I Will Teach You To Be Rich Review and Giveaway

*This giveaway is now closed*

I recently had the pleasure of reading I Will Teach You To Be Rich, the book, by Ramit Sethi and I have to say first thing that this is the best personal finance book I have ever ready.

About the author

Ramit is a Stanford graduate in his late twenties. He graduated with a degree in psychology and technology, which explains how and why he writes the way he does. He started Iwillteachyoutoberich.com in 2004 and has been writing and building a community there ever since. He published I Will Teach You To Be Rich in 2009 where it became an instant New York Times best seller.

My opinion of Ramit is that not only is the guy a great and entertaining writer, on his blog and in his book, he knows his audience and how to connect with them. Teaching people to be rich is a pretty big claim, but he knows his stuff and by teaching people to focus their energy into the bigger ways to save and make more money in their lives, he really can teach you the skills you need to become rich.

About the book

The book is written for the young college grads,  those between the ages of twenty and thirty-five or those that are way behind and haven’t done things they should have done at this age. He writes with his usual bold style, no holds barred, and gives the most actionable advice I have ever read. The book is written so well, that you can follow each chapter one by one, do exactly what he says in each chapter and pave the way to wealth.

Ramit also focuses the whole book on modern day approaches to finance. This is so different compared to other books written even five years ago because the finance industry has changed so much since then. No longer are big brick and mortar banks or even credit unions your best option. The internet has brought so many options for saving and making money to your fingertips, and Ramit highlights these as well as guides you through making the best choices.

I have been reading Ramit’s blog for a couple years now off and on, and I knew a little about the book, so I had an idea of what I would be getting into when reading it. Ramit is not one to sugar coat anything if it means diluting the truth, so I expected blunt, straight forward tips in the book, but I didn’t expect the tips to be so honed yet varied in topic. I didn’t think anyone could pack so much punch into nine chapters but Ramit proved me wrong.

The book follows a six week plan to getting your finances in order with action steps, and estimated time frames to complete the steps at the end of each chapter. The book contains actual scripts you can use to get your credit card interest rate lowered, bank fees waived or even to negotiate a pay raise at work.

Throughout the book, Ramit stresses the 85% approach to finances, saying that a partial plan that gets you into your finances and making decisions now is better than waiting and doing nothing until that perfect solution comes along. The worst thing you can do when dealing with your finances is do nothing.

Ramit definitely has a personal approach to his own wealth. He encourages you to not worry about the little things like lattes, and focus on the big wins in your life. I completely agree with this as I feel you should focus on the best value for your money and if lattes bring you joy, then make a way to afford them.

While rich will mean different things to everyone that reads the book, it will certainly help you get a better handle on your finances and put you on track to have the financial freedom everyone dreams about.

My thoughts

Personally, I get so frustrated when I see people my age or even younger making horrible money decisions. I’m young but I know that if I had started doing this just three years earlier, my life would be very different right now. Ramit does an excellent job of connecting with his audience, as he is still in his twenties, and talks like a college guy. I think if I could just get my twenty-somethings friends to read this book, they would be in such a better position to manage their college career, finances and early life.

I highly recommend this book, as I said before, it is the best and most complete personal finance book I have ever read. I plan to recommend this book, or even give a copy, to anyone I meet who needs money advice, it’s that good.

To start that cycle, I am giving a copy away right here!

The Giveaway

I have one copy of this book to give away. Here are a couple ways to enter:

  • Leave a comment telling me one financial thing you wish you did earlier in your life. (1 entry)
  • Subscribe to my free RSS or email feed to get regular updates I publish. (1 entry)
  • Follow me and Tweet the giveaway to your followers. (1 entry)

Sample Tweet:

Just entered to win NYT Bestseller I Will Teach You To Be Rich from @pffirewall.Check out the review and giveaway http://bit.ly/9p6zWD

You can enter the giveaway via any of the methods above but make sure you leave a comment telling me how you entered.

The giveaway will close Midnight, Thursday August 19th 2010 and I will announce and contact the winner Friday the 20th.

If you liked this, please subscribe to my triweekly updates via RSS or Email. Thank you!

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24 People have left comments on this post

» wyojeffNo Gravatar said: { Aug 16, 2010 - 11:08:27 }

Consider me joined! I've always wanted to check out ramit's book, as I find him very interesting. I think in some cases he is right — You can only be so frugal, but once you've done that if you're still not making it then push has come to shove. You need a second income source.

And the one thing I wish I had done in life with my finances was get out of credit card debt earlier. I kept telling myself I would but never manned up and did it until recently.

My recent post I Joined the Gym

» DanielNo Gravatar said: { Aug 16, 2010 - 12:08:10 }

I think I’ve done most things right recently but I think I would have benefited by having a part-time job in college. I would have lived a better lifestyle and maybe paid off some of that debt.

Tweeted and already subscribed via rss.

» SubaNo Gravatar said: { Aug 16, 2010 - 01:08:25 }

I do wish that I didn't treat my fresh out-of-college salary as some sort of free money. That was my first real job earning more money than I needed and I spent it all!!! I wish I had started saving earlier!

I already subscribe to your RSS and tweeted! (But I already have the book, so you can ignore me in terms of giveaway entries 🙂 )
My recent post Borrowing from 401k for first time home down payment

» ChakaNo Gravatar said: { Aug 16, 2010 - 02:08:36 }

I wish I would've been educated on credit cards back when I was a fresh 18yr old freshman in college. Would've saved me a lot of heartache and debt later.

» MikeNo Gravatar said: { Aug 16, 2010 - 05:08:39 }

I wish I would have started socking money away and investing a lot sooner.

I'm already subscribed and following…and just retweeted!
My recent post 8 Ways to Stretch Your Printer Ink Cartridges

» Car CoachNo Gravatar said: { Aug 16, 2010 - 06:08:34 }

Hey Jesse, I'd love to win. As for my financial wish…. I wish i had NOT invested any money in retirement my first 5 years out of college. That's obviously not practical advice for anyone else going forward, but losing such a big chunk when the market crashed could have been devasting (if i wasn't so even tempered). I really wish I had put the money into a house about 5 years earlier than I did, so I could have enjoyed some of the appreciation that so many of my friends did. Man was my timing off!
My recent post Car closing- what to bring when buying a car

» Mrs. AccountabilityNo Gravatar said: { Aug 16, 2010 - 06:08:47 }

I haven't read this book, but know of and have read the blog occasionally. I wish I'd kept my state retirement funds instead of spending them. I tweeted and also subscribed to your RSS feed (thought I was already subbed!) Thanks for offering this book!

» Celeste Carter MurphyNo Gravatar said: { Aug 17, 2010 - 06:08:00 }

good book, wo

» Jesse MichelsenNo Gravatar said: { Aug 17, 2010 - 08:08:00 }

You know I agree 🙂 thanks for the co

» Money FunkNo Gravatar said: { Aug 18, 2010 - 08:08:58 }

I actually have not read Ramit's book yet (can you believe that?). 🙂 I tweeted! 🙂
My recent post 6 Steps to a Satisfied Retirement

» @bfinance said: { Aug 24, 2010 - 02:08:14 }

Hi, I love the FIRE on your site!! Very exciting. I did a lot right when I was younger. The only regret I have is not going into stock investing in my early 20's. Time in the market is the best path to investing wealth.

» SamuraiNo Gravatar said: { Aug 24, 2010 - 06:08:56 }

Good stuff Jesse. We'll look to promote and do a giveaway on Yakezie.com as well.

Best, Sam

» ForestNo Gravatar said: { Aug 25, 2010 - 01:08:28 }

Sorry I am late here!! Great review.

I just came across Ramit's blog for the first time ever about 5 mins ago and now I am reading a book review (weird how that happens!).

Anyway it looks great and I may have to check it out once my book pile is down a little!
My recent post Cost of Living by State

» KristiaNo Gravatar said: { Aug 25, 2010 - 04:08:28 }

Even thought I am well past 35, I would still love to win and read this book. If I could do it all over again, I would have invested in gold when I was a young gold buyer for a department store in the mid-90s. Gold prices at the time were around $280!
My recent post Cantaloupe Salsa

» KristiaNo Gravatar said: { Aug 25, 2010 - 04:08:17 }

I'm a subscriber.
My recent post Cantaloupe Salsa

» KristiaNo Gravatar said: { Aug 25, 2010 - 04:08:02 }

I just tweeted and I'm a twitter follower
My recent post Cantaloupe Salsa

» Celeste Carter MurphyNo Gravatar said: { Sep 18, 2010 - 03:09:11 }

good book, worth it

» Jesse MichelsenNo Gravatar said: { Sep 18, 2010 - 03:09:11 }

You know I agree 🙂 thanks for the comment!

{ Jan 18, 2011 - 07:01:00 } Why I Think Minimalism Is A Great Idea

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