The Great Money Reset Book Summary - The Great Money Reset Book explained in key points
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The Great Money Reset summary

Jill Schlesinger

Change Your Work, Change Your Wealth, Change Your Life

3.9 (176 ratings)
17 mins
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    The Great Money Reset
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    A sustainable change requires high-level financial planning

    Are you ready to make a Great Money Reset, and bring your financial life in line with your values, desires, and dreams? That’s great! Big, risky changes are what make life interesting.  Whether you’re planning to drop out of law school to pursue a career in tap dance, or sell up the family home to move to a tiny house in the middle of the forest, you’re on the cusp of doing something freeing, authentic, and exciting. 

    But before you get too carried away, remember that you don’t just want to make a dramatic lifestyle change – you want to make a sustainable lifestyle change. You need planning and preparation if you’re going to make that Great Money Reset work. 

    Before making a major life change, take time to carefully analyze five key areas of your finances that we’ll call the Fabulous Five:

    One: calculate all of your income and assets to see what resources you have available. Consider which are liquid. Having reserves of cash can help see you through unexpected difficulties or smooth your transition after you leave a job with great benefits.

    Two: tally all debts and liabilities. You’ll want to consider how to balance paying down debt with staying as liquid as possible – for example, it might not be smart to pay off your mortgage and drain your cash reserves in the process instead of keeping that debt ticking along.

    Three: review your housing costs and whether downsizing could free up cash. If you’re lucky enough to own a second home, or be in the position to move to a more modest housing setup, streamlining your housing can free up plenty of cash.

    Four: create a realistic estimate of your monthly spending. Don't underestimate future needs. How much are you currently spending? Can you realistically manage to make cuts here?

    Five: factor in financial obligations to others, like college, or care for aging parents. How will the people in your life need your support over the next decades? And how much would you like to commit to supporting them?

    Create realistic best, middling, and worst-case scenarios for after your planned change. Identify backup plans, like starting a new career if early retirement doesn’t pan out, or moving somewhere cheaper if your dream location proves too expensive. Consider how you might make incremental steps rather than dramatic moves. For example, try a trial period at a new job or in a new place before you fully commit.

    Taking the time to assess your finances thoroughly will give you confidence in your ability to make a successful change – or it may show you need to modify your plans. You may find you don't need an extreme reset – smaller tweaks could work. The key is to act deliberately, and limit your risks. 

    If you’ve run the numbers, and you think it all adds up, then congratulations! You officially have permission to make the leap!

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    What is The Great Money Reset about?

    The Great Money Reset (2023) is a plain-talking, practically focused handbook aimed at empowering everyday people to take the financial steps necessary to build their dream lives. Simple strategies explain how to bring your financial life into alignment with your values, desires, and dreams, to put a truly fulfilling life within reach.

    Who should read The Great Money Reset?

    • Daydreamers who’d love to make a big life move but don’t know how to fund it
    • Office workers who are ready to take bigger professional risks
    • Anyone who feels too financially stuck to try something new or adventurous

    About the Author

    Jill Schlesinger is NBC News’ Gracie- and Emmy-award winning business analyst. A Certified Financial Planner (CFP), she specializes in making complex economic and financial content digestible for everyday viewers. She is the author of two wealth management books and the nationally syndicated newspaper column, “Jill on Money.”

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