I was visiting a friend and had some free time on me as she went to run errands out of the house. Because I am not a TV person, I looked around for a book to read having forgotten my book at home. I rummaged through some books by her bed side and one caught my attention – Nice girls don’t get rich – 75 Avoidable Mistakes Women make with Money.
I want to be rich in this life and be in position to do many things that need lots of money, I decided to read the book and see what I can glean from the pages. Reading the book led me to having certain conversations with myself, I could relate with some of the mistakes mentioned here both in my life and in the life of friends and family. Below I list some of the take home points from the book;
- Although I need the input of people who may be able to help me avoid the pitfalls on my path to wealth, I don’t want them to determine the direction of my path. I have to keep pumping myself up to keep going on even when there are naysayers.
- Choosing to remain financially illiterate. This is an area I thankfully decided to tackle years ago. I have attended different seminars, read books and on line articles. I must say I am growing and will keep on this journey.
- Trusting others with your finances. This is a big one – I endeavour to learn about all the investments I need to make and never leave the decisions to others but there has been a big temptation to zone out and entrust others. This is never a wise decision, going forward I will be very involved.
- As a business person not getting reimbursed for my out of pocket expenses was common. After reading this, I immediately searched for all the receipts from past months and got my moneys paid back from the business.
- Giving away my time for free… arrrrggg, this is a hard one for me. I am still figuring out how to charge for my time outside my normal working time. This is an area of growth.
- Loaning money to family and friends – This is a big one for most people, I have lost so much through loaning money but this year I made the decision to not loan out money until I learn on how to recover the money.
- I need to not only be busy earning money but should actually take the time to manage it and make it grow. In addition, I should take inventory of my assets.
- If in full time employment or already running a business with limited time to start another, you can research the best practices in your field and become a consultant to others in your specialty area. This is an area I look forward to exploring.
- I need to sign up for all air miles, this will save me some cash. To add on, when I travel I find out the possibility of getting back taxes paid on purchases of goods in some countries. I have consistently enjoyed this service where applicable.
- Learn your business – the ins and outs and tricks of the trade. I continually learn concerning tour operations and travel business and this has allowed us continue to grow at Kagera Safaris.
- I should not place too high value on relationships or thinking with my heart and not my business acumen. This is a hard one because at heart I am a people person but in my business journey I have learned to say no and make decisions for the business away from the influence of emotions.
- People do not pay you for your time, they pay for your expertise i.e. sum total of your experience and education. This was a good pointer towards pricing of my services and products.
- Women don’t get as much as men because they don’t ask for it, and they don’t ask because negotiations make them anxious. In negotiations, I should err on the side of asking for more, rather than less.
- Being properly insured is important. What insurance product do I need? Health? Life? I am currently not insured. Yesterday I asked a friend working in insurance to recommend different products.
- Starting a Non profit venture without doing your homework. I have wanted to start a non profit for years now but kept pushing it. I am now glad I heeded to the voice that said I should wait. I will be better prepared
So my friends, consider getting yourself this book. I hope that you will learn and be reminded of other things but of course what you practise is what you learn.