As a parent, there is nothing I want more than for my kids to be happy. So I make sure they eat well, and have lots of time to play. I nurture their imaginations and read to them and take them outside so they appreciate nature. I make sure to give lots of hugs, and listen to their stories, and nurse their skinned knees.
All of these things are extremely important, and will lead them, I believe, to a better chance at having happy, well-adjusted lives.
But one critical thing that I know I must do, and that I need help with, is teach them how to respect and manage money. This doesn’t come naturally to me, as a liberal arts major with a free spirit and aversion to accounting. But I will boldly say that if they do not learn how to manage money, it will be the single biggest source of stress in their lives which will impact their health, relationships and career.
I think that part of the reason why our entire country is going
through economic strife and chaos is that we do not teach our young
people how to responsibly and realistically handle their finances.
When we do talk to our kids, it sounds like the teacher from Charlie Brown:
They hear: “Son, waa waa, waa waa, waa waa.”
So thank goodness I know Ramit Sethi, a whip-smart young man who has been sharing personal finance advice to college students and recent college graduates for years on his blog I Will Teach You to Be Rich.
His quick wit, pragmatic approach and solid information has earned him a loyal following of hundreds of thousands of readers a month. He is also a very successful entrepreneur, having co-founded the popular company PB Wiki. I included an interview with him in my book, since I loved his approach to starting a business and his clear, pragmatic perspective on finance and entrepreneurship. I am proud to call him a friend, and consider him a young mentor, to help me think creatively when I get stuck in mid-life ruts.
His new book, I Will Teach You to Be Rich, was released on Monday, to these astounding results:
- The book hit #1 on Amazon all day on Monday
- It sold out of Amazon within hours
- The publisher ordered a reprint on the first day the book was released
- It hit #3 on Barnes & Noble
- And the reviews are pouring in: http://www.iwillteachyoutoberich.com/book/reviews/
You can look at a sample chapter here:
Some of the key messages in the book are:
- The 85% Solution: Getting started is more important than being an expert
- It’s OK to make mistakes
- Ordinary actions get ordinary results
- There is a difference between being sexy and being rich
- Spend extravagantly on things you love and cut costs mercilessly on things you don’t
As soon as my kids are old enough for summer camp, I will be sending them to Ramit’s house in San Francisco for some seriously fun financial education. (Ramit, you can’t say I didn’t warn you!)
So if you are a young adult, or have a young adult in your life who you want to see thrive and be happy in their future, buy them this book! It would be the perfect graduation present.
And just in case you were wondering, this book is NOT just for 20-somethings. I learned a lot myself, that
I know will save me, and eventually earn me more money in the future.
To give you a little extra incentive to buy the book, we are doing something extra special for my blog readers:
If you order the book in the next 48 hours, you will get a bonus hour-long recording of Ramit and me discussing saving, investing, switching careers and making your first $1,000/month on your own. Here is how:
I am feeling really proud right now that someone who has worked as hard as Ramit has for all these years is seeing real recognition and success with a mainstream book. As a blog-to-book writer, I could not be more inspired. Rock on Ramit!