As part of my resolution to make 2005 the year of fiscal solvency, I’ve been re-reading my copy of Smart Women Finish Rich.
I highly recommend it to EVERY SINGLE WOMAN IN THE DEVELOPED WORLD. Seriously though, every women I know is getting this as a present at some point. It’s much too important to not read and take action. This is your life ladies – take control of it and make it what you want it to be! It’s so easy and can mean so much in the future.
I seem to have far, far too many friends who don’t take their financial security seriously. After reading this book I honestly believe that if you are over 30, do not have at the bare minimum $7,500 in an RRSP somewhere earning between 5%-10% compound interest, and can not own your own home (whether or not you do is something entirely different),
you’re currently a financial failure you should take an afternoon to re-think your current future-planning, and if you fail to take some immediate action, you are setting yourself up for the strong possibility of a long life of continuing poverty and hardship. Yah, it’s fun to throw caution to the wind and buy that fancy new toy or whatever, but is it really worth personal bankruptcy?
I myself am what I’d consider a “financial failure” right at this point in time. Too much bad debt, too little future planning. Hopefully my current plan will turn that around, and I’ll be at my goal by age 30. The good news is, it’s never too late to start turning things around. You may never be a millionairess, but at least you won’t be one of the increasing number of seniors living in a rat-infested hovel, eating cat food. Think it won’t happen to you? Talk to me again in 25 years when you’re just starting to worry, and I’m semi-retired on a beach somewhere.
I’ve already done something very liberating – I cut up three of my five credit cards! One was my mastercard, which has a very high balance that I’m working to pay off, and the others were store cards that I only signed up for to get a deal anyway.
I’ve been living in a bit of a fantasy world when it came to what I was actually going to do with my money – now it looks like if I start planning and working now, I’ll actually do quite well. After all, if you fail to plan, you plan to fail!
Ok, enough with the cheese. Just go get the book.