This is a great book; however, it does have some drawbacks. Firstly, it was not written for the Australian market and thus references to pensions are not as relevant. The book was first published in 2009 and updated in 2020. Therefore, some information may be outdated. If you are a person who loves to work with percentages for allocation of costs, this is the perfect book for you. If you are looking for sound financial principles, across the whole spectrum of money management, then this book will also be an excellent choice.
Ramit Sethi is a renowned entrepreneur, personal finance expert, and author. His philosophy emphasizes intentional spending, automation of financial processes and investing rather than having restrictive budgets. To find out more about Ramit Sethi visit his website, I will Teach you to be Rich or listen to his blog of the same name. He is also host of Netflix’s How to Get Rich.
The book is an easy read, broken down into easy to understand explanations. It has been likened to providing you with a financial compass and I would agree wholeheartedly.
Before you can start to invest, you need to pay down your personal debts and students’ loans. This book will guide you through the process. Then it moves to how to set up an automated system of saving and investment. I think for many people who are new to investing, the book will provide you with sound advice as to how to start. The latter part of the book moves into the area of the philosophy of investing and how to manage your finances with a wide range of topics. Ramit is very keen to explode the myth of needing financial experts to manage your money. With a few simple guidelines you will be able to manage your money yourself.
If you want to feel in control of your money, I recommend this book, provided you accept that it does not deal with the specifics of and Australian tax and Retirement Rules. However, if you review Good Financial Reads, there are plenty of books to help in this area.
Glenis Phillips SF Fin – Good Financial Reads
Disclaimer: Financial Mappers does not have an Australian Services License, does not offer financial planning advice, and does not recommend financial products.
