Ok, no joke, but this book is exactly what you will need if you know absolutely NOTHING about financial literacy and you're looking for a resource to get started. This book is literally written for the layman investor. The language is easy to follow and there's weekly homework. I know, I know, homework sucks, BUT, think of this book as a 6 week bootcamp, where at the end of it, you'll have optimized your bank accounts, negotiated your way out of shitty credit card deals, developed a plan for your debt, figured out your budget, and opened an IRA and brokerage and started investing into index funds.
This book is not just theory. It's practical and that's why it's a book I always recommend to people.
From reading this book I immediately left chase to go bank with Schwab, which was a freakin great move! Chase was charging me a $12/month maintenance fee for having a checking account with them. This fee is charged to accounts that don't maintain minimum account balances of $1500 OR they don't fulfill the direct deposit requirement of at least $500/month. As someone that works freelance I don't have an employer, so direct deposits are out for me and keeping a minimum balance of $1500 is just plain stupid if you ask me. A minimum balance of that amount would mean I have $1500 I could never use. Ummm it's my freakin money, DON'T TELLME WHAT TO DO WITH IT CHASE!
So, after reading this book that was a major change I made, and boy it was a weight off of my chest. Now, you may be thinking $12/month isn't much. It's just $144/year. Why stress? Well when you work free lance like me and something like Covid hits umm every dollar starts to count!
There are so many great strategies and gems of insight in this book, which is why it's one of my top recommendations to my followers. Ramit Sethi is someone you should follow on social media. Along with this book, he's got some great courses to grow your business and start a business. The guy knows his stuff. He's a straight talker that doesn't BS. He gets straight to the point. It must be something we Indian guys have in common (lol).
You can think of this book as practical blueprint to improve your financial literacy broken up into 6 weeks. Each week you tackle a different part of your financial life. Here's a brief breakdown:
Week 1: Optimize your credit cards, learn exactly what to say to get your overdraft fees waived, and rack up rewards
Week 2: Set up no-fee, high-interest rate bank accounts
Week 3: Open up a Roth IRA or a 401(k)
Week 4: Learn how to save money and still buy what you love
Week 5: Automate your accounts
Week 6: Create your own portfolio
I mean it's laid our for you step by step. All you have to do is have the discipline to do what he says and by the end of the 6 week bootcamp, you'll feel more in control of your finances.
I could go on and on about this book, but best to leave it up to you find out the rest. I don't want to spoil it for you ;)
Honestly, this is one the best books I bought in 2019 and an investment that I keep referring back to.
Please do yourself a favor and for anyone that you know struggling with their finances and get this book!
Well, that wraps this week's deep dive. Keep learning, keep adapting, keep self-educating.
And as always,
The Layman Investor
p.s. I've left an affiliate link here for your to purchase your copy of the book! Just CLICK HERE!