“The Difference Between Being Rich and Being Sexy”

Like my title? I’m actually quoting from a copy of a book I picked up entitled I Will Teach You To Be Rich by Ramit Sethi. Remember what I have written about before: Many books proposing to teach you how to become rich have similar information as those that teach sound money management principles. This is a good book that falls into that category but with a different twist.

Before going on about the book, three key components in getting a good handle on your money are; direction (what you want to accomplish and over what period of time); a plan (how you will reach you destination has to be plotted out); and consistency (you can call it dedication, commitment, or habit, whatever is right for you). These three conditions will get you out of debt or will be the basis to millions. There are no magic tricks to money management.

Ramit’s book is ideal for the person who is finally ready to start taking control of her money. I found it was geared toward the young 20-something reader, but I also know that some of the steps that may seem basic are not given much thought by many women. Good examples are shopping around for the best interest rates on regular savings accounts, and looking for no/low fee checking accounts. Why pay fees and lose out on interest that in the grand scheme translate into real dollars and cents that can assist in funding a down payment for a home or a retirement plan?

What is different about his book is that the author does not beat you over the head with how to budget. He does tell you how to fund your needs while funding your passion through controlled spending. This is a great idea for those who are entering the work world and need to learn as early on and as painlessly as possible how to live a financially secure life while enjoying the things that mean most to them.

One piece of wisdom Mr. Sethi shares is how to avoid economic sensory overload. There is so much overwhelming information out there that most of us tend to freeze and do nothing but spend our income and pay some bills. He provides us with sound information on how to increase our knowledge of money management while avoiding encounters with talking heads of the finance industry.

Ramit’s book humorously covers all the fundamental steps you need to get you off to a good financial start and I would highly recommend this book. Read it carefully and start following the steps if you have not already begun to take control of your money.