I Will Teach You to Be Rich PDF Book by Ramit Sethi


Click here to Download I Will Teach You to Be Rich PDF Book by Ramit Sethi English having PDF Size 8.7 MB and No of Pages 394.

I’ve always wondered why so many people gain weight after college. I’m not talking about people with medical disorders, but regular people who were slim in college and vowed that they would “never, ever” let that happen to them. Yet, little by little, most Americans gain an unhealthy amount of weight.

I Will Teach You to Be Rich PDF Book by Ramit Sethi

Name of Book I Will Teach You to Be Rich
Author Ramit Sethi
PDF Size 8.7 MB
No of Pages 394
Language  English
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About Book – I Will Teach You to Be Rich PDF Book

In the ten years since I wrote my book, weight and health have become such controversial topics that I was advised to delete my references to them. But after my own journeys with nutrition, fitness, and money, I now believe even more in the connections between them—and that you can take control. Weight gain doesn’t happen overnight. If it did, it would be easy for us to see it coming—and to take steps to avoid it.

Ounce by ounce, it creeps up on us as we’re driving to work and then sitting behind a computer for eight to ten hours a day. It happens when we move into the real world from a college campus populated by bicyclists, runners, and varsity athletes who once inspired us to keep fit. But try talking about post-college weight loss with your friends and see if they say one of these things: “Avoid carbs!”

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“Don’t eat before you go to bed, because fat doesn’t burn efficiently when you’re sleeping.” “Keto is the only real way to lose weight.” “Drinking apple cider vinegar speeds up your metabolism.” I always laugh when I hear these things. Maybe they’re correct or maybe they’re not, but that’s not really the point. The point is that we love to debate minutiae.

When it comes to weight loss, 99.99 percent of us need to know only two things: Eat less and exercise more. Only elite athletes need to do more. But instead of accepting these simple truths and acting on them, we discuss trans fats, obscure supplements, and Whole30 versus paleo.

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Most people think that investing means “buying stocks,” as if they should buy and sell random stocks and somehow magically make a profit. Because they’ve started with a mistaken assumption—that investing means picking stocks—the ones who decide to learn more go down the rabbit hole of fancy terms like “hedge funds,” “derivatives,” and “call options.”

In reality, their fundamental assumption was incorrect. Investing isn’t about picking stocks. In fact, your investment plan is actually more important than any individual investment you make. Sadly, most people actually think you need this level of complexity to get rich because they see people talking about this stuff online each day. Guess what?

For individual investors like you and me, these options are irrelevant. It sounds sexy, but when individual investors talk about complicated concepts like this, it’s like two elementary school tennis players arguing about the string tension of their racquets. Sure, it might matter a little, but they’d be much better tennis players if they just went outside and hit some balls for a few hours each day. I Will Teach You to Be Rich PDF Book

Simple, long-term investing works. This idea gets nothing but yawns and eye rolls. But you decide: Do you want to sit around impressing others with your sexy vocabulary, or do you want to join me on my gold-lined throne as we’re fed grapes and fanned with palm fronds? I Will Teach You to Be Rich will help you figure out where your money is going and redirect it to where you want it to go.

Saving for a vacation to China? A wedding? Just want to make your money grow? Here’s the six-week program that will let you tackle it. You’ll never see an Indian driving a two-door coupe. Really, think about it. If you have a neighborhood Indian—let’s call him Raj—this guy is driving a practical four-door car, usually a Honda Accord or Toyota Camry.

However, Indian people aren’t just fanatical about driving sensible cars. We’re absolutely nuts about hammering down the price to the last penny. Take my dad, for example. He’ll bargain for five straight days just to buy one car. I’ve been along for the ride on these weeklong negotiating sessions with him before. I Will Teach You to Be Rich PDF Book

Once, as he was literally about to sign the papers, he stopped, asked them to throw in free floor mats (a $50 value), and walked away when they refused. This, after he’d spent five days bargaining them down. As he dragged me from the dealership, I stared straight ahead, shell-shocked. As you can imagine, by the time I went to buy my own car, I had been steeped in a rich tradition of negotiating.

I knew how to make unreasonable demands with a straight face and never take no for an answer. I took a more modern approach, however: Instead of spending a week going from dealership to dealership, I simply invited seventeen dealers in Northern California to bid against each other for my business while I sat at home and browsed around the internet.

Calmly reviewing the emails and faxes (yes, really) as they came in. (For more about buying a car.) In the end, I found a great deal in Palo Alto and walked in ready to sign the papers. Everything was going smoothly until the dealer went to check my credit. He came back smiling. “You know, you have the best credit of anyone I’ve ever seen at your age,” he said. I Will Teach You to Be Rich PDF Book

“Thanks,” I replied, actually wanting to say, “AWWW, YEAH, I KNEW IT.” That’s because I was a weird twentysomething Indian who chooses a four-door Accord for his dream car and prides himself on his credit score. Then the dealer said, “Hmm.” “Hmm?” I asked. “Well,” he said, “it looks like you have great credit, but not enough credit sources.”

The bottom line, he told me, was that they couldn’t offer me the low-interest option we had talked about. Instead of 1.9 percent interest, it would be 4.9 percent. That didn’t sound like much, but I pulled out a notepad and did a quick calculation. The difference would be more than $2,200 over the life of my car loan.

Because I was getting such a great deal on the car, I convinced myself that the higher interest rate was okay, and I signed the papers for the loan. But I was still pissed. Why should I have to pay an extra two grand when I had great credit? Most people weren’t raised like me, so I understand that you probably hate negotiating. Most Americans do. I Will Teach You to Be Rich PDF Book Download

We’re not sure what to say, we get nervous about looking cheap, and then we look at ourselves and say, “Is this really worth it?” In a pool of sweaty discomfort, most of us conclude “No”—and we pay full price. I have a fresh perspective: It’s not worth negotiating everything, but there are a few areas of life where negotiation is a Big Win.

In this chapter, I’m going to show you how to go on offense and squeeze as many rewards and benefits out of your credit cards as possible. You’re going to start winning against them. And for the first time, negotiating is going to be fun. Brian decides to pick his three biggest expenses and optimize them.

First, he looks at his monthly fixed costs and realizes that because he’s been consistently paying the minimum monthly payment on his credit card debt at 18 percent, he has $3,000 of debt left. Under his current plan, it will take him about twenty-two years and cost him $4,115 in interest to pay off his debt. But he can call his credit card company to request a lower interest rate (see details). I Will Teach You to Be Rich PDF Book Download

With his new lower credit card APR of 15 percent, it will take him eighteen years and he’ll pay $2,758 in interest. He saves fifty-three months and $1,357 of payments. That’s only $6/month, but over eighteen years it adds up to a lot. Next, he checks his subscriptions and realizes he’s been paying for a Netflix account and a Star Wars membership site, both of which he rarely uses.

He cancels them, saving $60/month and increasing his chances of getting a girlfriend. Finally, he logs in to his money management account at YNAB and realizes that he’s spending $350 eating out each month, plus $250 at bars— $600 in total. He decides that over the next three months, he’ll ratchet that amount down to $400/month, saving him $200/month.

Total amount saved: $260/month. By adjusting his spending, Brian was able to create a Conscious Spending Plan that works for him. Brian was smart to focus on changing the things that mattered. Instead of promising that he’d stop spending money on Cokes every time he ate out, he picked the Big Wins that would really make an impact on his total dollar amount. I Will Teach You to Be Rich PDF Book Download

You’ll see this a lot: People will get really inspired to budget and decide to stop spending on things like appetizers with dinner. Or they’ll buy generic cookies. That’s nice—and I definitely encourage you to do that—but those small changes will have very little effect on your total spending.

They serve more to make people feel good about themselves, which lasts only a few weeks once they realize they still don’t have any more money. You’ve heard my rants against the media hype surrounding investment and the poor performance of most professional investors. Now there’s one more category of financial professionals that I want to warn you about: financial advisers.

Some of you might say, “But, Ramit, I don’t have time to invest! Why can’t I just use a financial adviser?” Ah, yes, the old outsourcing argument. We outsource our car cleaning, laundry, and housekeeping. So why not the management of our money? Most young people don’t need a financial adviser. I Will Teach You to Be Rich PDF Book Download

We have such simple needs that with a little bit of time (a few hours a week over the course of, say, six weeks) we can get an automatic personal finance infrastructure working for us. Plus, financial advisers don’t always look out for your interests. They’re supposed to help you make the right decisions about your money, but keep in mind that they’re actually not obligated to do what’s best for you.

Some of them will give you very good advice, but many of them are pretty useless. If they’re paid on commission, they usually will direct you to expensive, bloated funds to earn their commissions. Anyway, back to the story: When I heard these guys worked for Wells Fargo, I knew I had to take the call. Mostly because I hate almost all wealth managers (and I love role-playing).

A quick background on what “wealth managers” do. They find a person with money, ask them a bunch of questions, and help them plan their finances and investments. Sounds good, right? They also give you “prestige services,” like portfolio analysis, international mortgage assistance, tax planning services, etc. In exchange for this, they charge you a fee based on percentage of assets. I Will Teach You to Be Rich PDF Book Free

A small number, like 1 percent or 2 percent. Oh my god, the fees. We’ll get to that in a minute. So I get on the phone with these two advisers. They work in Beverly Hills and have amazing, buttery British accents. I love British accents. THEY KNOW NOTHING ABOUT ME. They didn’t do two seconds of research. “This is going to be fun,” I think to myself.

They ask me what I do for a living. I tell them “Internet entrepreneur.” They work with entrepreneurs and celebrities, they tell me. Celebrities are targets for wealth managers because (1) celebs make a lot of money for (2) a short period of time, and (3) they just want to delegate it. They start telling me about their services. How they help their clients focus on their work and handle all the financial “stuff.”

The implication being that I’m too busy buying Lamborghinis and bottle service to pay attention to my investments. Little do they know I love asset allocation and actively study it for fun.) They tell me how they keep my money safe. How they know that I need the money to be here for me tomorrow (playing on my fear of loss). I play dumb and ask a lot of basic questions. I Will Teach You to Be Rich PDF Book Free

“How does it work? What do you do with my money?” I’m careful not to use phrases like “tax-loss harvesting,” “dollar-cost averaging,” or even “compound interest.” Instead, I ask things like, “Can you guys help with taxes?” We were on a phone call, but I could almost feel their eyes lighting up as they eagerly told me the complicated ways they can save me money on taxes in reality.

There are relatively few tax loopholes for the wealthy). Then, in their beautiful accents, they say something that sounds innocuous but is actually extremely revealing: “We don’t try to match the market. We focus on asset preservation.” Did you catch that? What they mean is: “Our investment returns will be below what you could get from a cheap Vanguard fund.”

In plain English: “You can buy salt for $1. We will give you worse salt and charge you $2. But we’ll deliver it on a beautiful leather tray every six months.” NOW I’M LAUGHING OUT LOUD. I hit mute on the phone so I can keep up the charade. They never ask about my goals. Such as . . . why would a guy in his early thirties, early in his career, be focused on wealth preservation instead of growth? I Will Teach You to Be Rich PDF Book Free