I Will Teach You To Be Rich – Book Review

The title is a mouthful and I really think it needs better branding, although I can understand the logic when compared to other money/financial book or podcast, since the name is so descriptive, it is hard to mistake what Ramit Sethi is trying to say. I don’t know where I saw him first, but I think it was on YouTube and I then started to listen to his podcasts. They are good. Mainly because he talked to various couples with seemingly normal situations, i.e. normal jobs, various age groups, etc but with financial situations that is far worse (either too much or too little spending) than me. What is interesting is to see (or in podcast, hear) the changes in the guest when upon further prodding, it is proven that their quirks or problems are actually related to a trauma or upbringing condition. It might be staged but I don’t think so because the guests have very different backstory, and even if it is so, the writing team behind it must be amazing.

Going back to the book, I think it was very well written with direct steps with clear reasons to do them. The book heavily encourages action, and getting the ball rolling and not to wait until everything is perfect. Following that advice, I also didn’t really read the book carefully. Instead I read the first half slowly but skimmed faster on the second half. This is because the second half is more about making peace with yourself and being patience in investing, which I have heard quite often in his podcast, and also something I have accepted and agreed.

In a way, the book (all the things about money that Ramit is trying to tell) reminds me of the principle in Stephen Covey’s famous 7 Habits, which is begin with the end in mind, where you decide what the end and how you want to spend your money. There’s also the Marie Kondo stuff, where you should focus on (or spend on) things that give you joy. Ramit didn’t actually quote this things but I drew the parallels as I think good principles in life are in one way or another is always connected. Anyways, here’s my takeaway after reading the book (and hours listening to the podcasts).

1. Have a plan. Ramit’s Conscious Spending Plan is good enough.
2. In developing a plan, you need a reason(s). Think about them
3. Create a system. Automate, sequester, or make the plan as easy as possible.
4. Stick to the plan.

Easier said than done, but it is not too hard, especially if step 2 is clear and step 3 is done very well. For step 2, I have my family to think off, so that’s settled. If I was still a young bachelor, I think it would be hard for me to get into the mindset. Step 3 was and is normally my pitfall, as I tend to overcomplicate or have a high ambition of doing things by myself. I think I have I come to terms with the fact that I am not that smart and can’t do most of the things that I dream off (e.g. writing a software for tracking my expenditure automatically) and will now try to Keep It Simple.

Now step 4. Let’s pray and see, amin.