Successful By Design presents a book review of a guide that offers a six-week program on how to manage personal finances successfully. The author claims that most influencers online suggest a daily routine that is exhausting and unsustainable in the long run. Instead, the book offers a simple six-week program to teach readers how to become rich without guilt, excuses or BS.
Week one of the program is about optimizing credit cards. The author believes that credit cards, when optimized, can help increase a person's credit score and even save thousands of dollars. The strategy involves getting a credit card with a low interest rate, making payments on time, paying off the balance in full every month, and leaving the card open to increase credit score.
Week two focuses on setting up the right bank accounts, which the author considers the backbone of a person's personal finance infrastructure. The book suggests opening a no-fee, high-interest bank account for both checking and savings. The author advises choosing a bank that is trustworthy, doesn't charge fees, and is convenient for the user. They recommend calling the bank to negotiate better rates or lower fees.
Week three covers investing, which is the single best way to get rich, according to the author. The book recommends investing in a 401k, which is a pre-tax retirement savings account that many employers sponsor. In other countries, there are similar financial vehicles to help people save for retirement.
Week four is about mindful spending. Instead of budgeting, the author suggests planning spending in advance to avoid being caught up by surprise. The book proposes that expenses should look something like this: 50%-60% for fixed costs, at least 10% for investments, 5%-10% for savings, and 20%-35% for guilt-free spending.
The book offers a comprehensive guide for readers to follow in six weeks to gain control of their personal finances. By following the book's recommendations, readers can expect to increase their credit score, save money, and invest wisely.
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