I WILL TEACH YOU TO BE RICH (BY RAMIT SETHI)

As an Amazon Associate I earn from qualified purchases.

Animated video summary of Ramit Sethi’s ultimate guide explaining how to take control over your personal finances: I Will Teach You To Be Rich.

Becoming rich isn’t something that only happens to IVY league graduates, elite athletes or lottery winners. Anyone can become rich. What you need to do is to define what being rich means to you. You must start today. You must focus on a few areas of your personal finances where you can achieve Big Wins instead of clipping coupons and saving on $3 lattes. Then you must set up an automated money system and start to invest. Best of all, after the first setup, you will be spending no more than 90 minutes on your personal finances per month.

Top 5 takeaways from Ramit Sethi’s I Will Teach You To Be Rich:
00:00 Intro
01:02 1. What Does Rich Mean to You?
02:58 2. Beware the Minutia
05:12 3. Swap Your Attention from Micro to Macro
07:57 4. Set Up Your Automatic Money System
11:02 5. The Pyramid of Investing Options

TL;DW:

- There are always trade-offs – you must decide what a rich life means to you and become a conscious spender
- Follow the 85% solution, it’s better to get it 85% right than to do nothing at all
- Focus your time and energy on the Big Wins. Getting rich is not about saving money on $3 lattes.
- Set up your automated money system to protect you from your worst self
- Investing in target date funds is a great way of achieving good investment returns with little to no effort

My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.

[audiobooksummary]

"It’s more important to get started than to spend an exhaustive amount of time researching". I think this is a beautiful quotes from the book

[dakota]

Seth's 12 Big wins so you can buy what you want and not go homeless
1) Automate your money system
2) Keep a great credit score
3) Use credit cards and bonuses
4) Contribute to retirement plans (get full match by employer, e.g. 5K (you) + 5K (free company money) = 10k saved
5) Pay your credit cards on time every time
6) Eliminate unnecessary subscriptions, opt for month to month when needed (cancel when done)
7) Focus on where you spend the most (cut costs in the most problematic areas)
8) Negotiate a raise
9) Do freelance work
10) Buy a home you can afford
11) Buy a vehicle you can afford
12) Allocate your capital

[Themoment]

I'm reading this book now. Half way through. So far it has given me the best straight forward information I needed to set up my finances and get started. I'm 21 years old so I feel ahead of the game from reading the book.

[GenExDividendInvestor]

I feel richer already! Lol, your woman's voice cracked me up. I love that saying: The best time to start investing was yesterday. The next best time is today.

[High_Rate]

Step 1: Rent a Bedroom instead of a whole place
Step 2: Cook all of your food
Step 3: Save everything
Step 4: Take out conventional loan and put 20% down on a house.
Step 5: Take extra profit from house and save that too
Step 6: Repeat until 5-10 houses acquired.
Step 7: Use all income houses make to begin paying them off one at a time: Exponential growth.
Step 8: Save money from your work and paid off houses to buy higher earning place
Step 9: Repeat as many times as desired.

[vivianbrown]

The stock market have always and will always be a volatile market, that is why it is important to have proper research, analysis and strategy when investing

[Curiousnessify]

3:45 "MORE IS LOST FROM INDecision than from mediocre decisions"

[donomar]

I use
50%(Fixed Costs)
10%(Guilt-Free Spending)
30%(Investing)
10%(Savings)

[waveee]

Never seen your channel before - Been watching you for only one hour and you easily are now my favourite you-tuber of all time

[kasunldon]

Love your videos man keep it up! You are a legend

[wo]

Money without time is wortless
Time without money is useless
Balance both 👍

[jaydenthompson]

What a great way to explain things, you sir, have a way with words that finally gels with me and i understand much more from your content than any other content creator

[NickPeitsch]

Solid advice!


Books are surely the best way to learn. So much information is available out there, yet we don't take advantage of it most of the time!

[RemoteTactical]

We use the "true wealth formula" of:
70% - Fixed Costs of living (goal is to get down to 50-60%)
10% - Giving (donating to charities) .... this is one I don't see many 'secular' investors focus on
10% - Savings
10% - Debt Snowball Payoff (if you have debt, pay one payment from the living account and then make additional payments from the debt account ... create the snowball)

[gardendeeds]

Just wanted to thank you again. I know how much work this must be for you. I dont have the time to read these so your vids are perfect. LIKE SUBSCRIBE AND SHARED!

[ministry_of_love]

7:57 After watching this video last year, I was inspired to create several other bank accounts (free online, 7 days notice) with my bank.

I opened a total of thirteen individual accounts for budgeting things like, car, holiday, medical, website costs, pocket money etc. On payday each month I transfer set amounts to each of those accounts.

I'm delighted to say that it is the best piece of advice ever received. I'm debt free as of last month and looking forward to compounding my new savings while I sing the Abba hit _"Gimme, Gimme, Gimme the Swedish Investor, He takes us through darkness to the break of the day...."_

[joaojaneiro]

I'm a big fan of ur work, love the channel, love the videos, i just hope u keep doing this in the long term.

[xrunhd]

Love you chanel straight to the point no fake giveawys or somerhing

[CH-bpbj]

Great review! I love the drawings, narration and the character voices. I'm gonna pick up the book soon. Thank you!

[anthonydooley]

Being rich means that you make a lot of money. Being wealthy means that you don't work for money. Money works for you. I would rather be wealthy than rich.