Originally published at: https://blog.12min.com/nice-girls-dont-get-rich-summary/
75 Avoidable Mistakes Women Make With Money
The process of making money is a game.
This time we are here to give you the rules of the game, as well as some tips which will ensure that you have a great time playing.
Who Should Read “Nice Girls Don’t Get Rich”? and Why?“Nice Girls Don’t Get the Corner Office” gets its follow up with “Nice Girls Don’t Get Rich” in which Dr. Lois P. Frankel lists 75 mistakes women need to avoid to achieve wealth.
We recommend this book to all women interested in finally getting to the stage of lasting financial independence.
About Lois P. FrankelLois P. Frankel is a best-selling author, speaker, and coach, specializing in women’s empowerment and workplace behavior.
"Nice Girls Don’t Get Rich Summary"What is the reason that such a low number of women are wealthy compared to men?
Well, many women have a somewhat strained relationship with money.
We are not saying that they cannot earn a living, but they face more difficulty when trying to ensure lasting financial independence.
They are in this position because of the way that society has treated them during childhood, and the messages it conveyed them regarding cultural and social expectations.
Of course, everything can be changed.
We suppose that you are a woman who is having a hard time with money if you are reading this, so we will ask you to shift your mindset, and start thinking of the process of making money as a game.
We are here to tell you the rules of this game, and to make sure that you have a great time playing.
First, let’s get one thing straight: you do not have to play nice. Forget everything they taught you. Now we have a new rule: “play to win.”
In other words, you have to put aside everything you have learned about dependence, and start taking control of your financial life.
Always put yourself first! We don’t know how you may have lived your life so far, but generally, women tend to be caring and nurturing and care for everyone else’s wellbeing more than they do for theirs.
This is a habit that needs to change. There is nothing wrong with being a little selfish.
Next, make sure to set aside time for managing your finances. If you are not financially literate, it is time you learn about money management, and while you do, you can ask for help from a third party.
This third party we are talking about should be unbiased and a trustworthy professional, who will have your best interest in mind.
Studies show that women tend to spend money on creating everyday comfort, instead of using it to create wealth.
Stop spending every dime you have, and even more importantly stop letting your emotions affect your spending habits. Online shopping may also be a problem, since it can increase your spending, just out of boredom.
Instead of using your computer for online shopping, use it to monitor sales and promotions of products you genuinely need, which may decrease your costs. To know what you need, learn how to differentiate between needs and wants. Plan for things to buy and stop doing it on a whim.
It may be easier for you to set a non-negotiable, fixed amount that you will put each month into savings, and you can spend the rest.
Do not forget to record the assets you already own, as well, such as your car or your home.
If you are married or in a relationship, do not get too comfortable. Breakups, divorces, and early deaths happen all the time, so do not let yourself be in a situation in which you cannot sustain yourself.
Be in love, but keep your independence as well.
This is not “not trusting” your partner, this is ensuring your future.
While we are on the topic of “ensuring,” do not skip getting a good term life-insurance.
The good news is that nowadays it is easy for you to manage your assets and track your spending since bill-paying software is available. Online banking also allows you to be up to date with all changes of your balance.
Lastly, let us remind you that how much money you have aside, depends more on your saving habits, than on your income.
So, even if you can put one dollar aside, do it now.
You will be doing it for your own good.
Key Lessons from “Nice Girls Don’t Get Rich”:1. Mistakes Women Make That Stop Them from Getting Rich 2. Fiscal Mistakes You Need to Avoid 3. Investment Mistakes You Need to Avoid
Mistakes Women Make That Stop Them from Getting Rich
- Not trying to get rich
- Not setting a ﬁscal target
- “Not playing to win.”
- Heeding downbeat people
- Erecting false barricades
- Being too detail-oriented or too general
- Playing it safe
Fiscal Mistakes You Need to Avoid
- “Loaning money to family and friends.”
- “Not maximizing legitimate tax deductions.”
- “Enabling adult children to lead unrealistic lifestyles.”
- “Underestimating or ignoring the value of your assets.”
- “Succumbing to sales pressure.”
Investment Mistakes You Need to Avoid
- “Delaying the purchase of a home.”
- “Not leveraging company contributions.”
- “Paying off ‘good loans’ early”
- “Not planning for unexpected disability.”
“Nice Girls Don’t Get Rich” Quotes[bctt tweet="If there’s one common ﬁnancial regret among women once they reach midlife, it’s that they didn’t start saving early enough." username="get12min"]
[bctt tweet=“Getting rich isn’t about accumulating money and assets, it’s about managing them too.” username=“get12min”]
[bctt tweet=“Women view money as a means to create a lifestyle and spend on things that enhance day-to-day living.” username=“get12min”]
[bctt tweet=“Women don’t earn as much because they are given conﬂicting messages throughout their lives –beginning when they are girls – about doing good and doing well.” username=“get12min”]
[bctt tweet=“Being rich is about having the ability to live your life abundantly – however, you deﬁne abundance.” username=“get12min”]
Our Critical Review“Nice Girls Don’t Get Rich” is filled with real stories of different women, as well as personal anecdotes, which prove Dr. Frankel’s theory on why women may still be struggling with their finances.
Although at times the book may get repetitive, it is easy to understand and offers practical and actionable advice not only to women of all ages, but also to men who wish to learn more about money management.