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I Will Teach You To Be Rich by Ramit Sethi

This is a book review of Ramit Sethi’s I Will Teach You To Be Rich and I am friends with Ramit, so please keep that bias in mind. I also contributed to the book in an “Advice from the Blogosphere” piece at the end of Chapter Four. I don’t have a financial interest in the book doing well but I like seeing a fellow personal finance blogger do well.

I Will Teach You To Be Rich by Ramit Sethi [3] is a six week program that will set you up for financial success. If you have six weeks, you have enough time to establish a financial foundation that will yield benefits for decades. In fact, you won’t need six full weeks, you’ll just need a little bit of time each week to lay one brick in the foundation. When I graduated college, I had very little personal finance knowledge. It was only through years of reading, writing, and reading some more did I finally learn much of what Ramit has distilled into a 250-page book.

Here’s what you can expect to learn after six weeks:

In addition to the six-week framework, the book goes beyond all this and discusses many other important personal finance topics. My favorite chatper is Chapter 9, a Rich Life. Setting the foundation is crucial and Ramit’s six week plan will give you that solid foundation, but Chapter 9 covers the “Now what?” conversations. It covers student loans, it covers your first house, it covers the $28,000 Question (yep, weddings, if it’s your thing), and even negotiating your salary. This chapter doesn’t tell you what Ramit thinks you should do, it merely gives you a jumping off point for you to explore on your own and arms you with some ideas to get you going. Sometimes the hardest thing is overcoming inertia, Ramit gives you a little push.

Overall, I was very impressed with this book because you can take a complete personal finance novice, give them this book, and they can set themselves up to succeed in less than six weeks. I am not the only one either, the book hit #1 on Amazon on the first day and was sold out (Ramit tells me that the publisher ordered a reprint on the first day). I can see parents buying this book for their kids, heck parents buying this book for themselves, and I’m not surprised. If you haven’t taken a look yet, here are some other reviews [4].