Reddit reviews I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a 6-Week Program That Works

Don't just focus on the investing side, focus on your overall financial situation. This includes your investments, but it also includes how you handle your short term savings, plan for trips, use credit cards, negotiate for raises, etc.

To that end, I highly recommend to the book "I Will Teach You To Be Rich" by Ramit Sethi. Ignore the silly title, it's not a get rich quick scheme--it is all about how to get your financial life in order so that you feel "rich" even if you are really just graduating from college and starting your first job.

His advice on investing is going to be similar to what most people here suggest: Index funds, keep adding money over time, rebalance every once and a while but don't sweat the market swings or try to play the market daily. But he's going to give you a lot more instruction on how to automate the rest of your finances and get to a place where you are comfortable.

Unlike many other general personal finance books, he's never going to tell you to be cheap or to go without buying things you really want. He'd rather help you optimize your savings and get a better job than try to fund your retirement by never buying Starbucks.

I will teach you to be rich is easily the most approachable and easy to read financial book I have ever read. https://www.amazon.com/Will-Teach-You-Rich-Second/dp/1523505745/ref=sr_1_3?crid=13GHQW9SCDOCS&keywords=i+will+teach+you+to+be+rich&qid=1573442363&sprefix=i+will+teda%2Caps%2C-1&sr=8-3

I recommend you read Ramit Sethi's "I Will Teach You to be Rich, second edition". I know the name sounds scammy, but it's really a book about mindset on money. He's got a systematic approach to paying off your debt and taking control of your finances. The book costs less than 10 bucks.



Here's a link:


I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a 6-Week Program That Works https://www.amazon.com/dp/1523505745/ref=cm_sw_r_cp_apa_i_0zy1DbRD5NCER

I’ve read this book a couple of times and it covers everything you’re asking!

I will teach you to be rich.

I am reading I Will Teach You to Be Rich by Ramit Sethi

As a follow up on the my and SilentKnightOfOld's comments, I have to admit that there is an emotional aspect to owing almost 300K of student loan debt. I have 135k and am going for PSLF (3.5 years in), and it still bothers me sometimes when I see my balance changing very little. However, I have gone through the decision process many times and keep coming back to PSLF.

Here's an article about dealing with the emotions of student loan debt.

Ramit Sethi talks about psychology and the "invisible scripts" we have in our lives in his book. Basically, they are lies that we taught from childhood, and we should really analyze them to see if they are true. One of the most common: "debt is bad".

Dave Ramsey extols the "debt is bad" line in his book. He also realizes some simple elements about the psychology of money, in that paying off the smaller debt (snowball), regardless of interest, is a better path for most people since they get a bigger emotional win from seeing that one line item of debt eliminated rather than just seeing the interest calculations proving they are saving money from paying the higher interest debt (avalanche).

While I like the PSLF program, I realize that it is not for everyone. Some people just want to slash every expense, pay off the debt, and be done. Kudos to them. But their tool is hammer, and not everyone's money problems are a nail.

Have a frank conversation with yourself, then choose the best repayment option.

Hi u/sunzip

My gap year turned into 3 years - meaning I went into 1st year university at age 21.

The hardest part of that time was makingfriends my age. First-year students like to befriend other students since they speak the same language. They are in a place where everyone is: away from their parents for the first time and drinking for the first time. It’s a freedom they experience together and it’s a big part of their friendships.

Without having close friends taking a gap year with you or a program you can take with others your age -- gap years can be very lonely. Being lonely + having disposable income makes bad habits very easy to start.

My best advice: have a strategy for staying social and stick to it. Maintain existing friendships you have, go to large events in university towns, host get togethers. Anything to keep yourself social.

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The time alone makes developing the healthy habits you’re looking for much easier. Take advantage of that. Just don’t neglect your social life.

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For meeting people follow the advice of Owen Cook on Youtube.

https://www.youtube.com/user/RSDTyler

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He’s been going to bars 5+ days a week for 14ish years learning how to be attract women. The same shit that makes you magnetic to people at the bar works in normal social interactions. His ideas are relevant for guys and girls looking to become attractive overall; but his word choice is for a male audience haha. Give him a look.

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For “learning money management” buy the book “I Will Teach You to be Rich” (or download it illegaly)

https://www.amazon.ca/Will-Teach-You-Rich-Second/dp/1523505745/ref=sr_1_fkmr0_1?crid=2YZF4W2KWA3BU&keywords=i+will+teach+you+tube+rich%2C+second+edition

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The author outlines the money management system he uses; just copy it. The key take aways from the book are

1. Automate all payments (credit cards, bills, insurance)
   
   2. Automate your saving (have a $ amount automatically withdrawn out of your chequing account weekly to an online savings account )
   
   
2. Automate your investing
   
   He details how to do it all in the book – just do it. It will put you ahead of most adults. Most people don't take saving/investing seriously until their 30s/40s.
   
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   For “managing impulsiveness”
   
   Download the “Wim Hoff Method” app.
   
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   Wim Hoff has hiked to the top of Mt. Everest wearing shorts, and a pair a shoes. He credits his ability to handle the cold to a breathing technique he developed in his 20s. I just started practicing this week. Super cool. If you can manage the cold, you can manage your impulses.
   
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   All the best,
   
   SuperJesus0123