I was doing some research at the bookstore to get ideas for the cover of my book: Strong Woman Stronger Assets and came across Worth It by Amanda Steinberg. There were some similar ideas to my own book, and I liked that she isn’t a financial advisor. I love to get other professionals take on money because I always learn something new or think about it in a different way. I wanted to share with you what I learned from the book as kind of a quick and beneficial book review. And next week I will be reviewing another book: Financially Fearless by another woman for you. What a great title huh?
My Top 10 Lessons Learned from the book
- Invest first, save second, and budget last. Budget around what you have left in your bank account after saving in your emergency fund and in your retirement accounts. Investing this money can add up to a lot in 10, 20, or 30 years whereas that extra pair of boots won’t be worth anything by then…think about the possibilities!
- Be more strategic with your spending so you are spending on things that really matter to you. Or as I say intentional spending.
- Write down everything you bought over the last month. Next take out your bank and credit card statements and see how much you forgot you bought. It is amazing what you will forget, which means you didn’t really care about that purchase so stop buying it…unless it’s your electric bill of course.
- If you don’t need anything, don’t go shopping!
- Planning creates opportunities to reach your goals and throw out the window the things that aren’t serving you anymore.
- If you didn’t need it yesterday, don’t buy it!
- Go through your bank and credit card statements and find at least 3 items you can cross off your expenses. Look at your monthly memberships and start there. They may not seem like a lot but the $20 here and $50 there add up!
- There are different ways to invest your money and you should see which one suits you the best. It can be investing in your own business, investing in a house or rental property, investing in your retirement account, or investing in a non-retirement account for the near term to intermediate future. Are you ready to settle down, then maybe a house is right for you. Or are you a risk taker and have the creativity, ambition, and nerve to create a start up? Then create your own business. Or are you a world traveler, who isn’t tied down by work yet? Then maybe a non-retirement account is up your alley.
- Expense planning is about debt protection. When you have a financial plan in place it can help prevent debt, help pay bad debt off, and use good debt to your advantage.
- Stop overspending by realizing what happens when you don’t spend with a plan. It can lead to buyer’s remorse, a sense of failure, stress, you fill in the blank____________________.
Opinions expressed are those of Jessica Weaver and not necessarily those of Raymond James. Raymond James is not affiliated with and does not sponsor or endorse Amanda Steinberg and the publication Worth It or Alexa Von Tobel and the publication Financially Fearless.