Thursday, October 17, 2013

Book review: I Will Teach You To Be Rich

I will teach you to be rich is a book about the fundamental needed for a person to start a good financial foundation.  It breaks down all of the intimidating investment, credit card, retirement funds, and banking accounts into plain English.

The author proposes a plan to start a 3-4 weeks to start building a good financial foundation.  

The chapters start with explaining the basics such as explaining Credit Cards, opening retirement accounts (401k and roth IRA). Those are the best chapters in my opinion as I had a foggy understanding on what to do and how those financial concepts work. The idea of the early chapters is to not worry about the details of which credit card or account to chose. Instead, It is better to start and get the the tasks done.

The later chapters are about investing and they go in depth into what to do with money. It also talks about how to save money for events like weddings and other spending. I did not think that those advises are strong and I saw some complaints on Amazon about how some of the ideas are wrong or outdated (e.g. bank loans changing, buying a car method does not apply to all dealers).

Overall, I think this is a fun read for beginners. I have been wanting to learn more about investing and money handling. This book worked pretty well as a beginner guide. I would recommend it to anyone who is too intimidated by all of the noise out there.