đź“š A&B #148

20 Amazing audiobooks, "I Will Teach You To Be Rich" Journal, and more.

July 02, 2023

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đź‘‹ Hey everyone,

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đź“š Book Summary:

This week's book is “I Will Teach You To Be Rich: The Journal” by Ramit Sethi.

Ramit’s first book was all about how to get out of debt and get your finances in order. This journal, however, is more about how to design your “rich life” AKA how to design your life and spend your money to achieve more fulfillment and happiness.

It’s filled with exercises and prompts that nudge you to think about what your rich life looks like and help you turn the lessons you’ve learned into actionable advice.

PS: If you’re looking for something educational to watch, check out Ramit’s show on Netflix.

Here are 3 key lessons from the book:

đź“–

1) Plan Your Bucket List TODAY

The first exercise in the book is to list 15 items on your bucket list (things to buy, places to visit, activities to experience, etc.).

Here are a few things on my list:

  • Live abroad for 3 months

  • Explore Japan for 2 weeks

  • Go scuba diving in the Caribbean

  • Race a car on a professional track

  • Eat at a 3-star Michelin restaurant

  • Visit every Disneyland Park in the world

  • Play an 18-hole round of golf with my best friends

  • Sit courtside at a Knicks game in Madison Square Garden

Once you have your list, circle the 5 that are most meaningful to you.

Then write down how much each would cost, when you’d like to do it, and your plan on how to afford it.

I loved this exercise for several reasons: It gives you multiple things to look forward to in life, you’ll be surprised by how affordable some of your bucket list items are, and it will help turn your dreams into achievable goals.

For example, I was surprised to discover that a 3-star Michelin restaurant dinner costs $198. Now let’s say for 2 people plus tip it would cost around $500. That means if I save $65 a week, I can take my girlfriend there in 2 months.

Or let’s say I want to explore Japan for 2 weeks. That will probably cost around $6,000. So if I save $115 per week, I’ll be able to achieve my goal and spend summer vacation there next year.

Try this exercise and you’ll discover that your dreams are a lot more attainable than you realize.

đź“–

2) Focus on $30,000 Questions, Not $3 Questions

One of the biggest personal finance mistakes people make is obsessing over $3 questions instead of $30,000 questions.

$3 questions are questions such as "Should I make coffee at home today or go to Starbucks?" or "Should I buy organic tomatoes or non-organic?"

These tiny expenses have almost no impact on our financial status yet it's the thing people focus on the most.

Instead, Ramit advises people to focus on $30,000 questions.

Questions such as "What's the interest rate on this 30-year mortgage?" or "How much more can I earn by negotiating a raise or switching jobs?" These questions are the true important money decisions worth spending time on.

If you focus on investing early, minimizing investment fees, negotiating your salary, and finding a home you can afford, you'll never have to worry about if you can afford to buy that latte or not.

đź“–

3) Follow Ramit’s Book Buying Rule

Ramit has an awesome list of money rules, but my favorite one is his book-buying rule: “If you’re ever considering a book, just buy it.”

As a result, he says he buys tons of books every year. Most sit on a shelf, a few he reads and hates, but every now and then he’ll come across a book he loves and it changes his life forever.

Always remember that books are an investment, not an expense.

Spending $20 to buy “Can’t Hurt Me” can motivate you to get in the best shape of your life. Or maybe buying a copy of “12 Rules for Life” can propel you to become the best version of yourself possible.

If you’re tight on money, you can buy used books from Amazon or bookstores, or borrow books for free from a library.

And if you really can’t afford to buy books or don’t have a library nearby, there are several ways to read books for free online (100% legal).

âś… Actionable Advice:

1) Turn your bucket list into reality:

  • List 10-15 things you’d love to do

  • Find out how much each cost

  • Pick 3-5 of them and create a plan on how much you need to save to afford it

2) Focus on $30,000 questions:

  • Spend a day reviewing your mortgage, investment fees, and any debt to explore ways you can cut costs.

3) The next time you come across a book that interests you, just buy it!

đź“– Reading Lesson:

đź’Ž Weekly Gem:

This is one of the most valuable videos Alex Hormozi has put out.

Thank you for your support, I'll see you next Sunday!

Read on,

Alex W.

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