1. “A unique voice on money,
i w r d an
i l l ail d i
one singularly attuned to…his generation.”
t e y t nt
a c ac er
h y tic act
Vis u t o l tip e sp
—San FranciSco chronicle
o a iv
it b e r s, b re
i c on ads
h . us h
founder and writer of
ToBE No Guilt.
2. I Will Teach You to Be Rich
alert to students
If you’re a student, there’s no reason you shouldn’t have an account
with no fees and no minimums. If you decide to stick with a Big Bank
account, make sure you’re in a student account with no annual fees.
Here’s how the conversation will probably go:
You: Hi, I’m a student and I’d like to get a savings account and a
checking account with no annual fees. I’d like free checking and no
minimum balance, please.
Banker: I’m really sorry, but we don’t offer those anymore.
You: Really? That’s interesting because [Bank of America/Wells
Fargo/Washington Mutual/other competitor] is offering me that exact
deal right now. Could you check again and tell me which comparable
accounts you offer?
(Eighty percent of the time, you’ll get a great account at this
point. If not, ask for a supervisor.)
suPervIsor: Hi, how can I help you?
You: (Repeat argument from the beginning. If the supervisor doesn’t
give you an option, add this:) Look, I’ve been a customer for X years
and I want to find a way to make this work. Plus, I know that your
customer-acquisition cost is more than two hundred dollars. What can
you do to help me stay a customer?
suPervIsor: What an astounding coincidence. My computer is
suddenly allowing me to offer the exact account you asked for!
You: Why, thank you, kind sir. (Sip Darjeeling tea.)
You’re in a customer group that’s very profitable for banks: ING
Direct and the American Bankers Association put the cost of acquiring
a new customer between $100 and $3,500—including all of their
advertising, personnel, and technology costs. They don’t want to lose
you over something as small as a $5 monthly fee. Use this knowledge
as leverage whenever you contact any financial company.
3. Get the full
About the book
At last, for a generation that's materially ambitious
yet financially clueless comes I Will Teach You To
Be Rich, Ramit Sethi's 6-week personal finance
program for 20-to-35-year-olds. A completely
practical approach based around the four pillars of
personal finance—banking, saving, budgeting, and
investing—and the wealth-building ideas of