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Analysis: 7 readers who saved over $100,000

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Do you ever wonder how people who read I Will Teach You To Be Rich actually implement the strategies for huge savings and earning increases?

Below are 7 stories, straight from readers just like you, who have saved and earned thousands of dollars using I Will Teach You To Be Rich techniques. The stories include details on how they got out of debt, saved more, and earned more so they could travel, buy a house, and live a richer life.

Remember — tomorrow I launch the I Will Teach You To Be Rich Boot Camp (early details), where I’ll unveil a 6-week course and curriculum to force you to take ACTION and automate, invest, and start thinking about entrepreneurship.

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Jason Demant saved $50,000 in 2 years and is now taking a 1-year vacation

“The reason I’m writing is to thank you for your help in automating my money, getting my 401K properly allocated, and pushing me to sell my crap to make some cash. Using your step-by-step instructions and advice, my girlfriend and I have been able to save over $50,000 the past couple of years and now, in a couple weeks, we will be quitting our Silicon Valley jobs and traveling around Asia on an extremely extended vacation (1-year minimum)! I’ve been reading your site for a few years now and I’ve never properly thanked you for the help, so I decided it was time. Thank you!”

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Terry Martin got off his ass and paid off thousands in debt — and earned more

“I’m writing you to let you know how much your blog has helped my wife and I take charge of our finances. I’m actually embarrassed to say this, but we were some of the people you mentioned in tip #25 of the save $1000 in a month challenge. We would complain about our financial situation, but did nothing to change it.

After I realized this, I got to work. I read all your tips and made a game plan. I saved $100 a month on cable, $20 on our cell phone bill, created several ING savings accounts, my wife got serious about cutting coupons (she has a 3 ring binder!), I sold an old camcorder on craigslist, and cut off my Sirius account (but when I called to cancel it, they gave me 3 more months free with the option to cancel it for good afterwards—who would have thought?). We cut back on eating out except we each get twice a month at lunch time. My wife got overtime at work along with a raise, I started a side job, and I will start teaching night classes soon. Not only did we cut our spending drastically, we also have more money coming in. Our debt will be cut in half by the end of the year and eliminated by the end of the next!

Update: “Right now we are just over 18,500 in debt not counting my wife’s newly added student loan which would add about another $8000 . By the end of the year, we will have paid about $14,000 off while putting at least $500 a month in savings for a down payment on a house and 50 a month into another savings. This is, of course, things keep going as planned.

But not only are we saving money, we are increasing how much we make too! I have started a side business, while its not bringing in a lot of extra money now, things are starting to pick up. I also talked my company into paying for training classes for a certification that will greatly increase my value $15 to $20K a year in the workplace. Especially helpful during these tough times. My wife is also getting her company to pay for most of her classes to get her bachelor’s degree so she can move up to a new, higher paying position. During this whole process, we have been saving for a down payment on a house and I’m happy to say we are closing on our first home July 20th.

I would personally like to thank you for website and your book. The tips were inspiration to get up and do more than just complain about our financial situation. Although we are not rich money wise, we love where we are at and what the future holds. You have truly taught us how to be rich. Thank you.”

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Christopher P. is saving hundreds of dollars and earning more

“I would say i have saved: $320 from cutting my cable bill by 40 dollars last 8 months (they raised it again 2 months ago. I just called right back and got it lowered . I put $30 a week into savings accounts (960 total saved 8/months)

8 months ago i decided that i would earn more money. First I asked for a 5% raise at work and got it. (This was scary because we had just had 3 rounds of firings.) Then i sat down and figured out what interested me and I could make money doing. I was in love with the iPhone but too poor to buy one. But I taught myself to program for the iPhone anyways and just 2 months ago finally purchased one. It was slow going at first and the amount i was putting away seemed pretty insignificant. But 8 months later looking back i am really seeing the transformation that took place.

Two weeks ago I finally finished and started selling my first app. It has been such a great experience and your website gave me the kick in the pants i needed. (Thank You) I haven’t done any advertising and on my first day i sold 17 copies! Not enough to quit my job but extra income. Since then the amount of units I have sold has been slowly but steadily increasing. (It’s been rated 5 stars)

People all over the wold have purchased my app now. (Japan, Canada, Great Britain, Australia, Netherlands and United States so far) In the first two weeks after Apple’s cut i made $200. October looks like it will be a much better month!”

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Brian Drolet is saving $2,880/year

“Big wins =

  • Dropping cable $40/month
  • $1 raise at work = $240/month extra
  • Closed checkings account = $13/month extra
  • Automated my cell phone bill = $7/month

I’m saving $720/year just from those 3 things and earning $2880/year extra.”

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Misha has turned her savings around

“I wanted to write to you and say thank you. After reading your book I was able to get a good handle on my finances. I think the most helpful was the chart you use to show the movement of the money and the automation. Check out a snapshot of my my mint NET INCOME.”

mint-turnaround-forRamit

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Josh G has saved $14,000 in a few months

“I have saved 14k so far since I started May 2008 and I’m on track for 20k by the end of the year!
Fear kept me from automating my savings previously. I had bills and it seems that was all I thought about every month.

There was a blog post that you did which you mentioned using ING Direct to create sub accounts. It was in that post I decided to try the full automated savings because I could do sub accounts for future purposes.”

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Michael Hagan saved hundreds from March to July of this year

“I’ve saved: $900 in savings since March, $700 towards Roth IRA since March. I started the whole thing around February/March

I would say that the things that held me back the most was a) not knowing what to do in the first place b) getting out of college saddled with massive credit card and student loan debt (working a full-time, unpaid internship in LA was expensive!) c) messing around in high school just enough to where I couldn’t qualify for scholarships and being just too middle class to get gov’t $$ for college, and finally d) trying to keep up with all my friends that had good jobs and nice things. A fool’s game!”

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The difference between these people and others is they took ACTION. It’s easy to read blog post after blog post, but when you decide to take action — and you have a clear plan of which Big Wins to attack — the results can come quickly.

The Boot Camp will include a step-by-step plan to take action on your finances, automate, create a plan to pay off debt, and more. I’m including psychological techniques to use against yourself to lock the behavioral changes in. Plus, live video webcasts from me each week (where I’ll answer your questions), as well as guest speakers to cover entrepreneurship topics like marketing, pricing, and critical business mistakes to avoid.

Check back tomorrow, when I’ll open up Boot Camp registration.

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39 Comments

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  1. For anyone who has not automated their finances at all, who has not made simple phone calls for better prices and services, who have not tried to put anything Ramit writes about into practice:

    It is easier than what you are doing now, and it works.

    So far his book is my favorite business book that I read this year. Hands down.

    Do everything you can to put this into practice, any of it, and your life will be far better.

  2. Ramit,

    Stop freakin posting the same damn stuff about automating! You seem to be repeating yourself a lot. Most of the times your articles pretty much suck because only thing you do is add graphs and some calculations. The people who are great at giving financial advice are Suze Orman and Jean Chatzky and you basically read the financial advise of Suze Orman and wrote a book out of that. That was a smart business tactic but doesn’t make you a financial guru. And for your information, that was a pathetic attempt of Suze saga-you just trying to meet Suze so you can eventually be on Oprah and that doesn’t make you a very genuine individual and people shouldn’t be even listening to you!

  3. @kimberly,

    he may just be copying peoples ideas, but he’s most likely turned himself into a millionaire. his articles have gone way way downhill lately too, but when you’re already rich, who cares?

    • Actually, a ton of readers have asked for more case studies and stories from people on HOW (not just what) they did to get Big Wins, so I think these are pretty useful. Of course, if you have specific suggestions for things you’d like to read (or you’d like to write a guest post sharing your techniques), let me know.

  4. I think all these case studies and stories from people who actually took ACTIONS are inspirational and serve as a great tool to help people get off their couch and start doing something. It also outlines the specific things that most people could do, as you can see some of his advices got improved/tweaked to suit each individual’s situation.

    And posting similar stories (but not duplicate content) could be useful to those who are new to the blog and for those who needed a reminder. Again, if I’m already familiar with a certain area (such as automation), I’d just move on and do something to improve my finances instead of keep reading Ramit’s blog. His posts are most likely not meant to serve every person every single time.

    Again, wonderful stories man. Keep up the good work!

  5. Your book sound like the real deal on how to put yourself on the road to financial freedom. Reading your post and what your readers have commented has made me wonder about what you have to teach in your book. I might go over to Amazom to get more details on your book.

    Thanks for an interesting post.

  6. Ramit-

    It is a shame people feel compelled to put you down not realizing how many people you have helped. I bought your book this summer even though I have already been paying down debt, working a second job, selling things and budgeting. Automation truly has helped me with my Roth IRA at T.Rowe Price ($1000), savings account, and earning more money. I also saved $40 a month on my cable bill along with $25 a month on my cell phone bill. I opened a Charles Schwab Checking account and have saved more than 4.95 a month in fees not to mention the fees saved by the ATM card. I also opened an ING Direct Savings account. I have no credit card debt. My car is almost paid off since August I have paid $8,000 on it and will pay it off by December by $2000 every two weeks. Automation is fabulous and does help the lay person who is not a financial wizard to make the necessary changes for financial growth.

    I love Suze Orman and have been reading her books, looking at her website, watching her shows. However, I found your book to be a plan I could follow without having to do a ton of research! I did go to the internet and compare banks, brokerage firms, etc….It definitely helped me to have some background knowledge using your book. SO THANK YOU!!!!

    • Haha, thanks Lauren. I really appreciate it. There are always critics, so I guess I’ll just keep trying to help and hope that the message gets through. I know I’m not right for everyone but I am really glad I was able to help you.

  7. Yeah, what’s with the hate? I don’t agree with all of Ramit’s posts, but seriously.

    If you need help saving / investing / whatever your money, then having someone guiding you through the process is almost a must! (I’d recommend having a “mentor” for other parts of your life as well.) And if these testimonials of what Ramit’s material can do to help don’t interest you, I don’t see a need to get all up in his face about it.

  8. @ramit,

    Is there anyway we can have an annotation next to comment-ers who have actually paid for one of your products vs. those who haven’t? I’d like to gloss over the comments by haters (read:freeloaders) who don’t appreciate FREE well-written posts on PF that don’t involve saving pennies by finding the cheapest gas station in town…

  9. Ramit, I love your stuff. These two examples are going to have you pooping your pants you’ll be so excited to tell your readers. I speak to college students on a regular basis about financial management and specifically about how much free money there is in scholarships if only they’d apply.

    Case study #1: A recently graduated dental student applied for a state issued grant specifically for dentists who chose to serve an underserved population in the state. He was one of 3 young dentists who applied. The grant was worth $50,000 in debt forgiveness. He only works two days a week in this small town and he received the grant because his application was better written than the other two while both of them worked 5 days a week in small towns! 50 large, gone in an instant!

    Case study #2: My friend is 1/256th Native American — a card carrying member of a tribe in Oklahoma. (Who knew there were Indians in Oklahoma?). His two children, each 1/512th Native American, received full ride scholarships to a state university — FOR DIVERSITY!! These kids are as white as wonder bread. But they did something few students apparently do — they applied!

    Just goes to show, dude, there is money to be had… it just takes a little elbow grease to find it. Keep teaching people to look! You’re doing a great thing for millions of people.

    –Adam C.

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