I WILL TEACH YOU TO BE RICH Book Summary (Ramit Sethi)
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I will teach you to be rich is personal finance book written by Ramith Sethi. In this video, I do a summary and review of this book and top lessons on how to get rich and how to achieve financial freedom in India by investing in stock market.
Top lessons from this personal finance book on achieving financial freedom in India:
You donāt need to be an expert in stock market, or in finance to get richā¦
But you do need to get started early. This will help you take advantage of power of compounding in investing and stock market.
Spend extravagantly on the things you love and cut costs mercilessly on the things you donāt.
Use money to design your Rich Life.
Thereās a limit to how much you can cut, but no limit to how much you can earn.
The key messages of I Will Teach You to Be Rich are:
Getting started in savings and investing is more important than becoming an expert (also known as āThe 85 Percent Solutionā);
Understanding that itās okay to make mistakes;
Spending extravagantly on the things you love and cutting costs mercilessly on the things you donāt (also known as āconscious spendingā);
Realizing thereās a difference between being sexy and being rich;
Not living in the spreadsheet;
Playing offense, not defense; and
Using money to design your Rich Life.
Sethi considers himself rich now because he can:
Make career decisions because he wants to, not because of money;
Help his parents with their retirement, so they donāt have to work if they donāt want to; and
Spend extravagantly on the things he loves and be relentlessly frugal about the things he doesnāt.
A Rich Life means you can spend on the things you love as long as you cut costs mercilessly on the things you donāt.
āFocus on the Big Winsāthe five to ten things that get you disproportionate results, including automating your savings and investing, finding a job you love, and negotiating your salary. Get the Big Wins right and you can order as many lattes as you want.ā
āInvesting should be very boringāand profitableāover the long term.ā