Hey all,
It’s been awhile since I’ve been on the blog. Since my last post, I have been working for a university setting and have switched to focusing on personal finance in my free time.
Having read a lot of personal finance books from Ramsey, Kiyosaki, Collins and such, I thought I would give the book by Ramit Sethi a go.
For those that don’t know, Ramit has a Netflix show, podcast, YT channel, and a book. After listening to many of his podcasts, I decided to read the book.
The podcast is fairly long content, so it would take a couple of commutes to listen to each episode, especially since my longest commute now is only 25 minutes. There are a lot of details in the podcast and it is similar to a Ramsey Solution podcast in which he is taking real people and analyzing their personal finances. Ramsey does it in minutes and Sethi does more of a deep dive over the course of 40-60 minutes.
The book “I Will Teach You To Be Rich” is the same name as the podcast. I found the book a little remedial at first. It wasn’t until I had conversations with some coworkers and family that I realized this book actually has a large audience. For those that don’t understand the dangers of credit card debt this book is worth multiple of its value. I used to own a company and during my days, I would have conversations with multiple patients and employees per day. One particular conversation comes to mind:
The person had over $10K in credit card debt, but instead of plowing all of the excess money towards the credit card, the person was “investing” in RobinHood. Not to say that there is a problem with using RobinHood to invest, but investing in RobinHood for a chance to make 8-10% while paying a credit card 20% will always keep the person trying to dig out of a hole, spinning wheels. This person couldn’t grasp the concept that credit cards need to be paid off every month. For this person, the book would be a lifesaver.
This book is written for the beginner OR someone that doesn’t want to spend too much time thinking about money and financial health. There’s a strong theme to automate a lot of investments. Again, this is great for a majority of people.
If you don’t know why a “health savings plan” can act like a super Roth for healthcare expenses, this book is perfect for you. It will explain all of the steps that a person should take before investing in this type of account.
To buy the book, click the link: https://amzn.to/3T2dGwd
As an Amazon Affiliate, I earn a commission for each person that purchases a book. I would be just as fulfilled if you got the book from the library or borrowed the book from a friend. The information is good regardless of how you get the book.