The Path: Accelerating Your Journey to Financial Freedom

Title: The Path: Accelerating Your Journey to Financial Freedom

Authors: Peter Mallouk, Tony Robbins

Hardcover: 320 pages

Publisher: Post Hill Press

Publishing date:  Oct. 13, 2020

Who is this book for?

  • Wannabe investors of any age or stage
  • Experienced investors
  • Readers seeking financial freedom

What’s inside this book?

  • A step-by-step guide for achieving financial freedom
  • Strategies for mastering your money from an award-winning financial adviser and an expert business strategist
  • Real-life success stories from experienced and beginner investors

5 lessons you’ll learn from this book: 

  • How markets behave and how to maintain peace of mind during times of volatility
  • How to chart a personalized course for financial security
  • How to select a financial adviser who prioritizes your own interests
  • How to navigate, select or reject the many types of investments available
  • Why success without fulfillment is the ultimate failure

4 questions this book will answer for you: 

  • What does the financial service industry not want me to know?
  • How can I achieve true fulfillment?
  • Is this a good time for me to start investing?
  • Can I still master my money at a late stage in life?

What people are saying about this book: 

  • “Peter Mallouk’s tour of the financial world is a tour de force that’ll change the way you think about money.” — Jonathan Clements
  • “Robbins is the best economic moderator that I’ve ever worked with. His mission to bring insights from the world’s greatest financial minds to the average investor is truly inspiring.” — Alan Greenspan
  • “Tony is a force of nature.” — Jack Bogle

Your Turn: Have you read The Path? Tell us what you found to be the most valuable advice or benefit of the book in the comments.

The Importance of Being Financially Fit

Are you ready to stretch those financial fitness muscles? We hope so, because it’s time to get financially fit!

Being financially fit means living a life of complete financial responsibility. The Center for Financial Services Innovation (CFSI), also known as the Financial Health Network, defines four basic components of financial health: Spend, Save, Borrow and Plan. These components reference everyday financial activities. As such, every choice you make in terms of these four activities either builds or detracts from your financial fitness. Like physical fitness, you can beef up those fitness muscles a little bit more each day.

Being financially fit is crucial for a well-balanced, stress-free life. Here’s why (and how):

Expand your financial knowledge

A financially fit person is constantly broadening their money knowledge. They read personal finance books and blogs, attend financial education seminars and are aware of the evolving state of the economy. This enables them to make monetary decisions from a position of knowledge and power, leaving much less up to chance or luck.

Stick to a budget

A financially fit person knows that tracking monthly expenses is key to financial health. They are careful to set aside money from their monthly income for all fixed and discretionary expenses and to stay within budget for each spending category.

Minimize debt

A financially fit person is committed to paying down debts and seeks to live debt-free. Constant budgeting, ongoing financial education and planning ahead enables them to make it through the month, and through unexpected expenses, without spiraling into debt.

Maximize savings 

A financially fit person prioritizes savings. In fact, savings is a fixed item on their monthly budget instead of something that only happens if there’s money left over. This allows them to think ahead and build a comfortable nest egg or emergency fund. In turn, having a robust safety net means sleeping better at night knowing there’s money available to cover unexpected expenses or a change in life circumstances.

Maintain complete awareness of the state of your finances

A financially fit person knows exactly how much money they owe, the accumulated value of their assets and the complete sum of their fixed and fluctuating expenses. This awareness takes the stress out of money management, allowing them to make better financial choices.

Maintain a healthy credit score

A financially fit person knows that an excellent credit history and score is a crucial component to long-term financial health. They are careful to pay all bills on time, hold onto their credit cards for a while and to keep their credit utilization low. This enables them to qualify for long-term loans with favorable interest rates, which saves them money for years to come.

Help your money go further

A financially fit person does not waste large sums of money on interest charges for purchases made using borrowed funds via credit cards or loans. They live within their means and only use these resources for purchases they can actually afford, or for large, long-term assets, like a car or a house. This means they have more funds at their disposal to help build their wealth through savings and investments.

Create concrete financial goals

A financially fit person has long-term and short-term financial goals. This enables them to keep their focus on the big picture when making everyday money choices, empowering them to actually realize their financial dreams.

Achieve financial independence

A financially fit person is independent. They don’t rely on loans from friends or family members to get by, and they don’t need to pay with plastic at the end of the month because they ran out of money. Their well-padded emergency fund means they don’t depend on their monthly income to put bread on the table, either. By sticking to a budget, prioritizing savings and maintaining an awareness of their finances, they are strong, secure and completely independent.

Being financially fit means living a life without battling anxiety about getting through the month or stressing about the future. You can achieve financial fitness by committing to making choices in each of the four components of financial health (spend, save, borrow, plan) that are forward-thinking and help to build your financial wellness.

Your Turn: Why is financial fitness so important? Share your reasons with us in the comments.

Learn More:
femcove.com
doughroller.net
moneybites.com
forbes.com
cbsnews.com

Quit Like A Millionaire: No Gimmicks, Luck, Or Trust Fund Required

Quit Like a Millionaire title in red marking pen font on white backgroundHow do you go from living on just $0.41 a day to retiring at 31 with a cool million dollars?

Find out in this groundbreaking new book by Kristy Shen and Bryce Leung, two leaders of the FIRE movement (Financially Independent, Retire Early).

In Quit Like a Millionaire, you’ll get the full-blown account of how Kristy went from a childhood of poverty in China to being a world-traveling millionaire, all without hitting on any miracle investments or becoming a hotshot entrepreneur. Instead, Kristy followed a perfectly logical and mathematical plan that allowed her to build wealth on her own terms.

Here is just a sampling of the steps Kristy took and those she recommends for readers to reach her goal:

  • Decrease your daily spending without compromising on quality of life.
  • Build a million-dollar portfolio.
  • Fortify your investments to survive bear markets and black-swan events.
  • Use the 4 percent rule and the Yield Shield.

Quit Like a Millionaire is packed with fascinating snapshots of Kristy’s journey, along with loads of actionable advice you can immediately start implementing into your own life. The clear investment strategies and financial planning outlined in the book break through any excuses and bring the life you never thought possible into the realm of reality. At times instructive, often hilarious, and always inspiring, Quit Like a Millionaire is your ultimate roadmap for a life of financial independence.

Readers are devouring this offering from a famed millennial revolution couple, though some complain that the book is too U.S.-centric and does not present a universal manifesto for early retirement. Others claim it takes some financial knowledge on the part of the reader for granted, without offering any tips or “how-to” help for true newbies in the world of finance. Most readers, though, are calling Quit Like a Millionaire a page-turning, mind-opening book that is sure to find its place on the bookshelf of personal finance classics.

Are you wondering if it’s possible for you to quit like a millionaire? Pick up your copy of this just-released book and find out today!

Your Turn:
How do you feel about early retirement? Share your thoughts with us in the comments.

Learn More:
amazon.com
netgalley.com
goodreads.com

Meet The Frugalwoods: Achieving Financial Independence Through Simple Living

Meet the Frugalwoods book coverUnless you’ve been living in a cave for the last few decades, you’ve no doubt absorbed society’s message that you can buy your way to a happier life. From the minute we wake up until our eyes close at bedtime, we’re bombarded with splashy ads and commercials promising us the world—for a price, of course.

Elizabeth and Nate Thames were an archetypical couple of our consumerist world. In 2014, this pair of professionals was holding down high-powered jobs, living in the city and pulling in big bucks. The world was theirs for the taking.

But one day, they decided they’d had enough of that lifestyle. They were sick of wishing away their workdays and desperately counting down until the weekends. They wanted to start living genuinely and enjoying each day to the fullest.

Together, they hatched a plan: They’d sock away as much money as possible to become modern-day homesteaders in rural Vermont. They called themselves “the Frugalwoods,” and as soon as they put their plan into action, starting by saving more than 70 percent of their income, Elizabeth began documenting their progress on the couple’s popular blog. In less than three years, the Thameses had achieved their goal and reached financial independence at the age of 32. They are now living on a 66-acre homestead in Vermont, together with their little girl.

In her book, Meet the Frugalwoods, Elizabeth retells the eye-opening story of how her financially comfortable family disengaged from the race of keeping up with the Joneses and drastically scaled back their spending to live their dream life. The book is a compelling read that will make spenders of any level stop and think about the choices and financial habits that direct their lives.

You don’t need to be harboring a secret dream of quitting your day job and moving to the woods to enjoy this book. Most of us can stand to cut back on our consumerism for living with a bit more frugality. Meet the Frugalwoods encourages readers to examine their possessions and physical comforts, as well as to determine which of those add genuine joy and value to their lives. Only things that are truly valuable to you are worth holding onto. As Elizabeth says, the process of cutting back and bowing out of society’s peer pressure is enormously liberating.

Thousands of readers have found Meet the Frugalwoods to be an inspiring and motivational tale, but many others find it to be preachy and condescending. A widely-voiced complaint is that the couple is still pulling in a handsome salary and cannot comprehend what it means to truly struggle. Nate works from home and earns over $200K a year, while Elizabeth authors their personal finance blog. While it’s admirable that they were able to pull out of the spending trap and now wear second-hand clothing, knowing they have a huge financial cushion to fall back on greatly diminishes their “sacrifice.”

However, lots of readers find it truly inspiring that a couple who can afford to live large has managed to untangle themselves from the web of consumerism that ensnares most of society.

You may not want to live as frugally as the Thames family, but by reading their story and incorporating some of its lessons into your own life, you, too, can learn to lead a simpler and more meaningful life.

Your Turn:
Do you think it is possible to be truly happy and fulfilled while living a life of excessive consumerism? Share your thoughts with us in the comments below.

SOURCES:

https://money.usnews.com/money/blogs/my-money/articles/best-personal-finance-books-to-read

https://www.amazon.com/Meet-Frugalwoods-Achieving-Financial-Independence/dp/0062668137

https://www.goodreads.com/book/show/35068719-meet-the-frugalwoods