Ramit Sethi is a successful personal financial blogger ( IWillTeachYouToBeRich.com) as well as writer of best-selling book on Personal Finance, titled "I Will Teach You To Be Rich".

Ramit's finance mantra: My tips in "I Will Teach You To Be Rich" encourage you to actually spend extravagantly on the things you love, but cut costs mercilessly on the things you don't.

Money Lessons from Ramit's book "I Will Teach You To Be Rich":

On Getting the Most from a Good Credit Rating:
If you have very good credit, you should call your credit cards and lenders once per year to ask them what advantages you're eligible for. Often, they can waive fees, extend credit, and give you private promotions that others don't have access to.

Call them up and use this line: "Hi there. I just checked my credit and noticed that I have a 750 credit score, which is pretty good. I've been a customer of yours for the last four years, so I'm wondering what special promotions and offers you have for me. I'm thinking of fee waivers and special offers that you use for customer retention."

Get a Trip-cancellation insurance:
If you book tickets for a vacation and then get sick and can't travel, your airline will charge you hefty fees to re-book your ticket. Just call your credit card and ask for the trip-cancellation insurance to kick in, and they'll cover those change fees—usually up to $1,000 per year.

Do not have many accounts:
If you have no debt, close as many accounts as you want. It won't affect your credit utilization score.
Choose the most friendly banks. Online banks like ING Direct and Emigrant Direct offer simple banking with great rewards and almost no downsides.

Monitor Your Checking Account Closely:
I think of my checking account like an e-mail inbox: All my money goes in my checking account, and then I regularly filter it out to appropriate accounts, like savings and investing, using automatic transfers.

What to do with Savings Accounts:
Think of savings accounts as places for short-term (one month) to midterm savings (five years). You want to use your savings account to save up for things like a vacation.

Difference between Checking and Savings Account:
The most important practical difference between checking accounts and savings accounts is that you withdraw money regularly from your checking account - but you should rarely withdraw from your savings account.

Managing Your Checking and Savings Accounts:
Optimize your checking and savings accounts. You shouldn't be paying fees or minimums.
If I'm lending a bank my money to re-lend out, I don't believe I should have to pay them additional fees.
I'm fanatical about my savings and checking accounts having no fees of any kind, including monthly fees, overdraft fees, or setup fees.
Leave one and a half months of living expenses in your checking account. Transfer the rest to your savings.

The Benefits of Paying Bills using Credit cards:
For consumer protection, I pay my bills using my credit card.

Start a Roth IRA.
A Roth IRA is another type of retirement account with significant tax advantages. It's not employer sponsored - you contribute money on your own. Every person in their twenties should have a Roth IRA, even if you're also contributing to a 401(k). It's simply the best deal I've found for long-term investing.

Once you've set up your 401(k) and dispelled your debt, it's time to start funding a Roth IRA.

Automated your accounts:
Do you use a bank account with overdraft fees? Have you set up a conscious spending plan? How much is dedicated to a savings account versus going out and eating?

Some Money Myths I Hate:
Myth 1: Getting a tax refund means you’ve failed at managing your finances and given the government your money.
It is not true.

Myth 2: Buying a new car is ALWAYS a bad decision.
It isn’t.

Myth 3: Buying real estate is a good investment.
Buying a house usually isn’t a good investment.

Myth 4: Saving money is only about frugality and cutting back on the things you love.
It is not true.

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The Best of Suze Orman's Financial Advice: 40+ Tips and Tricks