).

⭐Read this if you are from India:Honest reviewsI brought this on 24th May and completed this on 26th May.Book is really good about finance.But the information on this book doesn’t work if you are Indian.This book is totally written with the view point of USA citizen. Better don’t waste your money if you are from India and Indian. The method used in this book doesn’t work for Indian 🙁 quite disappointed

⭐To be fair, i liked what he said regarding spending money on things you like rather than spending on things you don’t need. However, that was on YouTube interview. So reading this book was useless for me as i come from different community. I wish i paid the 10£ for a different title.

⭐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.

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