Review Financial Prosperity At Age 30
Tris / November 2023 (356 Words, 2 Minutes)
This is my first blog post on this channel. I picked ‘Review a book’ to start my blogging journey. In this post, I will review a book on personal finance, one of the most important aspects for everybody. The book provides valuable insights and practical advice on managing personal finances effectively, especially retirement planning.
My review
“Financial Prosperity at Age 30” by Go Deuk Seong is a book that I recently picked up when I was interested in learning about managing finance. One of the reasons is I found out I am so broke. The book offers a wealth of financial wisdom, particularly aimed at young people, just like me, who are starting their financial journey.
Briefly, it was a story about a man’s dream talking to a fairy and his friends. The dream tells him about his future. It is not life that he expects. He now owns a house with a nice car but he will live in a small room of a nursing home. With that setup, the book offers clear explanations and actionable tips that can help readers improve their financial well-being. A significant portion of the book is dedicated to retirement planning. It discusses the importance of starting early and calculating retirement needs. Here are some takeaways that I learned from the book and are worth sharing.
Key takeaways
1. Saving before Spending
It’s a simple concept but there are lots of people who do not adhere to it. By saving from the beginning, it forces us to live within our means, which helps us to avoid unnecessary debt.
2. Setting financial goals ASAP
One of the points frequently emphasized by the author is identifying financial goals for each phase of our life. With clear and achievable goals to aim for, becoming ‘rich’ is not a dream anymore.
3. The value of increasing income
The importance of increasing income is a higher priority for everybody. we should sit back and figure out how to increase backup money to compensate for inflation. It’s a practical tip to help us maintain our purchasing power over time.
4. Understanding Spending Habits
By understanding where our money goes, we can make adjustments and ensure we’re not wasting money on non-essential items.
5. Taking Risks When Young
When we are young, we have more opportunities to take risks when investing. The author suggests that young people can afford to take more risks with their investments, as they have a longer time horizon to recover from any potential losses.
Conclusion
Overall, this book serves as a comprehensive guide to personal finance. It covers essential topics clearly and concisely, making it accessible to readers with varying levels of financial knowledge. The practical advice and actionable tips make it a valuable resource for individuals looking to take control of their financial future.
Whether you are just starting your financial journey or looking to enhance your existing knowledge, this book provides valuable insights and practical strategies that can help you achieve your financial goals.
References
Go Deuk Seong (2012). Thịnh vượng tài chính tuổi 30 - Tập 1. Thái Hà Books & Nxb. Lao Động Xã Hội.