With a plethora of personal finance books available, deciding which one to read can be daunting. But if you seek a clear-cut guide articulated in simple terms by a financial expert, Barbara Friedberg can be your go-to source. A portfolio manager, finance educator, blogger and now the author of ‘How to Get Rich: Wealth Building for the Financially Illiterate’, Friedberg’s expertise in personal finance is extensive.
The hard reality is that many Americans lack basic financial literacy as the knowledge is often not passed on from their parents, nor taught in schools. Consequently, they find themselves burdened with student loans, credit card debts, and financial struggles by their twenties. It doesn’t need to be like this.
Friedberg’s book is an attempt to shift this paradigm. It makes for an excellent present for high school or college graduates, or newlyweds. By taking the right steps in their twenties, people can ensure financial prosperity as they grow older. Even if you are cleaning up your financial mess in your 30s or 40s, do not lose hope, as wealth is attainable by following Friedberg’s guidelines.
The book begins with a focus on debt. Friedberg acknowledges that if you’re drowning in debt, your journey to wealth becomes steep. She extends her help to not only assist you in getting out of debt but also staying out of it.
Next, she tackles the concept of savings, often a challenge for most. Her advice is simple: automate your savings to make the process easier and thought-free. This step ensures a steady, unnoticeable flow from your pay to your savings and retirement accounts, leading to consistent growth of your savings.
Furthermore, Friedberg offers insights on making big and small purchases affordably, eliminating the need to relinquish the luxuries of life. She provides strategies on buying everything from designer clothes and luxury cars to housing assets without breaking the bank.
The book offers digestible financial advice, presented in an engaging manner that gets readers to reconsider their financial decisions. It illustrates how seemingly innocuous habits, like prolonged debt, can adversely affect their financial future.
Therefore, whether you’re a parent keen on teaching your child financial responsibility or simply seeking a fresh financial start, this book is a must-read. With its economical pricing and compact size of around just 100 pages, you can quickly go through it and start applying the strategies.
