Smart Women Finish Rich by David Bach

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Not only is David Bach a financial advisor, he’s been doing it since the 90’s and has publish 10 New York Times Best Sellers  in reference to financial freedom for women, men, and even children. From living experiences from his grandma got him started in stocks as a child, he has been leaning into this field ever since that childhood influence. 

Using lessons such as The Latte Factor and a Value Ladder,  he helps guide you on the right path to financial freedom. He lays out the statistics of when you start your journey and the amount of money you can make from then. Bach hands over all the resources you’d need to become financially responsible. Whether that’s his created FinishRich Inventory Planner that’s proven to work, or outside resources such as Bankrate and companies to help you invest in stocks and IRA.

Read this book if: 

• You are beginning your financial journey 

• Ready to improve your financial situation 

• Interested in what it takes to start investing

• Ready to dive into the values driving your decision making around money

• Tired of feeling helpless because of your financial situation

Value Ladder

Values are what we believe in; they are what motivate and shape us”I don’t believe that Bach created the value ladder, but he utilizes it well within the financial situation. Throughout his work, he found that people’s financial situations are driven by their values, much like the rest of their decisions. If you want to save money, why are you doing it? Do you value having cash in your savings or the freedom that it entails? Below is how the value ladder works. It’s based off of his demonstration of it in step two. (You can find more in Think Like a Monk by Jay Shetty on the Value Ladder)

Know where your money stands

Much like the rest of your growth, you can only move forward if you know where you’re starting. Step three is dedicated to knowing where you are. What's the value of your assets? How much is your 401k worth? How much debt are you in? These questions will determine the next step in your financial growth. Understanding what you can do now to accomplish your dreams is the first step. Which leads into the next lesson…

Know where you want to be in the future

KNowing where you want to go requires goal setting. Goal setting can be used in all aspects of your life, but using it for financial decisions can help facilitate goals in other areas. For example, if your future goal is to travel more, you need the financial means to do that. Bach hand delivers you a SMART goals chart specified for finances. He breaks it down into doable sections that will help you achieve your highest dreams. 

The Latte Factor

Unlike David Ramsey who says you shouldn’t buy a latte until you are out of debt, Bach puts it into perspective that if you’re buying a $5 coffee everyday, that’s $35 you could be putting away into a savings or investment account.Even if you thought about it like, “If I make $20/hr, that’s 15 minutes of work a day to invest into my future.”  I’m not sure about you, but that seems doable. Even if that means making coffee at home. Think of it as a challenge to develop the best lattes yourself at home! 

Selective Procrastination

You choose what you procrastinate. If you are being serious about your financial future, yu’ll put it first over other things such as buying that third handbag that you don’t really need. If controlling your financial situation is important to you, you will do it. If it’s not, you’ll continue to suffer in your poor financial decisions. 

Personal brand development

This is part of his 12 Commandments of attracting greater wealth. Building a personal brand can make you look and feel more professional. He suggests the following things to build the life you want:

• Show up early

• Have a plan and implement it

• Always do what you say you’ll do

• Take total responsibility

• Have an attitude of gratitude 

“Work each day as if you’re going on vacation tomorrow”

Work hard everyday. If you love what you do, you shouldn’t notice as much. You know that rush of work you need to do to be sure you’re all set before leaving for a week? Work everyday like that. You’ll get more done and create your personal brand as a hard working woman who deserves more than most!

Attitude of Gratitude

Much like other self-help books and resources, gratitude is at the middle of the conversation. You should be grateful for what you have so the universe sends you more to appreciate. This can be part of your personal brand, but it’s shown to help people become who their higher self reveal itself. 

You can look up your social security information

This may not be a lesson, but it’s pretty cool. I wasn’t aware we had access to our accounts. I thought it was just meant for people who are already receiving it. Check it out here: www.ssa.gov/myaccount/

It’s never too late to start…you just NEED to start

Many people believe that to be financially successful you have to start at a young age, but that’s entirely untrue. Sure the earlier you start, the better off you are, but starting at some point you can still rake in money for your retirement or for your children. Get started today by reading Smart Women Finish Rich yourself!