If you have not yet read Taking Control of Money: A Young Adult’s Guide to Financial Freedom, what are you waiting for? This book is packed with valuable information that can not only help keep you free of debt, but that can actually help you create your own wealth. It isn’t some gimmick where you buy “secrets to making money overnight” or anything of that sort, but rather a hands-on guide to truly taking control of your finances so that you can make money through savings and investments.
What The Book Has to Offer
Taking Control of Money is broken down into five chapters, also known as keys. Each key is another step towards establishing financial independence and creating wealth. The five keys are:
- Know the True Value of Your Money – In this section we examine things like compound interest, the things money can and cannot do, the time value of money, and how to spend more wisely.
- Take Charge of Your Financial Freedom – In this section we look at the many benefits of financial freedom and begin setting both long and short-term goals for achieving this freedom. We use the SMART system to make sure that goals are easily achievable and close out with a section on having a job versus owning a business.
- Budgeting and Planning Your Way to Financial Freedom – In this section, we look at the true benefits of honest budgeting and how it can be the biggest step towards smarter spending. We look at how to create your own budget and even offer a sample budget template for you to use. We also talk about various budgeting skills and mindsets, create a piggybank technique for saving money, and offer a savings and investment toolkit.
- Developing Financial Disciplines – In the fourth key, we examine the reasons behind most young adults’ financial problems and discuss how important it is to change your mindset when it comes to spending money. We look at the value of financial discipline when it comes to saving and spending before moving on to specific disciplines such as delayed gratification and a heart of gratitude.
- Creating Wealth – In the final key, we take a look at the path one needs to take in order to create wealth, such as seeking professional advice, eliminating debt, starting an emergency fund, and planning for retirement. We then take a look at how to get started as an investor before looking at the many different types of investments that you can make. We close with a wealth creation checklist.
As you can see, there are many benefits to reading Taking Control of Your Money. Far from another “get rich quick” type of book, this book is an honest look at the way young adults do and should handle their money. It is an essential tool for anyone looking to build wealth rather than continue spending beyond their means and is a solid investment in your financial future if you are willing to do the work and follow the steps outlined within the book’s pages.