I Will Teach You To Be Rich - My 8 Year Journey Towards Rich Life

I Will Teach You To Be Rich – My 8 Year Journey Towards Rich Life

Ramit Sethi’s I Will Teach You To Be Rich book first came out in 2009, and I first read it in 2012 when I was looking for helpful ways to invest and get my finances in order. This is my “Rich Life” journey after 8 years of following some of Ramit’s personal finance tips but also going on my own investing path. I read the 2019 second edition in 2020 and reflected on what I have learned, what ideas I agree and disagree with Ramit on.

“Would you rather be sexy or rich?” asks Ramit, to which you’ll see my response and take on this question! Some of the topics that Ramit emphasizes include one’s financial situation with credit cards and banks, and then he talks the reader through primarily index fund investing as a sustainable, boring path to a Rich Life. You’ll see my take on this too. I fundamentally believe that we can beat the professionals and invest in individual stocks for the long term.

You’ll benefit from Ramit’s book if you want to learn how to set up an automated system and a conscious spending plan for investing, saving, and paying bills. I discuss some of my experiences in consideration of what Ramit says we should do. The book helps delve into the monetary costs of affording a wedding and/or tackling one’s student or credit card debt. He even talks about when he explained the importance of a prenuptial agreement to his spouse, which is not often broached in everyday discourse.

It was awesome that Ramit highlights the triple tax advantages of a Health Savings Account (HSA), which in some ways can be even better than a Roth IRA (though you can’t contribute as much to it per year). He talks briefly about real estate investing and people’s invisible money scripts that prevent people from achieving their full financial potential. The most important thing, Ramit emphasizes, is to take action and not debate the minutiae that leads to inaction. Overall, I think most people will stand to benefit from his teachings on their own journeys towards a Rich Life.

I’m excited to be on a path to FIRE (Financial Independence, Retire Early), and I look forward to making more investor friends.

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