I Will Teach You to be Rich by Rami Sethi is the third finance book recommended by Adam Baker on the Man Versus Debt blog. If you haven’t already done so I recommend that you also check out Your Money or Your Life by Vicki Robin and Joe Dominguez and the TOTAL Money Makeover by Dave Ramsay. So what can you learn from Sethi’s financial offering?
The book is structured around nine chapters of financial advice and I have to admit that I did not finish all nine chapters. I think there was a combination of factors that contributed to my early bath. For one I didn’t like his writing style. There was a cockiness about it that didn’t fit well on my palate and I also found a lot of the advice regurgitated. I certainly recommend reading a few finance books every year but maybe eating them all in one sitting is going to leave anyone with a bad belly?
I used to have around £35,000 worth of credit card debt so, initially; I was interested in Chapter 1: Optimise Your Credit Cards. If you have credit card debt then this chapter will be useful, but I would like to share a cautionary tale. Sethi is not the only person who advocates using credit cards in a positive manner. Chris Guillebeau, who runs the Art of Non-Conformity blog, also advocates using credit cards to your advantage (to glean free air miles). But you need to have the correct disposition to handle this. If, like me, you have built up debt of the magnitude of £35,000 then using credit cards to your advantage may not be a good idea. It is all about control. If you have good financial control then play around with the value your credit cards can bring. If not then the only strategy is to pay them off and cut them up. I had £35,000 worth of debt and therefore no control. So for me the best credit card advice comes from Dave Ramsay. Just pay them off aggressively and cut them up – so two ways of looking at things when it comes to your credit cards.
The second chapter Beat The Banks was perhaps the best chapter for me. The advice Sethi gave about choosing the right bank accounts to hold your money was simple, sensible and often overlooked. Sethi quite rightly points out that you can get a better bang for your buck with relatively little hassle. Just a few phone calls or the tap of a few keys and you have the right collection of accounts to manage your money.
After those few chapters the advice was similar to that offered by Dave Ramsay. Earn wisely, spend wisely and invest wisely. I think the repetitive noise was what stopped me finishing the book, but I also think I will go back to certain sections from time to time.
Would I recommend this book? In short, it’s a no. There are better financial books out there and none better than Your Money or Your Life by Vicki Robin and Joe Dominguez.