Category: 2 – BUY it! (All Categories are 1 – Read ASAP!, 2 – BUY it!, 3 – SHELF it, 4 – SOMEDAY it)
Comments: Ramit’s book is very US centric but many of the principles hold true wherever you are. I think this book is worth reading because he explains very basic personal money management concepts very well. I liked his no-bullshit approach and his simple-yet-good advice.
Top 3 Learnings:
1. Don’t buy the Dave Ramsey advice of “cancel all your credit cards.” If you are sane about using your credit cards, improving your credit score and credit history can save you 1000s of dollars in terms of better interest rates over a lifetime.
2. The following ratios off your paycheck are healthy –
50-60% Fixed costs – rent, utilities, debts, transport, normal food, health
10% Savings for upcoming expenses vacation, gifts for friends and family
20-30% Guilt free spending
3. Conscious spending is key. Spend on great experiences and never regret.