Whether you love or hate Ramit Sethi’s opinionated approach in his books, podcasts, and Netflix series, one thing is hard to deny: Ramit delivers practical financial advice that gets people to take action. If you’re looking for a personal finance book that balances actionable steps with mindset shifts around money, I Will Teach You To Be Rich offers approachable guidance and real-world examples that help readers build long-term habits around investing, spending, and wealth-building without making personal finance feel overwhelming or restrictive.
- The book is a practical resource for early and mid-career individuals looking to improve their personal finances.
- It offers actionable steps for making real changes in one’s financial life, with a focus on investing, conscious spending, automation and low-fee banking options.
- The book taps into the psychology of money and helps readers define their own “rich life,” while providing relatable examples and a persuasive writing style.
I Will Teach You To Be Rich: The Review
I Will Teach You to be Rich by Ramit Sethi s a practical resource for early and mid-career individuals looking to take control of their finances and build long-term wealth.
While readers who are physically or systemically unable to grow their income may not find every strategy applicable, high-net-worth individuals may also require more advanced guidance on estate planning, investment management, and tax strategy after reading this book.
However, middle-class employees and early business owners may find the book especially helpful. This is particularly true for readers who are in a position to increase their income and have time to benefit from long-term investing.
Is I Will Teach You To Be Rich Practical?
Each chapter of this book provides actionable steps to help you make real personal finance changes.
In fact, before diving into the book, make sure to have your bank accounts and budget open for reference!
Here are a some practical takeaways from a few chapters in the book –
Get Ready to Invest
In the chapter “Get Ready to Invest”, Ramit offers six systematic steps that are helpful for individuals who are scared and don’t know where to start when it comes to investing. These steps build on each other and can be automated.
Conscious Spending
In the chapter on “Conscious Spending”, Ramit advises eaders to incorporate stupid mistakes into their spending plan. Moreover, he encourages conscious spending by sharing how he considers incremental wins in spending to be big wins. He drives his point home by stating –
“I’d rather people cut their spending by ten percent and sustain it for thirty years than cut fifty percent for just a month.”
Beat the Banks
By sharing his firsthand experience using Schwab and Vanguard, Ramit effectively highlights the practical benefits of these institutions for readers who may be searching for low-fee banking options.
By providing concrete examples from his own experience, Sethi makes it clear to readers that choosing a bank with lower fees can have a significant impact on their long-term financial health.
Is I Will Teach You To Be Rich Accurate?
Regardless of his strong opinions (and a few controversial takes), Ramit does a decent job acknowledging the areas of personal finance that are not absolute. In fact, in the chapter “The Myth of Financial Expertise”, Ramit not only shares when to avoid financial advisors (a belief we don’t 100% agree with), but he also shares three exceptions when you should hire them.
By sharing exceptions to his own advice, he provides readers with a well-rounded perspective.
He also backs up his financial advice with qualified data. In particular, when discussing student loans, Ramit backs up his belief that college will be one of the best investments you ever make with data showing how the average bachelor’s degree holder earns over $1 million more than those with only a high school diploma.
Is I Will Teach You To Be Rich Compelling?
The strength of Ramit’s book lies in his ability to tie in the psychology of money – which makes sense since he holds a Bachelors of Science in Psychology from Stanford.
Tapping into the psychology of each reader’s unique needs and wants, he encourages readers to define their “rich life” for themselves. Once the reader defines their rich life, they are motivated to receive his advice to achieve their goal.
Does I Will Teach You To Be Rich have a Unique Writing Style?
I Will Teach You To Be Rich has a persuasive writing style that makes the book’s messaging very clear.
Ramit’s straight-forward personality, charisma and witty humor bleed through the pages, keeping you engaged and wanting to know more.
Having said that, his assertive messaging could be a turn off for some. Some of his controversial takes include –
- Most people don’t need a budget (he recommends Conscious Spending instead).
- When it comes to finances, most people are mostly the same.
- Financial advisors should charge by the hour and not as a percentage of assets under management.
- Renting is actually a smart decision for many people.
The strong opinions (and some foul language) displayed throughout the book aren’t for everyone…depending on your background and personality, you’ll either love his delivery or hate it!
Is I Will Teach You To Be Rich Relatable?
Two components that make this book uniquely relatable are the use of real world examples and discussion of money and relationships.
Real World Examples
Ramit shares real world examples that make each point understandable and relatable.
For instance, in the chapter “Optimize Your Credit Cards”, Ramit shares quotes from readers who struggled with fear and anxiety around debt. Ramit provides knowledge to combat this fear by teaching readers how to optimize their credit cards via negotiation.
Relationships
One of the most relatable parts of this book is his discussion on how to talk about money in relationships. And by relationships, he doesn’t just touch on romantic relationships. He discusses friendships as well – an area often overlooked in personal finance books.
One helpful piece of advice he shared for readers working towards their personal finance goals is to consider context before sharing how much money you have with others. He says, “to someone who earns $60,000, telling them you’re on track to have a $1 million portfolio (or much more) doesn’t communicate safety and security. It communicates arrogance.”
The entire book is filled with real world advice and examples that touch on real life financial struggles for which Ramit provides a solution.
I Will Teach You To Be Rich: Final Review
I Will Teach You To Be Rich is a valuable resource for readers looking to improve their financial well-being through actionable advice based on real-world experience.
From credit card optimization to investing to signing a prenup, early and mid-career professionals can immediately put his advice into action while reading the book.
In spite of his controversial takes, Ramit’s real world examples and personal experience add a valuable layer of authenticity and credibility to his advice and recommendations.
By sharing his own successes and failures (his Indian insights are a real treat!), he demonstrates that the strategies he suggests are not just theoretical, but have been put into practice and proven effective.
I Will Teach You To Be Rich gets 5/5 Tick Marks from The Little CPA ✓
In the accounting profession, a tick mark is a symbol used by auditors to indicate that a particular task has been completed or reviewed. Similarly, The Little CPA’s Book Reviews use tick marks to rate key elements in the book: practicality, accuracy, uniqueness, compelling story, and relatability.
For more personal finance book recommendations, visit The Little CPA’s Booklist!
Disclaimer
Please note that the financial advice and information presented on this blog are not personalized to your specific financial circumstances. This post is for informational purposes only and is not tax, legal, accounting, or investment advice. The Little CPA does not create a professional-client relationship by publishing this content. Please consult a qualified professional before making decisions based on this information. Any reliance you place on the information provided is strictly at your own risk.
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