Excerps from “Get Good with Money: Ten Simple Steps to Becoming Financially Whole” by Tiffany Aliche.
Budget Building: Learn how to create a realistic, flexible budget that aligns with your financial goals. This includes tracking income, and expenses, and setting aside money for savings and investments.
Save Like a Squirrel: Establish a robust emergency fund to protect yourself against unexpected expenses and financial setbacks. Aliche emphasizes the importance of saving three to six months of living expenses.
Digging Out of Debt: Develop a strategy for paying off debt systematically. This includes understanding different types of debt, prioritizing high-interest debt, and using techniques like the debt snowball or avalanche methods. (These techniques will be discussed in our next blog post)
Score High: Improve your credit score by understanding the factors that influence it and taking steps to address any issues.
Learn to Earn: Increase your income through side hustles, entrepreneurship, or career advancement. Aliche encourages readers to explore multiple income streams and leverage their skills and talents.
Invest Like an Insider: Start investing to build wealth over time. The book covers the basics of investing in stocks, bonds, and retirement accounts, and explains the importance of compound interest and long-term planning.
Get Good with Insurance: Protect your financial well-being by having the right insurance coverage. This includes health, auto, home, life, and disability insurance.
Grow Richish: Focus on building wealth through smart financial habits and lifestyle choices. Aliche discusses the importance of living below your means, avoiding lifestyle inflation, and making informed financial decisions.
Pick Your Money Team: Surround yourself with financial professionals and supportive individuals who can help you achieve your goals. This includes financial advisors, accountants, and mentors.
Leave a Legacy: Plan for the future by creating a will, setting up trusts, and considering estate planning. Aliche emphasizes the importance of leaving a financial legacy for your loved ones and giving back to the community.