SebastianNext book will be "I will teach you to be rich" by Ramit Sethi. I finally need to come up with a proper plan towards wealth.
Apparently, if you apply for a mortgage in the US, the interest rate that you get depends on your #credit score. Consequently, Sethi argues to open some credit cards, get huge credit lines, and use them responsibly, all of which will improve your credit score, and thus get you a cheaper mortage. Does somebody know if the same applies in EU countries?
(tbh, it's crazy that the use of credit cards is supposed to *improve* your credit score)
"Remember, investing shouldn't be dramatic or even fun - it should be methodical, calm, and as fun as watching grass grow."
I learned literally nothing by reading Ramit Sethi's "I will teach you to be rich". This has rarely happened with a book before.
It seems to me that US citizens are *really* uneducated about money. The content is identical with every other book on personal finance: avoid debt, avoid credit cards, make a budget, save, use tax efficient funds (401k), get index funds, earn much in your job.
This is basic. Why did I buy a book on that?
What I expected from this book was to *inspire* and motivate me. As Sethi concludes correctly, the biggest problem is that people don't get started. They will simply avoid any financial planning. A lack of "motivation" is certainly my biggest problem as well.
However, Sethi's advice on that isn't simply to "Imagine your rich life!". Thanks, that doesn't help.
Jim Newsome@hinterwaeldler I haven't read that particular one, but that's largely been my experience with finance books as well. One that seems a bit meatier is A Random Walk Down Wallstreet.
I haven't been able to get through the whole thing because my library loan keeps running out and there's always a line of others with a hold on it. I should probably just pony up and buy it.
@sporksmith Thanks, I'll have a look at it!
The Mysterious Em@hinterwaeldler
Not in Sweden, the amount of current credit (i.e..sum of credit limit on all your credit cards) and in some cases the number of credit worthiness checks both count against you when it comes to new loans.
Not in Sweden, the amount of current credit (i.e..sum of credit limit on all your credit cards) and in some cases the number of credit worthiness checks both count against you when it comes to new loans.