August 15, 2013 by Will Ray
While I didn’t agree with everything in the book, it was generally a solid personal finance book, aimed squarely at the millennial generation in an attempt to help them (read: us) get their financial act together. Sethi has a great way of providing insightful information and recommendations and pairing it with cutting, hilarious sarcasm and incredulity at people’s bad financial habits or choices. For example:
“If you take the lazy route [in investing] and send your money to your parents, a few things happen. First you develop a hands-off mentality. ‘Well, I don’t have to worry about it.’ GOD, IF I HEAR THIS ONE MORE TIME, I AM GOING TO JUMP UP AND BEAT SOMEONE WITH AN ONION. (That way it’s unclear why they’re crying.)”
Sethi offers great tips and insights on how to take financial principles that will tire out many young people and make them work in their own lives. Budgeting and investing are particularly frustrating aspects of managing your money, and I think he offers some good insights here.
For all that knowledge and insight, it is frustrating to read him recommend car debt, borrowing money from family, or using money in your retirement account for emergencies. Sethi quotes Dave Ramsey with attribution on one subject, then parts with him on how to pay down credit cards most effectively – referring to “vocal professionals with motivational seminars and radio talk shows.” Maybe classy, maybe not.
Being a personal finance nerd, I enjoyed the book and appreciated his insights and targeting young people for financial success. He shows young people how they can automate just about everything financially (bill paying, investing, etc.) The book also includes a relational guide when it comes to money, plus some great tips for negotiating salary and handling large financial decisions. But his plan for many people may prove to be too much, as they try to do it all at once and don’t make significant progress in any one area.
Although I can’t wholeheartedly endorse several of Sethi’s suggestions, if you’re looking to expand your financial knowledge and get several good laughs along the way, check out I Will Teach You To Be Rich.