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From Ramen to Riches: Building Wealth in Your 20s: Or Spending, Saving, Investing and Managing Your Money to Get Rich Slowly, but Surely
“You mean to tell me you’ve been employed as a software engineer for five years and your net worth is $500?” These are not the words you want to hear from your mortgage banker when you’re looking to borrow a large sum of money.
Despite a well-paying job, the author had managed to spend everything he had earned in the five years after college. The meeting with the mortgage officer was his epiphany. He finally got serious about managing and investing his money. Now in his early 50s, the author is debt free, owns a house free and clear, and has built a retirement portfolio that will comfortably sustain him and his wife in the coming years.
This book will help people avoid the financial mistakes the author made the first few years after college. In a breezy, humorous, and conversational style, it describes a common-sense approach to spending, saving, investing, and managing your money to get rich slowly, but surely. If you are looking to get a grip on managing your money, "From Ramen to Riches" is for you!
Silver medal winner in the 2011 Living Now Book Awards.
Despite a well-paying job, the author had managed to spend everything he had earned in the five years after college. The meeting with the mortgage officer was his epiphany. He finally got serious about managing and investing his money. Now in his early 50s, the author is debt free, owns a house free and clear, and has built a retirement portfolio that will comfortably sustain him and his wife in the coming years.
This book will help people avoid the financial mistakes the author made the first few years after college. In a breezy, humorous, and conversational style, it describes a common-sense approach to spending, saving, investing, and managing your money to get rich slowly, but surely. If you are looking to get a grip on managing your money, "From Ramen to Riches" is for you!
Silver medal winner in the 2011 Living Now Book Awards.
208 pages, Kindle Edition
First published January 1, 2010
37 people are currently reading
333 people want to read
About the author
James G. Wood
7 books1 followerThe oldest of nine children, award-winning author James Wood is a natural coach and mentor. His mission is to share his passion for personal finance by increasing financial literacy, especially for those aged 18 to 30 who can most benefit from this knowledge. Wood has appeared on a variety of local and national TV and radio shows to help viewers better understand how to manage their money.
Wood retired from his corporate job at age 47 after 25 years in high tech. He held positions as a software engineer, information technology manager, and business strategy manager. He earned a B.A. in Psychology with Distinction from Boston University. He also holds an M.S. in Engineering Management from Stanford University.
Wood lives in San Diego, California with his wife and son.
Wood retired from his corporate job at age 47 after 25 years in high tech. He held positions as a software engineer, information technology manager, and business strategy manager. He earned a B.A. in Psychology with Distinction from Boston University. He also holds an M.S. in Engineering Management from Stanford University.
Wood lives in San Diego, California with his wife and son.
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Displaying 1 - 14 of 14 reviews
August 5, 2023
From Ramen to Riches taught me that using finances in an unconventional and nonstandard way is actually more beneficial than doing finances the conventional way. For me that means taking care of my finances as if I am running a business and using savings to live a healthy life through spending smartly and sparingly. When I do spend I always want to know the prices and if people can afford it. I buy what I can afford and not what I see. For me that means buying drinks and foods that replenish me and keep me away from fatty foods and unhealthy foods that cause me to slow down or be haggard. I indulge once in a while in snacks that I love and drinks that excite me. But I am mindful of how much I spend and why I am spending on that item of food or drink. If it does not bring me joy or happiness or sustain my energy I just do not buy it.
I also save way more than I spend and spend no more that what I need. I have learned that saving now and for the future is more important than buying everything with a credit card and not saving and living beyond your means. I prefer a more simple, frugal, and minimalistic lifestyle. I love saving money but I don’t let that stop me from enjoying the fruits of my labor which is buying seltzer water and ginger ale and spending time reading books that teach me about life, love, and resilience in different ways.
I also save way more than I spend and spend no more that what I need. I have learned that saving now and for the future is more important than buying everything with a credit card and not saving and living beyond your means. I prefer a more simple, frugal, and minimalistic lifestyle. I love saving money but I don’t let that stop me from enjoying the fruits of my labor which is buying seltzer water and ginger ale and spending time reading books that teach me about life, love, and resilience in different ways.
June 7, 2020
Just started on chapter 3 when I wrote this review.
The arthur is always assuming that we can get $1mil if we save some money daily and invest in stocks/bank compound interest (8%). In reality, bank interests are not that high. Moreover, stocks are unpredictable and might not always go up throughout the 20+ years. Take the current situation for example: COVID-19 has caused lots of stocks to plummet, causing major loss for most people. This will setback the goal of $1mil.
Putting the interests and stocks aside, there are some good and common tips for those who are not money-minded.
The arthur is always assuming that we can get $1mil if we save some money daily and invest in stocks/bank compound interest (8%). In reality, bank interests are not that high. Moreover, stocks are unpredictable and might not always go up throughout the 20+ years. Take the current situation for example: COVID-19 has caused lots of stocks to plummet, causing major loss for most people. This will setback the goal of $1mil.
Putting the interests and stocks aside, there are some good and common tips for those who are not money-minded.
November 22, 2012
Reading this book is like reliving my childhood of watching my mom clip coupons, shop the sale rack at Marshalls/TJ Maxx, and basically bargain hunt to no end on anything and everything you need to buy. Not what you want to buy, but what you need in order to survive and save money for retirement or reasonable fun things that make you happy.
This is a great reference for those who want to become even more financially savvy than they already are. However, if you have very little financial literacy, this book will be really overwhelming. You will need to read a chapter at a time, take a break to process the new info and act on it, then continue on. There are many parts that I feel are common sense (i.e. put away at least 10% of your paycheck in an account you rarely access and pay your credit card bills in full each month), but life has shown that not all people are taught basic financial common sense.
The chapters on bonds and stocks were most helpful for me since Wood describes most of the options available and points out the differences between them. This makes it easier to jump into researching which funds to invest in since I'm no longer starting from a knowledge base of zero.
The early chapters on basic financial management can stand the test of time. The later examples having to do with interest rates, tax codes, stocks, and bonds are the most likely chapters to become dated as policies change.
I definitely picked up some useful nuggets from this book and recommend reading it even if you're beyond your 20s (as I am).
This is a great reference for those who want to become even more financially savvy than they already are. However, if you have very little financial literacy, this book will be really overwhelming. You will need to read a chapter at a time, take a break to process the new info and act on it, then continue on. There are many parts that I feel are common sense (i.e. put away at least 10% of your paycheck in an account you rarely access and pay your credit card bills in full each month), but life has shown that not all people are taught basic financial common sense.
The chapters on bonds and stocks were most helpful for me since Wood describes most of the options available and points out the differences between them. This makes it easier to jump into researching which funds to invest in since I'm no longer starting from a knowledge base of zero.
The early chapters on basic financial management can stand the test of time. The later examples having to do with interest rates, tax codes, stocks, and bonds are the most likely chapters to become dated as policies change.
I definitely picked up some useful nuggets from this book and recommend reading it even if you're beyond your 20s (as I am).
June 30, 2012
I was worried this would be yet another "get rich quick" book, but it only took a few pages to understand that it's more of a "get rich slowly" book. Careful planning, attention and thrift -- all values that tend to be lost on a younger generation -- are the focus, and the author has the gift of clarity, thank goodness! While my heart sank to see how much I'd "lost" by not saving earlier, I was encouraged to find practical advice on how to live frugally and invest well now so that our kids (or the government) won't be left footing the bill upon retirement...and to equip us to be generous with our resources, not be stuck in debt.
August 18, 2011
This book was a much needed wake-up call for me, it reminded me how important it is to save for the future, and also prepare for the future. The book is catered more towards twenty-somethings just entering the workforce out of college. I think I'm in need of a book written for stay-at-home-moms. The advice is essential for the current economic climate. I really liked the suggestions on how to cut spending in your budget with just a few changes that could save/earn money in the long run.
March 30, 2014
Overall this is a good entry-level book for novices who know nothing about investment in US. It gives a brief review on bonds, funds, and stocks. There is no particular investment advice but some must know basics, like compound interest, different type of tax, houses, diversification, and many other things.
April 6, 2016
Not bad. Longer and better than I expected. I got this free on Kindle, and found it to be a good primer for a financial newbie. The writing is perhaps a little casual but the information is sound. Not a bad place for someone to start. I did feel that a couple of places were a little incomplete, but the author really has covered the basics pretty well.
December 29, 2011
This book was a great introduction into the world of long-term financial planning for someone young and with no experience. I think it will be a great book to refer back to when I have more of an income, especially enough money to invest.
April 25, 2012
this isn't a "change the way you think about money" book but one with lots of practical and usefuk advice. I like the chapters on investing because that's what I've been trying to learn about.
June 26, 2012
Very basic investment ideas. Good as a starter for people who have never thought about investment before. I didnt learn too much from the book.
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April 27, 2013I think I'm too old and too poor for this book.
August 8, 2013
I would recommend this book for anyone. It covers alot of bases in finance and has very helpful suggestions!
June 18, 2014
Great read for young adults and their mentors.
February 17, 2016
Very informative and definitely something to keep around for reference.
Displaying 1 - 14 of 14 reviews