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 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.