Who here likes the idea of being rich?
Well, I would be the first one to raise MY hand, because who wouldn’t? In fact, I’m sure all of us at one point in time have sat on the edge of our seats with bated breath, listening to the Powerball or Mega Millions numbers being read off and praying for ours to be picked.
We all know somebody wins those numbers, but if you’re sitting here reading this, then you know it likely wasn’t you or me.
Ramit Sethie famously claims “I Will Teach You To Be Rich” but does he really have the chops to back this up?
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Well, his background seems to point to that as being the fact with over 18 programs on self improvement and personal finance, over 40k+ students hanging on his every word, a show on Netflix, a podcast, and a newsletter with over 800k+ readers.
So, if Ramit has all this saying that you should be listening to him, then the question is whether you should or not.
That’s what we’re going to be talking about today in this I Will Teach You To Be Rich Review to see if Ramit Sethi is the answer.
My plan over the next few minutes is to answer what most people are asking and help you decide if you can really take what Ramit says to the bank.
I’ll also discuss some of the top ways that most people have become wealthy over the years and then point you to something that has the potential to get you there in a more streamlined fashion.
Now with all that being said, let’s get the ball rolling…
What Is “I Will Teach You To Be Rich” All About?
I Will Teach You To Be Rich is a book that was originally written by Ramit Sethi and released on March 23, 2009 by Workman Publishing and is now in its 2nd printing. In the book Ramit focuses on four specific areas:
- Conscious Spending: In his book, Ramit is all for spending money on the things that truly make you happy and ruthlessly cutting out the expenses for what doesn’t. An example would be when the new iPhone comes out, which if it makes you happy, then get it, but cut back on going to Starbucks everyday. Sethi says it’s important to plan ahead and spend your money on what is truly important and avoid credit card debt.
- Big Wins Over Small Savings: Ramit suggests that being frugal on large purchases such as putting a good-sized down payment on cars or houses is much better than going to fast food restaurants rather than dine-in restaurants in order to cut back on spending. This approach will save you more money in the long-term rather than “sweating the small stuff”.
- Automate To Accumulate: Sethi believes that your investments should be automatic with your focus being future growth like retirement accounts and stocks. This process is best used when there is little to no intervention on your part with wealth accumulation over time.
- The 50/30/20 Rule: This idea is relatively simple… take advice from financial advisors and create a conscious spending plan by setting aside 50% of your income for what you need the most, 30% on your wants and desires, and 20% in savings or low cost index funds. This is an easy way to manage your checking account without the stress of micromanaging your money.
How Have Most People Live The Rich Life?
Now, let’s pivot to the most common ways that people have become rich and reached early retirement.
For the most part, entrepreneurship and starting your own business will put you on the fast track to becoming wealthy. Business owners typically do this by creating their own product or service and cashing in when the business blossoms.
Another path towards wealth is Investing in stocks, bonds, or other assets that accumulate wealth over time, then re-investing what they’ve accumulated into more investments.
The third way is Real Estate investing through flipping rehabs, buying and holding for cash flow, or large-scale commercial development.
The final way is often taught at Universities, which is climbing the corporate ladder in high-paying industries such as in the fields of technology, medicine, or business management.
Who Is Ramit Sethi?
Ramit Sethi is a businessman, CEO and owner of two financial advice sites called GrowthLab.com and IWillTeachYouToBeRich.com. GrowthLab focuses on providing advice for online advertising, while IWillTeachYouToBeRich teaches you more about Psychology and Personal Finance.
Sethi grew up in a middle-class family in California. His dream was to go to college, but he knew that the only way this could happen was through a scholarship. So he created a system that allowed him to apply to over 60 of them.
This gave him enough money to pursue his Bachelors in Arts and Science and Masters in Social Psychology from Stanford.
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What Are People Saying About Him?
You can find some mixed review online such as Trustpilot and Reddit with comments like:
“Ramit Sethi’s delivery is so REAL, as if I’m chatting with one of my friends that’ll never sugarcoat the truth and the truth is that you too can be rich!! Sharing the advice he’s gleaned from years of his own personal experiences, Ramit offers advice and products that will help you achieve practically any sales goal!!”
“Loved the book but outside that, Sethi just seems like a slimy, snake oil scam artist with an overinflated ego. He has customer service people responding to his emails 24/7 so you think he is speaking directly to you (spoiler alert: he’s not.)”
“I’ve never read the book but I’m a huge fan of his YouTube channel. His financial audits are extremely insightful, particularly when it comes to the psychology of why people spend money. He’s kind of like a grown up’s Caleb Hammer. I would definitely recommend checking him out and I think his teachings compliment Dave’s well even though they have very different philosophies.”
“Saw an episode on Netflix and didn’t really like the show. Just like Caleb Hammers audits it’s shocking how terrible some people are with money.”
What’s The Best Way To Make Money In 2024?
Personally, I believe the best way to create wealth is through real estate investing and having a decent stock portfolio.
Unfortunately, if you’re going to invest in either, you’re gonna need a good chunk of change to get you started.
I’m not going to go into too much detail about how to invest in these areas because you can find a lot of programs that can teach you all the nitty gritty.
But there is one area of wealth building that you should take a serious look into which is Digital Leasing.
It kinda sounds like real estate, but it’s much different in that it focuses on creating digital assets rather than physical ones and then renting them out to local businesses for a monthly fee.
In fact, once these assets are in full swing, it’s not uncommon to make anywhere from $500-$2000 per month per asset.
If you would like to learn more about Digital Leasing and why it’s my #1 pick, just click the button below.
