Ramit teaches all kinds of things now, but when he wrote I will Teach You To Be Rich, he was only a personal finance guru. I wish I read this book ten years ago. The title sounds gimmicky, but the book is full of actionable advice. Ramit lays out a simple and automatic system for achieving financial security. It's a bit out of date (published in 2009), but the principles hold up.
Key Takeaways
Favorite Quotes
The 85 Percent Solution: Getting started is more important that becoming an expert. Too many of us get overwhelmed thinking we need to manage our money perfectly, which leads us to do nothing at all. That's why the easiest way to manage your money is to take it one step at a time – and not worry about being perfect. I'd rather act and get it 85 percent right than do nothing.
Don't make the mistake of paying for your friends with your credit card and keeping the cash – and then spending it all.
Rating: 7.5/10
Personal finance isn't the sexiest or most riveting topic, but there's a lot of wisdom in these pages. I have a few things to change to get my own system up and running.
Key Takeaways
- The "OK" system that you can stick to is better than the "Perfect" system that you cannot.
- There are 5 simple rules to mastering your financial life. In order, they are:
- Get your full 401(k) match if your employer offers it.
- Pay off your Credit Card debt.
- Max out your Roth IRA contribution.
- Max out your 401(k) contribution.
- Invest in other ways – open a non-retirement account, pay off more of your mortgage, or invest in yourself.
- Credit Cards offer all kinds of great perks that people don't often use:
- Automatic warranty doubling and purchase protection
- Car rental insurance
- Trip cancellation insurance
- Concierge services
Favorite Quotes
The 85 Percent Solution: Getting started is more important that becoming an expert. Too many of us get overwhelmed thinking we need to manage our money perfectly, which leads us to do nothing at all. That's why the easiest way to manage your money is to take it one step at a time – and not worry about being perfect. I'd rather act and get it 85 percent right than do nothing.
Don't make the mistake of paying for your friends with your credit card and keeping the cash – and then spending it all.
Rating: 7.5/10
Personal finance isn't the sexiest or most riveting topic, but there's a lot of wisdom in these pages. I have a few things to change to get my own system up and running.