Thursday, July 23, 2009, AM | Leave Comment
I am reading a book that I had never heard of before. The name of the book is “I Will Teach You To Be Rich” by Ramit Sethi. I have read more than half of it.
It has great points, like the name suggests, about how to become rich.
Ramit goes into the details of savings, credit and all those nice things to understand but many – and I am afraid too many – of us have shied away from.
The details are just fine. The book is built upon a framework of a six-week program, designed to take a personal finance newcomer from freshman status to savvy long-term investor.
Ramit claims readers will succeed even if pursuing only 85% of what is written in the book.
I have no problems with Ramit or anyone else preaching what they do. To me the important thing is to change your lifestyle.
Don’t get into the nitty-gritty thing. I don’t think saving a dime here and a buck there can make you rich.
It cannot even get you out of debt if you carry it under your belt.
Enjoy life. Use credit, whatever you can get, to better your livelihood.
Remember, the credit issuer – mortgage, credit card – gives you credit to make money off of you. That’s their business.
It is your responsibility how best to use it. Nobody can teach you what to use it for. You are on your own.
But one thing is for certain. You are not only borrowing money, you are, in essence, renting money.
And anything you rent, you must return it to its proper owner within the mutually agreed upon time.
The important thing is that too many of us have been and still are under the humongous load of debt.
Believe me we are responsible for our own performance in finances.
However, on the same token, the credit issuers have shoved debt down our throats.
Otherwise, there will not have happened the sub-prime mortgage debacle that so many of us have experienced the last couple of years.
In a Nutshell
In order to get rich, you must first get out of the debt you are under. For that and for anything else positive to happen in your financial life, you must change your mindset. Other than that, enjoy life with your family.