15 Days Book Reading Challenge - 9 Steps To Financial
Freedom
WHAT DO YOU WANT FROM YOUR MONEY?
WHAT DO YOU want from your money? College tuition
for your kids? A bigger house and a new car? Security when you retire?
Wouldn’t it be great simply to have enough money so you don’t have to worry?
The “enough money” part of that equation is easy. By the time you finish this book you will understand everything you need to know about managing and protecting your money and making it grow.
The “so you don’t have to worry” part is much more complex. It actually has nothing to do with how much money you have or how little. You can balance your checkbook until you’re blue in the face, you can move money every day between your mutual funds and exchange-traded funds, you can double your life insurance, you can buy lottery tickets—and none of it will do you any good until you get beyond the worry and fear.
The fear of money, the fear of not having enough, the
fear of having enough, the fear of taking action, the fear of inaction.
There isn’t a part of our lives that money doesn’t
touch—it affects our relationships, the way we go about our everyday
activities, our ability to make dreams reality, everything. Most of us, I think,
have a core of anxiety that we carry around with us, though we may not admit it
to ourselves. That is part of money’s power over us.
From years as a financial planner I have learned that true financial freedom doesn’t depend on how much money you have.
Financial freedom is when you have power over your fears and anxieties instead of the other way around.
That’s why, in this book, we’ll address first the fears,
then the finances.
Whatever their circumstances—in debt, working, downsized, afraid of becoming downsized, retired, having just inherited money, having just lost money—my clients invariably arrived with a handful of financial papers and a heart full of anxieties.
Like most Certified Financial Planner® professionals,
I started my practice to help other people with their money, but as time went on,
I realized that it was far more than their money (or lack of it) that needed attention.
Clients arrived expecting me to ask to see their papers. Instead I asked them first to share their fears.
It’s never too soon to begin, and it’s never too late, no matter how the bottom-line numbers read today on your particular handful of financial papers.
This book presents a nine-step process that will take you back into the past, when your attitudes about money were born and began to grow. It will help you face the present honestly and clear the way for you to create a future you will love.
I know it works. As you read this book you will meet others who have taken the steps toward financial freedom—and finally made possible the lives they dreamed about.
You will also see that if I could do it against all odds, so can you. When I was very young I had already learned that the reason my parents seemed so unhappy wasn’t that they didn’t love each other; it was that they never had quite enough money even to pay the bills.
In our house money meant tension, worry, and sorrow. When I was about thirteen my dad owned his own business, a tiny chicken shack where he sold take- out chicken, ribs, hamburgers, hot dogs, and fries. One day the oil that the chicken was fried in caught fire. In a few minutes the whole place exploded in flames. My dad bolted from the store before the flames could engulf him. This was when my mom and I happened to arrive on the scene, and we all stood outside watching the fire burn away my dad’s business.
All of a sudden my dad realized that he had left his
money in the metal cash register inside the building, and I watched in disbelief
as he ran back into the inferno, in the split second before anyone could stop him.
He tried and tried to open the metal register, but the intense heat had already
sealed the drawer shut. Knowing that every penny he had was locked in front of him,
about to go up into flames, he literally picked up the scalding metal box and carried
it outside. When he threw the register on the ground, the skin on his arms and chest
came with it.
He had escaped the fire safely once, untouched. Then
he voluntarily risked his life and was severely injured. The money was that important.
That was when I learned
that money is obviously more important than life itself.
From that point on, earning money, lots of money,
not only became what drove me professionally, but also became my emotional
priority. Money became, for me, not the means to a life rich in all kinds of
ways; money became my singular goal.
Years later this kid from the South Side of Chicago was a broker with a huge investment firm. I was rich, richer than I could have imagined. And I realized I was profoundly unhappy; the money hadn’t bought or brought me happiness.
So if money wasn’t
the key to happiness, what was?
It was then that I began a quest, which has taken me
deep into the meaning of life—and the meaning of money.
I don’t know if I have discovered the meaning of life,
but I have learned a great deal about what money can and cannot do. And it can do
a lot.
Your money will
work for you, and you will always have enough— more than enough—when you give
it energy, time, and understanding.
I have come to think that money is very much like a
person, and it will respond when you treat it as you would a cherished friend—never
fearing it, pushing it away, pretending it doesn’t exist, or turning away from its
needs, never clutching it so hard that it hurts.
Sometimes it’s fatter, sometimes it’s skinnier, sometimes
it doesn’t feel so good and needs special nurturing.
But if you tend it
like the living entity it is, then it will flourish, grow, take care of you for
as long as you need it, and look after the loved ones you leave behind.
Most of us already know at least some of the steps we
could take to free ourselves from money anxieties—we could manage our debt
better, arrange for our children’s education, strategically plan now for later,
protect what we’ve saved, save more.
Yet most of us are paralyzed, too, when it comes to
actually taking these steps, however wise they seem, however much we think we really
want to take control.
What good will it
do you to know what you should do, if you can’t do it?
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the Blog
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Over the past years,change is the only thing that's constant in our lives.
ReplyDeleteThis has also been connected to the changes on the methods we save money from mutual funds, next generation exchange traded funds. Also the way to handle pension distribution and retirement savings.
2. All these have brought about worry on how to handle funds.
There is fear of not having enough and not being in control of money.
3. Mastering money has to do with mastering fear.
Our emotions play a central roleon how we handle money.
Many of our emotions are fear driven and this can cause us to make improper or costly financial decisions.
Fear makes us not to save money for the future.
We have to explore the emotional aspect of how we think about money, how we save money and how we unravel the mysteries of why someone is holding himself back from saving money for the future.
*NO1*
ReplyDeleteThree(3) sentence supper executive summary for this portion of the book are:
a. Human wants is relative anyways. However, the knowledge about managing and protecting ones money to grow have to come first. Once one has enough money, taking care of his or her want won't be a problem.
b. True financial freedom doesn't depend on how much money we have, having power over ones fears and anxieties of money makes life easier.
c. Yes, people do so many crazy things to make money. This book will expose one on the steps to financial freedom. Which one has to take action to really achieve it; just do it.
No 2
In all honesty, he had to do what he did because he was afraid of loosing his money. I think it was worth it.
This comment has been removed by the author.
ReplyDelete1. My Executive Summary
ReplyDeleteA. The author identified fear and anxiety as the most limiting factor to financial freedom and rather explained financial freedom as when you have power over your fears and anxieties instead of the other way around.
B. Her experience of her father's action made an impact in her life which made her pursue money with all her strength, she further identified that many know what to do to plan wisely about their money but never get to do it.
C. She eventually realized that money doesn't bring happiness and advices that the best way to attain financial freedom is to treat money like a living entity that it is.
2. The action of the father wasn't worth it but that's what happens when someone doesn't take appropriate Insurance policy or policies to protect their business or family.
What do you want from your money?
ReplyDelete1a. Having enough money so you don't have to worry can only do you good when you get past your worries and fears, that's the true meaning of financial freedom.
b. When money is treated like a living entity, it's flourishes, grows to care for the owner and his loved ones, when balance is sought in its Pursuit.
c. To know these steps are one thing, to practice what you learn is where there is gain.
2. In all honesty though he did what he needed to do, but for me it wasn't worth it. In sound health, he could gear up for the pursuit at a later time.
Enekwechi Adaeze Faith.
Morgan Oscar
ReplyDelete1. *Money affects every part of our lives: our relationships, how we go about our daily activities, how we are able to turn our dreams into realities.
*Financial freedom is not driven by the amount of money one has rather it is having power over ones fears and anxieties; regardless of how much money this person has at the time.
*It's never too early to start, neither is it too late to start on the journey to financial freedom; the journey to having control over that fear and anxiety that borders around your finance.
2. Yeah, it was worth it at the time; because he felt that was his family's only source of wellbeing. We all have reasons for why we act at different times, and what justifies your action might not resonate with me but, in all we respect individual perceptions.
Summary
ReplyDelete1A. Money and life itself comes with so much worry and anxiety and fear even when you have enough you fear of maintaining and enlarging you coast just as when you don't have enough same fear of getting more and maintaining it grips one too.
B, when you have a monster reset about it all ie when your attitude about money grows then it will help you face the present and goes as far as making a headway for you to create a lovely future.
C. money can be put into action for good towards you if you when you give it time, energy and understand also tend it like the living entity it is.
2.well that is the first thing that comes in mind but I don't think his actions are worth it, what if he died?
You live to fight tommorow.
1.My three super executive summary of this portion of the book are as follows: a.She identified the importance of money and its value in the house when she observed that due to lack of enough money, her parents were in constant worries, fears, and anxieties. b.She pointed out that not having enough is not the real problem, that you can start with little. The bone of contention is having control over the money. c.Her experiences with her parents made her to look in depth in search of financial freedom so that, as she grows she would not have to live in fears. anxieties and worries just as like her parents. 2.In my own opinion, I don't think the action of the author 's father worth it to save the money because, he would have been burnt in the process, money or no money will not make sense again and life will still go on.
ReplyDeleteNurse Chinwe Ekwedike
1.THE THREE SENTENCE SUPER EXECUTIVE SUMMARY OF WHAT DO YOU WANT FROM YOUR MONEY ? Are:
ReplyDelete(i) No matter how much success we have achieved in various spheres of life, if we don't get beyond worry and fear of a lot of issues that plague us daily, those Successes will do us no good !
(ii) True Financial Freedom doesn't depend on how much money one has because Financial Freedom is when one has power over one's fears and anxieties instead of the other way around !
(III)The author, Suze Orman learnt early in life from from the harsh experience of her father that money is extremely important in life and that people value money more than life but shockingly discovered by personal experience that money even though can do A LOT, is not the key to HAPPINESS rather that money will work for anyone who gives it ENERGY, TIME & UNDERSTANDING !
2.In all honesty, I do not think that the activities of desperation by the author's father to save some monies from a ravaging fire was really worth it because he could have lost his life in the process but the popular saying who wears the shoes knows where it pinches comes to mind !
My super executive summary of this passage;
ReplyDeleteA). Our quest for money is only enough when it is capable of taking care of our worries. Once our worries cannot be taken care off by money, then, there can't be true satisfaction.
B). Money is like human. When one treats it well without being afraid of it, nurture it well and provide for it to grow, it will in turn take care of you.
C). Money is almost bigger than life. This is simply when one sets out to risk extensively inorder to make enough money. This will definitely entail life, commitment, time and energy as seen in the life of the writer's dad who risk his life to get his money in the metal case out from the burning store.
2). The man's risk was a huge desperation and doesn't worth it from my perspective. He would have devised a better alternative before the fire outbreak to get his money but did that at a very critical time. Life to me is more valuable. Once there is life, there is always a chance at making money work for you.
The 3 sentence executive summary of this portion of the book are as follows:
ReplyDeleteA. The writer established that from her wealth of experience of many years as a financial planner that the financial freedom does not depend on how much money you have . And that by the time you finish reading this book you will understand everything you need to know about managing and protecting your money and making it grow
B. Hence, financial freedom is when you have power or control over your fears and anxieties instead of the other way around.
C. The book present a nine - step process that will help you face the present honestly and clear the way for you to create a future you will love in attaining financial freedom.
2. It is his father's poverty stricken mentality that made him took such unreasonable risk. It is always said that life has no duplicate. It doesn't worth it.
1. 1. From this portion I just read it made more sense that money isn't an end... But a means to an end. This end, is relative and can only be defined by the individual in question.
ReplyDelete2. Fear has a silent way of making people uncomfortable as to how much they really truly want or need because some people believe more money equals more happiness.
3. True happiness and wealth isn't really defined by the amount of more in surplus or deficit.... It's determined by one's mindset towards his understanding of the damsel called MONEY!
2. He felt that those pennies could be the opium to his personal and family problems... He couldn't come to terms with the fact that all he had could melt away.... That's why people can do anything to keep money... So from his myopic perspective...... It was worth it!
1. Summary
ReplyDelete• It's not enough to have enough money. We should aim beyond that to get beyond fear and worry.
• Directly or indirectly money affects all aspects of our lives.
• Financial freedom is when you have power over your fears and anxieties instead of the other way around.
2. In all honesty, the risk to life was not worth it.The author did tell us how much it cost to treat the injuries the man sustained or if indeed he died from those injuries. We were not also told how much was in the box, probably not much. Either way it is the value we place on life that drives such decisions, n wonder tlit taught Suze that money was worth more than life.
Money is very much like a person, and it will respond when you treat it as you would a cherished friend never fearing it, pushing it away, pretending it doesn’t exist, or turning away from its needs, never clutching it so hard that it hurts.
ReplyDeleteYour money will work for you, and you will always have enough more than enough when you give it energy, time, and understanding.
Financial freedom is when you have power over your fears and anxieties instead of the other way around.
2. I think it worth it from the basic concepts we were being taught in school but when we look practically as indicated in the book, it's never a good way of saving money or managing it. As much as we want to be careful, we can never control the effects money has. We can only cherish, admire and never be scared of spending it
EXECUTIVE SUMMARY
ReplyDeleteThe nine steps of the book are previewed to reveal the intention of the writer which ranges from making me to know why I don't do what I want to bringing me to the place of taking actions ; freeing me to open up dialogue about money to my loved ones, including myself;as well as making me know the Must Dos of managing money and teaching me how to be independent of financial advisers
2. As far as money is concerned, freedom starts when what I do, think and say are in congruence;my belief and actions synchronizing in order for me to have enough and to have more than enough, I must come to the réalisation that I can be rich at any income level because my intrinsic worth and power are more than money for my true wealth can never be lost
3.i need to formulate my own unique financial goals remembering that I can actualisé them step by step because I can take charge of my destiny and achieve financial freedom.
NINE STEPS CLASSIFICATION
STEPS ONE TO THREE
Takes me back to why I don't do the things that I know I shld do and takes to where I can take action
STEPS FOUR TO SIX
The MUST DOs of managing money
STEPS SEVEN TO NINE
Takes me beyond the realm of finances to the wealth that money cannot buy
3. Yes! As revealed in the phrase " beyond the realm of finances to the wealth that money cannot buy"