I Will Teach You To Be Rich

1.I Will Teach You To Be Richby RamitSethi

The easiest way to get rich is to inherit. This is the second best way knowledge and some discipline. If youre bold enough to do the right thing, Ramit will show you how. Highly recommended.

Seth Godin
Prepared by Colin Post find me at www.expat-chronicles.com
2. Slideshow put together by:
Colin [email protected] development and e-marketing campaignsImport / export management for US-South AmericaInmersiones ingleses en CundinamarcaFreelance writingwww.expat-chronicles.com
3. Anyone reading this review of the book, just buy it. It's worth it.
4. 6 Weeks of Action Steps
Week 1 set up credit cards and learn how to improve credit history.
Week 2 set up the right bank accounts, negotiating to get no-fee, high interest accounts.
Week 3 open 401K and investment account.
Week 4 figure out how much youre spending, and how to make money go where you want it to go.
Week 5 automate infrastructure to make accounts play together nicely.
Week 6 learn why investing isnt picking stocks, and how to get the most with little work.
5. Week 1 Action Steps
Get your credit report and credit score.
Set up credit card.
Insist on not paying annual fees or service charges.
Get a card with rewards that fit your lifestyle.
Set up auto-payment so its paid in full every month.
If you have debt, start paying it off completely.
Open a checking account or assess your current one.
No fees, no minimums.
Open an online high-interest savings account.
(Optional) Open online checking account.
Fund your online savings account.
Set up auto contributions.
Open a 401(k).
Contribute enough to get the full match.
Come up with aplan to pay off your debt.
Open a Roth IRA and set up automatic payment.
Get your paycheck, determine your spending, and figure out what your Conscious Spending Plan looks like.
50-60% fixed costs, 10% long-term investments, 5-10% savings goals, 20-35% guilt-free spending.
Optimize your spending. (find and make cuts)
Pick your big wins, use the envelope system.
Maintain your Conscious Spending Plan.
List all your accounts in one place with passwords.
Link your accounts together.
Set up Automatic Money Flow.
Create system that automatically sends money to investment accounts, savings account, fixed costs, and credit card.
Resetting billing cycles with credit cards may be needed.
Figure out your investing style.
Simple options, lifecycle fund, more control, etc.
Lifecycle fund is autopilot, simplest option.
Research your investments.
Buy your fund.
11. Checking Account Resources
Credit unions or local banks
No fees or minimums permitted
Schwab Bank Investor Checking with Schwab One Brokerage Account
Brokerage account necessary for waiving fees
ING Direct Electric Orange
12. Savings Account Resources
ING Direct Orange Savings
Allows virtual sub-accounts and automatic transfers
Emigrant Direct
Generally highest or 2nd highest interest rate
HSBC Direct
Also among highest interest rates available
13. Discount Brokerage Resources
Vanguard www.vanguard.com
$3,000 minimum cant be waived
T. Rowe Price www.troweprice.com
$1,000 minimum waived with $50 / month auto contribution
Schwab www.schwab.com
$1,000 minimum waived with $100 / month auto contribution
Automatically link to a Schwab high-interest checking account
14. Ramit On Buying Houses
When I ask my younger friends why they want to buy a house, they stare at me blankly. Theyre a good investment, they reply like brainless automatons who are at risk of being smacked by me.

I Will Teach You To Be Rich

Economy & Finance

Transcript of I Will Teach You To Be Rich