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Review: I Will Teach You To Be Rich

Review: I Will Teach You To Be Rich

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    As far as personal finance blogs go, Ramit Sethi’s I Will Teach You to Be Rich can’t help but stand out. Most of the personal finance blogs out there stick to calm explanations of what the writers are doing to improve their own finances, along with some tips meant to get readers interested in doing things the same way. In contrast, Sethi’s blog is loud, full of concrete examples on how to do things and aggressively effective. It makes Sethi stand out among the rest of the personal finance bloggers out there — and it’s made for a very interesting book. Sethi’s book, also titled I Will Teach You to Be Rich, came out yesterday and it’s already making some waves.

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    A Targeted Guide

    Sethi know his audience. I Will Teach You to Be Rich is aimed at 20-to-35 year olds, and it’s essentially a guide to getting your finances on track. The book covers a six-week program that automates saving and jump-starts investing — with more than a little information on banking, budgeting and entrepreneurship along the way. The information is very targeted: heavy hitting chapters on banking, for instance, are aimed towards readers who aren’t quite up to speed on all the ways banks make money off of account holders. That may seem to guarantee that the book will only offer introductory level material on personal finance, but I was surprised to see that it actually goes pretty in-depth. On the topic of banking, for instance, Sethi dives into the complexities of overdraft fees to the extent of providing guides to negotiating your way out of that first overdraft fee.

    I won’t claim that it’s an exhaustive volume — at just over 250 pages there just isn’t room for even half the material Sethi has covered on his blog. But I Will Teach You to Be Rich will definitely give the average twenty-something the tools necessary to get his or her financial house in order, along with some ideas on why to bother. The introduction asks, “Would you rather be sexy or rich?” With that question, Sethi embarks on an analogy that can’t help but make sense: money is like food. Most of us have stressed over our weight at some point or another and tried at least one ridiculous diet. But the fact of the matter is that the only thing we really need to know about food is that we should eat less and exercise more. Sethi makes the argument that the same level of simplicity is all it takes to keep our finances under control. It’s not a sexy approach — but it is an approach that can make you rich in the long run.

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    The language, anecdotes and overall style does make it very clear that you’re reading a book for the college-to-mid-thirties crowd. There are a few colorful metaphors, accompanied by shout-outs to Sethi’s mom. I Will Teach You to Be Rich is certainly one of the funnest books I’ve read on personal finance, and you shouldn’t think for a moment that the style detracts from the quality of information that Sethi shares. But it does certainly make it an easier read than most ‘must-read’ personal finance guides.

    The Emphasis on Entrepreneurship

    Where I think Sethi knocks it out of the park, both in his blog and in his book, is his emphasis on entrepreneurship. While most personal finance resources talk about topics like automating your finances or long-term investment strategies (albeit with less style), surprisingly few really promote entrepreneurship. In I Will Teach You to Be Rich, Sethi doesn’t go overboard with entrepreneurial concepts — after all, the book is first and foremost about achieving financial independence. But there are little discussions, here and there, that make it clear that Sethi doesn’t really expect anyone who has their finances taken care of to stick with an employer for the long-term.

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    It’s easy to attribute Sethi’s support for entrepreneurship as a part of personal finance to his own life: Sethi co-founded PBwiki and has turned his personal finance blog into a site with over 200,000 readers each month. But I think there’s more to it than that. I think that entrepreneurship is becoming more important, especially as people feel less secure in their jobs and have more options.

    Sethi tackles it from the point of view that most personal finance bloggers are focused on frugality — which seems like a pretty fair statement. In contrast, Sethi has focused on making money, whether through asking for a raise, investing and starting a money-making enterprise of one’s own. Don’t get me wrong — Sethi has devoted entire months to saving money. He just goes for the big savings, rather than frugal tips like making your own soap. But overall, Sethi focuses on helping readers to figure out how they can grow their earnings over time — and that is an approach that will really pay off. It makes both Sethi’s book and blog worth reading in my mind.

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    The Book

    If you’re interested in picking up a copy of I Will Teach You to Be Rich, Amazon lists it as in stock on March 27. I did see copies on the shelf of my local major bookseller last night, however, so they are out there. I’m interested in seeing what you think of the book — personally, this is one book I think I’ll be referring back to.

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    Last Updated on September 18, 2020

    7 Simple Rules to Live by to Get in Shape in Two Weeks

    7 Simple Rules to Live by to Get in Shape in Two Weeks

    Learning how to get in shape and set goals is important if you’re looking to live a healthier lifestyle and get closer to your goal weight. While this does require changes to your daily routine, you’ll find that you are able to look and feel better in only two weeks.

    Over the years, I’ve learned a lot about what it takes to get in shape. Although anyone can cover the basics (eat right and exercise), there are some things that I could only learn through trial and error. Let’s cover some of the most important points for how to get in shape in two weeks.

    1. Exercise Daily

    It is far easier to make exercise a habit if it is a daily one. If you aren’t exercising at all, I recommend starting by exercising a half hour every day. When you only exercise a couple times per week, it is much easier to turn one day off into three days off, a week off, or a month off.

    If you are already used to exercising, switching to three or four times a week to fit your schedule may be preferable, but it is a lot harder to maintain a workout program you don’t do every day.

    Be careful to not repeat the same exercise routine each day. If you do an intense ab workout one day, try switching it up to general cardio the next. You can also squeeze in a day of light walking to break up the intensity.

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    If you’re a morning person, check out these morning exercises that will start your day off right.

    2. Duration Doesn’t Substitute for Intensity

    Once you get into the habit of regular exercise, where do you go if you still aren’t reaching your goals? Most people will solve the problem by exercising for longer periods of time, turning forty-minute workouts into two hour stretches. Not only does this drain your time, but it doesn’t work particularly well.

    One study shows that “exercising for a whole hour instead of a half does not provide any additional loss in either body weight or fat”[1].

    This is great news for both your schedule and your levels of motivation. You’ll likely find it much easier to exercise for 30 minutes a day instead of an hour. In those 30 minutes, do your best to up the intensity to your appropriate edge to get the most out of the time.

    3. Acknowledge Your Limits

    Many people get frustrated when they plateau in their weight loss or muscle gaining goals as they’re learning how to get in shape. Everyone has an equilibrium and genetic set point where their body wants to remain. This doesn’t mean that you can’t achieve your fitness goals, but don’t be too hard on yourself if you are struggling to lose weight or put on muscle.

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    Acknowledging a set point doesn’t mean giving up, but it does mean realizing the obstacles you face.

    Expect to hit a plateau in your own fitness results[2]. When you expect a plateau, you can manage around it so you can continue your progress at a more realistic rate. When expectations meet reality, you can avoid dietary crashes.

    4. Eat Healthy, Not Just Food That Looks Healthy

    Know what you eat. Don’t fuss over minutia like whether you’re getting enough Omega 3’s or tryptophan, but be aware of the big things. Look at the foods you eat regularly and figure out whether they are healthy or not. Don’t get fooled by the deceptively healthy snacks just pretending to be good for you.

    The basic nutritional advice includes:

    • Eat unprocessed foods
    • Eat more veggies
    • Use meat as a side dish, not a main course
    • Eat whole grains, not refined grains[3]

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    Eat whole grains when you want to learn how to get in shape.

      5. Watch Out for Travel

      Don’t let a four-day holiday interfere with your attempts when you’re learning how to get in shape. I don’t mean that you need to follow your diet and exercise plan without any excursion, but when you are in the first few weeks, still forming habits, be careful that a week long break doesn’t terminate your progress.

      This is also true of schedule changes that leave you suddenly busy or make it difficult to exercise. Have a backup plan so you can be consistent, at least for the first month when you are forming habits.

      If travel is on your schedule and can’t be avoided, make an exercise plan before you go[4], and make sure to pack exercise clothes and an exercise mat as motivation to keep you on track.

      6. Start Slow

      Ever start an exercise plan by running ten miles and then puking your guts out? Maybe you aren’t that extreme, but burnout is common early on when learning how to get in shape. You have a lifetime to be healthy, so don’t try to go from couch potato to athletic superstar in a week.

      If you are starting a running regime, for example, run less than you can to start. Starting strength training? Work with less weight than you could theoretically lift. Increasing intensity and pushing yourself can come later when your body becomes comfortable with regular exercise.

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      7. Be Careful When Choosing a Workout Partner

      Should you have a workout partner? That depends. Workout partners can help you stay motivated and make exercising more fun. But they can also stop you from reaching your goals.

      My suggestion would be to have a workout partner, but when you start to plateau (either in physical ability, weight loss/gain, or overall health) and you haven’t reached your goals, consider mixing things up a bit.

      If you plateau, you may need to make changes to continue improving. In this case it’s important to talk to your workout partner about the changes you want to make, and if they don’t seem motivated to continue, offer a thirty day break where you both try different activities.

      I notice that guys working out together tend to match strength after a brief adjustment phase. Even if both are trying to improve, something seems to stall improvement once they reach a certain point. I found that I was able to lift as much as 30-50% more after taking a short break from my regular workout partner.

      Final Thoughts

      Learning how to get in shape in as little as two weeks sounds daunting, but if you’re motivated and have the time and energy to devote to it, it’s certainly possible.

      Find an exercise routine that works for you, eat healthy, drink lots of water, and watch as the transformation begins.

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      Featured photo credit: Alexander Redl via unsplash.com

      Reference

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