“My Money My Way” by Kumiko Love is a step-by-step guide on how to turn your financial (and emotional) life around.
This book does a beautiful job of talking about the psychology of money. Changing money habits without understanding why we developed them is almost impossible.
Money is only a tool we use to achieve the life we desire. Most of us feel we deserve a certain lifestyle or that our lives should look a particular way.
If we can strip out this self-inflicted narrative and focus on what truly makes us happy, we will have a much easier time getting our finances on track.
1) Finding your “why” is the most crucial part of your financial journey. Getting out of debt is difficult if you don’t have an overarching reason, goal, or mission.
2) It will take a few months to fine-tune your budget. Building a budget is an experiment that can take a few rounds before you get it right.
3) If you spend too much using your debit card, try using the cash envelope system. The tactile feel of using money can help you stay within your budget.
4) Money touches every part of your life. As you progress in your debt pay-down journey, other aspects of your life will change to reflect the “new you.”
5) You may outgrow some friends or even your job. Time is the most valuable asset on this Earth, and saving money ensures you can purchase your freedom. You may change how you spend your time or with whom you spend it.
If you are stuck on the treadmill of life (often called the rat race), you’ll need to find a reason to escape. I’ve been there and done that.
My wife and I were in debt, but we knew that we didn’t want to pass this generational curse on to our children. We had roommates for five years, and the rest is history.
The author does a fantastic job at getting to the heart of your debt pay-off journey. Ultimately, it is more of a spiritual journey than a financial one. I recommend this book to everyone, especially those starting out in life (ages 18-25).
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