Get Good with Money
A practical guide offering a ten-step plan to achieve financial stability and wholeness.
Summary of 10 Key Points
Key Points
- Budgeting as a Tool of Financial Control
- Saving for Future Security
- Mastering Credit Management
- Increasing Income through Side Hustles
- The Power of Investing Wisely
- Creating a Money Team
- Planning for Estate and Will
- Importance of Insurance
- The Role of a Professional Team in Financial Planning
- Achieving Financial Wholeness
key point 1 of 10
Budgeting as a Tool of Financial Control
Budgeting is a powerful tool for controlling your finances. It provides a blueprint of your financial picture, helping you understand where your money comes from, where it goes, and where you can make changes to meet your financial goals. By monitoring your income and expenses, you can identify spending patterns and areas where you can cut back. More importantly, budgeting allows you to be proactive about your money, rather than reactive. By planning for future expenses, you can avoid financial shocks and save for your goals…Read&Listen More
key point 2 of 10
Saving for Future Security
Saving for future security is viewed as a fundamental part of wealth accumulation and financial stability. The book emphasizes the importance of setting aside a part of one’s income, no matter how small, for future needs. It stresses the concept of ‘paying oneself first’ as a way to ensure that savings are prioritized. Such savings can be used in times of emergencies, for planned expenses or for investing in wealth-building avenues. The goal is not to just save money but to put it to work so that it grows over time and provides a stable financial future…Read&Listen More
key point 3 of 10
Mastering Credit Management
In ‘Get Good with Money’, the concept of mastering credit management is elucidated as a crucial element of achieving financial wellness. It highlights the importance of understanding and effectively managing one’s credit as a primary step in the journey towards financial freedom. Credit, as described, is not just about borrowing money but a tool to leverage in building wealth, and its management goes beyond just paying bills on time. It encompasses understanding credit scores, types of credit, the impact of credit utilization, and how to navigate the credit system…Read&Listen More
key point 4 of 10
Increasing Income through Side Hustles
Increasing income through side hustles is a practical approach for financial enhancement. This point suggests that the typical 9 to 5 job may not be sufficient to meet your financial goals or to achieve financial freedom. A side hustle – a job or project you undertake outside of your main employment – can serve as a viable source of additional income. This diversification of income sources provides an extra cushion for emergencies, helps pay off debts faster, and accelerates the journey towards financial independence…Read&Listen More
key point 5 of 10
The Power of Investing Wisely
In the perspective of ‘The Power of Investing Wisely,’ it is profoundly asserted that investing wisely is an art of managing finances to make them grow over time. It involves a systematic approach, which includes understanding the market, selecting the right investment tools, and making informed decisions based on the analysis of various factors such as risk, return, time horizon, and the investor’s financial goals. Investing wisely, as suggested, is not merely about making money; it is about creating wealth, achieving financial independence, and securing a financially stable future…Read&Listen More
key point 6 of 10
Creating a Money Team
‘Creating a Money Team’ is about surrounding yourself with professionals who can help you manage and grow your wealth. This group of advisors and specialists should be composed of experts who have proven track records and can assist you in making informed financial decisions. It could include certified public accountants, financial advisors, bankers, insurance agents, and attorneys, among others. The goal is to have a team that complements your financial knowledge and skills and can guide you in making wise investments and managing your taxes and legal matters effectively…Read&Listen More
key point 7 of 10
Planning for Estate and Will
In the context of financial wellbeing, planning for your estate and will is both a necessity and an act of love for your loved ones left behind. It involves identifying your assets, deciding who should inherit them, and ensuring that your decisions are legally enforced. It is an intricate process that requires a comprehensive understanding of your financial situation and long-term objectives. You do not need to be wealthy to have an estate plan; even a modest estate necessitates careful planning to mitigate potential disputes and ensure a smooth transition…Read&Listen More
key point 8 of 10
Importance of Insurance
In ‘Get Good with Money’, it is emphasized that insurance is a crucial financial tool that is often overlooked. Having appropriate insurance coverage is not only a form of protection but also an investment in stability and peace of mind. The perspective here is that insurance is a safety net, protecting us from potential financial ruin due to unforeseen events. It is portrayed as a protective measure that shields our assets, income, and dependents from financial loss, thus ensuring our financial health is maintained in case of emergencies or unexpected life events…Read&Listen More
key point 9 of 10
The Role of a Professional Team in Financial Planning
In the realm of financial planning, the importance of a professional team cannot be overstressed. This team, usually comprising of financial advisors, accountants, lawyers, and insurance agents, plays a pivotal role in helping individuals understand and navigate the intricacies of financial management. They provide invaluable advice on a range of matters including investment strategies, tax planning, estate planning, and risk management. The expertise of each team member comes into play in addressing specific facets of the financial planning process. The financial advisor, for instance, helps in crafting a comprehensive plan that aligns with the individual’s financial goals and risk tolerance. They also help in choosing the right investment vehicles and in making informed decisions that can lead to wealth accumulation and preservation…Read&Listen More
key point 10 of 10
Achieving Financial Wholeness
Achieving financial wholeness, as described in the book, is more than just accumulating wealth or being free from debt. It’s about creating a comprehensive, holistic approach to finances that considers not just the financial aspect but also the emotional, psychological, and spiritual aspects as well. Financial wholeness is about having a complete understanding of your financial situation and creating a plan that allows you to live comfortably, secure your future, and fulfill your dreams. It’s about being in a position where you’re not constantly worried about money and where you feel confident about your financial decisions…Read&Listen More