How to become a rich?.

 Ramit Sethi's article, "How Everyday Americans Can Outperform Wall Street Investors,"

IWillTeachYouToBeRich.com was founded by New York Times bestselling author Ramit Sethi. More than 1 million individuals read his writings each month to understand how to apply systems and psychology in order to live a full life.

Listed by GOBankingRates as one of Money's Most Influential, he explains why you shouldn't worry about inflation, the three things everyone should do to live luxuriously, and typical misunderstandings people have about accumulating money.

What one piece of financial advice would you like everyone to heed, and why?

Starting is more crucial than having everything perfect since no one is going to save you with their money. For instance, a large percentage of the people who contact me through email have never read a single book on personal finance. One of the most significant aspects of our lives is money, yet we struggle to understand concepts like "401(k)" and "asset allocation.

" We know we're not managing our finances correctly and no one truly teaches us how, but we don't know who to believe. Simply starting is the key. Follow a straightforward strategy to automatically save money, make investments, and use it to enjoy a life of luxury. Later, you may always make changes.

Check out the Top 100 Money Experts on GOBankingRates. More Guidance: Mark Cuban on the Value of Research Before Investing

What should you focus on doing first to increase your wealth?

Low-cost, long-term investment Many individuals have wild notions like "winning the lottery," "receiving an insurance payout," or "creating a software firm" when you ask them what they think creates riches. Okay, maybe that will work for one person in a million. However, the great majority of Americans achieve true wealth through straightforward, affordable, and long-term investing.

You don't need to be an expert on Wall Street to accomplish it, and regular Americans can really outperform Wall Street investors! Select a straightforward strategy, then automate it. Don't monitor the stock market every day and don't wait until the end of the month to decide that you should try to invest some money. Set it up so you deal with money for less than an hour each month.

What advice do you have for minimizing the effects of inflation?

You're already doomed if you're anxiously glancing at the news and freaking out about inflation—something you hadn't even considered six months ago. Having a financial strategy that already takes inflation into account is a far better course of action. How? Investing is the best strategy to combat inflation.

Your monthly budget should include an automated investment allocation of at least 10%. By doing this, you will be able to outlast the impacts of inflation in the long run.

The majority of people will read the news headlines, become alarmed, and then make hurried judgments. The same individuals will continue to make hasty judgments for the rest of their lives. That is not what I want for you.

What is the most common financial error people make?

Inaction is the biggest error individuals make. People in their 40s who recently had daughters frequently write to me and ask, "I just had a daughter; what sort of account should I put up for her? Does a 529 work? Then I learned that they have essentially no investments of their own. "I've lost the money game in my life, but I don't want to lose the game in my daughter's life," they reason. This strategy is incorrect. Your kids have time, but not you.

Time will be on your side if you get started early. Waiting makes things much, much tougher yet it's still not too late. Don't wait, then. You can accomplish these three tasks in a single weekend and make INCREDIBLE progress toward gaining financial control and creating a wealthy lifestyle:

Read only one reliable personal finance book.

Learn the fundamentals of math: What is your salary? What is your debt? What are your monthly spending, savings, and investment totals? And what is the one thing you really ADORE purchasing? you would spend more money on? (This is known as a money dial.)

Create a careful spending plan after that. This will show you where your money is going, which will enable you to adjust its course and spend more on the things you enjoy. A template for a responsible spending plan that you may download for free is available at Jaime Catmull contributed to the reporting for this story.

From GOBankingRates: Additional

The following article was first published on GOBankingRates.com: Ramit Sethi's article, "How Everyday Americans Can Outperform Wall Street Investors,"