July 5, 2012

it's your money - the best book you'll ever read

my parents gifted me this book for my birthday this year & once i started reading, i couldn't get enough. this woman is SMART!! i've always loved watching her shows but this book made me realize that i can change my financial situation - immediately, and that it's not too hard to start either!

i definitely recommend buying this book because she has a way with words that makes you want to be a better person. cheesy, right? but it's the truth! if you don't have the $20 though (it would be the best $20 you ever spent) BUT if you don't, i wanted to share the best tips i got from this book...

1. financial freedom has absolutely nothing to do with how much money you have. it is our values, intentions, and circumstances that together contrive to help or hinder us from achieving what we want. 

2. if you spend money because you think it's going to bring you happiness or fill a void, you're wrong. think of these 3 things when shopping:
* how will this purchase make me feel more fulfilled?
* how will this purchase move me closer to my purpose? (your goals, the image of your life, and what you want to accomplish)
* how will this affect those around me? (will it affect my ability to meet commitments or fill important needs members of my family have?)
when you can distinguish what is truly a want and a need, you can focus on what is important. make peace with what you can afford & regardless of how much you make, you will be happy.

3. saying you'll get to it isn't enough. you must prove it by doing the responsible thing...and the responsible thing at the end of each day is being financially savvy.

4. if you are not a saver, the only way to become one is to start saving, and the only time to do that is right now. even if you're paying down debt. even if it is $50 a month or a $1 a day, that is all it takes from being 'not a saver' to becoming 'a saver'.

5. set goals. set a date for those goals...without a date there is no sense of urgency or commitment to move forward. 

6. telesis is what you must do to get to where you want to be. instead of planning to save, you save. instead of planning to pay off your debts, you pay off your debts. do not put off starting as you're only hurting yourself. the beauty of momentum is that once you are on a roll, you'll continue to roll unless some remarkable force gets in the way.

7. you drag your sorry butt out of bed each day, regardless of the weather, how crappy you're feeling, or how tired you are, to earn money. you should be willing to put a little effort into managing that money!

8. set up an automatic withdrawal from each pay cheque, even if it's $10 or $20 a month, out of sight out of mind! trust me you won't even notice it's gone and soon you'll have money in your savings account for emergencies!

9. the smart way to use a credit card is to spend only what you know you can pay off when the bill comes in. THIS IS HARD! keep track of how much you're spending every time you whip out your charge card. if you're spending more than what you can afford, you should not be spending that money. if you're spending more than what you're making, you definitely should not be using that card!

10. set up an RSP plan...if you don't know what it is, look it up then get one, they are so important!

11. if you can't talk about money with your partner, you're in trouble. everyone is faced with challenges and being able to talk them over is important. money is the #1 thing couples fight over...if you can't talk about goals and the importance of how you are each spending your money, your relationship probably will not last.

again, these are quick points i took from it. she definitely elaborates on each point and then some. there are chapters on children, becoming widowed, retiring, etc that aren't exactly on the top of my list but they are included in the book. it's it's approx. 400 pages but a quick read & you'll find yourself making notes & underlining frantically.

again, if you have a spare $20, pick this book up! i swear she isn't paying me to say this, haha...i just have been that 'changed' by this book. actually forget the quotes around changed...i have been changed by this book, absolutely. saving money feels good! you don't have to be making a lot of money in order to save money...that is the #1 thing that i got from this.

oh ya and she has a blog too!

convinced yet?