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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Getting Good with Money summary
Jessi Fearon
Pay Off Your Debt and Find a Life of Freedom-without Losing Your Mind
16 mins
Brief summary
Getting Good with Money by Jessi Fearon is a practical guide to help readers take control of their finances. It offers actionable tips and strategies to reduce debt, increase savings, and build wealth for long-term financial security.
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Getting Good with Money
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The different types of money struggles
Personal finance is just that – personal. Everyone’s experiences are different. That said, money struggles can typically be separated into four categories that correspond with different personality types.
The first category is the Floater. These individuals are stuck living in the paycheck-to-paycheck cycle, with seemingly no end in sight. Floaters may feel like they aren’t making any headway toward their financial goals, so they often give up altogether.
Next, there’s the Daredevil. This archetype can easily be identified by their lack of a savings account. They may not be stuck in the paycheck cycle, but they can’t make big purchases without sinking into debt.
Third, we have the Spender – people who just can’t seem to control their excessive spending habits. Spenders might justify their purchases as “amazing deals,” but they often fail to stay within their budget.
And our last category is the Avoider. These individuals are so wrapped up in major money issues – like paying off student loans or saving for retirement – that they’re completely burned out. Weighed down by all of their responsibilities and worries, it’s easy for this group to lose sight of their future.
Most of us will fall into at least one of these categories at some point during our financial journeys. You may have found yourself identifying with one, several, or even all four of these personality types already. It doesn’t matter where you are in your personal struggle with money – identifying your unique type is the first step to making real, positive changes.
The truth is, learning to manage money is about 20 percent math and 80 percent changes in behavior. In other words, you’re going to have to discover what actions have led you to where you are now and figure out how to change them in order to improve your situation.
For instance, Floaters can benefit from learning how to create and stick to a budget. Daredevils will be on much more solid footing if they build up a savings account. Spenders can see improvements from discovering – and then steering clear of – their triggers when it comes to overspending. And Avoiders can fix their issues by reevaluating their future goals and creating a plan to put them into action.
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What is Getting Good with Money about?
Getting Good With Money (2022) combats common money struggles by demystifying the often complicated world of personal finance. Following one family’s journey to financial freedom, it equips readers with practical strategies and helpful tips to develop better money habits and build their dream life.
Who should read Getting Good with Money?
- Anyone interested in personal finance
- People looking to develop better money habits
- Families who want to live debt-free
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