I received a complimentary copy of Lynette Khalfani's The Money Coach's Guide to Your First Million
First off: I enjoyed the book. It's written in a deliberate, easy-to-understand voice, and is peppered with an appropriate number of subheadings and “big-idea” call-out boxes so that it's easy to follow.
The advice given in the book is the typical, straightforward personal finance advice that is the bread and butter of the financial planning industry. That is to say, it's sound, but if you've read other books of its kind, the advice would be familiar and not especially earth-shattering. How do you make “spend less than you earn,” “write down your goals,” “pay down your debt,” and “invest for the long term” new and exciting?
So, Khalfani has embarked on a somewhat ambitious task, which is to put a distinctive spin on tried-and-true sound personal finance advice. Here are the things that stood out as I read the book:
- Anecdotes from her childhood and adult experiences. We all know what we know, and Khalfani discusses her memories of her mother's splurging in Chapter 1, and her rise from poor credit to great credit in Chapter 2. These stories lend credence to her advice in the other sections of the book; she is her own success story.
- Detailed information about monitoring, fixing, and improving your credit. This information in Chapter 2 was actually new information to me. It was very easy to understand. (Even though I think my credit is excellent it's still a good thing to check annually.)
- Acronyms. OK, I'm a sucker for mnenomics. Like the SMART goals, the SIMPLE investing philosophy, the seven steps to PERFECT credit, and how to protect your budget when LIFE gets in the way. SMART goals are specific, measurable, action-oriented, realistic, and time-bound. Since I don't want to steal all of Khalfani's thunder, the others are described in great detail in the book
- Specific calls to action. As in writing down your goals. Calculating your net worth. Determining your money personality type.
- Some real estate options. Of course please do a lot of due diligence before investing in foreclosures, tax lien certificates, and the like, but in Chapter 4 Khalfani provides a few tips to remember as you investigate these options.
- Planning with your legacy in mind. What good is setting yourself up financially if it's all frittered away after you die? Estate planning can accomplish some restraint, but there is no replacement for instilling responsible habits in your heirs. There is good, specific advice as to how to do this in Chapter 7.
Overall, there's enough of a fresh spin to The Money Coach's Guide to Your First Million
I want to read it… interested in donating a used copy to a broke sister? 🙂
My first million? THat would take me more than 60 years at my current income, and that's assuming I spend absolutely zero. Entirely unrealistic.
And my credit is so in-the-tank and my income so low that I don't think I can ever get it out of the tank. I can pay the rent on time and keep food on the table and even make student loan payments but that's about it.
Hey John, even i wanna be a millionaire soon !! This guide is really helpful man. Even i had got a guide from bills.com which helped me a lot in planning my finances. Hope you find it useful.
Steven.
I have a real problem with the government taking money out of my check to give to someone that made a bad choice and bought more house than they can afford. I also have a problem with my tax dollars being used to bail out billion dollar corporations.
There is a thing called personal choice and people should be responsible for it.