Summary of Elizabeth Warren & Amelia Warren Tyagi's All Your Worth , livre ebook

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32 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 All Your Worth is about getting your money in balance. It consists of three categories: your must-haves, your savings, and your wants. When you get your money in balance, your money worries disappear.
#2 The old financial advice that you are in trouble because you buy too much stuff is completely wrong. For many people, it is impossible to take on a mortgage that is more than they can afford.
#3 The rules were different in your parents’ generation. The government strictly regulated the banking industry, which meant that the amount of interest a lender could charge was tightly limited. As a result, banks had to be very careful to lend money only to people who could comfortably pay them back.
#4 The new rules of money are very different from the old rules. You can’t count on the mortgage lender, the car dealer, or the landlord to protect you. You have to protect yourself by getting your money in balance.

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Business

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Publié par	Everest Media LLC
Date de parution	08 mai 2022
Nombre de lectures	0
EAN13	9798822504516
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Elizabeth Warren & Amelia Warren Tyagi's All Your Worth
Contents Insights from Chapter 1 Insights from Chapter 2
Insights from Chapter 1

#1

All Your Worth is about getting your money in balance. It consists of three categories: your must-haves, your savings, and your wants. When you get your money in balance, your money worries disappear.

#2

The old financial advice that you are in trouble because you buy too much stuff is completely wrong. For many people, it is impossible to take on a mortgage that is more than they can afford.

#3

The rules were different in your parents’ generation. The government strictly regulated the banking industry, which meant that the amount of interest a lender could charge was tightly limited. As a result, banks had to be very careful to lend money only to people who could comfortably pay them back.

#4

The new rules of money are very different from the old rules. You can’t count on the mortgage lender, the car dealer, or the landlord to protect you. You have to protect yourself by getting your money in balance.

#5

The Caldwells were a couple who struggled with their money. They had tried to get out of debt, but every time they seemed to be getting out, something would go wrong. They had bought a starter home, even though they didn’t have the money for a down payment, which meant they were paying for two mortgages.

#6

The key for Brett and Brandi was to focus on the big picture and figure out where their money was out of balance. They needed to concentrate their energies on the big-ticket items and forget about the little things for a while.

#7

It has become easier to get in trouble with your basic monthly bills, but it has also become easier for your spending on extras to get out of control. Today, it is so easy to get out of control with the stuff you don’t really need.

#8

We helped Monica create a plan that would leave her with a sizeable portion for Christmas presents and movies with her friends, while still making sure she had enough left over to start paying off her credit card balances and building up some savings.

#9

If you are struggling to save, it is because you are spending too much on your Wants or your Must-Haves. To save enough, you must get these two categories into balance.

#10

The key to getting ahead is balancing your money. There is always enough for each of the three categories: Must-Haves, Wants, and Savings.

#11

The 50/30/20 formula is the basis for Your Worth. It determines how much you should be spending on Must-Haves, Wants, and Savings. It is a good place to aim for in your lifetime money plan.

#12

Keeping your Must-Haves at 50 percent allows you to have some flexibility in case of an unexpected expense. It gives you control over your life and allows you to manage an unexpected expense like a car accident or a leaky roof.

#13

There is one rule for spending your fun money: the Wants category has a lid, and it is clamped down tight. There is no limit on how you spend fun money, but when it is gone, it is truly gone.

#14

The Balanced Money Formula requires you to set aside a specific amount of money for your Wants. This spending cap is all about liberation, not deprivation. It makes it easy to follow the golden rule of financial responsibility: pay your Must-Haves first.

#15

Savings is about living better today, not just about living better tomorrow. When you have some money in the bank, you can relax.

#16

Your 20 percent for Savings will go toward paying off your debts, but it will also go toward helping you pay off your debts. With 20 percent for Savings, you know exactly where the money to pay off your debts will come from.

#17

Your earnings are the backbone of your lifetime Money Plan. To calculate What You Make, enter all the money that comes in on a regular basis in Worksheet 1. For most people, this is just a month’s worth of take-home paychecks.

#18

Your must-haves are a place to live, utilities, medical care, insurance, transportation, and minimum payments on your can't-escape legal obligations. You must pay these items every month, in good times and bad.

#19

The Must-Have category is for the necessities. You must have food to live, but you may be able to cut back on the amount you spend on food. So food is a bit tricky, and you have to consider it straddling two categories: a small amount to cover your basic nutritional needs should go with the Must-Haves, while the rest should go in the Wants category.

#20

If you need something to go with the Must-Haves, it becomes a Must-Have. If you could live without it, it becomes a Want. Don’t spend more than $180 a month on food.

#21

The Must-Have spending score is the amount of income you have committed to your Must-Have expenses every month. It is the balance between your Must-Haves and your Wants. If your Must-Haves are too big for your income, you will not have enough left over to buy a six-pack of paper towels.

#22

The Savings category includes two types of money: all the stuff that comes to mind when you hear the words saving for the future and debt repayment. Paying off your debts is another way to get ahead, and it is just as important as putting cash into the bank.

#23

Your Monthly Savings Score is the percentage of your income that is going to Savings. This is the amount by which you are getting ahead or falling behind on a monthly basis. The goal is to get into the 20 percent+ range.

#24

You now have a clear picture of where you stand with your money. You know how much you earn, how much you spend, and how much you save. You’re ready to take the next steps to control your money and build a lifetime of riches.

#25

You must believe in your ability to succeed when you get your money in balance.

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Summary of Elizabeth Warren & Amelia Warren Tyagi's All Your Worth , livre ebook

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