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Wednesday, 25 March 2009

Let Ramit teach your kids to be rich

Sethi_headshot

As a parent, there is nothing I want more than for my kids to be happy.  So I make sure they eat well, and have lots of time to play.  I nurture their imaginations and read to them and take them outside so they appreciate nature.  I make sure to give lots of hugs, and listen to their stories, and nurse their skinned knees.

All of these things are extremely important, and will lead them, I believe, to a better chance at having happy, well-adjusted lives.

But one critical thing that I know I must do, and that I need help with, is teach them how to respect and manage money.  This doesn't come naturally to me, as a liberal arts major with a free spirit and aversion to accounting.  But I will boldly say that if they do not learn how to manage money, it will be the single biggest source of stress in their lives which will impact their health, relationships and career.

I think that part of the reason why our entire country is going through economic strife and chaos is that we do not teach our young people how to responsibly and realistically handle their finances.

When we do talk to our kids, it sounds like the teacher from Charlie Brown:

We say:  "Son, it is really important to track your spending and save money."

They hear:  "Son, waa waa, waa waa, waa waa."

So thank goodness I know Ramit Sethi, a whip-smart young man who has been sharing personal finance advice to college students and recent college graduates for years on his blog I Will Teach You to Be Rich.

His quick wit, pragmatic approach and solid information has earned him a loyal following of hundreds of thousands of readers a month.  He is also a very successful entrepreneur, having co-founded the popular company PB Wiki.  I included an interview with him in my book, since I loved his approach to starting a business and his clear, pragmatic perspective on finance and entrepreneurship.  I am proud to call him a friend, and consider him a young mentor, to help me think creatively when I get stuck in mid-life ruts.

His new book, I Will Teach You to Be Rich, was released on Monday, to these astounding results:

  • The book hit #1 on Amazon all day on Monday
  • It sold out of Amazon within hours
  • The publisher ordered a reprint on the first day the book was released
  • It hit #3 on Barnes & Noble
  • And the reviews are pouring in: http://www.iwillteachyoutoberich.com/book/reviews/

You can look at a sample chapter here:


I Will Teach You To Be Rich

Some of the key messages in the book are:

  • The 85% Solution:  Getting started is more important than being an expert
  • It's OK to make mistakes
  • Ordinary actions get ordinary results
  • There is a difference between being sexy and being rich
  • Spend extravagantly on things you love and cut costs mercilessly on things you don't

As soon as my kids are old enough for summer camp, I will be sending them to Ramit's house in San Francisco for some seriously fun financial education. (Ramit, you can't say I didn't warn you!)

So if you are a young adult, or have a young adult in your life who you want to see thrive and be happy in their future, buy them this book!  It would be the perfect graduation present.

And just in case you were wondering, this book is NOT just for 20-somethings.  I learned a lot myself, that I know will save me, and eventually earn me more money in the future.

To give you a little extra incentive to buy the book, we are doing something extra special for my blog readers:

If you order the book in the next 48 hours, you will get a bonus hour-long recording of Ramit and me discussing saving, investing, switching careers and making your first $1,000/month on your own.  Here is how:

Order the book and forward your receipt to cubiclenation@iwillteachyoutoberich.com within the next 48 hours.  Ramit will send you a link to the recording, free for the next 48 hours.

I am feeling really proud right now that someone who has worked as hard as Ramit has for all these years is seeing real recognition and success with a mainstream book.  As a blog-to-book writer, I could not be more inspired.  Rock on Ramit!

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Comments

Peter

Can I forward the receipt if I bought the book on Monday?

---

Sure! :)

-Pam

Nairobian Perspective

seems to be a nice book, too bad i have to pass on it because of accesibility where i am and costs, but atleast from now im following you on twitter and will be reading this blog, you are welcome to visit my blog too!

Jen Trinque

I am going to check out that book right now! I'm just about done with my twenties but left my job to start my own life coaching business, and I bet this book has many, many things I need to know in it! Thanks for sharing the info.

Doug

I'm grateful to see that, so far, my two boys (ages 8 & 10) tend to be savers; that is, they save most of the allowance money I give them, rather than running out and blowing it all every few weeks. They also both have savings accounts, though they're not the high-yield ones that Ramit recommends. We need to work on that!

Having read the samples that Ramit has posted, I agree with Pam that this book is not just for the 18-35 demographic. I'm a little more, um, experienced than that group, but there's plenty of good info in there for me, too. I learned a lot of it on my own over the years, sometimes the hard way. This post is good reminder to me as a parent, to pass those lessons along to my kids, in whatever way they'll receive it.

Doug

Dave Kaiser

I love how you use your resources, like your blog and your time and your energy, to build up your friends and colleagues and help them be (more) successful. That is true power, and love!

GoEverywhere Team

I definitely agree that many parents fall short in this area of teaching their children about money. And there is reason: Because THEIR parents didn't teach them anything about money.

It flows from generation to generation, and I agree that this current economic crisis we are in has a lot to do with this complete lack of communication on the subject.

If we don't start now, just think where we'll be in another generation or two.

Gerard Sorme

One of the VERY few books on Amazon where the actual book is less expensive than the Kindle Edition. Not good.

Tillman

I a very exicited to buy his book. I have applied some of his advice to reduce my spending and I was AMAZED at how quickly things can turn around once you decide to make serious changes. I am buying a copy for myself and my niece who is a senior in high school.

Jared O'Toole

Great stuff I'll be checking him out. As a finance major I feel like I have a good grip on things but theres always more to learn!

Ari Lestariono

We are living example of our children to teach them it's not sufficient just by words but using definite action.

Tim

Great Article. I'll be sending this to my brother, it's right up his alley.

fyi Pam, the new profile pic is great, but I still like the old one better - i guess it seemed more fun.

Thanks for all the info.

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Thanks Tim!

I know, change can be hard. But it was time to really refresh my look/feel with a new pic. I swear, I am still a fun person, even if I don't look like it. :)

-Pam

Free Sports Betting

Awesome book. Kids these days only hear about the misuse of money. They need real understanding. I know Ramit can deliver.

inversiones rentables

I just want to emphasize the good work on this blog, has excellent views and a clear vision of what you are looking for.

Coach Outlet Online

たくさんのご参加をお待ちしてま~す

Coach Outlet Store Online

That sounds great!

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