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 don’t need to be an expert in stock market, or in finance to get rich…
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 don’t.
Use money to design your Rich Life.
There’s 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 “The 85 Percent Solution”);
Understanding that it’s okay to make mistakes;
Spending extravagantly on the things you love and cutting costs mercilessly on the things you don’t (also known as “conscious spending”);
Realizing there’s 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 don’t have to work if they don’t want to; and
Spend extravagantly on the things he loves and be relentlessly frugal about the things he doesn’t.
A Rich Life means you can spend on the things you love as long as you cut costs mercilessly on the things you don’t.
“Focus on the Big Wins—the 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.”
“Investing should be very boring—and profitable—over the long term.”