How to be rich

Wednesday 28 December 2022 10:35 PM Beirut Time · 123

Anna maria hallak

Book Review: I Will Teach You To Be Rich

We are at the beginning of a massive economic recession due to the COVID-19 pandemic. So, this month I chose the personal finance book that I feel best works in both bad economies and good.So in this blog I will tell you to be rich..

Hell, the original version of this book was released in March of 2009, in the depths of the last recession, and became an instant NYT bestseller!!

Why this book is awesome

The first chapter will immediately save you money. It involves getting your credit card providers to stop being fool. If you read chapter 1 and implement what it teaches, you will save money, and your credit score will improve.

That’s what I like — a book that kicks off with actionable advice that can instantly save you $$.

Steps given in the book :-

MANAGE YOUR CREDIT

Use Credit Wisely

Debt or credit allows us to purchase high-value items that we can’t otherwise afford, e.g. a house, car, university education. Generally, debt is good if you use it for things that increase in value over the loan duration (e.g. a house).

OPTIMIZE YOUR BANK ACCOUNTS

Bank accounts are at the core of your personal finances. This section is about picking the best banks/accounts, minimizing bank fees and maximizing your bank interest.

PREPARE TO INVEST

The earlier you invest, the faster you can get rich. This step is about setting up 2 types of retirement investment accounts—a 401(k) and a Roth IRA—so your money can start working for you 24×7.

ADOPT CONSCIOUS SPENDING

Use a conscious spending plan to become aware of how you’re spending your money and consciously decide how you’ll allocate your monthly take-home pay.

AUTOMATE YOUR MONEY TRANSFERS

Invest some time to set up your money flow to run on autopilot. This prevents procrastination and saves you time in the long run. You’ll just need 1-2 hours per month thereafter to review your bills and accounts.

KNOW WHAT TO INVEST IN AND HOW

Investment is not about picking “hot stocks” or trying to beat the market. The best investment strategies are actually very simple. Learn them and set aside an afternoon to set up your investments. The earlier you start investing, the better.

This is a light and humorous book with many illustrations, calculations, recommended resources and detailed steps/tips to guide you through the 6 weeks’ action plan and beyond. Ramit Sethi also offers various negotiation tips (with banks, prospective employers etc.) and addresses frequently asked questions/concerns about money management and investments.Teenagers and money wasters should read it..

Rich