I Will Teach You to Be Rich by Ramit Sethi

If you’re a millennial looking to get ahead financially, investment guru Ramit Sethi has some life-changing wisdom and advice for you. In his 2009 New York Times bestselling book, I Will Teach You to Be Rich, Sethi offers a no-nonsense approach to money management, including how to save, how to spend, how to invest, and ultimately how to live a rich life.

Sethi’s first chapter focuses on the basics of money management, such as understanding the difference between needs and wants and setting long-term goals. He also emphasizes that good money management isn't about living below your means, it's about knowing how to get the most out of your money. He advises readers to set a budget and track their expenses to ensure that they have money left over to save and invest.

The bulk of the book is dedicated to the specifics of setting up your finances. Sethi outlines the most important elements of investing and provides clear guidance on where to invest your money. He explains the differences between stocks, bonds, mutual funds, and index funds, and provides tactics for determining which are best for your specific needs.

Additionally, Sethi gives advice on how to approach banking, including how to open accounts, strategies for avoiding overdraft fees, and how to maximize credit cards. He also discusses how to prioritize payments, and how to create systems in order to make paying bills easier.

The book also covers saving and offers advice on how to build an emergency fund, set up retirement accounts, and manage student loan debt. Sethi explains the rules of “mindful spending”, which is a method of prioritizing expenditures and living on a budget without depriving yourself of the things you love.

The largest section of the book is dedicated to understanding behavioral psychology and how it affects our spending decisions. He explains the science of how emotions can drive us to make irrational choices, and offers advice on how to change our mindset in order to make smarter decisions. Ultimately, Sethi’s goal is to help readers develop a “rich” life, not just a life of financial success.

I Will Teach You to Be Rich is a comprehensive guide to financial success, and a must-read for any millennial looking to get ahead. With clear guidelines and advice backed by psychological research, this book offers a practical, step-by-step guide to help you take control of your financial future.