If you’re a person who has been searching for a personal finance book that isn’t filled with finance jargon and industry verbosity, then this is the book for you. Written in a conversational style, Sam Beckbessinger manages to give her readers fundamental finance lessons that could really change your money habits for the better. As colloquial as the book is, a word of caution: she is pretty candid and cut throat, so you’re in for a full experience.
Sam was inspired to write the book when she noted that people often obtain their financial education from other people through hearsay or through mainstream media. The ambush of many financial products from a plethora of financial institutions also confuses many, so she offers a seamless view of how one can manage their money like a grown-up.
The book has 8 chapters that deal with different facets of finance. Chapter 1 really sets the context for finance and money, encouraging one to think about money and their relationship with it. Chapter 2 focuses on assets, liabilities, the advantage of compound interest and diversification. An understanding of assets and liabilities is essential for a healthy bank balance. Often, people spend money on cars thinking that it is an asset. Wrong! It may just be the biggest liability of your life. We see too many South Africa’s suffer this fate. So, if you want to read just one chapter of this book, we recommend that you read this chapter. It’ll provide you with tangible skills to use when managing your own financial position.
Chapter 3 takes one on a journey of an introspection of their relationship with money. We need to create healthy relationships with money and break down some of our beliefs around money if we are to “manage our money like a grown-up”. Chapter 4 proceeds to touch on the word we all hate which is “planning”. Sam implores us to set financial goals for ourselves and plan ahead. You know what they say, “when you fail to plan, you plan to fail” and unfortunately, much of being an adult requires planning for the future. The proceeding chapters continue to talk about saving, money mindset and different investment options one can take. Sam says:
"We never get an instruction manual about how money works. We never have to pass a test to get our Money License before we can take a new credit card for a drive. Most of what we learn about money comes from advertising or from other people who know as little as we do. No wonder we make such basic mistakes. No wonder we feel disempowered and scared. No wonder so many of us just decide to stick our heads in the damn sand and just never deal with it. I wrote this book, because so many of the people I spoke to told me that they wished someone would."
We may not have come from financially savvy parents that taught us how to manage money, and reiterating Sam’s words, this is a book is one that empowers you with the knowledge you’ve been wanting to acquire but did not know where to turn. From us at The Finance Gym, we highly recommend this book! Take back control of your finances and “Manage Your Money Like A F*ucken Grown Up”!
Author: Sthandiwe Msomi