Smart Women Finish Rich Buchzusammenfassung - das Wichtigste aus Smart Women Finish Rich

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Zusammenfassung von Smart Women Finish Rich

Name: Smart Women Finish Rich
Rating: 3.6 (62 reviews)
Author: David Bach

David Bach

A Proven Roadmap to Financial Security & Living the Life You Want

3.6 (62 Bewertungen)

23 Min.

Themen

Personal Finances Retirement Investments Wealth

Inhaltsübersicht

Smart Women Finish Rich
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What’s in it for me? Achieve financial freedom and fund your dreams.

For too long, women have gotten the short end of the stick when it comes to money.

Lower pay, more time out of the workforce, and longer lives that need larger retirement savings all lead to a sad reality: women are more likely to be impoverished in old age than men.

On top of that, women are often not taught the rules of the money game, and invest at far lower rates than men. They also experience greater difficulty finding high-paid work.

We point this out not to depress you, but to motivate you to plan for a comfortable retirement and discover how to fund your lifelong dreams. Because financial security and personal wealth can be achieved with smart habits and the right goals – even if you’re living paycheck to paycheck. With author David Bach’s classic financial roadmap, you can learn to not only handle your expenses confidently, but finish rich too!

The sooner you start, the larger the money pot will be at the end. (That’s the magic of compound interest.) So let’s get to it!

Busting the money myths

How many times have you heard the saying “Knowledge is power”? Probably more than once or twice. Yet, knowledge is only potential power. It’s what we do with knowledge that counts.

Unfortunately, money is a subject riddled with misinformation. This makes taking action overwhelming at best and downright detrimental at worst.

So let’s start by busting the most common myth: the myth that wealth depends on income.

Now you may be thinking, “What part of that is a myth? A fat income is how you become rich!” But let’s take a look at some numbers. Say you earn $2,000 a month. Over a 40-year career, $960,000 will pass through your hands. Earn $5,000 a month, and that sum leaps to $2,400,000. Yet, a GoBankingRates report revealed that 42 percent of US adults have less than $10,000 tucked away for retirement!

For most of us, the problem isn’t a lack of money – it’s how that money is handled. An eight-figure net worth doesn’t mean much if you spend eight figures each year. Consider hip-hop star M. C. Hammer. In the early 1990s, Hammer was one of the world’s highest paid performers – earning a cool $35 million in just one year – and his spending reflected his status. But less than five years later, the superstar was filing for bankruptcy.

Smart Women avoid this fate at all costs. Later sections will explore the specifics of where your earnings should go and how effortless proper distribution can be, but for now, understand that “finishing rich” won’t require more money than you already have. By retaining more of your current income, that mythical place called wealth can become your new home.

Values-based financial planning

If you were a fly on the wall at one of the author’s FinishRich Seminars, this is what you’d hear asked at the very beginning: “What’s important about money to you?” You’d then hear the deafening silence that usually follows.

Most people don’t expect to be asked this by a financial expert, yet, it’s a question central to Purpose-Focused Financial Planning. This approach asserts that identifying what’s really driving you financially is the single most important step in the wealth-building process.

Show me the money

Picture this: you’ve finally mustered the courage – and savings – for a dream trip abroad, perhaps to Italy, Japan, or the Maldives. You’re online, about to book the tickets, and … the website won’t work. You’ve entered the dates, destination, and number of travelers, but the error message keeps flashing red. Annoyed, you reach for your phone to call customer service, but the moment you do, you realize what you’ve done wrong. You haven’t entered your point of departure.

No one would knowingly attempt to book a holiday without providing all the information. Yet, this is how most of us try to tackle our finances – without identifying where we currently stand.

The Latte Factor

As M. C. Hammer showed us earlier, fat paychecks don’t guarantee lasting wealth. It’s the percentage we keep of that paycheck that does.

How many hours a week do you currently work? Twenty? Forty? Seventy plus? How many of those hours go towards actually paying yourself instead of taxes, a mortgage or rent, car loans, and credit card bills?

Don’t put all your (nest) eggs in one basket

When the author was seven, he became an investor. Being a stockholder of his favorite restaurant – McDonald’s – was exhilarating, so he purchased additional shares whenever he’d saved enough. One day, his grandmother wisely advised he consider diversifying his humble portfolio, explaining the well-worn expression, “Don’t put all your eggs in one basket.”

Today, he advocates three baskets for financial eggs: a security basket, a retirement basket, and a dream basket. We covered how to set up your retirement basket in the last section, so let’s explore the remaining two.

Investing mistakes you don’t need to make

Can you recall a mistake you made years ago that you’ve never repeated again? For the author, it was sticking a screwdriver into an electric socket. He was only five at the time, but the lesson remains to this day.

Learning from our mistakes is how we grow. Yet, Smart Women see that they can learn just as much from other people’s as their own – and save themselves unnecessary pain in the process.

Smart kids can finish rich too

At this point, you may be screaming, “I wish I’d known this earlier!” If so, you’re not alone.

In a report from the Council for Economic Education, 66 percent of US high schoolers failed a basic test of economic principles. What’s more, a PricewaterhouseCoopers study revealed that only 31 percent of American K-12 teachers would feel “completely comfortable” teaching personal finance to their students.

Attracting abundance

We started this Blink with the assertion that “finishing rich” doesn’t require an eight figure income.

That said, becoming someone who attracts abundance is still a worthy endeavor. After all, the sooner you have your security and retirement baskets filled, the sooner you can start living the life of your dreams.

Final Summary

Smart Women pursue financial empowerment. They recognize that men have a significant head-start in the money game, so make financial education, future security, and realizing their dreams a priority.

By connecting with your values, getting organized, keeping more of your income, investing wisely, and appreciating the journey, you too can join the ranks of Smart Women who finish rich!

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Worum geht es in Smart Women Finish Rich?

Smart Women Finish Rich (1998) is a guide to financial empowerment. The personal finance classic walks readers through everything from saving to investing to – ultimately – building a values-based life and funding your dreams.

Wer Smart Women Finish Rich lesen sollte

Anyone intimidated by personal finance
Young women starting out in their careers
Individuals approaching retirement

Über den Autor

David Bach is an American financial author with ten New York Times bestsellers (including The Automatic Millionaire and Start Late, Finish Rich) to his name. His work has regularly been featured on The Oprah Winfrey Show, ABC, CBS, CNBC, CNN, and Fox. Bach is also the founder of FinishRich Media, which has brought his FinishRich Seminars to thousands worldwide.

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