“I Will Teach you to Be Rich” by Ramit Sethi. This was an amazing book. It will help almost anyone understand how to visualize their money plan and tendencies. It also gives step-by-step tips to begin a journey to financial independence. Here are my top 5 takeaways.
1) Most people do not have the mindset to become rich. They are victims or cynics. In order to become rich, you need to take control of your own financial destiny.
2) What is your Rich Life? Dream (truly dream) about what your life would look like if you were rich. Where would you be? Who would you be with? What would you have? From there you can begin the journey to financial independence and financial freedom. But start with a dream.
3) There is a huge difference between cheap people and conscious spenders. For instance, “Cheap people care about the cost of something” and conscious spenders “care about the value of something”. Don’t get them confused.
4) As we travel down the road of financial independence, building multiple streams of income is more important than cutting spending. “You can only cut so much before you bleed.” Use your intellect to create new streams of income.
5) Don’t fall into the “earned income trap”. Working for money. In this trap, the higher promotions and responsibilities come at a cost of more free time spent away from family. By creating multiple streams of income, investing, and building businesses, we can free ourselves from the “rat race”.
I highly recommend this book to anyone who is starting to realize that they are in the “rat race”. The dream of working hard, funding retirement, and having a great retirement is very alluring. However, we need to take ownership of our (financial) lives. We need to create businesses and learn investing so that we can become financially independent. However, if you read this book before you recognize that you are in the rat race, these concepts will possibly fly over our heads. When you look ahead of your life and you only see yourself “breaking even”, then you know that you are in the rat race.
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https://www.pinterest.com/kingmarine/military-family-investing/Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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