If you’re like me, money isn’t exactly a strong suit. Actually, I could say I’m excellent at spending it, and not so much at saving it. So when I saw this book in Goodwill, I thought it must be a sign to get my finances straight before the new year began. I also thought all of you might be interested in what Mr. Bach had to say, so I’m going to give you a few of his pointers!
- “The problem is not income- it’s what we spend!” I’m guessing we all know this, but truthfully the most helpful advice is to put money away, not spend it.
- “Without values, goals rarely get accomplished. Values are key.” The obvious target audience for this book is women, and Bach easily shows how women understand the value of money more than men. We tend to aim it more towards security, freedom, and happiness, rather than just possession of stuff- cars and big houses and fancy vacations.
- “Make getting you financial house in order a priority.” I’m a bit of a neat freak, so I have a really great filing system. But I also have a stack of ‘to file’ papers and nothing organized enough to draw a conclusion out of my financial statements. It’s completely daunting to think of having to get all of it organized to use the information in this book, so Bach urges you to break it down. Get stuff in order. Then set aside time to read through the book. Then, set aside more time to go through your financials. It’s a process for understanding, not a race.
- The secret isn’t making more money- the secret is saving as much as you can! Even if it’s your daily latte money, set it aside and make that money work for you by gaining interest, etc.
- “Practice Grandma’s three basket approach to financial security.” The security basket for unexpected hardships, the retirement basket, and the dream basket for the goals you want to achieve.
- Learn the mistakes investors make. They’re human, and make mistakes too. Educate yourself, and don’t put blind faith into someone managing your money.
- Teach others how to be financially secure, such as your parents, children, and friends. (Haha, this counts right? Check!)
- Allow the choices you are making to reflect your values. This will help your overall focus of acquiring what you need to meet your needs and goals. And if you’re a believer in karma, what you put out into the universe will come back to you- so think of that when you think of why you need money.
- Get inspired! If you need motivation (like I did/always do), then get out there and find it! Books are one of my favorite ways to get inspired, which is why I decided to spend (splurge, haha) the $1.00 on it. If that wasn’t money well spent, I don’t know what to tell you! But there are plenty of other ways to be inspired to get financially secure- attend a lecture, take a workshop, talk to an adviser- whatever you need to do to get motivated.
Bach recommended reading this book in its entirety, and reading each chapter twice, before applying it to your own financials. So I’ve got some more reading before I really get to work. I hope this advice helps you out, or inspires you to ‘get rich’ too! I suggest picking up your own copy so you can reference all the good information. I’ve already flagged and highlighted mine the first time around!