How to Become Wealthy ? - I Will Teach You To Be Rich (Remit Sethi)

Ramit Sethi has turned from a geeky little Indian kid into one of the major personal finance gurus of the 21st century. What started as a blog in 2004 has become a multi-million dollar empire. In this summary of “I Will Teach You To Be Rich”, I will cover the 3 most important lessons of the book so that you can also learn how to become rich. Let’s get started. Get "I Will Teach You To Be Rich" Here: https://amzn.to/34H4Bwm Or FREE with Audible Trial Here: https://amzn.to/2Ntwaps ?Love Learning? like "Lifelong Learners" - Get 2 FREE Audiobooks with AUDIBLE 1 Month FREE!: https://amzn.to/2Ntwaps - Get Used Books for up to 90% OFF!: https://amzn.to/2KsMXXo - Unlimited eBooks 1st Month FREE!: https://amzn.to/34GVCv8 ??️☕ Products I HAVE and LOVE: - Sony Noise-canceling headphones: https://amzn.to/2PDlVxZ - My Rhode Desktop Microphone: https://amzn.to/2PD6R3j - New Amazon Kindle: https://amzn.to/2SbN78D - Hmm... Coffee!: https://amzn.to/36P9VPM - Wacom Drawing Tablet: https://amzn.to/2SfUgVs ⌚ Best Productivity Books: - The Power of Habit: https://amzn.to/2PFaiXx - Atomic Habits: https://amzn.to/2sNxCsR - The 4 Hour Work Week by Tim Ferris: https://amzn.to/2tvlz3P ? Best Personal Finance Books: - Rich Dad Poor Dad: https://amzn.to/2tscwRd - The Richest Man in Babylon: https://amzn.to/2sKZyO2 - Total Money Make Over:https://amzn.to/36JUqIW ? Best Success Books: - How to Win Friends and Influence People: https://amzn.to/36LMPcK - The Compound Effect: https://amzn.to/38TttUZ - Start with Why: https://amzn.to/3955PFg ? General knowledge, These are AMAZING books: - Sapiens: https://amzn.to/2tBOIur - 21 Lessons for the 21st century: https://amzn.to/2PBhEeq - Civilized to Death: https://amzn.to/2S7q1Qz Transcript: Lesson 1: Take responsibility for your money This book starts with the necessary reminder that you’re the one in the driver's seat when it comes to your money. Most people agree that they “should exercise more” or are “supposed to eat less junk food”. Even if they don’t make the change, at least the insight’s there. But have you ever heard anyone say: “I really need to get better at handling my money.”? Rarely. Because no one likes to admit that they’re bad with money. Even though a lot of people are. Yes, there are plenty of people and factors to blame. Like the media, confusing you with all this contradictory information. Or the education system, which never taught you how to spend your money, save it, let alone invest it. But excuses will always stay what they are: excuses. No matter how right they might be. Saving and investing money is scary, and you might lose some money, but better to lose it now, rather than tomorrow. The younger you are, the more risk you should take on, because it’s still easy for you to make the money back. And even though it will take a while to see results, if you can only afford to invest a little, you should never neglect the power of compounding interest. So stop making excuses, and start taking responsibility for your personal finances. It’s the first step towards getting rich. Actually no, scratch that, the first step is liking this video. Lesson 2: Pay Yourself First. Take fixed cuts off your paycheck and automatically spend them towards your goals. Sitting down every month to see how much you want to spend on what is a hassle. No one wants to do that. Which is why Ramit suggests a Conscious Spending Plan. What he means by that is: Take cuts off your paycheck and automatically spend them towards the right things. For example: Use 60% of your income to pay fixed costs, like rent, utilities and food.. Then, invest 10%, for example in stocks or ETFs. Save another 10% for vacations, Christmas and unexpected costs. This leaves you with 20% of your money, which you can spend on whatever you like, guilt-free. Automate these processes and payments, for example I personally save $500 every month, which is automatically taken out of my bank account on the 1st. So Pay Yourself First because; as with any habit, removing the need for willpower makes it a lot easier to get it right. Lesson 3: Start investing today. Investing is hard. You have to read books, talk to people, and educate yourself. But you will regret every single day you waited to start doing it once you’re old. If you invest $5,000 every year for 10 years, from age 25 to age 35 and then never invest again, you’d still have more money at retirement than someone who starts at age 35 and invests $5,000 every year UNTIL they retire. The average annual return is 8%. The 25 year old starter invests $55,000 and ends up with $615,000 The 35 year old invests $130,000 and ends up with $431,000. Do you realize how insane that is? You can invest less than half and end up with one and a half times as much money! So Start Investing today even if it’s just 50$ a month.