I was lucky enough to get an early copy of this book - and it was a game changer for me. Why? Because, despite knowing that I need to deal with my finances for YEARS I have never seriously addressed them.. until I started reading this book. Ramit's book made me face the invisible scripts about money and take action. I've never taken notes about a book. I have 20 pages of notes and reflections for this one!
Specifically, I have a) saved tens of thousands of dollars in fees for banking and investment accounts, b) come up with a plan and a finishing date for paying down my debt (something I'd never actually considered). c) become really conscious about my spending... so I can spend money on what I want instead of paying for things I don't use (e.g., I now save $100/mo on cancelling unused subscriptions and services), d) simplified my entire money plan so I don't have to think about it any more, and i can focus on more important questions,
Ramit isn't offering ground breaking or cutting edge technology or quick hacks. What his is offering is better. Step by step actions that you will want to take - that is his super power.
As Ramit has said "find your mentor and do everything they say" - when it comes to personal finance, Ramit should be your mentor.
I have always been afraid of finance jargon and just did what the bankers told me to do with my money. After reading this book, I have the confidence to take charge of my life and I am implementing the steps to set up my personal finance system as outlined by the chapters.
Now, I am so happy I stumbled across this because I have benefitted in so many ways: Not only do I have a solid saving and investments plan, I am more knowledgeable about personal finances and investments, my stress levels are so much lower, and my quality of life is better because I know that I can spend freely on the things I love and save on the things I don’t care about. I don’t have to spend a lot of time researching or worrying about what stocks to buy or what to do if the market crashes, because the system is designed to be easy and automated. While this book is geared toward Americans, with a bit of quick Googling, you can apply the same knowledge to your Canadian RRSPs and TFSAs, like I did.
Just by putting a few weeks of work into my system, I am generating money passively (my new bank gave me 2.3% interest of $7.00 of interest in one month where my old bank gave me $0.36. In 1 year, that will make me $299.00 for basically just sitting there) That’s just a small thing compared to the interest I will make from investing smart and simple- I’m on track to generate hundred of thousands of dollars by the time I retire, just because of the steps I’m doing now. Without Ramit’s guidance, if I just did what I was doing before the book, I would have half that amount at my retirement, essentially missing out on roughly $450,000!
In short, this book was exactly what I needed to live a rich life and I cannot recommend this book ENOUGH. I am going to make everybody and their neighbours, hairdressers, and cousins read it!