The Green spotlight #4: “Managing your Money’’

Hello and welcome!

It’s the fourth edition of the green spotlight. Way to go. It’s been back to back reviews of inspiring book and this week’s edition is not left out cos you are going to love it.

If you are just joining us, the green spotlight is a weekly review of inspiring books. Over here we love to read cos readers are leaders and when you read, you are paving way to success and we see that as a green light.

Tighten your seat belt and enjoy the ride as I unveil another exciting book for us.

Unto the review of the week

For Our review today, we are looking at a book tittled; Managing Your Money

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• Author : Robert T Kiyosaki
• Year published: 2013
• Number of chapters: 5
• Number of pages: 22
• Published by : Plata Publishing LLC

My opinion about the book “Managing Your Money’’

Introduction/Theme

When you find your self inside a pit, what do you do? Stop Digging - Anonymous.

A lot of people are really into debt. Of course am talking about bad debt. If there’s bad debt, does it mean that there’s good debt? .

The answer is yes, we would see more about that in this review as we dig in. Back to the bad debt, to have insight on how to my manage our money, the first point of duty is to get out of debt.

In this book, the author has a set of ten questions for the reader to answer with a figure 1 beside each question. At the end, add up your total figure and you would find out if you are debt free, should start working on getting out of debt or headed for financial disaster.
Why not check it out?

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Key points from the chapters

Having perused this simply and yet wisdom filled book, I’d like to share with you interesting key points I got from this book.

• To mange your money, you would have a grip on this three things says the author;

If you really want to gain control of your cash flow, you’re going to need three key ingredients:

1. A financial statement to know where you are financially.
   (Use the financial statement from the CASHFLOW game, included in the Appendix, to fill out your own financial statement.)
2. Personal discipline.
3. A game plan that’s going to take you where you want to go. Robert Kiyosaki

• You have to learn how to pay yourself first for every money that comes into your hands. Remove a particular percentage of that money and put it away in your savings account and you shouldn’t touch the money no matter what. It’s strictly for investment purposes.

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Remember when we reviewed the Richest man in Babylon, the author reiterated this same thing and here it is again. Don’t you see wisdom screaming on the pages of these books?

Talk of investment. You must chose wisely what to invest in, not on Ponzi schemes or get rich quick schemes. Those only leads to financial loses. You must seek wise advice and credible investors else you would loose your money.

• To discipline yourself, you would have to get rid of some bad habits; bad financial habits such as not been disciplined with your savings, buying things on impulse or trying to satisfy every single craving you have even when it above your means.

Some cravings within your means can even be curtailed. He called it cutting down on the doodads. You just have to delay gratification sometimes, it doesn’t mean you shouldn’t satisfy your needs but it’s like restrategizing to find better means.

• You have to move from the Employee quadrant to the investor quadrant if you want to create wealth. See more about this in the book.

• After you’ve cut down on your spending habits, gotten out of bad debt and gotten a grip on managing your money, you need to learn how to get into good debt.

Wait a minute, good debt? Yea, you heard right, you want to know more about wealth and good debt, time to dig in.

• Did you know that managing your money is just the beginning to your financial journey? Are you willing to continue your path to financial freedom?

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My rating of the book

This book is succinct and precise, packed with financial wisdom nuggets for people who would be patient and humble enough to practice the principles enlisted in it. It may take months or even years but it worth the wait and trial.

If you don’t start, the years would still go and you would be where you are. So why not dig in. I give this book 9/10 for the practicality of it. Would you read it and drop your rating too?

Conclusion

The good news is that the beginning which is learning to manage your money and all it entails is like the difficult part of the journey.

The most difficult is usually at the beginning hence let’s keep learning and pushing.

Managing your money is a must read, if you really want to learn to manage your money.

Hope you enjoyed the ride so far. If you missed our last edition, please feel free to indulge your self; edition #3.

I invite @ruthjoe, @ninapenda, @sahmie @jovita30 to share their thoughts on this weeks edition.

Your suggestions for improvement on the green spotlight are welcomed and you can suggest any book you’d like me to review.

Thanks again and see you on our next edition.