MoneyBest of She-Wise
Written By Amy Foran
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You wouldn’t believe how different my life looked just a few years ago.
When I was young, I loved imagining myself as an investor, making money, and completely understanding my finances. I had no doubt that I was going to make this vision happen. But once the daydream dissolved and I was sobered into my current reality, a wave of self-defeat would wash over me.
There was a time when the first number in my credit score started with a 3, I had $8,000 in debt, and I wasn’t going to be able to start my next semester until all of the money still owed to my university was paid. My car had been in the same spot for months since it had stopped working. It took me two bus rides & a mile walk to get to work, and on one particular evening after my commute, I arrived home to find myself locked out of my room for not having paid my rent. Talk about discouraging.
These experiences were some of my hardest moments. I was riddled with shame, embarrassment, and lack of self-worth. But the one thing that has always been constant for me is my determination. No matter how low I felt, my determination was always there, like a little flame within me, always lit.
It took me until I was 27 to earn my degree. But I was determined and I did it. I graduated with a BS in Finance and Economics, choosing these studies because I knew life wouldn’t be so hard if I understood my finances. Once I learned about my debt, I was able to pay it off in two years. Increasing my credit score took time, but I knew the time would pass either way. And so, I learned everything I could. My score increased every few months, and after a few years, it was high enough to be considered excellent.
I no longer need a cosigner. In fact, I am now the person other folks come to for things like that. I even taught myself how to invest through books. I started investing on my own in my thirties. Millenials would say I waited too long, yet those who are 65+ but can’t afford to retire would say I’m lucky to have learned so young.
The point is, it doesn’t matter how old you are to start anything. You just need to start. Besides, age only has as much power as we give it.
I know you’re reading this because you can relate.
Of course, there are differences in our stories, but like me, you have dreams, you have goals, and you’re ready to learn what it will take to reach them.You’re ready to apply your determination in order to improve your own financial foundation and you are going to make it happen regardless of where you’re starting from.
One of the most powerful ways that I learn is through reading. 99% of what I read is non-fiction because I love learning from others real-life experiences.
I’ve created a list of my favorite money & investing books for you below. I’ve also included a little description of each one and reasons why I love it. If you have any questions or book recommendations yourself, leave a comment below!
Several of the books I mention below focus on Value Investing. This is a type of investing that focuses on long-term & steady investing rather than day trading.
I heard about this book a few times before finally reading it. It was one of those books I kept meaning to read but hadn’t gotten around to. However, one week I heard it referenced three different times and I knew that this was the Universe demanding that I pick it up. Thank goodness I did. This book is wonderful!
Ramit Sethi discusses every money topic you can think of. He shares an incredible amount of info on how to save, how to pay off debt, and every insider trick there is.
This book will bring about a-ha moments and teach you many valuable ways to manage and grow your money. This is a book for every person wanting to learn, grow, and better understand their finances. I listed this first because I believe it’s a great starting point.
2. Invested, written by Danielle Town
Danielle Town shares everything she learned during her first year investing. Her dad, an incredibly successful investor (his books are also on my list too), had been offering to teach her what he knew about investing for years but she hadn’t been interested.
Danielle worked as a lawyer and eventually found herself reevaluating her life. She had reached a point where she wanted more than her current experiences could give her.
She decided to commit one year to learning everything she could about investing from her dad. In her book Invested, she shares what she learned and experienced during this year. She even shares about her specific investments, profits, and the fears she experienced along the way.
This book has had a huge impact on my own investing journey. It was the first book specific to investing that I read and I was hooked from page 1.
If you’re interested in learning how to invest on your own, I couldn’t recommend this one more!
I think this book is great for any investor but is especially good for someone who is brand new and eager to learn.
3. The Dhandho Investor written by Mohnish Pabrai
I love the way Monish Pabrai writes and turns his knowledge into understandable words for the reader. A lot of how he teaches is through sharing actual stories of himself and folks he knows. Every one of them was incredibly interesting to me.
I am still thinking about the fascinating explanation he shared on how the Indian community has been making money through Hotel and Motel investing. It kind of felt like, wow, this seems so simple yet, I never would have thought of it on my own.
This is the type of book that I will come back to time and time again.
This is a book that is great for any type and level of investor.
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4. Rule 1, written by Phil Town
Phil Town is Danielle Town’s father.
I read both of his books after I had read Invested. I highly suggest reading them in this order too. His books would have been over my head if I had read them before I had read Invested. Rule 1 is more of an overall foundation of his investing approach, Value Investing. I love the way he breaks down concepts and really explains everything in the perfect amount of detail. He’s able to do this in a way that is understandable and enjoyable for any reader. I especially loved learning about his personal experiences which were honest, inspiring, and motivating.
Payback Time is his follow up book to Rule 1. This one answers more questions and gives more detail on how to invest as a Value Investor. If you read Rule 1 and enjoy it, this is a book that is a great next choice!
After reading each of these books and experiencing life the way I have, the thing I am most certain of is that I am the only person responsible for my finances and my future. My childhood, circ*mstances, and hardships only dictate my finances if I allow them to. I decided long ago that I wouldn’t let these things decide my life. Nope. I am the only person deciding.
I chose to move beyond my limiting beliefs. I chose to seek and learn what I didn’t know. I chose a different story for myself, a better one. And every day I wake up choosing this.
Take this one day at a time. One moment at a time. Don’t let anything that has happened to you up until this moment dictate your life if it is not serving you. Choose only what causes you to grow and expand.
You can do hard things.
Explore These Great Reads
I‘m extremely excited to share with you that by the end of April, I will have paid off everything except for my student loans. I’ve come up with a plan to pay off my student loans more aggressively than my current monthly payments allow and I’ve decided to share that plan with you here.
A roundup of my favorite products and brands: non-toxic, eco-friendly, organic, etc
You may already know how much I love a good deal. I mean, few things excite me more than knowing I’ve found something of value and also got it for a great price. But what matters even more to me than a good deal, is good quality. The quality of something is relative to each of us and reflects what our needs and wants are.
A letter to the one who’s ready for financial freedom but not sure where to start.
Hey there friend,
You’ve been on my mind lately and I’ve been thinking about how to best express my thoughts. Please be patient with me as I do my best to transcribe my heart into words.
You want financial freedom. Freedom to choose if you work or not. Freedom to take time off from life when it’s best for you, freedom when you have emergencies, freedom when unexpected expenses come up, freedom to travel, spend save, and freedom in all the ways that feel best for you.
Ladies, avoid these 5 habits if you want financial freedom
Ah, financial freedom. It has such an intoxicating ring to it. It stands for so much we desire yet I wonder how many people truly and consistently live in this mysterious place of financial freedom.
Don’t get me wrong, I believe that we are all capable and worthy of it, but I also know that for most of us, there is a lot that needs to happen (& often stop happening), to actually get to this place.
A look back on the cities I’ve lived and where we’re going next.
I have lived in two countries, four states, and seven cities.
For someone who’s lived in the same place for most of their life, this likely sounds hard to imagine. But for someone like myself and so many transients who I’ve met in big cities, it’s all a part of the journey.
6 Things I Learned In My First Year Investing
It’s incredible how much I’ve learned in the last year. I was so scared and excited all at once when I was about to click that ‘buy’ button. Suddenly, fear-based ideas started racing through my head; it’s a scam, you’re going to lose all of your money, this is a terrible purchase, you don’t know enough yet, you’re an imposter. On and on they went.
It’s the feeling of walking into a quiet bookstore filled with written stories, the sound of the plastic-wrapped library book, the smell of a page that has been read hundreds of times. It is in this place that I feel alive and seen. In the quiet, I hear inspiration and history. The plastic reminds me of when I was a little girl, experiencing the magic of my first library visit. The smell takes me back to a place that feels like centuries ago.
Admittedly, I write a lot about how important it is to invest your money rather than keeping it all in a savings account.
I put so much emphasis on investing over saving because you’re actually losing money when you choose to save rather than invest.
However, the money you are saving and your short-term expenses, deserve just as much attention & plan-of-action as your investments.
6 tips for sticking to your budget this Holiday Season
Like you, I’m a giver and I love surprising loved ones with gifts, especially around the holidays. There are few things that bring me as much joy as seeing family members reactions as they open up thoughtfully planned or created tokens of my love.
In the past, I would set the intention to stick to a budget, but by the time December 26th arrived, I couldn’t even remember what I had planned to spend. I mean, how do you say no to all of the great holiday deals?
Compound interest is interest on top of your original interest earned. Another way to say this is that it is the interest on your interest. First, you will earn interest based on your initial investment, and with time, you will earn interest on the earned interest as well. Still with me? I’ll break it down some more. Compound Interest is the reason why so many folks make money through the stock market, most notably with long-term investments.
Let’s say you invest $100 for one year with an interest rate of 10%. At the end of the year, you would have a balance of $110. This is the sum of the original balance, $100 plus the interest earned on that balance, $10= ($100 * 10%).
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Amy Foran
