MONEY MINDFUL – Page 3

Making Money Made Simple

August 31, 2019May 31, 2020Amazon, Books, Money Management & Personal Finance, Resource

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.

The One Thing

August 31, 2019May 31, 2020Amazon, Books, Mindset & Self-Help, Resource

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.

Your Money Milestones

August 31, 2019May 31, 2020Amazon, Books, Investing, Money Management & Personal Finance, Resource

Your Money Milestones
A guide to making the 9 most important decisions of your life
Moshe A. Milevsky, PH.D.

I read this book very quickly. Partly because it was interesting and partly because I had to return it to the library in 3 days!

I love Milevsky’s take on human capital “The most valuable asset class for most people during their working years is their human capital.” He presents the idea that human capital should be viewed the same as other assets such as a gold mine or oil well. When preparing a person balance sheet to define our net worth our human capital should be included. He calls it a ‘Holistic Person Balance Sheet’. You can find out your human capital investment potential by using the a calculator he created at www.qwema.ca [edit- this is the link he published in his book but it didn't work when I tried it].

I also took a lot from his chapter on tax. He likened the government to a business partner. You might not like them but you have signed a contract and they are your business partners for life. “ If you earn $100, you must share the appropriate sum with your business partner, but if you lose $100, the business partner will subsidize a portion of the loss. And so, just as your partner keeps a close eye on your activities to make sure you pay your fair share of the agreement, you must ensure that your partner is not taking too much.”

What he says about insurance: make your excess as high as possible, save the difference in a savings for insurance reserve fund. Some events like a broken phone are likely to happen but inexpensive and therefore not worth insuring for. Insure for events that are unlikely to happen but would have a significant effect on your family and standard of living for example the death of the main income earner.

Gold Start

August 19, 2019May 31, 2020Books, Resource, Teaching Children About Money

Gold Start
Teaching your child about money
Andrew Lendnal

This book is great for parents who want to learn how to teach their children about money.

Lendnal covers how children learn about money and what kids should know and when, including a special section for teenagers. He provides many worksheets and family activity ideas all throughout the book about goals, saving, budgeting and receiving an allowance to name a few.

Lendnal focuses his teaching on four basic principles of money management- earning, spending, saving and sharing. The content is relevant for Australian and New Zealander families and contains specific financial information relating to those countries.

Financial Secrets Revealed

August 19, 2019May 31, 2020Books, Investing, Mindset & Self-Help, Money Management & Personal Finance, Money Philosophy, Resource

Financial Secrets Revealed
Collective wisdom from business gurus, financial geniuses and everyday heroes
Amanda Cassar

Amanda Cassar is a financial adviser from the Gold Coast in Queensland. She is a qualifying member of the international group the Million Dollar Round Table, which is where it appears she has met many of the people she interviewed in this book.

It’s no secret that hearing about other peoples’ life journeys and how they manage their finances is of high interest to me. Hence, I found this book to offer a lot of value in that regard. She interviews a good spread of women and men, which I like and more importantly for us Aussies most of the interviewees are from Australia. No offence to other nations intended, I just find that many of the great personal finance books and personalities tend to be American which means some of the information presented is not relevant to our financial environment.

One interesting take away was David Batchelor’s ( The Wills & Trusts Group, UK) comments about learning early the benefit of personal development. He follows Jim Rohn’s advice from his book The Art of Exceptional Living. Live on 70 percent of what you earn. Break the other 30 percent into three pots: 10 percent for long-term savings, 10 percent for future financial independence and not to be touched. 5 percent to give to charity and finally the last 5 percent for spending on what ever you want. Not a bad strategy.

A Little History of Economics

August 19, 2019June 1, 2020Books, History of Money, Resource

A Little History of Economics
Niall Kishtainy

A highly readable and engaging book that explains the history of economics for beginners.

Kishtainy covers major events in history in relation to economics and introduces the reader to the major influential economic thinkers throughout history, such as Adam Smith, Karl Marx and John Maynard Keynes. I thoroughly enjoyed this book. It explains some big concepts about money in an easy to understand and fascinating way. If you want to nerd out about economics and think about money from different perspectives check it out.

It’s Rising Time!

August 18, 2019June 1, 2020Books, Money Management & Personal Finance, Resource

It’s Rising Time!
A Call For Women: What it really takes for the reward of financial freedom
Kim Kiyosaki

Kim Kiyosaki is the wife of the well-known investor and author Robert Kiyosaki. Until recently when I stumbled upon this book in the library I didn’t realise she too is a kick-ass investor and author.

This book is based on the premise of what Kiyosaki calls The Triple-A Triangle. In order to achieve your financial goals you first Aspire: choose your dream, then Acquire: this is where you get educated and gather information and finally Apply: where you put what you have learnt in to action. Sound advice. Being an American living in America some of what she writes about is specific to America. However, a major component of the text is about having an investment mindset, which, can be applied wherever you live.

There are reoccurring themes throughout the book of taking action, maintaining a positive attitude, backing yourself and solving problems; all necessary skill for navigating the world of personal finance. Worth the read.

I Will Teach You To Be Rich

August 18, 2019June 1, 2020Books, Investing, Money Management & Personal Finance, Resource

I will teach you to be rich
Ramit Sethi

Oh Ramit,

I love a no bullshit kind of guy.

I love this book.

It is a great starting point for those who want to set up some simple systems for automating their money management. Ramit Sethi covers all the basics of good money management from saving, paying down debt, conscious spending- such a goodie, investing and how to maintain and grow your financial infrastructure.

The only downside for us Aussies is that some of the topics he covers are US specific such as the investment options for index funds they have in America that are not available to us here and credit card usage and conditions that are also different. But having said that I think he presents a great overall system that you can set up for yourself regardless of what country you live in. Just be mindful of the American-centric advice he gives.

The Ascent of Money

August 18, 2019June 1, 2020Books, History of Money, Resource

The Ascent of Money
A financial history of the world
Niall Ferguson

Despite thoroughly enjoying this book, I would only recommend it to someone who is a financial nerd like myself, or a history buff.

Ferguson, a Senior Fellow at Stanford University and Harvard, certainly knows his financial history. He covers a lot of ground in this book. The history of stocks, bonds and credit on a global scale across hundreds of years and the development in the west of our obsession with property. I found myself getting lost on occasion as a lot of the historical events and people he describes were new to me. I’m just highlighting my lack of historical knowledge here.

This book was made into a television series. I haven’t seen it but would certainly be interested in seeing how the book is translated visually into a show. Furthermore, as I mentioned the book covers so much information it’s the kind of book you either need to have some prior knowledge of financial history or be prepared that there is so much to take in that you’re not going to remember half of it or will need to read the book again, as I certainly need to do.

Mindful Money

August 10, 2019June 1, 2020Amazon, Books, Mindset & Self-Help, Money Management & Personal Finance, Resource

Mindful Money
A real guide to building and managing financial independence in a busy world
Canna Campbell

I have so much respect for this inspiring woman. Her first book "The $1000 Project" is a fantastic and realistic challenge to create more money.

In this book Canna takes you to the next level by outlining how to create a passive income. Like myself Canna is a mother of two and goes out of her way to help support other women with their finances. She is an experienced financial planner and imparts her expert financial knowledge is this book in a practical and approachable way. She takes you though a process to reach 'your number'- the amount of money you need to be financially independent.

Just like in her first book Canna covers money and wealth from a place of abundance. It's not just the nuts and bolts of money management. She also includes important information about having the right mindset around money.

"She shows you how to look at your finances with holistic and powerful mindfulness, easily incorporating her step-by-step advice into your daily habits and routines. From new banking rituals and money mindsets to growing passive income through shares and property, she will help you shed the excess and embrace what you really love, value, use and appreciate - including your necessary luxuries. Canna leads by example, sharing her personal tips and tricks for building, managing and protecting your money. No matter what you earn or what level of knowledge you have, Mindful Money will help you to see that financial independence is achievable."

I LOVE reading about money in books by Australian women. So good! Check it out.