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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 October 30, 2018

    How to Motivate Yourself: 13 Simple Ways You Can Try Right Now

    How to Motivate Yourself: 13 Simple Ways You Can Try Right Now

    Who needs Tony Robbins when you can motivate yourself? Overcoming the emotional hurdle to get stuff done when you’d rather sit on the couch isn’t always easy. But unless calling in sick and waking up at noon have no consequences for you, it’s often a must.

    For those of you who never procrastinate, distract yourself or drag your feet when you should be doing something important, well done so far! But for the rest of you, it’s good to have a library of motivational boosters to move along.

    Whether you’re starting a buisiness, trying to los weight or breaking a bad habit, you’ll learn how to motivate yourself with different techniques in this article.

    13 Simple Ways to Motivate Yourself Right Now

    Despite your best efforts, passion, habits and a flow-producing environment can fail. In that case, it’s time to find whatever emotional pump-up you can use to get started:

    1. Go back to “why”

    Focusing on a dull task doesn’t make it any more attractive. Zooming out and asking yourself why you are bothering in the first place will make it more appealing.

    If you can’t figure out why, then there’s a good chance you shouldn’t bother with it in the first place.

    2. Go for five

    Start working for five minutes. Often that little push will be enough to get you going.

    3. Move around

    Get your body moving as you would if you were extremely motivated to do something. This ‘faking it’ approach to motivation may seem silly or crude but it works.

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    4. Find the next step

    If it seems impossible to work on a project for you, you can try to focus on the next immediate step.

    Fighting an amorphous blob of work will only cause procrastination. Chunk it up so that it becomes manageable. Learn how to stop procrastinating in this guide.

    5. Find your itch

    What is keeping you from working? Don’t let the itch continue without isolating it and removing the problem.

    Are you unmotivated because you feel overwhelmed, tired, afraid, bored, restless or angry? Maybe it is because you aren’t sure you have time or delegated tasks haven’t been finished yet?

    6. Deconstruct your fears

    I’m sure you don’t have a phobia about getting stuff done. But at the same time, hidden fears or anxieties can keep you from getting real work completed.

    Isolate the unknowns and make yourself confident, you can handle the worst case scenario.

    7. Get a partner

    Find someone who will motivate you when you’re feeling lazy. I have a friend I go to the gym with. Besides spotting weight, having a friend can help motivate you to work hard when you’d normally quit.

    8. Kickstart your day

    Plan out tomorrow. Get up early and place all the important things early in the morning. Building momentum early in the day can usually carry you forward far later.

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    Having a morning routine is a good idea for you to stay motivated!

    9. Read books

    Read not just self-help or motivational books but any book that has new ideas. New ideas get your mental gears turning and can build motivation. Here’re more reasons to read every day.

    Learning new ideas puts your brain in motion so it requires less time to speed up to your tasks.

    10. Get the right tools

    Your environment can have a profound effect on your enthusiasm. Computers that are too slow, inefficient applications or a vehicle that breaks down constantly can kill your motivation.

    Building motivation is almost as important as avoiding the traps that can stop it.

    11. Be careful with the small problems

    The worst killer of motivation is facing a seemingly small problem that creates endless frustration.

    Reframe little problems that must be fixed as bigger ones or they will kill any drive you have.

    12. Develop a mantra

    Find a few statements that focus your mind and motivate you. It doesn’t matter whether they are pulled from a tacky motivational poster or just a few words to tell you what to do.

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    If you aren’t sure where to start, a good personal mantra is “Do it now!” You can find more here too: 7 Empowering Affirmations That Will Help You Be Mentally Strong

    13. Build on success

    Success creates success. When you’ve just won, it is easy to feel motivated about almost anything. Emotions tend not to be situation specific, so a small win, whether it is a compliment from a colleague or finishing two thirds of your tasks before noon can turn you into a juggernaut.

    There are many ways you can place small successes earlier on to spur motivation later. Structuring your to-do lists, placing straightforward tasks such as exercising early in the day or giving yourself an affirmation can do the trick.

    How to Stay Motivated Forever (Without Motivation Tricks)

    The best way to motivate yourself is to organize your life so you don’t have to. If work is a constant battle for you, perhaps it is time to start thinking about a new job. The idea is that explicit motivational techniques should be a backup, not your regular routine.

    Here are some other things to consider making work flow more naturally:

    Passion

    Do things you have a passion for. We all have to do things we don’t want to. But if life has become a chronic source of dull chores, you’ve got a big problem that needs fixing.

    Not sure what your passion is to get you motivated? This will help you:

    How to Get Motivated and Be Happy Every Day When You Wake Up

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    Habits

    You can’t put everything on autopilot. I’ve found putting a few core habits in place creates a structure for the day.

    Waking up at the same time, working at the same times and having a similar productive routine makes it easier to do the next day.

    This guide will be useful for you if you’re looking to build good habits:

    Understand Your Habits to Control Them 100%

    Flow

    Flow is the state where your mind is completely focused on the task at hand. While there are many factors that go into producing this state, having the right challenge level is a big part.

    Find ways to tweak your tasks so they hover in that sweet spot between boredom and maddening frustration.

    Easily distracted and hard to focus? Here’s your solution.

    Final Thoughts

    With all these tips I’ve shared with you, now you know what to do when you’re feeling unmotivated.

    Find your passion and develop a positive mantra so when the next time negativity hits you again, you know how to stay positive and motivated!

    Featured photo credit: Pexels via pexels.com

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