After last week’s break away from personal finance books it was time to get back on that horse and I couldn’t have picked a better book. Farnoosh Torabi’s latest book Psych Yourself Rich fit the bill.
The book is directed towards young adults but even this old dog learned something. First of all, the author is impressive! She starred in the reality show “Bank of Mom and Dad” and was a senior correspondent and host on “Wall Street Confidential”.
This is in addition to authoring a previous book, many magazine articles and numerous appearances on news shows as a financial expert.
The content is organized into three parts with 10 chapters total in addition to the introduction. It is a fast interesting read even at 204 pages.
There are lots of resources, facts and quotes that moves it along. You know it’s interesting when an author quotes Chris Rock and Socrates!
Part 1: Draft Your Financial Blueprint
The first thing to understand is what being rich means to you. Is it the $250,000 income mark that the government set? Or is it a lifestyle? Once you know this, then make sure you have the 10 financial bases covered. (I am impressed the author included charitable giving.)
Set goals that are specific and actionable and make sure they’re diversified. Remember to focus on all aspects of life.
Part 2: Psych it Up
It’s important to be organized. How could you be rich if you don’t even know how much you owe? Another key point in this part is to be your own advocate. I could have used this advice 20 years ago. No one is going to look out for you and your money like you!
The most important point is to create a 5 year plan. This doesn’t mean you can’t change the plan based on changing circumstances. Use physical tools such as a vision board to keep these goals in mind.
Part 3 : Raise the Bar
Having your ducks in a row allows one to go outside the comfort zone with risk. This might be investing in something new (although I disagree with the author regarding gold) or starting your own business. There are several examples of people turning their passion into part-time or full time opportunities.
I’m happy to be able to give a copy of “Psych Yourself Rich” to a reader.
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