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I Will Teach You To Be Rich by Ramit Sethi

I Will Teach You To Be Rich by Ramit Sethi - Book Review:Summary by Charelle


Would you like to be rich? If you are like most people then the answer will be YES. With that in mind I have been reading the most popular money focused, money-making and how to become a millionaire books and in this post, I will be sharing my thoughts on I Will Teach You To Be Rich: No guilt, no excuses – just a 6-week programme that works.

I can’t quite remember when I first came Ramit Sethi, but given that when you type into Google the words ‘ I want to be rich’ his website appears on the first page it isn’t surprising I came across him. His book I Will Teach You To Be Rich is a New York Times and Wall Street Journal bestseller so I definitely thought it was worth a read to see how good it really was.

I Will Teach You To Be Rich sets out to share with you a 6-Week Programme to get your finances in order.


 Week 1 – Optimize Your Credit Cards

Week 1 focuses on credit cards and Ramin states that “Credit is one of the most vital factors in getting rich”. The chapter explores credit source and credit report and provides some tips to help you improve your credit score. The purpose is to start acting today because “Rich people plan before they need to plan” and by working on improving your score now it will help you in the long run if you do need credit.


Week 2 – Beat The Banks

In Week 2 the focus is on your bank account. The advice is to not switch banks chasing great introductory rates, but instead to focus on a bank that charges no fee, has a reasonable interest rate and provides a good customer service. By the end of the week you should have a bank account and a savings account.


Week 3 – Get Ready To Invest

Week 3 is all about investing. The main focus is investing in your pension because if you aren’t investing in your pension and your company offers to match your contribution you are literally throwing free money away!

Ramit shares a great statistic in this chapter that “On average, millionaires invest 20% of their household income each year”. If you aren’t at that level yet, don’t panic! Most people are not investing 20% of their household income, but then again, most people aren’t a millionaire. I just thought that was a useful statistic to use as a benchmark.


Week 4 – Conscious Spending

Now when I saw the title of week 4 I was very intrigued. Ramit’s website focuses on making more money rather than reducing your spending. In fact, he is known for never encouraging to cut your coffee (he is totally against The Latte Factor).

The aim of week 4 is to create a “Conscious Spending Plan”. This is where you make sure that you are “saving and investing enough money each money” so you have the freedom to spend the rest of your money on whatever you like and feel totally guilt-free.

Ramit spends some considerable time comparing the frugal to the cheap and states that “The mind-set of frugal people is key to being rich”. So what is being frugal? According to Ramit, frugality “is about choosing the things you love enough to spend extravagantly on – and then cutting costs mercilessly on things you don’t love.”   


Week 5 – Save While Sleeping

By Week 5 you should have a solid plan of how your income is being spent, saved and invested. Now it is time to automate everything so you can spend more time enjoying your money and minimal time managing it.


Week 6 – Investing Is Only For Reach People

The final week, week 6, is all about investing. Between week 5 and week 6 there is a chapter in the book called ‘The Myth of Financial Expertise’. In this chapter, Ramit explains you don’t need an expert and you can invest money yourself. In fact, he says that “the vast majority of twentysomethings can earn more than the so-called “experts” by investing on their own”. That chapter is meant to be preparing you to believe you can invest as week 6 is all about understanding investing more.

Week 6 covers lots of financial topics: stocks, portfolio volatility, shares, bonds, diversification, tracker funds, lifestyle funds and much more. It is a great way to start learning a bit more about key financial terms and products. By the end you should discover what type of investor you are and be able to begin investing.


That’s it the 6 weeks are done, but the book hasn’t ended. There is some extra information on how to manage your system now that it is all set up. Additionally, there are some discusses on big money topics, such as student loans, paying for your wedding and buying a house.



Early in the book, Ramit writes “The single most important factor for getting rich is getting started”. This is a belief I strongly agree with and as a result I am doing most of the things the book tells you to do. However, if you are someone who really isn’t in control of your finances this is a great book. It covers virtually all of the day-to-day areas of finance that you need to handle and if you follow the book in 6 weeks you would be in a better financial situation. Would you be rich? Probably not, but at least you would be on the way.

Like what you have read? Leave a comment below?

Want to know more? Buy a copy of I Will Teach You To Be Rich for yourself.

The Science of Getting Rich by Wallace D. Wattles

The Science of Getting Rich by Wallace D Wattles. Review by Charelle

When it comes to the topic of making money, becoming rich and creating wealth, The Science of Getting Rich by Wallace D. Wattles is one of the oldest still regularly read. Originally written in 1910, The Science of Getting Rich has inspired lots of other money books including Rhonda Byrne’s The Secret.



The central theme of the book is that “getting rich is the result of doing things in a Certain Way”. A big part of this involves THOUGHT.


“THOUGHT is the only power which can produce tangible riches from the Formless Substance”


Like a lot of other Law of Attraction books, Wallace talks about the need the power of visualisation – “You must form a clear and definite mental picture of what you want; you cannot transmit an idea unless you have it yourself”. Wallace repeatedly talks about the power of clearly being able to visualise the money you want. He emphasises only focused on the rich and allowing no images of poverty or failure to enter your mind.



Wallace doesn’t believe that money follows talent. He states that “many people who have great talent remain poor, while other who have very little talent get rich”. Talent alone will not make your rich. You need to use your talents in the right way and follow the science of riches. However, Wallace does admit that “It will be EASIER for you to succeed in a vocation for which you already have the talents in a well-developed state; but you CAN succeed in any vocation”.



Repeatedly Wallace writes about riches being open to everyone. Firstly, there is an emphasis on the fact the being poor now doesn’t mean you can’t achieve riches in the future – “No matter how poor you may be, if you begin to do things in the Certain Way you will begin to get rich”. That is because Wallace doesn’t believe in needing money initially to make more money. In fact, he states that “No one is prevented from getting rich by lack of capital”.

Not only is riches open to anyone regardless of their financial background, but it is also open to you regardless of your industry. Wallace states that “You can get rich in ANY business”. This statement really stood out for me. In society there are such strong stories around industries that make money (finance, tech and legal) and those that don’t (arts and culture). However, within every industry there are some who are rich and some who are poor.



Action is another key theme within the book. Action is what makes you rich –

“If you do a sufficient number of efficient acts, you will become rich”. In addition to efficient act, there is an emphasis on acting now.


“Act now. There is never any time but now, and there never will be any time but now”


What I personally found interesting was Wallace’s emphasis on why “There is nothing wrong in wanting to get rich”. This is something that comes up frequently in books about women and money, but it was interesting to hear it being stated by a male author. Wallace follows on to say that wanting to become rich is “great or noble” and “ The desire for riches is really the desire for a richer, fuller, and more abundant life”. I believe that part of the reason Wallace believes there should be no shame in wanting to be rich, is because you make the world richer and that is the best thing you can do.


“The very best thing you can do for the whole world is to make the most of yourself”

Overall, Wallace believes that “There is a science of getting rich, and it is an exact science”. However, I’m not entirely convinced that The Science of Getting Rich reveals a scientific process to follow. Regardless, there are lots of value in the book and it was definitely worth the read.

Like what you have read? Leave a comment below? 

Want to know more? Buy a copy of The Science of Getting Rich for yourself

Think and Grow Rich by Napoleon Hill

Think And Grow Rich by Napoleon Hill. Review and Summary by Charelle

In the spirit of re-reading books, a book that was top of the list for a re-read was Think and Grow Rich by Napoleon Hill. Originally written in 1937, this book has sold over 100 million copies worldwide. I would say that makes it either a great book or just shows that there are a lot of people interested in making money.

I originally read the book because it is THE most recommended money making book by millionaires. Napoleon wrote the book after analysing over five hundred exceedingly wealthy men. The idea originated from a discussion with Andrew Carnegie who believed that “the magic formula, which gave him a stupendous fortune, ought to be placed within reach of people who do not have time to investigate how men make money”.

Think and Grow Rich suggests that “riches are not beyond your reach” and that by following the steps in the book anyone can accumulate wealth.

The 13 “steps” listed in the book are:

  • Desire
  • Faith
  • Auto-suggestion
  • Specialized Knowledge
  • Imagination
  • Organized Planning
  • Decision
  • Persistence
  • Power of the Master Mind
  • The Mystery of Sex Transmutation
  • The Subconscious Mind
  • The Brain
  • The Sixth Sense


As the title suggests Napoleon put an emphasis thinking and one’s mind. Some people mistakenly read the title and imagine that they can just think riches into their life. This isn’t what Napoleon was suggested. He clearly says that “wishing will not bring riches”. However, he is clear that you wealth begins in your mind – “If you do not see great riches in your imagination you will never see them in your bank balance”. In fact, he feels that your financial situation, either way, is a result of thought – “poverty and riches are the offspring of thought”.

Ideas play an important role in achieving wealth. Napoleon states that “All achievement, all earned riches, have their beginning in an idea”. The beauty of ideas is that “There is no standard price on ideas”.  In fact, Napoleon argues that the “creator of ideas makes his own price, and, if he is smart gets it”

As mentioned previously, the title is misleading in the sense that becoming rich isn’t about thinking. You will need to take action and you will need to be determined to achieve riches. One way to show your determination to an idea is to “Have one clear desire, commit to it, burn all other bridges”. The idea of burning your bridges and going all in, is on that lots of individuals support. Furthermore, Napoleon focused on you needing to “stand by that desire until you realise it”. The reason so many don’t achieve riches is because they quit. Napoleon believes that “One of the most common causes of defeat is the habit of quitting when one is overtaken by temporary defeat”. It is important to realise that defeat is a part of life. You aren’t going to achieve everything you want first time. You need to remember “when your plans fail that temporary defeat is not permanent failure”. A defeat is only failure if you five you! As Napoleon said:

“A quitter never wins and a winner never quits”


One of the most noted ideas from Think and Grow Richis the idea of the MASTERMIND. Napoleon described a mastermind as the Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose”. This idea has been adopted by many successful people and directly ties into the idea of you needing to build a circle/network/group of like-minded people to surround yourself with.

When it comes to money the amount you can make is unlimited. I absolutely agree with Napoleon that “Our limitations are those we set up in our minds”.

Overall, Think and Grow Rich is an interesting read. It is an old book and at times is difficult to read. It is also a very male-centric book. Although there are 13-steps it isn’t a simple how to become book. It is suggested that it is read often and that makes sense. The more you read it, the more it makes sense and every time I have read it I get something new from it.

The important lesson is that your mind has a direct relationship with the wealth you will accumulate and as humans we have two choices: “You either control your mind or it controls you.”

Like what you read? Leave a comment below and why not buy a copy of Think and Grow Rich for yourself?