Tag Archives: ramit sethi

Scrooge Strategy Review

scrooge strategy review

I signed up for The Scrooge Strategy from Ramit Sethi of I Will Teach You To Be Rich back in 2009 to save some money. I had gone through his Save $1,000 in 30 Day Challenge on his site and it was a huge help – I was able to save around $500 and cut our recurring bills by $200/month. I figured that his  paid subscription course would help me achieve bigger savings than the small subscription.

Happily, I was right and I saved enough money to reach my goals with the course.

Who The Scrooge Strategy Was Designed For scrooge strategy review

I will say upfront that the Scrooge Strategy is about big wins from a bit of effort. Nothing is impossibly hard, but you’re expected to put some thought or take some action on each tip. If you’re looking for easy stuff, then this course is not for you. The course is NOT cutting back on lattes or saving pennies every day – that’s not Sethi’s style or focus.

Instead if you’re looking to save a good amount of money for a relatively small amount of work (like getting on the phone with your cable company or sitting down to plan the next big milestones of your life), then the Scrooge Strategy will help you save big. What’s even better is that Ramit includes actual scripts and templates that you can use.

Finding Value in the Scrooge Strategy

Some of the tips didn’t apply to me or I already had applied the principles in my life. Do does that mean that the program has no value? Definitely not. There is a lot of information that you can use and they provide a lot of value.

Here are some of his posts in the subscription that really helped me with my finances:

  • 7 tips to save money eating out at restaurants
  • Making a big-ticket purchase
  • Cut your cable costs and get them to pay YOU
  • Call sheet: Unearthing perks with 2 phone calls
  • The Two-Headed Savings Approach: Focused saving

Thoughts on Scrooge Strategy

The price has gone up from when I signed up for it a couple of years ago, but there is a free 7 day quick-start so you can decide if this course can specifically help you with slashing your monthly bills. I welcome any feedback from people who’ve completed the course. What tips helped you the most with your expenses? How much did you save with the Scrooge Strategy?

3 Personal Finance Books to Build Your Net Worth

personal finance book list

If you’re looking at getting out of debt, building a buffer between your income and expenses, and investing for the long term (perhaps for early retirement), then here are 3 personal finance books that will help you reach your goals. The best part? You don’t have to read the entire books (though I highly recommend it).

personal finance book list

 Your Money or Your Life by by Joe Dominguez and Vicki Robin

This book has been positively reviewed many times and rightly so. Dominguez and Robin not only explore how to manage your finances in detail, they also examine why people spend money and what that can mean for a person’s quality of life.

If you read and absorb the entire book, you’ll learn:

  • exactly how to get out of debt and develop savings
  • how live well for less and set up priorities for how your spend your time and energy
  • how to save money with your day to day routine
  • to develop and learn new skills to aid you in becoming more self-sufficient

I Will Teach You to Be Rich by Ramit Sethi

Ramit is a master of creating systems for your finances – bill payments, investing for retirement, negotiating with your credit cards. He’s creating script and specific tactics to help people reach their financial goals without spending a ton of time each month.

What I appreciate was his system to automate  finances to take care of important goals while including money to spend on the thing you enjoy. It’s not a cure all, but he has a great way of framing budget creation to get you on board.

If you read the entire book, you’ll learn:

  • how to pick the best credit card for your needs
  • how to avoid banks’ marketing pitches and instead get high, interest no fee accounts
  • how to open a 401(k) & IRA (and how to invest with them)
  • howto create a spending plan that helps you reach long term goals while having fun now

You can read my full review here.

The Bogleheads’ Guide to Investing by Taylor Larimore, Mel Lindauer and Michael LeBoeuf

This is a fantastic resource if yo want to understand investing and the long term view.This is a greta book to grab after you have your other financial goals set in place.

Some highlights from the book include:

  • what investing principals you can use for your portfolio
  • how to buy bonds and mutual funds
  • finding the right asset allocation for you
  • how to reduce taxes on your investments
  • how to manage a windfall

Thoughts on the Best Personal Finance Guides

There are ceratinly some other great resources out there, but if you’re pressed for time and you don’t want to read a ton of books, those 3 I mentioned can get you on started to financial freedom.

I shared my top picks on which books I think will help you get your finances in the best shaped. I’d like to hear what you think. What books do you recommend to help someone go from A-Z with their money?

Photo Credit: Ian Wilson

I Will Teach You To Be Rich Review

ramit sethi i will teach you to be rich review

This week’s book review is one that I’ve recommended to family and friends who want to get start with the finances, but don’t have much time.  Ramit has been writing for years at I Will Teach You to Be Rich. Before I start getting into the book, I highly recommend that you check  out Ramit’s site if you haven’t already.

Basic Book Info ramit sethi i will teach you to be rich review

I Will Teach You to Be Rich Overview

I Will Teach You to Be Rich is kind of a jump start book that allows readers to tackle their finances in 6 weeks. You’ll get a great overview of common financial problems and the steps on how to fix them.

He goes topic by topic with finances and I’m sure you’ll find something that you can use in the book.

What’s Inside

  • Optimize Your Credit Cards
  • Beat the Banks
  • Get Ready to Invest
  • Conscious Spending
  • Save While Sleeping
  • The Myth of Financial Expertise
  • Investing Isn’t Only for Rich People
  • Easy Maintenance
  • A Rich Life

Each chapter introduces ways to improve your finances and then  focus on tactical tips on how to execute them. For example, with optimizing credit cards Ramit has scripts you can use to lower your interest rates on your credit cards.

If you’re wondering if rate chasing banks is the way to go, Ramit does a wonderful job explaining how you can better utilize your time and your money.

I think his biggest chapter is how to create a spending plan. Too many people back way from personal finance because they are afraid of budgets, worried about having to track every penny, and hearing about what they can and can’t do.

Ramit has a great system that allows you to automate your finances while including money to spend on the thing you enjoy. It’s not a cure all, but he has a great way of framing it to get you on board.

My Thoughts on Ramit’s Book

I’m a big fan of Ramit’s writing and this book has some of his best advice and financial systems. If you’re looking to make a big impact on your finances, this is a great book to consider. Ramit shows you step by step what you need to do to get your financial house in order.

I’d love to hear feedback from others that have read the book. What did you think about it? What chapter was most helpful for you? What was the least helpful?