I recently read the new book, How to be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom, written by Reuters' personal financial journalist, Bobbi Rebell, and thought that the book and various valuable lessons discussed within it might be of interest to my readers.
Unlike many personal finance advice books that preach in a didactic voice and stick to a narrow range of topics, How to be a Financial Grownup presents advice and anecdotes from dozens of highly successful people on a number of topics that impact financial health - not just on personal finance itself.
Here are 6 interesting takeaways:
1. Learn from the successes of others.
Rebell relays stories from Tony Robbins, Jim Cramer, Kevin O'Leary, Drew Barrymore, and others, all of whom overcame adversity and made touch choices on their path to great success. Some of their wisdom may apply to your own situation - why reinvent the wheel when someone else can give you pointers?
2. Take ownership of your life.
Rebell presents classic strategies such as automating tax-efficient investments - but, also adds things like meditating and exercising - actions that often translate into the ability to focus better, which can ultimately help improve your odds of financial success. You need to take ownership of your life in order to take ownership of your financial life.
3. Consider social issues.
As Rebell points out, social issues can dramatically impact financial success - for example, we have all had friends who somehow cause us to spend a lot more money than we had planned, and inappropriate social media usage can jeopardize careers and personal relationships, adversely impacting financial well being. Being cognizant of such risks is important.
4. Appreciate, and accept, help
As Rebell points out, being a "financial grownup" need not include being a martyr; if friends or relatives offer to help in ways that save you money, be grateful, and consider their offers seriously.
5. Protect your data
In the modern age, you cannot be financial mature and ignore information security. No matter how well you are managing your finances, if criminals can hack into your accounts or easily steal your identity, you are at risk of all sorts of financial challenges.
6. Know that you are not the first person to deal with difficult situations
Rebell includes stories of people confronting adultery, fighting cancer, enduring homelessness, suffering through embarrassing situations, facing humiliating public failures, and living through periods of poverty - in fact, on their paths to success, many of the contributors to the book underwent significant challenges about which many people did not know; when life deals you a difficult hand, keep in mind that many wildly successful people had to overcome similar challenges - so do not give up or let feelings of despair knock you off course toward financial maturity.
To learn more, check out How to be a Financial Grownup by Bobbi Rebell.