About the Author
Farnoosh Torabi, a journalist and finance expert, is the author of You’re So Money and has starred in SOAPnet’s Bank of Mom & Dad as a personal finance coach to young adults struggling with their finances. Her newest book, Psych Yourself Rich, addresses how Americans struggle with money because our emotions are intricately mingled with our financial decisions.
About the Book
Psych Yourself Rich discusses how easily our emotions make us act irrationally when it comes to money; not a good approach for handling our finances. Torabi’s solutions are to define your goals, create your own philosophy about money to support those goals, and become responsible. Many of her solutions include anecdotes and stories of people working their way out of a financial dilemma that compliment her practical answers to finding a happy medium between your life and your finances.
Call to Action
Torabi’s solutions include simple, practical steps that help map out a solid financial path. Some of these steps include:
- Set goals that are reasonable – Defining what we want helps us determine what’s most important.
- Create a philosophy to support those goals – Crafting a philosophy or way you feel about money helps support goals and see them to completion.
- Stay entrepreneurial and creative – Expect the unexpected and use your creativity to shape your future.
- Pursue what makes you happy – This seems obvious, but sometimes we get sidetracked by monetary issues.
- Organize and get rid of inner clutter or drama that’s casting a hazy film over your goals – Create a budget so you can make the most of your money.
- Be your own advocate – Find better rates on most of your bills and ask for lower finance charges.
- Make your money count – Be aware of your own investments and don’t be afraid to search for better options.
- Make a 5-year plan – A five-year plan is usually more attainable than the unforeseeable future.
Summary
Psych Yourself Rich is an enjoyable and straightforward read that I highly enjoyed. Anyone can benefit from Torabi’s sensible solutions, especially if you’re just getting started on a life towards financial freedom.
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Regards,
Sam
Great review Little House. I actually just received a review copy of Farnoosh’s book yesterday and I’m really looking forward to digging into it. Looks like a great read.
Mike, congratulations on making blue belt!
I second that. Congratulations on the move to the next level!
[…] This post was mentioned on Twitter by BSimple, Yakezie. Yakezie said: Book Review & Giveaway: Giveaway: Psych Yourself Rich | Yakezie.com http://t.co/CdQujNe via @Yakezie by @LittleHouse2009 #free #yakezie […]
I think the part about organize and get rid of the clutter might be talking straight to me. I have to get my stuff together and being around this Yakezie group is going to do it for me.
Hi Little House, The book sounds GREAT! You did a wonderful job with the bullet points synopsis. I’m going to take some of this for my radio interview next weekend (topic: Money and Value) targeted at young people. Can’t wait to read the book. As usual, you do not disappoint!
This was an awesome book. Especially when it comes to looking at how emotions tie into money. And the last section of the book on entrepreneurial aspects….very informative!
Cool, I just got a copy the other day, now that I see some positives, it makes me wanna set aside some time to read it!
Sounds like an interesting read. I need to get a copy.
Definitely emotions play into financial decisions. This sounds like a good book; I especially like the idea of breaking financial planning into 5 year chunks.
[…] October 18, 2010 By: Mark Category: Books Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.Powered by WP Greet Box WordPress PluginThe Yakezie Network is hosting a giveaway of the popular finance book Psych Yourself Rich by Farnoosh Torabi. […]
I, also, just got a review copy of this the other day. I’m only into it a little bit, but so far I agree that it is worth the read. Several points have jumped out at me and made me take notice.
This sounds like a great book, I’m looking forward to see what all the reviewers have to say about it.
Sounds like a great book! I definitely think emotions play a big part in my finances if not others. My husband doesn’t let emotions influence any of his decisions, so we sort of balance each other out.
Already follow Yakezie on twitter and tweeted about this review. I am also subscribed to your RSS already, does that count :) ?
[…] few weeks ago, I wrote a book review for Psych Yourself Rich, written by Farnoosh Torabi. I was pleasantly surprised by her point of view on how emotions control […]