Category: Personal Finances

This is the personal finances section of Womalicious Magazine. Here we talk about everything a person needs to know about investing, property relations, and saving. Finances are a big part of our everyday life and decisions we make every day either make our financial state better or worse.
One way to keep your savings from losing value is investing. But to invest and not lose money, you will need to understand what, where, and how you invest. There are so many different places you can do it and it can get confusing for a beginner. here we try to explain all the ways you can invest and what are the risks.
The second very important thing to know is property relations. It is often seen that women enter a relationship in good faith, but end up with nothing in break up and vice versa. Here we discuss marriage as an economical union and what is there to know. How can you protect your contribution and assets in case of a break-up etc. Although people marry for love, it is other aspects to consider when it comes to entering this union.
A big part of personal finances is saving for unexpected expenses. It is often also called as “Fuck Off Fund” or “Peace of mind fund”. This fund, however you name it, will give you a certain freedom to make some risky decisions. It is because you know you have money saved up, so you will be okay for a while if anything goes wrong. We will teach you how to optimize your saving, so you will have those funds.

3 books to read for the road to financial success

Marii Saks1 Comment

Who doesn’t want to be rich and successful? The short answer is everyone wants to be rich and successful. What varies is the definition of that – it means quite different things to people. The question remains the same – what can I do to become rich and successful? Firstly, you need to understand money and how it works. It means changing your mindset about wealth and learning more about how to earn money, keep it and grow it. We have chosen three books to read, to get started on your road to financial success.

#1 The Psychology of Money

The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel is a great piece of literature to read to start your financial mindset journey. In 19 short stories, the author describes, how different people think about money and teaches how to understand one of the most important topics of our lives. Wisdom of money has very little to do with how educated you are and very much to do with how you make your life decisions. Even highly educated people may not have the ability to make good financial decisions.

Independence is the best financial goal. Control your schedule, don’t have to play anyone else’s games.

Morgan Housel

Money―investing, personal finance, and business decisions―is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world, people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.

The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel

The reason why we think that this book is so important to read is that it gives you a whole new perspective on money. It is fundamental to learn how to see money as wealthy people see it. Only by changing (or improving) your understanding of this important matter, will help you to become wealthy. Taking control over your finances is step one in becoming financially free. Can you become rich without learning about money? Not as far as we know. Learning about finances is a subject talked about in the next book in more detail.  

#2 Rich Dad Poor Dad

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki is one of the most-read books about personal finances in the world. The author has challenged the way tens of millions of people think about money. His opinions contradict common wisdom and so he has become known as a straightforward, fearless, and courageous man. Robert Kiyosaki is considered a passionate promoter of financial education worldwide.

The main reason people struggle financially is because they have spent years in school but learned nothing about money. The result is that people learn to work for money…but never learn to have money work for them.

Robert. T. Kiyosaki

Rich Dad Poor Dad is Robert’s story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you. In many ways, the messages of Rich Dad Poor Dad, messages that were criticized and challenged two decades ago, are more meaningful, relevant, and important today than they were 20 years ago.

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki

This book is worth reading because it really makes you understand your assets and your liabilities. It brakes apart the illusion, that in order to become rich, you must earn a high salary. How much did you really learn about money in school? We know that financial wisdom is not something that is taught in school and it is up to us to learn it. In the same way, it is up to us to teach this to our children. So if you want to have that knowledge, keep reading the books and learning, and definitely don’t miss this one.

#3 Secrets of the Millionaire Mind

Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker is a bit controversial book and opinions about it are divided. Some people find it offensive how the author has a very black and white view of rich and poor. You can find it offensive or you can focus on the fact that it can lead to major self-discovery. This book has an amazing analysis of how people think and how those thoughts can either help you or sabotage your goals. It also teaches you to change your thought patterns for success.

If you keep doing what you’ve always done, you’ll keep getting what you’ve always got.

T. Harv Eker

We all have a personal money blueprint ingrained in our subconscious minds, and it is this blueprint, more than anything, that will determine our financial lives. You can know everything about marketing, sales, negotiations, stocks, real estate, and the world of finance, but if your money blueprint is not set for a high level of success, you will never have a lot of money—and if somehow you do, you will most likely lose it! The good news is that now you can actually reset your money blueprint to create natural and automatic success.

Reading Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth, will help you closed to financial success

We believe, that this is the book that would most benefit the reader, when you already have some financial wisdom, or when you have read the previous two books. That is because when you have no knowledge of money in your head, it might seem too harsh. T. Harv Eker is definitely a very smart person who has so much to teach, but only if you are willing to keep an open mind. Some of the biggest differences between rich and poor are the way they approach life.

In conclusion…

…the road to financial success is rarely an easy one. We have all heard about Lottery winners that become millionaires overnight and in a few years they are in huge debt. That is one of the most brutal examples of lack of financial education. Therefore we want to emphasize to you the importance of understanding money. It is not about making everyone millionaires or big business owners. Above all, it is about people making smart decisions and not ending up in over their heads and in debt.