5 ms·

I highly recommend Ramit Sethi's http://www.iwillteachyoutoberich.com http://www.iwillteachyoutoberich.com. It's a great book for those clueless about personal

I highly recommend Ramit Sethi's http://www.iwillteachyoutoberich.com http://www.iwillteachyoutoberich.com. It's a great book for those clueless about personal finance and managing their money and he gives you lots of common sense advice based on psychology/human behavior. Ramit is one of the smartest people of our time in general and I take you will love his other content as well (I definitely do.) Once you're up to speed on that and want to get really fancy you should check out https://www.youneedabudget.com https://www.youneedabudget.com. Good luck on your journey.

alexmingoia 10y ago
Reducing expenses is a far worse strategy than increasing earnings. There's usually not a lot of wiggle-room for expenses and there's a limit to how much you can reduce, whereas there's almost no limit to increasing earnings. It can be as simple as switching jobs. I'd rather go from earning 60k to 120k than try to not spend 60k
gregsadetsky 10y ago
Thanks for the recommendation! You can access Ramit Sethi's content directly here (no need to subscribe to the mailing list): http://insider.iwillteachyoutoberich.com/blueprints/ http://insider.iwillteachyoutoberich.com/blueprints/
imaginenore 10y ago
Be careful with the advice that tells you how to get rich by saving a bit of your income and not buying the things you can't afford. The only person it will make rich is the author of the book. Your average person in the US makes $29K/year. Subtract taxes, rent, insurance, transportation, food, utility bills, medical bills, and you're usually left with close to nothing. Even if you're a developer who makes $150K, you can probably save up $50-60K/year, if you live extremely frugally. So it will take you 17-20 years just to get to $1M, assuming you can inflation-proof your savings. And I don't consider $1M in savings "rich" - it's not enough to retire without worrying (medical bills will go up as you age).
- greggyb 10y ago
  I can tell you've read the book, because your first statement echoes a repeating theme in Ramit's work. Thanks for sharing a bit.
- icedchai 10y ago
  Most people don't have the self control to follow that advice anyway. It won't get you filthy rich but it will get you ahead of roughly 90% of the population.

alexmingoia 10y ago

Reducing expenses is a far worse strategy than increasing earnings. There's usually not a lot of wiggle-room for expenses and there's a limit to how much you can reduce, whereas there's almost no limit to increasing earnings. It can be as simple as switching jobs. I'd rather go from earning 60k to 120k than try to not spend 60k

gregsadetsky 10y ago

Thanks for the recommendation! You can access Ramit Sethi's content directly here (no need to subscribe to the mailing list): http://insider.iwillteachyoutoberich.com/blueprints/ http://insider.iwillteachyoutoberich.com/blueprints/

imaginenore 10y ago

Be careful with the advice that tells you how to get rich by saving a bit of your income and not buying the things you can't afford. The only person it will make rich is the author of the book. Your average person in the US makes $29K/year. Subtract taxes, rent, insurance, transportation, food, utility bills, medical bills, and you're usually left with close to nothing. Even if you're a developer who makes $150K, you can probably save up $50-60K/year, if you live extremely frugally. So it will take you 17-20 years just to get to $1M, assuming you can inflation-proof your savings. And I don't consider $1M in savings "rich" - it's not enough to retire without worrying (medical bills will go up as you age).

greggyb 10y ago
I can tell you've read the book, because your first statement echoes a repeating theme in Ramit's work. Thanks for sharing a bit.
icedchai 10y ago
Most people don't have the self control to follow that advice anyway. It won't get you filthy rich but it will get you ahead of roughly 90% of the population.