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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Financial Diet summary
Chelsea Fagan
Lauren Ver Hage
A Total Beginner’s Guide to Getting Good with Money
19 mins
Brief summary
The Financial Diet by Chelsea Fagan and Lauren Ver Hage is a practical guide to handling money. It provides a step-by-step approach for budgeting, saving, investing, and building wealth. This book helps you take control of your finances and achieve your financial goals.
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The Financial Diet
Summary of 7 key ideas
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Key idea 1 of 7
Avoid these four “don’t you dares” to start improving your relationship with money.
If you’re lost at sea when it comes to money, maybe it’s best to start your financial diet nice and slow.
There are four “don’t you dare” rules that we can all remember and follow; if you do so, you’ll have taken a big step toward steadying your finances.
First, don’t you dare spend money on credit if you can’t pay it off within a month. Sure, credit cards have their benefits – they can help build a credit score and get you air miles. But if you have one, treat it like a debit card. The day you spend money you can’t pay back in a month is the day you sabotage your financial health, because that’s when the interest starts to accrue.
Second, don’t you dare fall into the CEO lifestyle. When the author first became CEO of her own enterprise, it changed her thinking. Suddenly she would think, “I deserve this $150 facial, because a CEO’s gotta look good, right?”
We all convince ourselves that we need certain things to live the lifestyle we want, whether that means an iced latte every day, or a taxi home instead of the subway. The reality is that we don’t need these things, so we should get over them. Spend according to the budget you have, not for the lifestyle you think you should be living.
Third, don’t you dare go a week without checking your bank balance at least twice. Just like a reluctant dieter avoids looking at the caloric content of the cake they are devouring, lots of people in poor financial situations just can’t bring themselves to look at their account balance. You can’t get on a financial diet until you confront the reality of your income and spending, however gruesome it might look the first time you check.
And finally, don’t you dare imagine that savings will just magically appear. When you are young, it’s easy to think of your current self and your future self as two completely different people, and pass the responsibility for saving on to “future me.”
Many people think that merely staying out of debt is enough and they can worry about savings in the future. But the fact of the matter is, there is only one you – and you need to start saving, even if it’s just a little, right now.
Follow these rules and you’ll already be avoiding a lot of common mistakes. But to really get to grips with your financial diet, you need to learn how to budget.
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What is The Financial Diet about?
The Financial Diet (2018) is a beginner’s guide to being better with money. Whether you want to bring your spending habits under control, pay off your student debts or just figure out how to start saving money for the future, these blinks will give you the tools to do so.
The Financial Diet Review
The Financial Diet (2018) is a practical and insightful book that offers valuable advice on how to manage personal finances and build a solid financial foundation. Here's why this book is worth reading:
- With its emphasis on actionable tips and strategies, it equips readers with the knowledge and tools needed to take control of their financial lives.
- By combining real-life anecdotes and relatable examples, the book makes complex financial concepts accessible and engaging.
- Unlike other finance books, The Financial Diet takes a holistic approach, touching on topics such as career development, relationships, and mental well-being, providing a well-rounded perspective on personal finance.
Best quote from The Financial Diet
Money without a budget is like champagne without a glass.
—Chelsea Fagan and Lauren Ver Hage
Who should read The Financial Diet?
- Millennials who want to get a grip on their finances
- Women who want to secure their financial independence
- Anyone who wants to live a better life while spending less money
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The Financial Diet FAQs
What is the main message of The Financial Diet?
The main message of The Financial Diet is how to manage your money and live a financially healthy life.
How long does it take to read The Financial Diet?
The reading time for The Financial Diet varies, but it typically takes a few hours. The Blinkist summary can be read in just 15 minutes.
Is The Financial Diet a good book? Is it worth reading?
The Financial Diet is worth reading. It provides practical advice and tips on personal finance to help you improve your financial well-being.
Who is the author of The Financial Diet?
The authors of The Financial Diet are Chelsea Fagan and Lauren Ver Hage.
What to read after The Financial Diet?
If you're wondering what to read next after The Financial Diet, here are some recommendations we suggest:
- The Index Card by Helaine Olen and Harold Pollack
- Financial Freedom by Grant Sabatier
- Get Good with Money by Tiffany Aliche
- You Are a Badass at Making Money by Jen Sincero
- The Total Money Makeover by Dave Ramsey
- Financial Feminist by Tori Dunlap
- Smart Money Smart Kids by Dave Ramsey & Rachel Cruze
- Dave Ramsey's Complete Guide To Money by Dave Ramsey
- Testing Business Ideas by David J. Bland and Alexander Osterwalder
- Good Energy by Casey Means