Well… here’s your chance to take it from someone who has first-hand experience dealing with women and money – Amanda Steinberg the founder and CEO of online financial site for women DailyWorth.
In her new book Worth It: Your Life, Your Money, Your Terms, Amanda gives her authentic insight on the vital information you need to create financial stability and abundance in your life.
I’ve read Worth It: Your Life, Your Money, Your Terms from cover to cover 2 times, and each time I’ve found incredibly rare financial nuggets that will help me take complete charge of my finances and simpler my financial life.
Pick up the book ASAP, and in the interim, check out some of the best money quotes and tips that are worth bookmarking.
1. “You’re going to make mistakes because everybody makes mistakes”.
“Figure out your mistakes and capitalise on them. Start again. The game is never really over. I built myself back up, emotionally and financially. The ultimate goal is to get engaged and stay engaged”.
2. “Women still lag behind men in the amount of earning power, savings, and wealth”.
More income helps point you in the direction of safety and security. But true prosperity requires that women step into the role of the money manager without apprehension, guilt, fear, or shame.
Making good money helps, yes, but if you’re not able to save that money, earning more can actually get you into trouble.
3. “Always be able to support yourself financially”.
“Husbands and fathers won’t save you; they might not even stick around. Be independent, earn a lot of money, and buy your own cars and house. The way to heal is living well”.
4. “Hey, if your financial strategy is to marry rich—I wish you the best possible outcome”.
Just please promise me this—if you marry someone of means, you need to run the household books alongside them.
5. “Dream BIG and act with courage”.
By dreaming big and setting absurd goals, my ambitions swell, and money becomes inspiring, not drudgery. Think big, set goals that inspire you, automate, and then go back to life.
6. “You must make time to play with money options so that you have more, not less, when you need it”.
Many women, to quote a study, “admit to a lack of familiarity with financial products and the industry jargon used to describe them, and a sense that they simply don’t know what to consider when evaluating the financial options available to them.” They just don’t have the time to figure it out, they say.
I’m telling you now: bullshit on all of this.
7. “Money gives you choices”.
When it comes to basic life stuff—the ability to buy a home, own a car, care for children, save for retirement, and move to a new home— more money means more choices.
8. “Money means power. Knowing how money works means power”.
We know in our guts that managing money plays a crucial part in our power and security. And it’s not something we want to give away.
Having the power to choose can mean that you’re not trapped in a bad public school system, stuck in a dead-end job, or trying to live off social security alone.
9. “But the truth is that managing money is not highly technical”.
You do not need an advanced degree to engage. It’s not that we can’t understand what’s before us. There’s something deeper at play. It’s our beliefs around money—everything it means to have money (or not have it) that we can’t stomach.
When it comes to money, it’s essential that women know how to make it, save it, plan with it, invest it, stretch it, grow it, enjoy it, and share it”.
10. “Make sure your money is working for you, not against you”.
While inflation might seem like a joke in today’s economy, it’s a true force, and if your money isn’t working for you in an investment account.
11. “Net worth is the only real measure of financial security”.
Net worth matters because it’s what you own in order to generate income when your career ends. If you have a positive net worth, you can create income.
And here’s the good news: the size of your net worth right now—whether it’s positive or not—isn’t as relevant as the direction you’re moving in.
12. “Self-worth creates net worth and net worth”.
If you don’t value yourself, you won’t value caring for yourself, and you’ll fall prey to every temptation to spend. And that would be a terrible waste.
13. “Debt is the other common obstacle to building your net worth”.
If you have a lot of credit card debt, I won’t lie to you: you’re in need of some significant changes. Splitting your savings between your emergency fund and credit card debt is the only safe way to move forward until you are debt free.
14.“You Need a Spending Strategy”.
Spending can be joyful when it’s done intentionally, but you need a strategy for the moments when you’re unconscious. I put my savings account ahead of social expectations and my investment account ahead of more clothes.
15. “The winning formula for being financially healthy is to spend less and save more”. Simple
Spending money can be fun, and so can saving. In greatest service to yourself and your loved ones, don’t live within your means, live as far below your means as you can. It’s the only way to create affluence.
17. “Saving money is extremely powerful. It’s an opportunity you don’t want to miss”.
Savings give you the power to do things that you haven’t planned for, whether that’s an unexpected snowboarding trip or a kitchen renovation. Without savings on hand, you would either forgo the fun or you would go into debt to participate.
Here are two powerful reasons why you want to save
- Saving changes how you view money.
- Saving gives you choices.
19. “What if my debt makes it impossible to save?”
Dig through your bag and put coins in a jar. You just saved seventy-five cents. Next week, you’ll double it. Saving is a habit, not an afterthought.
19. “Emergency fund first. Debt second. Retirement”.
“If you pay down debt while sacrificing your emergency fund, you’ll continue to accrue more debt, leaving yourself exposed to even bigger cash emergencies in the future.
20. “Investing is a huge opportunity. You really don’t want to miss out”.
If you have strong wings—emergency savings and good liquidity—you need to do something else with the rest of your cash. The smart, low-cost way to invest is called passive investing”.
21. “Running a business is about having power, influence, and creative control”.
For women who feel like there aren’t enough opportunities in established careers, businesses present unlimited possibilities.
22. “Let’s take down the taboo around talking about money”.
Let’s stop feeling ashamed and avoiding the subject and actually talk frankly with our friends and our families. Let’s share financial information as easily as we share tips on restaurants and child rearing.
23. “Staying engaged with your money is investing in yourself”.
Being in charge means that you have the power to decide whatever you want for yourself and that you have the ability to fund those desires. Little by little, step by step…. You do it because you’re worth it.
Over to You
Which quote do you identify most with at this point in your life? It’s time to engage and commit to learning how to make more money, save it, invest it, stretch it, grow it, enjoy it and of course share it because the only person who can really look after you is you.
Get Worth It: Your Life, Your Money, Your Terms here.
You Might Also Like
Latest posts by Money Nuggets (see all)
- Should I Apply for a Job I am not Fully Qualified For? - May 8, 2018
- The Special Language of Investing Every Investor Should Know - April 24, 2018
- 10 Small Business Success Tips for Women Entrepreneurs - April 9, 2018