The 5 Lessons A Millionaire Taught Me for Women

This Book stresses the importance of financial planning for women.

The 5 Lessons A Millionaire Taught Me for Women by Richard Paul Evans

In his book, Richard quotes this extremely relevant financial trend for women: “More than 80% of all women  will be financially reliant on themselves at some point during their lives.” Yet he found women frequently made  the same mistakes in regards to money, including:

*Unenlightened Beliefs About Money

*Undervaluing their Assets

*”Burnt Toast Syndrome” – putting everyones interests before themselves

*Investment Paralysis

*Overtrusting

I can tell you  that I  personally made the last 2 mistakes.  That is why I’m diving in to learning as much as I can about investing, and learning to trust myself when it comes to managing mine and my family’s money. I now understand the extreme importance of financial planning.

Make the Decision to recogize the importance of financial planning

So, how do we stop making the same mistakes?  What it comes down to is this:  Wealth is a matter of knowledge and choice – “The Wealthy understand the principles of accumulating wealth and live them.” Make the decision to become knowledgeable, and then make the choice to take action on this knowledge. You are acknowledging the importance of financial planning.

I’ll review for you the lessons presented in the book.

The life lessons  are:

Lesson #1 Decide to be Wealthy.

Lesson #2 Take Responsibility For your Money

* Know how much money you have (If you’ve read my book you’ve already got this in place)

*Know Where The Money Comes From

*Know Where Your Money is Going

*Know What Your Money Is Doing

Lesson #3 Keep a portion of Everything You Earn

*The Power of Compound Interest

*Starting Your Nest Egg

Lesson #4 Win in the Margins

*Winning in the Margins with Extra Income (I can give you some ideas on how to turn your passions and talents into profit and help you get started)

* Winning in the Margins with Savings

Richard talks about changing your Mindset (as I also do in this article) :

*Mindset One – Carefully Consider Each Expenditure

*Mindset Two – Freedom and Power are Better than Momentary Pleasure

*Mindset Three – Don’t Equate Spending with Happiness

*Mindset Four – Protect the Nest Egg

Lesson #5 Give Back.  I believe being Charitable should be part of your life and taught to your children as well.

As Richard writes,  the “acquisition of money is a psychological process.”  Therefore it follows that the lessons work because they take psychological tendencies into account.

Richard illustrates throughout the book the importance of financial planning for women.

To review, at some point in their lives 80-90% of  women will be responsible for their personal finances and yet most have no idea how to do so.   This book is an extremely easy and enjoyable read that can become a reference for you and, if you have one,  your daughter(s).  It will help all women realize the importance of financial planning.

It can get you started on the right track of having the Mindset to understanding your financial situation, and  becoming Wealthy or Wealthier, as the case may be.

Start adjusting your mindset to include a positive focus on the importance of financial planning and you will start seeing incremental results.

You can get the book by Clicking Here: The 5 Lessons A Millionaire Taught Me for Women by Richard Paul Evans

Are you beginning to see the true importance of financial planning for women and ready to take action?