Your 6-week plan to becoming rich:
(The best lessons from "I Will Teach You To Be Rich")
(The best lessons from "I Will Teach You To Be Rich")
Before the thread starts, I have to give credit to the author of the book @ramit.
Be sure to give him a follow & read the book for a greater breakdown of the content in this thread.
Okay, let's get into it...
Be sure to give him a follow & read the book for a greater breakdown of the content in this thread.
Okay, let's get into it...
Week 1: Optimize Your Credit Cards
Credit cards can be bad, but if utilized correctly they can be beneficial.
- Set up Auto Pay
- Pay off FULL every month
- Build credit to get good rates
- Use credit card perks (insurance)
Key takeaway: NEVER carry a balance.
Credit cards can be bad, but if utilized correctly they can be beneficial.
- Set up Auto Pay
- Pay off FULL every month
- Build credit to get good rates
- Use credit card perks (insurance)
Key takeaway: NEVER carry a balance.
Week 2: Open High Interest, Low Maintenance Bank Accounts
Having an emergency fund is important. Most people recommend 3-6 months worth of expenses set aside.
- Find no-fee ATM withdrawals
- Open a no-fee online bank account
- Avoid brick & mortar banks (they require minimums)
Having an emergency fund is important. Most people recommend 3-6 months worth of expenses set aside.
- Find no-fee ATM withdrawals
- Open a no-fee online bank account
- Avoid brick & mortar banks (they require minimums)
Week 3: Open Investing Accounts
@ramit recommends this order:
1. Get your 401(k) match
2. Pay off credit card + other debt
3. Open up a Roth IRA & max it out
4. Money left over? Go back to 401(k)
5. Money left over? Open a taxable account
These are the steps he recommends.
@ramit recommends this order:
1. Get your 401(k) match
2. Pay off credit card + other debt
3. Open up a Roth IRA & max it out
4. Money left over? Go back to 401(k)
5. Money left over? Open a taxable account
These are the steps he recommends.
Week 4: Start Your Conscious Spending Plan
Use a tracking tool to see where your money is going.
Choose the things you love enough to spend $$$ on. Cut costs on the things you don’t love.
This leads to a happy, rich life, not living a life of frugality for no reason.
Use a tracking tool to see where your money is going.
Choose the things you love enough to spend $$$ on. Cut costs on the things you don’t love.
This leads to a happy, rich life, not living a life of frugality for no reason.
Week 5: Automate Everything
This is the schedule @ramit recommends:
1st of month: Switch all bills to arrive on this day (if you are paid on the 1st too)
3rd of month: Set-up auto transfer to savings + Roth IRA (investments)
7th of month: Set-up auto payment for all bills
This is the schedule @ramit recommends:
1st of month: Switch all bills to arrive on this day (if you are paid on the 1st too)
3rd of month: Set-up auto transfer to savings + Roth IRA (investments)
7th of month: Set-up auto payment for all bills
Week 6: Start Investing
Invest automatically over a long time period.
Allocate 5-7% of your income to “mental outlets.” This is money for you to invest or spend however you like.
After you've maxed out savings & investments, consider your most important investment: yourself.
Invest automatically over a long time period.
Allocate 5-7% of your income to “mental outlets.” This is money for you to invest or spend however you like.
After you've maxed out savings & investments, consider your most important investment: yourself.
Some other key takeaways from the book:
- You don’t need to be an expert to get rich
- Spend extravagantly on the things you love and cut costs mercilessly on the things you don’t
- There’s a limit to how much you can cut, but no limit to how much you can earn
- Start TODAY
- You don’t need to be an expert to get rich
- Spend extravagantly on the things you love and cut costs mercilessly on the things you don’t
- There’s a limit to how much you can cut, but no limit to how much you can earn
- Start TODAY
TL;DR
Week 1: Optimize Your Credit Cards
Week 2: Open High Interest, Low Maintenance Bank Accounts
Week 3: Open Investing Accounts
Week 4: Start Your Conscious Spending Plan
Week 5: Automate Everything
Week 6: Start Investing
Week 1: Optimize Your Credit Cards
Week 2: Open High Interest, Low Maintenance Bank Accounts
Week 3: Open Investing Accounts
Week 4: Start Your Conscious Spending Plan
Week 5: Automate Everything
Week 6: Start Investing
Loading suggestions...