Wednesday, December 8, 2010

Review: Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life

Personal finance expert Farnoosh Torabi knows what makes us tick…financially speaking—and it is more than just crunching numbers and budgeting. In her latest book out on October 6, PSYCH YOURSELF RICH: Get the Mindset and Discipline You Need to Build Your Financial Life, Farnoosh shows readers that the key to achieving fiscal harmony is understanding that it’s a matter of mind over money.

Farnoosh uses the latest behavioral and psychological research, as well recent experiences working with struggling young adults and families, to reveal how to understand and tap into our emotional setbacks with our finances by making the small changes necessary to develop the proper mindset, behavior, habits, tools, and etiquette to get our mind and money in gear.

Setting aside advanced math and fancy calculators. PSYCH YOURSELF RICH encourages readers to:
ü  REDEFINE “RICH”:  Rich isn’t a number, it’s a state of mind and the rules of “rich” are changing.
ü  EMBRACE RISK: Risk is everywhere and as our society evolves, more uncertainty will naturally be unleashed. Don’t fight it. Sticking to the old “risk-averse” status quo can actually be a danger to your bottom line.
ü  BE YOUR BIGGEST ADVOCATE: Understand that no one cares more about your money than you.
ü  AIM FOR YOU, INC: Manage your career destiny and your revenue streams by channeling the mindset of an entrepreneur.
ü  SET YOUR OWN DEADLINES: Never pay a penalty, create your own calendar for bills.
ü  THINK 5-YEARS AHEAD: A five-year strategy is critical even if you are already saving for a rainy day and retirement.
ü  “PRE-COMMIT” TO SAVINGS: In addition to automatic savings, pre-commit to saving a portion of a future salary or surprise lump sum of cash. You’ll save more over time and it’ll be less painful.
ü  And finally, LET FEAR MOTIVATE:  Understand your fears to help change your behavior and take control of your life.  Imagine hitting rock bottom and what it feels like to be stuck and really in trouble.

The New York Times calls Farnoosh’s advice “perfectly practical.” You’ve seen her on the Today Show, as the money coach on SoapNet’s Bank of Mom and Dad, the host of Wall Street Confidential with Jim Cramer, the resident financial expert on TLC’s Real Simple, Real Life, and more.

I don't necessarily plan on becoming rich but I would like to be well off and not have to live paycheck to paycheck.  I've been doing a lot of research and I'm trying to learn all that I can to make this a reality.  Psych Yourself Rich is the perfect book to read when you're ready to turn a new leaf financially.  Farnoosh actually lets you know in an easy-to-understand manner how to make little changes that will ultimately pay off.  It's a not a get rich quick book, it's a self-help book.  I recommend this book to those who really want to make changes to their spending habits.

FT Press
September 6, 2010
204 pages
$22.99 US

Visit the author's website
You can also find her on Facebook & Twitter

Disclosure: I received this product for free.  Opinions expressed are 100% mine.

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