The $1000 Project

The $1000 Project
A easy guide to mindful saving, active earning and financial wellbeing
Canna Campbell

I have so much respect for this inspiring woman. I first discovered Canna’s You Tube channel about a year ago and admit I haven’t seen a lot of her channel as watching a You Tube is not something I can do while driving, which is the time when I do a lot of my financial study by listening to podcasts and audio books. So it wasn’t until more recently that I realised she had published a couple of books too. Well I’m yet to read her second book Mindful Money but after reading this one I will certainly be getting my hands on it as soon as possible. The $1000 Project is a fantastic and realistic challenge to create more money. Canna details how she came to creating it and her 12 month journey to reach her goal of making a passive income of $2000 per year by creating and investing 40 parcels of $1000. She fell just short of achieving her goal but so what! She achieved so much more by learning about herself and inspiring others. I absolutely love that she didn’t sugar coat how hard it was to do and that there were many times she had to dig deep to stay committed to her goal. To top it off this is a really easy read. I think it only took me a couple of nights to finish it. I highly recommend this book.

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How to be a Super Smart Woman

How to be a Super Smart Woman
New Strategies for Superannuation
Pauline Taylor

This is an important book that all Australian women should read.

Understand your super ladies! It’s your money and your future, do yourself a favour and empower yourself with knowledge about this topic.

If you ever read this Pauline- thank you for writing this book. Statistically women live longer than men. In addition to this on average men retire with more super than women. Why? Super is designed to work with consistent, regular contributions over a long period of time. Many women take time out of the work force to raise a family, furthermore when they return to work it is often in a part time capacity. This can have a dramatic effect on women’s super in retirement. There are many things you can do to make sure you have a healthy super in retirement. I highly recommend this book for women of all ages to learn how to make the most of their super.

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The Little Book of Common Sense Investing

The Little Book of Common Sense Investing
The only way to guarantee your fair share of stock market returns
John C. Bogle

John C. Bogle was the founder and former chairman of the Vanguard Group. In 1975 Vanguard created the world’s first index mutual fund and still offers low cost index funds today. This is a book about investing in low cost index funds and the reason behind why this is an effective long-term investment strategy. If you don’t know what index funds are or have little or no knowledge of the basics of investing in shares this book is not quite right for you yet. I would suggest studying up on the basics firsts by visiting the ASX website and doing one of their free online courses in shares or start by reading the Millionaire Teacher by Andrew Hallam to understand the fundamentals. I personally think investing in low cost index funds is a great strategy and Warren Buffet one of the most successful investors of all time also favours it.

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Rich Bitch

Rich Bitch
A Simple 12- Step Plan for Getting You Financial Life Together…Finally
Nicole Lapin

This book is aimed at young aspiring American women who want to take control of their finances. If you’re a young aspiring American women then this book is for you. If not, there may be other personal finance books better suited for you. Not to discredit Lapin, a former anchor of the popular business network CNBC, she provides a lot of valuable information in this book. However, it is very focused on the American finance system, which knocks out chunks of the book that focus on American specific finance for example their retirement vehicles such as the 401k.

She does break down some essential investing concepts into very easy to understand examples such as even if you are doing a great job saving your money, if it’s sitting in a bank account earning 1% interest and inflation is at 3% you are effectively losing money.

Let’s say you invest $10000 in a 1% savings account. In ten year, you’ll have about $11000 but in ten years you will need more than $13000 (accounting for an average 3% inflation) to get the same amount you got today for $10000. P258

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Rich Dad Poor Dad

Rich Dad Poor Dad
What the Rich Teach Their Kids About Money –That the Poor and Middle Class Do Not!
Robert T. Kiyosaki

Yes it’s a bit gimmicky but if you’re serious about improving your personal finances the Rich Dad philosophy is worth reading about.

I was a little challenged by this book as some of Kiyosaki’s personal views and friendships do not match my own but that’s ok. I still found a lot of value in this book. Biggest take away was his take on savers being losers. At first I was thinking what the f*ck! But the more I mulled over it I realised he is right. With interest rates as low as they are right now our money in the bank is going nowhere. The best term deposit I could find was 2.4%. Is that even keeping up with inflation? You have to have your money working for you and the book gives you plenty of ideas for that.

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The Total Money Makeover

The Total Money Makeover
A proven plan for financial fitness
Dave Ramsey

I think Dave Ramsey is the American equivalent of our Scott Pape The Barefoot Investor. He has a no nonsense approach for sorting out your personal finances and is well know for his stance on eliminating all debt. As a property investor with debt on investments I find this a bit extreme but he is very popular with a huge following so I guess it works for some. He makes it clear in the book that he is a Christian man and includes some bible verse in the text. This might not be everyone’s cup of tea and not what you would expect in a personal finance book. However, it doesn’t detract from the actual usefulness of his teachings on money.

Again some of what he teaches is not relevant for Australians but the overall concepts and process he outlines would work for anyone. If you are into super detailed zero sum budgeting then this is the book for you…I guess now is a good time to confess I find monthly budgets a bit much and prefer a looser approach but each to their own. No judgement here.

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Unf*ck Your Finances

Unf*ck Your Finances
Melissa Browne

Ok so the title might put some people off. Truth be told I love a good swear word and love that Melissa has enough courage and sass to be so bold. If you are offended by colourful language this is definitely not the book for you. However, if like me you are happy to converse like a sailor you will love this book as I did. Melissa presents some excellent strategies to get your finances on track including a great way to set goals and stay on track with them. She also touches on our mindset about money and acknowledges the shame many of us associate with money. Not to mention she is a qualified accountant and financial advisor so she knows a thing or two about personal finance! And finally she is an Australian women promoting financial wellbeing and is helping others. What’s not to like?

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The Barefoot Investor

The Barefoot Investor
The only money guide you will ever need
Scott Pape

If you’re in Australia where I am, unless you have been living under a rock, I’m pretty sure you would have heard of Scott Pape the Barefoot Investor. I would recommend his books if you are just starting out with managing your money and want to learn the basics of managing your money in a very simple way. He is all about simplicity which is great and I highly recommend him.

Pape is an unapologetic Aussie bloke who says it like it is and has an ability to really simplify financial concepts. An essential read for any Australian starting out on their financial journey. I think what really distinguishes Pape and explains why this book is a best seller is that he lays out a step by step program you can follow along with.  He doesn't use any jargon and this makes this book so accessible to the everyday person.  Pape also includes references to actual financial organisation such as banks, super funds and fund managers that he uses.  This is such a selling point for me, as even though he is not suggesting you use who he uses, it gives you a reference point and somewhere to start researching what may be suitable for the reader.  A top read.

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Making Money Made Simple

Making Money Made Simple
Noel Whittaker

On the first page of this book it states “The aim of this book is to cover the essentials of money, investment, borrowing and personal finance in a simple way’ and Noel does exactly that. It might not be as catchy or entertaining as some of the other personal finance books I have read (Sorry Mr. Whittaker) but this book explains money in simple terms and provides lots of examples so you can understand the numbers behind the strategy or theory. I would not hesitate to recommend this book. I read this early on in my journey to educating myself about money and it certainly laid the foundations for the knowledge I have today and influenced how I manage my money to this day. Thank you Noel.

 

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The One Thing

The One Thing
The surprisingly simple truth behind extraordinary results
Gary Keller with Jay Papasan

This is an excellent book. It is a New York Times bestseller and I understand why. I happened to be listening to the Amy Porterfield Online Marketing Made Easy podcast and Jay Papasan was her guest. Well I was captivated. He talked about the strategies covered in the book about staying on track, achieving better results in less time and how to build momentum towards your goal. If you want to improve your productivity, improve your focus and have a clear path outlined to achieve the results you want in life this is the book for you.

I got so much out of this book. Keller teaches us a lesson in constraint, how to channel our energy and attention to the top priority in our life ‘the one thing’. I particularly liked how he breaks down how to approach a long-term goal. Working out what needs to be done in 5 years to achieve a 10 year goal and then what needs to be done 3 years from now to be on track for 5 years, what needs to be done in 1 year to be on track for 3 years, what needs to be done in 6 months, 3 months, this month, this week and today. A great way to get clarity and perspective on how to get something done.

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