On the way back home from Philadelphia I finally finished reading the book: I Will Teach you How to Be Rich. While the title sounds like a potential pyramid scheme, it's actually a book of personal finance basics geared toward 20-somethings who don't know much about what you should be doing with your money – people who potentially keep their money in a box under their bed or something.
I Will Teach You How to Be Rich – A Book Review
Against all odds, this book ignited a fire in me. I can't wait to start getting my pay check so I can divide my money up between spending and savings and investments like the author recommends. It also gives you a lot of advice about living frugally (not cheaply) – deciding what you want to spend your 'free cash' on and being smart with everything else. You divide all your money as you are supposed to and are then left with guilt free spending money. Wee!
And I learned about online savings and checkings accounts. I could be earning 3+% interest and get my ATM fees waived?! It would make me cry to think about how much money I wasted in Philly – 4 years of ATM fees. Excuse me while I vom in my mouth a little bit.
I'd also never really thought about all the advantages of investing early at this point in my life. Like I said, this book targets young people who might not have a lot of money lying around to invest. That made the book practical for what my situation will be like next year. But while not investing, you are losing money to inflation. And the earlier you start investing the better off you will be due to the magic of compounding!
Yes, I probably sound like a nut now, or at least a personal finance cheerleader. Therefore, I recommend you check out his book and blog as you start preparing for the real world. It opened my eyes on what I should be doing. Even if you don't give a crap about personal finance, check out this post on why we are hypocrites about saving for our weddings. Eye opening indeed. But, I think I'll live in my ignorant bliss paradise for at least another year. I don't need a fancy wedding……