Nice Girls Don’t Get Rich – 75 Avoidable Mistakes Women Make with Money.

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;

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.

 

2 thoughts on “Nice Girls Don’t Get Rich – 75 Avoidable Mistakes Women Make with Money.

  1. Okongo Joshua Fredrick says:

    Well for a while i have been watching people talk about Air Miles but i had never taken it serious on how it could be cost saving. I need to get my mind to it.

    When it comes to managing finances, i think this is one of the biggest areas where businesses fail and collapse. You may make millions of money but if you cannot manage it to work for the business, it’s sustainability also becomes a problem.

    Thank yo for sharing these insights Miriam

    Like

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