Clever Girl Finance Book Summary - Clever Girl Finance Book explained in key points

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Clever Girl Finance summary

Name: Clever Girl Finance
Rating: 4.1 (104 reviews)
Author: Bola Sokunbi

Bola Sokunbi

Ditch Debt, Save Money and Build Real Wealth

4.1 (104 ratings)

20 mins

Brief summary

'Clever Girl Finance' by Bola Sokunbi is a personal finance book that empowers women by teaching them how to take control of their money, invest wisely, and build wealth for the future.

Topics

Personal Finances

Table of Contents

Clever Girl Finance
Summary of 8 key ideas

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Key idea 1 of 8

What’s in it for me? Let go of your money fears and pick up the tools to take charge of your finances.

As women, we may feel uncomfortable talking about finances. We might feel that we haven’t grown up with the right knowledge, or perhaps we’ve been told that money isn’t a “woman’s thing.” But in the modern world, we all need to take care of our finances to get ahead.

It’s time to let go of the stereotypes. There’s no reason for us to shy away from taking a keen interest in finances. Women are earning more than ever before and have the power to be as successful as men. Many are now out-earning their male partners. We have the money; we just need to learn how to make the most of it.

In the following blinks, you’ll learn about the practical tools you need to take control of your finances – from getting out of debt, to protecting yourself from the unexpected, to saving money and building up your wealth.

You’ll also find out

how a snowball can be a way to get out of debt;
why taking a different route to work can help you overhaul your finances; and
the first steps you can take to become a stock market investor.

Your journey to financial success begins with the motivation to make the changes you need.

If you’ve ever tried to lose weight and get in shape, you’ll know there are no instant solutions. As with any other big new life stage, you’ll need to be ready for changes to achieve your financial goals. You must allow yourself to dream, and be confident that your dreams can become reality.

The key to taking control of your finances is to make peace with the biggest mental obstacle – the money mistakes that you’ve made in the past. Fixating on these is what needlessly stops many of us from going forward.

Everyone makes mistakes and wastes money, but you can move on from this instead of getting stuck. The first step is to acknowledge them and forgive yourself. To do this, you can write your feelings down or even scream out loud if you need to. Getting your pent-up emotions out there is often therapeutic and will help you let go.

It’s a question of inner determination to succeed. Once you realize that the past is in the past, you’ll no longer need to judge or blame yourself for what has already happened, and can focus on the future. Just like with committing to exercise, you can buy all the fancy gear in the world, but if your heart isn’t in it, it won’t help you build up those muscles.

The next step is to learn the lessons from your mistakes and start changing your approach to money.

To identify those lessons, a good strategy is to pick up that pen and paper again and do some serious reflection. Note down all the wrong turns you’ve taken with money in your past, no matter how big or small. And then write about what you can learn from this and how you can do better in the future.

This will be your recipe for action. For example, if in the past you had a tendency to spend more than necessary on designer handbags and never got around to saving, you can decide to save $5 a week right now. Even if it’s a tiny amount, it’s the consistency of the action that will set you on the right track and help you believe that a different financial future is possible.

Before you start taking action, make life easier by organizing your finances.

You wouldn’t try to find your way around a new city without a map. Similarly, if you want to achieve financial happiness, knowing where you’re going and how to get there is crucial. Organizing your spending will help you create a map of your financial territory and figure out a better way of navigating it.

Start by keeping track of all your spending. Write down every single transaction for the first two weeks, review it every day, and see where you spend the most. That way you’ll become aware of all those bad habits you got into without realizing, whether it’s overspending or being late with your bills. And then you can start improving them.

Budgeting is key to making the most of the money you have and can be done in a style that fits you.

A glass of wine with a friend, a new shirt for work, a forgotten bill – ever wonder why you end up struggling to make it through those last few days before the next paycheck?

Budgeting is the way to avoid this situation. It means that you’re the one telling your money what to do, instead of falling into the trap of unintentional spending.

Debt can feel overwhelming, but with new priorities and the right strategy, you can get on top of it.

It’s easy to get discouraged by even a small amount of debt, especially if you’re still paying for things that have already become distant memories, like those carefree student years.

The first step is to get a clear picture of your situation. Begin by writing down everything you owe. Dig out all those credit card statements, overdrafts, and loans to create a detailed overview. It may be painful, but it’ll help you make good decisions later.

To build your wealth and put your money to work, start investing in the stock market.

The stock market might seem like an alien universe, but it isn’t as complicated as it seems. Anyone can learn the basics, and you don’t need a huge amount of money to get started.

Why should you care? Investing is the best thing you can do with your money in the long run, because it’s how your money grows.

Credit can be a good thing as long as you know how to use it to your advantage.

Do you plan to buy a house or dream of starting your own business? Unless you’re already rich, you’ll need credit to do these things.

While no one wants to get into debt and not be able to pay it back, credit is what allows you to make use of financial opportunities that will help you increase your wealth and lead the kind of life you want.

Protecting yourself from unexpected setbacks is essential for financial health.

What would you do if your apartment burned down? Or you were struck by a serious illness? No one likes to dwell on the disasters that could befall us, but bad things do happen, and they can really put a strain on our finances.

Fortunately, there are measures we can take to protect ourselves from the impact of emergencies or other unplanned events. The right kind of insurance can go a long way toward minimizing or completely avoiding the damage.

You can make more money by learning to use unexplored opportunities in your work and personal life.

Women often have trouble asking directly for what they deserve – especially when it comes to money. But it doesn’t have to be that way.

Many of us undervalue ourselves during salary negotiations. Astonishingly, statistics indicate that a woman may lose between $1 and $1.5 million over the course of her working life by not pushing for higher wages.

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What is Clever Girl Finance about?

Clever Girl Finance (2019) aims to help women take charge of their financial well-being without feeling judged or pressured. It shows the best ways to manage your finances, get out of debt, save money, and create wealth while staying true to your values and personality.

Best quote from Clever Girl Finance

Its not about how much money you make, its about what you do with what you have.

—Bola Sokunbi

Who should read Clever Girl Finance?

Successful women who want to learn how to manage their finances
Working women who want to reach a state of financial happiness
Struggling women looking for concrete steps and tools to deal with financial challenges

About the Author

Bola Sokunbi is a Certified Financial Education Instructor, finance expert, speaker, podcaster, and influencer. She is also the founder and CEO of the popular finance education platform Clever Girl Finance, which provides financial guidance, courses, mentorship, and an online community.

Categories with Clever Girl Finance

Money & Investments

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