8901
#1 in Credit repair books
Use arrows to jump to the previous/next product

Reddit reviews on I Will Teach You To Be Rich

Sentiment score: 47
Reddit mentions: 81

We found 81 Reddit mentions of I Will Teach You To Be Rich. Here are the top ones.

I Will Teach You to Be Rich

Found 81 comments on I Will Teach You To Be Rich:

u/DragonJoey3 · 16 pointsr/personalfinance

Caution: Wall of text to follow.

Firstly, congrats on caring at a young age about your finances. That's something not a lot of people can say. With that being said I'll like to take each of your paragraphs in turn and answer your questions at the end.

NOTE: If you just want answers to your questions and not my advice skip ahead.

> While I believe that there are some truths behind "Money doesn't buy happiness", it is a lot easier to be happy knowing that you are well-off.

As a word to the wise from someone a little further down the road let me just say there is more truth than you yet realize in those 4 simple words. Many people don't come to see the truth till their old age looking back on a life filled with regret, so take some time now and seriously contemplate it, because the reality is in 85 very short years you'll likely be dead, and all you ever had will belong to someone else. If the only happiness you get in this life is seeing dollars in your bank account you'll miss out on a lot.

> The leading cause of divorces are because of financial issues. I mean, that has to speak for something.

In the vast majority of divorces it's not a lack of money that's the problem, it's a lack of agreeing on what to do with the money that is. Marriage can work below the poverty line, and above the 1% line. The financial issues of marriage aren't solved with just "more money!"

> I want to be able to support myself, other family members who aren't as well off, and be able to buy my kids (if I have them) a car, pay for their college funds, etc.

Supporting your own family is honorable, but beware when helping out "less fortunate" family members. There are many, many problems that can arise from that if not done properly, and enabling a family member will only make their situation worse, not help them.

> I don't want to be a doctor. Or a lawyer. . . . . who can bank at least a million in one year.

That is a very big dream, but it's not unrealistic. Big dreams are good, and as long as you can approach them level headed they help give you focus. I say that your dream is worthwhile, and although I caution against greed as it can destroy you and your life, there is nothing wrong with wanting to be a CEO making $1,000,000.

ANSWER TO YOUR QUESTIONS

> So tell me. Where do I start investing and also building my way up to becoming the CEO of a company?

You start right where you are. There is nothing stopping you from pursuing your dream now. Begin with learning. Learn what it takes to be a CEO, learn how other CEO's have done it, learn what your talents are. There will be much learning for you starting out.

I recommend the internet and a library card. Read a CEO's biography (it's as close as you'll come to getting to interview some CEO's). How is it that Donald Trump was able to go from rags to riches twice?! What would it take for you to do that? Learn all there is to learn about running a business, being a leader, and leading a successful venture.

> At what age?

NOW! Bill gates was already writing software and starting Microsoft at your age (not to say you're behind or anything like that.) There is no age limit on being a CEO, and there is certainly no age limit on learning and working hard.

> What majors in college should I be looking at?

This will be up to you and what you feel you would be good at. Do you want to be a CEO just to be a CEO, perhaps some business major then? Learn from other CEO's stories and what they majored in.

> And at what colleges?

Personally there is little impact based on what school you choose. There are CEO's that never went to college, and there are CEO's that went to Yale/Princeton.

The fact is it takes maybe $200 to start an LLC and call yourself a CEO, no college degree needed. What comes after that is actually making the money! In order to do that you have to provide a good or service that people want. The more people you make happy, the more money you'll get.

Something you should know now is that starting a company, and running a company is HARD WORK. I know some owners of start-ups that had to work 60 - 90 hours a week with little to no sleep to build their business. I know others who fell into the CEO position because their daddy owned the company, and they were lazy, and thanks to their lack of action the company collapsed.

> And of course, looking to do this in a legal way.

Welcome to America :), where hard work, sacrifice and the willingness to learn and strive can and do payoff.

One last piece of advice: Don't be a jerk. When you become the CEO of a company and you are making the millions, when you someday are the hotshot, don't look down on those around you. Remember where you came from, and those that helped you along the way, and there will be those that will help you!

People will always respond better to someone who is nice than someone who is a jerk.

Here is some recommended reading once you get that library card:

  • Start by Jon Acuff

  • EntreLeadership by Dave Ramsey

  • I will teach you to be Rich by Ramit Sethi

  • The millionaire next door by Thomas Stanley

  • The seven habits of highly effective people by Stephen Covey

    There are many more books, but that's a start.

    Jon Acuff went from amateur blogger to best selling author, and is a great motivational writer. His books make me want to run a marathon, and are good for motivating you.

    Dave Ramsey went from bankruptcy to running a 300 person business and earning in the %1 of earners in the nation with a national brand. His book is about being a leader in business and you'll need to lead if you want to be CEO. It's a hard job, and not nearly as cushy as you might think.

    Thomas Stanley is a researcher who studies those with a net worth over $1M and his book will show you that being rich doesn't contradict with a frugal lifestyle.

    The others and highly recommended in general!

    The fact is you'll need to grow up, turn off the TV, and look weird to your friends. How many 15 yr olds do you know reading books about how to run a company and studying up on what it takes to be a CEO, or how to start a business? I don't know many, but I do know that at 17 years old William Gates III started a joint venture with Paul Allen (their first business). They both went on to make the top 20 richest billionaires list. Bill still holds the top spot.

    If you want to be rich, you want to be a CEO, then work at it. Work at it now, work at it often, and work at it always. I have no doubt if you dedicate yourself you can do it. The fact of the matter is that most people reading this are tired just thinking of the work it takes to be CEO, and that's why they never will be.

    Best of luck on your future success, and don't forget the little people.

    ~ Dragon J.

    Edited for formatting.
u/MarchHill · 15 pointsr/AskMen

I bought this book. None of that Dave Ramsey bullshit. That guy's stuff is good, don't get me wrong, but it's written for Baby Boomers and Gen X'ers who are in thousands upon thousands of dollars in debt. What about the guy who's a Millennial and not in debt? Cue in this book. Written specifically for a guy like me. I read that book when I was 19 and started putting money in my own Roth IRA soon afterward, and setting up my two credit cards I had with full auto-pay every month so that I don't need to worry about missing a payment. Since then, I have never had to worry about my finances. I have never lived paycheck to paycheck. Financially, I am set and am on the way to a nice retirement before I'm 65.

u/ijustneedausernameee · 12 pointsr/raisedbynarcissists

Your parents are ridiculous. You're smart to want to know about finances while you're still in college. I'll bet few of your classmates are doing this.

Here's a good list of resources for money stuff:

  • To find out what loans you owe, request a free credit report from annualcreditreport.com. You can get a free report a year from each of the 3 credit agencies, so ideally you can get another report every 4 months. Or shell out a small fee to get a report every month. The report will list out all the debt you owe and who you owe it to. This is also a good way to make sure there's no identity theft going on and no one's taken out debt in your name.

  • Check your credit score for free at CreditKarma. A good credit score means it's easier to get approved for credit cards and loans, which comes in handy when you're buying a car, getting an apartment or buying a house. Not only that but you'll pay lower interest fees which means you save a ton of money in the long term.

  • I will teach you to be rich by Ramit Sethi. Still one of the best books around for understanding money, especially for college students and 20 somethings. Good resource for learning about student loans, bank accounts, credit and investing.

    Keep talking to your financial aid officer and don't tell your parents anything. Play dumb until you're out of their house for good. They're freaking out over losing control of you.
u/ottothecow · 10 pointsr/IAmA

Hate to break it to you, but lesson number 1 is going to be that you shouldn't be paying >$5000 for a class in personal finance (especially when it all fits on an index card!).

Save $4990 and buy this book instead. Incidentally, the guy who wrote it tried teaching personal finance classes at Stanford and nobody came. Everybody thinks they want to learn about this stuff, but nobody actually wants to go sit in a classroom to learn it.

Book's pretty good, and less dry than most "personal finance" stuff...a lot of the basic financial advice is already covered in Harold's index card, but he has pretty good material on negotiation, automation, and how to prepare yourself financially without miserly budgeting and worrying about whether or not you can afford a $3 starbucks drink.

u/King_Tofu · 8 pointsr/personalfinance

the books reccomended in the faq provide abundant info. Specifically,

"The millionaire next door" -- explains the importance of defensive spending and talks about how fiscal responsibility is passed to your kids depending on your money attitude.

"I will teach you to be rich" is a good general primer.

"The boglehead's guide to investing" introduces all the options out there and explains why investing in low-cost index funds is best for the long run.

edit: "I will teach you to be rich" is a more stimulating read, followed by millionaire, and last is boglehead.

edit 2: Millionaire is more "mindset" with not many practical advice except for its section on how financial responsibility is inherited onto kids

u/Master_Dogs · 6 pointsr/financialindependence

> Why is he MMM’s so called “arch rival” and how do they differ in philosophy?

He's called MMM's "arch rival" because of this early (2011) blog post / book review by MMM himself about Ramit Sethi's (the guy being interviewed) book titled I Will Teach You To Be Rich. You can read the blog post on your own, but the short of it is that Ramit suggests a less frugal lifestyle than MMM. Ramit famously says you shouldn't worry about buying a latte because in the grand scheme of things a single $4 coffee isn't going to adjust your FI/Retirement goals that much. MMM takes the complete opposite approach, and suggests eliminating that latte if you can, and particularly if it doesn't bring any value to your life. MMM would say "why are you being a consumer sucka and paying a coffee shop a ridiculous amount of money for a coffee you can brew so much better at home!!!" while Ramit takes the "eh, don't sweat it bro" approach.

IMO, I think both MMM and Ramit have valid points. I think in moderation both are helpful - eliminate the crap you can, but don't sweat the tiny things or the things that bring you joy. Like don't get yourself all sad because you broke down one day and bought a cup of coffee - just try to avoid doing that daily if you can, and if you actually really like buying that cup of coffee then good for you, enjoy it!

I think this podcast is worth a listen, but it's helpful to have seen that early MMM blog post prior. His criticizisms of this sub and others like it is spot on too (as pointed out by another commenter).

u/twocoffeespoons · 5 pointsr/personalfinance

I make about the same as you, only I've been in the situation for a year longer, and I definitely shared the same anxieties about my adult financial life as you.

Two pieces of advice: First - Read I Will Teach You To Be Rich. You can find the PDF online for free somewhere. Don't worry, it's not one of those sleazy get rich quick books. Instead it's a very level headed go-to guide to set up your financial life. It's been a huge help. Listen to the part about setting up a second savings account that automatically deducts a small amount ($50-$100) of money from every paycheck. It's an idiot-proof painless way to save.

Second, you're still young. Sometimes on this board it's easy to forget that twenty-something's with six figure savings accounts aren't exactly common in the real world. Don't forget to stay calm and try to have some fun. I went through a period of penny pinching every expense. All of my friends were buying nice clothes or going on trips to the beach while I sat in my apartment eating Ramen. As you get older the chances to ride off to the beach with friends or rage at the best music festivals become fewer and far between. Don't forget to enjoy yourself.

u/__nev__ · 5 pointsr/FinancialPlanning

I came back to the top after writing this because I know I sound like a dick. I know I'm not gentle. I know sound insanely critical and presumptuous about your life. I don't mean to be, I just don't know how else to write this and still get the message across.

> I want to ensure I have enough savings to buy a house once I leave university in 2/3 years

I don't like starting out on this note, but someone's gotta say it. Taking out a mortgage (let alone buying a house) within a year of graduating is not feasible for most who go to college on their own dime.

  • Houses are stupid expensive.
    • A down payment is usually 20% of the sale price.
    • Mortgage rates are stupid high for young people with student loans.
    • Home-owners insurance is stupid expensive.
    • Property taxes are stupid expensive.
    • Maintenance costs are stupid expensive.
    • Missing a mortgage payment could easily result in foreclosure.
      • New grads are high risk. It's extremely likely any lender who gives you a mortgage can foreclose the second you miss a mortgage payment.
    • Dropping a large portion of your net worth on an investment you are extremely likely to lose is not smart financial planning.

  • You have very little income.
    • You'll be an entry-level candidate with (presumably) an entry-level salary.
    • Using student loans to pay for a down payment on a mortgage is not smart financial planning.

      I draw attention to the house quote because it's symptomatic of a real problem everyone faces: Understanding how their finances align with their goals. But that's why you're here, and I haven't forgotten to answer that part of your question.

      You need to build a budget and track your spending before getting in too deep. Some points:

  • Read I Will Teach You to Be Rich by Ramit Sethi and I'm a big fan. It's $6.99. I know the title is absolute shit, but it will teach you how to handle and track your money. "To know thyself..." and all that crap. The rest of my bullets are all covered in that book too.

  • Use Mint and make a budget in Excel or google sheets. The first month, just track spending. You can set goals, but the key is to see your behavior from a bird's eye view so you know what to change.

  • Change your lifestyle gradually.
    • I'm a foodie too, but you really should learn too cook at home. Here's my 2-week meal plan. Where I'm from, it's about $120 for 17-21 days of food. Spending $500+/mo on food is obscene. Cut that figure down.
    • Study at the library. Don't go to coffee shops or other commercial establishments where you need to buy a drink. That $2 adds up over time.
    • Cultivate hobbies in your downtime. Some people eat when they're bored. Personally, I spend money when I'm bored. That's advice I've never read in a book, but has helped me tremendously.
    • Do this all slowly. If you make drastic cuts, you're less likely to keep to your spending goals.

  • Set reasonable goals.

    • Start with an emergency fund. There's a big difference between a person with $500 saved and a person with $5,000 saved.
    • For most, taking out a loan on a car is a more feasible and realistic goal before getting a house. You'll need it to travel to interviews, drive to and from internships, and it'll give you more freedom when deciding where to live around uni. That said, postpone it as long as possible. The cost is only worth it when the benefits are really high.

  • Keep up or lurk with us on /r/Frugal, /r/budgetfood, /r/freebies, /r/coupons, and /r/personalfinance.
u/BPhair · 5 pointsr/IWantToLearn

Spend $10 on a copy of I Will Teach You to Be Rich. The title is mostly a joke, but it offers very good, practical advice for anyone but particularly those in their early twenties.

u/cargo54 · 5 pointsr/personalfinance

read this. pick it up at your library or buy it I'm in the same situation and it explains everything you need to know about budgeting, savings, retirement you'll need

http://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&qid=1310257315&sr=8-1

u/mfmbcpman · 3 pointsr/Frugal

Checkout the Charles Schwab High Yield Investor Checking Account. You have to open a brokerage account with it but neither has any associated fees. There are no ATM fees, no minimum balance, and no monthly fees.

Pair this with an online bank for your savings account like Ally. Ally's rate right now is 0.84% instead of Bank of America's horrible 0.01%.

I recommend reading the book I Will Teach You to Be Rich. It's a very easy-to-read intro to personal finance.

u/[deleted] · 3 pointsr/AskReddit

Hi, I found solid, readable, nicely structured and simple advice in Ramit Sethis Book "I will teach you to be rich", available here, for example: amazon .

The good thing is that he concentrates on a few pieces of important puzzle parts, driving the importance of some core issues home without getting into lots of details which could ultimately distract somebody from implementing the important parts.

The most important chapters are about

  • How to use Credit Cards properly (mostly to build credit, something I don't really get because I am not an american probably)
  • How to save for old age
  • How to make a budget you can actually use and work with

    ... and a few other things, like negotiation, how to handle debt etc.

    It's really a good book which concentrates on the important stuff, and also a kind of checklist where you can implement one chapter after the other until you are done.
u/aquapeat · 3 pointsr/personalfinance

i suggest to anyone who has all their money go to one checking account please read a personal finance book, i love recommending this book, or at least his website. i spent way too many years with one checking account saying one day ill do something about it.

and all the other advice is great as well. index funds should have lower expenses and its always a good time to get an ira started.

u/ataripixel · 3 pointsr/personalfinance

First, I feel like I was in the exact same place you were when I was 15, back in 1997. However, I didn't listen to my parents when they gave sound advice about saving and investing. Luckily, I managed to turn things around by the time I was about 25. Now, I've got over $200K invested and saved and my wife and I just got back from an eastern Europe road trip over the xmas break and didn't have to think twice about money. We still make a budget for everything and spend as little as we can.

Here are the 4 pillars of finance. They are all equally important and you need to know what part they all play.

  • Banking
  • Savings
  • Budgeting
  • Investing

    This book will be a great introduction for you. You can get it used on Amazon for $10, or better yet, try to find it at your local library, or your school library.

    When I was 15, I made minimum wage by working at a fast food restaurant, great way to get money. I usually spent all that money on taking my girlfriend out on dates to restaurants and movies, and on gas for the car and the car payment itself. It will be difficult, but staying single will save you a lot of money. Or, splitting the bill on dates will at least help. If you have to buy stuff, try to buy it used. The best way to accumulate money is to only spend it when you absolutely have to.

  • You don't need an awesome car, just a cheap one that will get you around or a bike if your town is conducive. Take the bus, or car pool with friends as much as you can to save on gas.
  • If you're out with friends, don't spend money if you don't have to, or at least only spend a little on cheap stuff, like just a cheeseburger and water, not the $8 value meal. Your friends may look at you weird now, but they'll look back on it later and see how smart you were.
  • You don't need awesome clothes, so don't waste your money on that. Same goes for gadgets, or at least try to buy them used, only if you must have it.
  • Stay home as long as your parents will allow, even in college if you can.
  • Before you start investing, become familiar with investing. You can read all you want for free at Investopedia. They have great videos too. The Motley Fool is not a great place for beginners, but this page is ok. Seriously, don't read anything else on that website, it's mostly BS.
  • I'm not trying to ruin your childhood with these suggestions, but there are tons of free things you can do with friends or inexpensive things. You don't have to spend money to have a good time.
  • Ask your parents if there are things you can do around the house for allowance. Ask them if they will give you your week of lunch money up front and let you keep it, even if you spend it on bread and lunch meat and take a sandwich everyday. Save that left over money! DON'T spend it on crap foods and candy in vending machines. It's not "extra" money to waste, it all adds up.

    As you get older:

  • Credit cards can deplete you of all your money, very fast. DO NOT GO INTO DEBT. If you do get a credit card, do not use it unless you have the money to pay it off right away. This will ruin your life, not kidding. No amount of rewards points or "cash back" is worth going into even $1 of debt. When I was 15, I couldn't get a cell phone plan unless I had good credit. However, they did let me get the account if I could pay a deposit of $150. Hopefully, your parents will do this for you though.
  • If you don't get a scholarship and your parents can't pay for college, DO NOT GO INTO DEBT by taking out student loans. Go to a local state college or community college and try to pay your tuition with cash. You might miss out on some of the cultural aspects of a university, but you'll still get your education and I've never been turned down for a job because I went to a community college instead of an expensive university.
  • Once you've read up on the basics of investing, read this book, you can get it used for under $5 or free at your local library.
  • Another great book that taught me a ton about accumulating wealth is The Millionaire Next Door. It might not all make complete sense right now, but it will demystify what it really means to be rich.

    Wow, this post got a little long winded. I've got plenty of other advice information that I've learned over the years. I'll try to post it later when I get a chance. Last bit of advice, as for investing, take your time, don't be in a hurry. Make sure you know what you're doing before investing your money in anything. Good luck!

    Edit: I just read the bit about you living in Finland and having free school. Rock on! I'll leave the advice about student loans and community college for others.
u/Tyler3920 · 3 pointsr/personalfinance

Preface: if you're not matching your company's 401(k), do that first thing Monday morning.

You're making three critical errors: (1) you're spending too much on housing; (2) you're not saving enough; (3) and you're succumbing to emotional appeal rather than logic.

With regard to the first point: you're spending way too much on housing. A very general general rule is to spend about 30% of your after-tax income on housing/rent and another 20-30% on fixed costs (utilities, car payment, etc). The remaining 30-40% goes to investments (Roth IRA, 401k), additional savings (5-10%), and then guilt free spending money.

Right now, you are spending 64% on your income on housing. Not just fixed costs, but housing. Moreover, including this amount, you are spending 95.8% of your income on fixed costs. That means you only have 4.2% of income to save (or buy a car).

Put it another way (since you read r/personalfinance). What would you think if somebody came on here and posted: "Humble beginnings, make $45k a year living with my parents, and I'm buying my dad a Porsche because that's his dream! But how do I save for an apartment?"

Your eyebrows would obviously be raised.

Now, here's why overspending on housing and fixed costs is a problem (and goes to my second point): you are suffering HUGE losses by not starting to invest NOW. For instance, if you started a Roth right now and contributed the max, and retired at 65, your Roth would be worth $1.263 million. If you waited until you were 30, it would be worth $814 thousand. In other words, by waiting six years, you're losing six years of compound interest. That's a $400k loss.

Lastly, I hope you're not looking at building a house as an investment. A house is a purchase. You cannot assume it will appreciate in value. It is a purchase that will cost a lot of money over time (property taxes, maintenance, transaction costs if you sell it, etc.). And, does your dad have the income to do all that, or will you be his supplier all his life?

Bottom Line: The fact that you're making $70,000 per year and think you need to take out a loan to afford car speaks volumes to your lack of finance knowledge. You need to own that and educate yourself on the basics (I'd recommend this: http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489).

What I'd do:

(1) Match your employer's 401(k)

(2) Start a Roth IRA

(3) Open an investment account to start saving for your own house, as well as being able to take care of your parents when they retire

(4) Start improving your credit to make sure you get a low interest rate on your car loan

(5) Buy a car and stop mooching off your friends

(6) Cut back on sending $2,000 to your dad to build a house.

(7) Stop going to restaurants five times a week and use that money to pay for car insurance and gas.

PS: I know I can't understand your emotional desire to build a house for your dad. But I speak from this personally: my mom moved into her "dream house" out in the country eight years ago. It was a $145k mortgage. Eight years later and she's re-financed it twice. The balance is $140k. She just never understood how much it was going to cost to maintain the house on her own. She's never going to pay that mortgage off. And almost 60% of her income goes toward paying her mortgage. It's locked her up financially. Only difference between her and you is that you have years to correct your mistake, and my mom is fucked.

u/natinaut · 3 pointsr/personalfinance

I'd recommend I Will Teach You To Be Rich by Ramit Sethi. A touch cheesy, but a lot of good info in there about personal finance. I especially likes how he talks about automating your budget so that you don't have to spend a lot of time tending it.

Anything by Dave Ramsey is a good start too. And finally, I'd recommend the program YNAB for budgeting.

u/bingaman · 3 pointsr/bestof
  1. Pay off all debts.
  2. Fund your 401k to the max, if your work offers it
  3. Start and fund a Roth IRA to the max

    Return is usually a function of risk. In other words, you can make more money if you are willing to take on more risk. Your 1% bank account will always go up and is insured by the FDIC. That is not the case with most investments. Eventually you will lose some of the money that you thought you had. But if you invest for the long term and don't pull out just because you're down, you will be set.

    Index funds are a great way to get a decent without having to think too much about it. I recommend the book I Will Teach You To Be Rich if you want to learn more. I followed his instructions and now I am rich (not really, but I know a lot more).
u/woodbuck · 3 pointsr/UniversityofReddit

Read I Will Teach You to be Rich by Ramit Sethi. It is written for people in their early twenties and it is a very accessible read.

Edit: Title was a little off

u/PagingCraig · 3 pointsr/personalfinance

Pay off your debts in full, no point in keeping $50 on them at all. Cut up all the cards you don't use, don't get back into credit card debt ever again. Put some money in a ROTH or something if you've maxed the match on your 401k. Buy a copy of this book. Start an emergency fund too while you're at it :D

No idea about the taxes, but I assume your company would've taken them out of the 20k already?

u/workerbotsuperhero · 3 pointsr/PersonalFinanceCanada

This reddit discussion from around a year ago is somewhat informative. It's all about credit unions in Toronto.

I like some of the credit unions that discussion talks about, but the closest one to me is a Meridian branch. I looked at their rates, and it looks like I'd still be paying around $9.00 a month for a similar account.

It's not a lot of money, but I'm on a mission to stop paying for banking. Mostly because I liked reading Ramit Sethi's I Will Teach You To Be Rich and he emphasized choices like that a great deal.

u/concerned752 · 2 pointsr/AskReddit

Ramit Sethi's I Will Teach You To Be Rich is a good introduction to money for folks in their early 20s. I think he suggests putting the money in no-load index funds.

His blog of the same name is a fun read. Ramit also posts on reddit from time-to-time.

Ramit: I used your referral for that Amazon link. I expect a commission. ;)

u/sol1 · 2 pointsr/personalfinance

I highly recommend Ramit Sethi's I Will Teach You to be Rich. Just prioritize saving what you decide you need first, blow the rest on whatever makes you happy.

u/lxmorj · 2 pointsr/AskReddit

Been there and it's actually fairly depressing / draining. I had about 3 - 4 hours of work per day, but needed to be there for 8 hours. Here is how to get the most out of the situation:

1: Learn about automation. I'm certain that AutoHotKey for Windows can replace 20% of all office workers in the US. You have 4 hours a day to get great at it. Do so, and make the 4 hours you used to spend on actual work take 2 hours. It'll come in handy later.


2: Perfect your finance automation, since credit card sites and such don't LOOK like screwing around, you likely won't have any trouble. Get auto deposit set up, figure out your benefits and maximize them. 401k match? Automatically max it. Direct deposit, auto-pay on your credit cards, etc. Reduce the number of things you ever have to worry about again. Ramit Sethi's book will walk you through this shit and costs like $10.


3: Now you have even more free time at work, and you SHOULD be increasing your nest egg because once everything is automated it's really hard to fuck it up. You've now got 6 hours a day to explore new jobs, learn new skills, start a side business, or research something until you're an expert.


OK, so not everyone wants to do step 3. If you aren't over-supervised, you can plan vacations, your meals and groceries, activities for after work, etc.

u/Churn · 2 pointsr/AskReddit

Never help someone more than they are willing to help themselves. Since he likes to read, give him a good book to read. One that sounds gimicky like he's used to but that actually gives good advice on saving and investing through out your life instead of get rich quick.

Example: I will teach you to be rich

u/demosthenesss · 2 pointsr/personalfinance

I like I Will Teach You To Be Rich as it's a bit more "fun" to read.

Definitely geared towards young professionals.

u/Chummage · 2 pointsr/FinancialPlanning

I've read about half of these. Pretty dry reading. I would recommend the following:

The Wealthy Barber

I Will Teach You to be Rich

Bogleheads' Guide to Investing

All About Asset Allocation

The basic point of all of the books above and in the article is that you aren't going to beat the pros in investing, in fact the pros can't even keep up the same record from year to year. Index funds are the way to go. Other books above go over what the asset allocation looks like and also goes over insurance and other things to make your finances sound.


As an aside, I never could stick with a budget until using the software YNAB and now that I'm doing a monthly budget I am seeing massive benefits.

u/beachy31 · 2 pointsr/FinancialPlanning

Solid list. Far & away best book I've read is: I Will Teach You To Be Rich by Ramit Sethi I'm 25 & this is perfect for recent grads or anyone needing a personal financial plan.

u/NeoDozer · 2 pointsr/personalfinance

I think I will Teach You to be Rich by Ramit Sethi is written for the older teens/younger twenties crowd. He's a little nerdy but funny and gives solid advice. I buy it for all my younger cousins when they have asked me for personal finance advice and they've all liked it.

https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&qid=1521661332&sr=8-1&keywords=i+will+teach+you+to+be+rich

u/WeNeedAFIREClub · 2 pointsr/UTAustin

There's a common saying that if you read 3 books on a topic, you will know more about it than ~ 99% of people. I recommend starting with I Will Teach You To Be Rich by Ramit Sethi. Despite its corny name, this is a fantastic intro to personal finance for beginners. A more advanced and in-depth book would be something like Wealth by Virtue which I plan to read soon because people have been singing praises about this book. There's a million books out there about stuff like this and if you just read a few, you will be lightyears ahead of everyone else.

u/minoc_uo · 2 pointsr/asktrp

I could recommend this book to teach you to manage money. Especially retirement at an early age. You could get it free though in pdf or audio.

http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489

u/brendapie · 2 pointsr/personalfinance

It is on the reading list but I highly recommend I Will Teach You To Be Rich.

It is geared for someone in their 20s although it can be applied at any age. It's broken down into six weeks where he goes over your credit and banking accounts and then guides you into starting an investment account and setting up a budget. An updated edition of this book is coming out in May but the advice in the book is still sound and relevant.

Edit: Found one more book on that list that seems perfect. Get a Financial Life: Personal Finance in Your Twenties and Thirties.

I also really liked Suze Orman's The Money Book for the Young, Fabulous & Broke but it came out in 2005 so some of the content is outdated. This is one of the few books I have seen that really targets the issues young people face with money.

u/floormatt32 · 2 pointsr/personalfinance

I would 100% do a roth IRA. If you are willing to do a little bit a reading I would reccomend picking up "I will teach you to be rich" and at the very least reading chapters 3-7. It will give you a really solid base understanding of mutual funds vs index funds vs lifecycle funds (aka target date funds). The stuff about the credit cards and beating the banks would probably not apply to you as much but its a really easy light read that would answer a lot of your questions.

link to book:
https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&qid=1498578704&sr=8-1&keywords=i+will+teach+you+to+be+rich

u/_LiD_ · 2 pointsr/personalfinance

I would take a read through the FAQ

EDIT: Also one of my favorite reads for personal finance is, I Will Teach You To Be Rich

u/shiftyjamo · 2 pointsr/PersonalFinanceCanada

You mentioned that you're married. My wife & I read Smart Couples Finish Rich when we were first married and found it very helpful. It's a good overview of all the major financial topics for a couple (financial planning, retirement, insurance, buying a home, etc). It doesn't go too deeply into any of them, so it's a pretty easy read. We read that book first then a couple of books that go into more detail on individual topics where we felt we needed more detail.

The Bogleheads' Guide to Investing was one of those other books and it was very helpful when setting up our retirement savings, investing, and planning for the future.

Finally, I found that I Will Teach You Too Be Rich by Ramit Sethi was also very good. It's aimed at people in their 20's & 30's so the style & tone of the book is very different from other finance books. It focuses on money management skills & systems. It also covers topics like negotiation that most other books don't mention very much.

u/RockyK · 2 pointsr/personalfinance

What it really sounds like is that you need a whole mindset change. I would recommend starting off getting some education (either college or self-taught) and develop confident mindset. You've taken the first step with seeing that you have a issue and asking for help.

There's a few books I can recommend: Think and Grow Rich, I Will Teach you to be Rich, Secrets of the Millionaire Mind.

Even if money isn't your goal, these books help you discover what you should be focusing life on.

Now it's all about doing it.

u/waitreally · 2 pointsr/LifeProTips

Start learning about managing your finances. I love the book I Will Teach You to Be Rich and wish I had discovered it during college instead of years after. Really bad financial habits can develop in college and loom with you for years afterward.

u/Tabarnouche · 2 pointsr/personalfinance

My advice is based on you being together forever and that there is no yours/hers. Whether there is or is not a yours/hers dynamic is up to you, of course, but many committed couples choose this route. My advice pretty much boils down to two things you should do: pay off debt and save for retirement.

The first thing you should do is pay off any high-interest-rate debt. Why is this the first thing you should do? Because a penny saved is a penny earned. A good rule of thumb is to put your money toward whatever option has the highest rate--either earned or paid. In terms of how it ultimately affects how much money you have, paying off high-interest-rate debt is like putting your money in a high-yield investment.

Let's say you have $200,000 to spend (your case). Let's also say you have $50,000 in debt with a high interest rate of 11%. Right now your net worth (assets-debt) is $150,000.

Choice A: If you put it all in the stock market, you'll earn a (inflation-adjusted) yearly average of 8%, which is the historical average. So after one year you'll earn $16,000 (200,000.08), but now you still have to pay interest on your loan of $5500 (50,000.11). So your net worth after one year is 200,000 + 16,000 - 5,500 - 50,000 = $160,500.

Choice B: Pay off your loan and invest the remainder--$150,000--in the stock market. After one year you'll earn $12,000 (150,000*.08). Your net worth after one year in this case is 150,000 + 12,000 = 162,000.

Hopefully that explains why, if you can't beat in the market the interest rate you're paying on your debt, you should just pay your debt. So yes, pay your credit card debt. Pay your student loan debt.

After that, save for retirement!!! Not exactly sure how to do that? Get this book: I Will Teach You To Be Rich. Hyperbolic title aside, it provides sound and concrete advice as to what you should do to save for retirement. As you can see, the reviews on the book are great. Let me know if you have any other questions.

u/tmorton · 2 pointsr/personalfinance

Congratulations on paying off the credit cards!

Since you're just out of school, there's a lot of stuff to learn. I recommend three books: I will teach you to be rich, a "finances for young people" overview, Total Money Makeover which hits the "get out of debt" message hard, and Boglehead's Guide to Investing which has the best investing advice you'll find.

If I were in your position, here's what I'd do:

  • Small emergency fund - at least $1,000, up to maybe 3 months of bare-bones expenses. You can err on the low side if your car is reliable, your job seems secure, and your family members are generally well-off. Put this in a savings account.
  • Get the 401k match. It's free money. Even if the worst happens, and you have to take an early distribution from your 401k, you'll be better off than if you had not picked up the match.
  • The Sally Mae loan. Got to get rid of that interest rate.
  • The loans in account 1, starting with the smallest first. It will probably be a hassle to apply your extra payments to principle, not the next month's payment, but it's important. Knock these out one by one.
  • The state university loan, just because the balance is so low - kill it for one less bill each month.

    At this point, you've killed the egregiously high-interest debt. It's worth thinking about whether you need a slightly larger emergency fund. If you're still young, single and dependent-free, then 3 months of expenses is probably good enough. Then it's back to killing off debt - either lowest-balance first, or highest interest rate. Either way, don't let your expenses raise much until all of the debt is gone.
u/JuicyBoots · 2 pointsr/AskReddit

Notice how a lot of these are about finances? Learn how to take care of your money now and your 60 year old self will thank you later. I recommend the book I Will Teach You To Be Rich. Also, nothing is more valuable than a good work ethic.

u/howard6502 · 2 pointsr/RealEstate

Hi,
I would suggest that you wait longer. Try to save $40-50K before buying.
My wife & I were apartment dwellers, and we bought a home some 16 years ago. We needed the space. The most important thing for you is to have enough savings to pay at least 20% of the purchase price, plus the closing costs. The next thing is to figure out what that house is going to really cost you. Always consider taxes, HOA (Homeowner's Association) fees, Water, Electricity, Heating & Cooling, etc. Also keep some money aside for unexpected things (a pipe busting in the middle of the night, etc.)
After buying my house, I found myself cash-strapped, and I ended up running up a huge debt, because I didn't consider all of the costs. If I can prevent even one person from getting in the same boat, I would be happy.
I've been out of debt; except for my mortgage, for a few years now, and I'm finally loving it again.
If you can't pay a decent down-payment, or you have a less-then-stellar credit rating, you will get a less favorable interest-rate on your mortgage, a .5% premium on a mortgage can cost you thousands of dollars over the life of the loan.
I wish we had the advise from this book when we got started: http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489/ref=tmm_pap_title_0?ie=UTF8&qid=1398230777&sr=1-1
I wish you the best of luck!
-Howard

u/freepressdotnet · 2 pointsr/personalfinance

The best advice I can think of:

  1. Continue to read /r/personalfinance /r/financialindependence /r/frugal and http://www.bogleheads.org/wiki/

  2. Read I Will Teach you to be Rich. This book is the easiest intro to finance book I've found for 18-25 year olds. It will get you halfway to where you need to be.

  3. Read The Bogleheads Guide to Investing. This is the best book for people who are serious about learning how to become wealthy and have some discipline/aren't terrified of finance.

    Follow this advice and you will have a secure financial future.
u/sanntti · 2 pointsr/personalfinance

A great read I'm currently on is I will teach you to be rich by Ramit Sethi

https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489

I found a copy of an ebook from my library so you could check out yours too!

u/Malatesta721 · 2 pointsr/guitarpedals

Secure a comfortable source of income, live within your means and you’ll have disposable income you can spend on whatever you want. I always recommend this book to people that are interested in personal finance and budgeting for the future. First few chapters are a great read.

u/travisjd2012 · 2 pointsr/Bogleheads

The book that got me started was I Will Teach You to be Rich

It's run like a 6-week personal finance course and is wonderful. Thanks to that book I found Vanguard, understood why passive-investing is investing correctly. Investing is only a small part of the book as it covers banking, loans, credit cards and lots more. However, it's very information dense and easily understandable.

u/adammcnamara · 1 pointr/PersonalFinanceCanada
  1. Set up a self-directed RRSP (SDRSP) account with TD Discount Brokerage.
  2. Set up automatic withdrawals from your chequing account to your RRSP account using a TD systematic investment plan (SIP).
  3. Set up a balanced investment portfolio. My preference was the Canadian Couch Potato Global Couch Potato - Option 2.

    At $120,000/year pre-tax, you should be saving a significant portion of your income. I'd suggest reading:

  • I Will Teach You To Be Rich by Ramit Sethi. It's about automatic savings and conscious spending. It's aimed at a US audience, but the lessons apply.
  • The Millionaire Next Door by Thomas Stanley. It discusses millionaires: who they are, how they look, and how they think.

    Edit: It really depends on what your financial goals are, and the time horizon on each. My advice would be to save and invest much of what you make today.

  1. Time value of money is on your side. Don't wait.
  2. At $120,000/year, you're approaching the highest marginal tax rate. Contributing to your RRSP now will make the most use of the tax deferral.
  3. Setting up an automatic savings or investing program now will help prevent the urge to splurge on things you may not need. Such is the nature of having free cash on hand.
u/snookers · 1 pointr/personalfinance

If you're new to personal finance and in you're 20's, I highly recommend I Will Teach You to be Rich by Ramit Sethi, it will help you with almost all of your questions above and give you perspective on a lot of things in your financial life looking forward.

u/Rhenthalin · 1 pointr/personalfinance

Read this book despite the clickbaity title its actually just a system for automating your finances in a deliberate way to help you avoid making poor decisions and use your money for what you want to use it for. He also has great youtube videos on salary negotiations.

u/browep2 · 1 pointr/AskReddit

read "I can teach you to be rich" by Ramit Sethi,

http://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&s=books&qid=1259708329&sr=8-1

ignore the ridiculous title, it's all about personal finance. especially about how to correctly manage your money.

u/lil_fuzzy · 1 pointr/personalfinance

Khan Academy has a great series on personal finances. I highly recommend watching some of the intro videos.

Also pick up this book, I Will Teach You To Be Rich and read it over summer break.

u/bitdestroyer · 1 pointr/investing

I'm not sure how /r/investing feels about this particular book, but being that I was new to how the more complex aspects of managing your money work, it helped me get an idea of what what trajectory I should follow and the steps to take.

I Will Teach You To Be Rich by Ramit Sethi was an easy, funny, and overall great read. It's aimed at people who know very little about managing their finances and/or investing.

If you want to get an idea for the format of the book, he does a lot of videos online about the same content in the book. You can find them here. They're all very easy to consume and understand and the book follows this same format for the most part.

u/TitaniumDreads · 1 pointr/todayilearned

fair. Scope his book reviews on amazon.
http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489

I've read it. It cost me 15$ and has probably saved me 10k. Lots of posts in this thread are about financial education. It would be great if they taught that in HS but we have to take matters into our own hands if we want to get that shit handled.

u/ProChronos · 1 pointr/IWantToLearn

Before you invest, your finances need to be in order. For that reason, I recommend I Will Teach You To Be Rich. It covers the basics and is very sound advice.

u/dlc · 1 pointr/Frugal

I'm partial to I Will Teach You To Be Rich. The author has a blog of the same name.

u/sainone · 1 pointr/personalfinance

Im also a recent grad and have been learning a ton about all this recently. Getting paid once per month put me off at first, but is is a great way to help budgeting.

I would recommend reading this book. Might be the best 10 bucks I ever spent. Quick read and great intro in to managing your personal finances. http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489

u/robindy · 1 pointr/personalfinance

Hey There,

This might get lost in the reply avalanche, but if nobody has mentioned "I will teach you to be rich" yet -- I'd definitely encourage you to check it out:
https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489

It's one of the best personal finance books I've ever read and really think it's applicable across the spectrum of budgets. Think if you go to his website, he's got a lot of content and PDF's up for free and if you don't wanna spend the money and buy a physical copy, I'm sure you can get it from your library -- or you could do a one month free trial on audible, download the book and then make sure you cancel before your membership renews.

I found it to be an incredibly accessible and helpful book. Hope it helps!

u/krazyk412 · 1 pointr/personalfinance

I really like the book "I Will Teach You To Be Rich" by Ramit Sethi. It's an entertaining read and he covers everything from making a budget to investing. Link

u/Kazoo989 · 1 pointr/MilitaryFinance

35% I started at 10% My quality of life it great. I still have money for cycling gear and vacations. I just have to plan for them better and do some price shopping. I'll save up money to purchase something rather than digging into my savings account with is meant for only emergencies. My going out money is added into my groceries and eating budget and when it gets low at the end of the month I have and decide whether ramen for the rest of the month is worth going out again. It sounds boring but I'd rather control where my money is going than have my money control where I'm going. There are some great ideas from Ramit about setting priorities and the latte factor.

u/darthrevan · 1 pointr/ABCDesis

I haven't personally read it, but I saw this book get recommended frequently on subs like /r/personalfinance and from what I've heard about the book it does sound pretty solid:

I Will Teach You To Be Rich by Ramit Sethi

Bonus: The author is a fellow ABCD.

u/greenpdl · 1 pointr/personalfinance

You've to enough questions to fill a book! And there are plenty of good ones out there. Start with this one:

https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489

u/TheRearguard · 1 pointr/investing

Here is a random article I found about stock simulators.

How do you like to learn things? There are tons of books, podcasts and blogs about investing. Here are some popular ones or ones that I have read and used

  • Books
  • Blogs
  • Podcasts
    • Money Tree Podcast -- pretty poor production quality but good general stuff.
    • There are tons of others, Google it.

      Warren Buffett famously/supposedly read every book in the financial section at the library by age 12--I think the important thing to take from that is you are still young and have tons of free time and aside from starting to invest as soon as you can (you can usually start as soon as you have earned income) you should be investing in yourself...getting good grades, figuring out what you want to do after high school, trying out businesses, learning marketable skills (e.g., coding, good writing skills, good interpersonal skills, good organizational skills, etc).

      Good Luck!
u/Secret_Work_Account · 1 pointr/leanfire

I Will Teach You To Be Rich - It has an awful cheesy salesman title, but has the best practicable and action focused steps to become financially sound. I reference it all the time, 10 years later, and recommend this first.

If you want to be leanfire, follow the steps included and just increase your savings and investing rates with what you feel comfortable.

u/jthurman · 1 pointr/AskReddit

I thought this book was a great introduction to such things, with real practical advice: http://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489

And to address your concrete question: IRA simply stands for "Investment Retirement Account," which is any account that you're using to save for retirement. You're probably thinking "Roth IRA" when you say IRA.

The difference between a Roth IRA and a 401(K) is when they are taxed. Simply put, with a 401(K), you put money in the account before taxes, and you don't pay taxes on that money until you withdraw it - then you pay taxes on the money you withdraw.

A Roth IRA, on the other hand, you fund with after-tax money, so there's no tax deduction as you make contributions, BUT you don't pay taxes when you withdraw the earnings, so it's free money.

Smart savers will have both types of account, as there are advantages and disadvantages to both (think about employer contribution matching, for example).

u/Cloak17 · 1 pointr/AskReddit

You'll want to read [Ramit Sethi's I Will Teach You to be Rich] (http://www.amazon.com/Will-Teach-You-Be-Rich/dp/product-description/0761147489). It covers several of the topics everyone here seems to be interested in and is written in a colloquial style befitting early-to-mid twenties.

u/Bizkitgto · 1 pointr/wallstreetbets

You should probably read I Will Teach You To Be Rich. Also, never come on WSB again if you're serious.

u/ChulaK · 1 pointr/AdviceAnimals

I suggest looking up a book by Ramit called "I Will Teach You To Be Rich". Apart from invaluable finance stuff, there are negotiation scripts you can use on various companies to lower monthly payments, waive fees, etc. Seriously this book is gold.

u/thisfits · 1 pointr/AskReddit

Ramit Sethi's going to find this thread and mercilessly mock the bad suggestions.

I'd check out his book and use that as a guide.

u/medwyn · 1 pointr/personalfinance

I recommend I Will Teach You to be Rich. It helped me learn to prioritize my finances and helped me understand the whys. Plus, it's an entertaining read.

u/cyrex · 1 pointr/loseit

Thank you. I highly recommend reading "I Will Teach You to be Rich" for any young college student. Although the title is a bit optimistic, this book contains some of the best advice on the basics of personal finance that I've seen.

u/QuietFlight · 1 pointr/personalfinance

I would strongly recommend picking up a copy of this book. There's a lot of good advice in it for someone in your current situation.

u/bvie · 1 pointr/investing

I think this book would be invaluable

https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?s=books&ie=UTF8&qid=1485217701&sr=1-1&keywords=i+will+teach+you+to+be+rich

And the guys web site

http://www.iwillteachyoutoberich.com

And this

https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds

And this

https://www.khanacademy.org/economics-finance-domain/core-finance

If you master this information at your age you will have compiled the basics that many people twice your age have no working knowledge of. I buy a copy of I will teach you to be rich for every 18 year old kid any of my friends have.

u/derekpcollins · 0 pointsr/AskReddit

I second everything said here. I can't recommend Ramit's book, I Will Teach You To Be Rich, enough (also see his blog. If I could only have one personal finance book this would be it. I wish I would have read it when I was 18.

u/balemos · 0 pointsr/personalfinance

Here are some books to read...
I Will Teach You to Be Rich - Ramit Sethi

or...The Millionaire Next Door

I recommend an online savings account and throw away the ATM card for it. This makes it easy to add money to. Also, if you ever think about taking money out, it will take you 48 hours to get the cash so it will really make you think about doing it.


u/The_YesMan · 0 pointsr/AdviceAnimals

A great book:

http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489

Kinda spammy looking title, but a beautiful resource for people who don't know the first thing about finance and want to get started in investing. A 10 year old could pick it up and set up personal finance.

u/solidh2o · -5 pointsr/restofthefuckingowl

can you save $1 / week ? do that for a month.Did you miss that $1? up us as far as you can, just before it's really missed.

If you keep on that path, re-evaluating whether you really need a candy bar or a Starbucks coffee when you can invest it instead, things get interesting really quickly.

I went from living check to check to now saving close to 20% of my income this way. The trick us to set up scenarios that take the decision making process out if the picture.

Ramit Sethi has a great book on this concept:

I Will Teach You To Be Rich https://www.amazon.com/dp/0761147489/ref=cm_sw_r_cp_apa_i_fx4KDb8BF8NYW