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The book Smart Women Finish Rich by David Bach teaches readers how to take control of their finances and build a secure future. Here are the key lessons from the book.
Remember that money isn’t just about security but about freedom. Knowing how to manage your money can give you the confidence you need to live life on your terms.
Learn about the financial basics: Study stocks, bonds, mutual funds and portfolio diversification. Use simple investing strategies to build wealth over time.
Ensure savings before spending. Set up automatic contributions to retirement accounts and investments, like SIPs, to have guaranteed financial security.
Determine and prioritise what matters most to you. Make goals as per your financial goals and spend accordingly. With purpose, you can cut expenses that don’t align with your needs.
Make a list of small expenses that you incur regularly and cut the unnecessary ones to save more. Small daily payments, like on coffee, add up over time and impact your wealth.
Build an emergency fund to cover at least three to six months of living expenses in case you lose your job. This will help you in uncertain times and alleviate your stress.
Make your own retirement plan and don’t rely solely on partners. Understand your financial needs and save consistently to have a backup plan for the future.
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