Laws of Money and Lessons of Life: My One Paragraph Summary.
According to Suze, there are 5 Laws of money you should not break if you want to live a succesful financial life.
- Tell the truth about your financial life: spend what you can afford, don’t keep up with the Joneses.
- Don’t live on the past; spend like you still have the 100k income when you are now living on 55k or worse, unemployed.
- Put yourself first; do what is right for you first, before you think of someone else. Not your child or your spouse.
- Invest in the known before the unknown; especially your debts, build up an emergency fund for a rainy day — one year worth of expenses.
- Your money has no power of its own, all its power flows through you. The money is whatever you make of it: spend it, save it or lose it.
The most insightful quote I found in the book “we are born with two wings, the wing of grace and the wing of self effort, grace is always flapping but both wings have to flap at the exact same intensity for you to reach your potenital”