Sometimes in your life, managing your finances may not be the easiest thing to do without help. There are many resources available on the market, and the options of where to turn can be overwhelming. I've read many financial books, but there are three that have benefited me the most. The books are "Profit First" by Mike Michalowicz, "Rich Bitch” by Nicole Lapin, and "Rich Dad Poor Dad" by Robert Kiyosaki. These books have allowed me to determine that we all make mistakes when managing our money and that you can accomplish your financial goals by communicating with others.
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1. 'Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine' by Mike Michalowicz
Mike Michalowicz educates entrepreneurs on how they can realize how to make their businesses profitable. Most business owners make money and spend it on other expenditures without paying themselves or saving money for the future. Mike discusses the profit first method of keeping a small income in separate business banking accounts for profits, your salary, taxes, and an expense account. Establishing individual accounts using the profit first method allows you to realize that you have a profitable business, take a salary, and cover business expenses.
2. 'Rich Bitch: A Simple 12-Step Plan for Getting Your Financial Life Together...Finally' by Nicole Lapin
"Rich Bitch” details Nicole Lapin's journey through life and the challenges and opportunities she faced. It includes a 12-step plan on how to get your finances in order. However, you do not have to follow the plan in order. Everyone's financial situation and journey are different, so you can pick a step in the plan and tailor it to your specific needs. As I mentioned in 10 Financial Books That Will Change Your Life (and Finances), "Rich Bitch” details real-life situations that can help you change your life.
Tips For Increasing Your Family's Financial Wellness
3. 'Rich Dad Poor Dad' by Robert Kiyosaki
"Rich Dad Poor Dad" by Robert Kiyosaki details pivotal advice that he received from a rich and poor dad's perspective. Gaining financial advice as a child can help your child build a solid foundation for the decisions they will make throughout their life. It will also allow them to align themselves with like-minded individuals that can aid them in achieving their goals. In this book, one of the critical items that stuck with me was Robert's advice to evaluate who you align yourself with. If your friends' lives or actions don't align with your future goals, you should reevaluate your friends. Then, you can influence your friends' lives and educate and influence them to make sound financial decisions, or you can change your friends entirely by moving on in life. Ultimately, if you can't change your friends, you should change your friends.
Understanding the basics of financial literacy is essential to getting your finances in order. These two books can guide you in achieving your financial goals and can be used as a resource to stop making the same financial mistakes. Once you understand the basics of personal finance, you can use the tips offered to increase your wealth and accomplish your financial goals. Bridging the gap between where you are and where you want to be is the desired outcome.
Originally published at https://www.harriscashcoach.com on May 9, 2021.