I’ve switched to another book and this is a quick read, so I’ll be moving quickly. This book gives a few simple lessons to become wealthy rather slowly and steadily. This book is for everyone intent on building long term riches. I’ll share the lessons as I learn them and follow up with a summary when I’m through with the book.
Here is the first lesson:
Wealth beyond your wildest dreams is possible if you follow the golden rule: Invest ten percent of all you make for long-term growth.
I finished Suze Orman’s The Courage To Be Rich last night. I found it rather enlightening. There are 6 parts and 22 chapters. She covers courage, value, love and money, buying a home, retirement, and courage to use your money to connect to the world. She presents her own tales and stories told by clients or other people she’s dealt with and uses these experiences to share financial wisdom. If you’re afraid of money because of the math, she’s provides guidance without throwing a barrage of formulas at you. She’s realistic, informed, and friendly. The book extensively covers some serious issues including money and divorce, money and retirement, and money and financial ignorance. She explains the value of getting second opinions. She shows how some kind of active interest in creating wealth will benefit everyone. If you’ve never read any of her books, the first part is probably the best part. It helps you overcome your fear and procrastination related to money. The 5th part helps you plan for retirement and has a really good chapter on IRAs. I think the book would be good for beginner investors and those readers just about to jump out of the debt hole. The part on money and love is good for newlyweds and people considering divorce. It’s not for people looking to start their own business. It’s not for those looking for trading secrets. I’ve read other books that give more detail on becoming debt free, so this wouldn’t be my first choice for readers seeking that advice. My wife now plans to read it, and I’ll ask her to do a review of it after she’s read it too.
Many settle for the comfort and stability of a job, while never really asking if we’re being paid what we deserve.
Suze address this with a law of money:
Law Of Money
When you undervalue what you do, the world will undervalue who you are.
Try stopping to ask yourself if you’re being paid what you would expect to pay for the service or product you provide. Answer honestly. If you’re being paid less, perhaps it is time for a change. If you’re being paid more, maybe it’s time to raise our perceptions, and at the same time our expectations, and we will value ourselves more.
In The Courage To Be Rich, Suze Orman gives some advice on putting into perspective the relationship between our current financial status and where we want to be financially. Sometimes getting more is as simple as asking. We have to ask more from ourselves, ask more from our financial transactions, and more from our money. People struggling with their current situation may do better by asking themself if they really are doing the best that they can. Without allowing room for improvement, it may very well never happen. My favorite quote from this section:
In order to become rich, your self-worth has to rise along with your net worth– you must feel you deserve to be rich, you must never cast yourself as the victim, you must stop settling or feeling as if you’re just getting by, and you must make the most of what you have.
Suze Orman writes that quite frequently people misplace items as they prioritize. She states that it’s commonly understood that people (loved ones) are first, but many people seem to incorrectly place things before money. She demonstrates this by retelling the story of asking a 7 year old what she values most. After the little girl responds with family, house, tv, candy, and money being last, she explains to the young one that while family should be valued first, money is required to purchase everything else, including the candy.
SO to clear it up in case there’s any questions:
The First Law Of Money
- First People
- Then Money
- Then Things