Practically Independent: Practical Advice to Become Financially IndependentPractically Independent: Practical Advice to Become Financially Independent is a no-nonsense guide to help you take control of your finances, full of practical advice that you can use to immediately improve your personal finances. The book outlines the strategy I have used to escape living paycheck-to-paycheck, lower the cost of my debt, get paid for having money, and protect what I have built.
Inside the book are tools, tips, and guides to help you manage cash, manage credit, manage investments, and manage risk.If you are looking for a get-rich-quick scheme, this book is not for you. On the other hand, if you are looking for financial independence made simple, with a practical approach to take control of your finances with real-world advice that you can start implementing today, then this is the book for you.
The entire strategy to take control of your finances is in the book Practically Independent: Practical Advice to Become Financially Independent, available in both Paperback and eBook editions.
Practical advice to become financially independent broken down into four steps. 1. Managing Cash: Being trapped living paycheck-to-paycheck is absolutely awful. Find out how to break the cycle by treating personal finances like a small business. Nobody likes budgets, and any personal financial advice that starts with "create an in-depth budget" is the worst. This approach does not require building a budget for groceries, lattes, or anything else Instead, separate income from expenses, learn budgeting basics, create an un-detailed budget and watch your savings grow.
2. Managing Credit: The interest rate you pay when you borrow money depends significantly on your credit report and your credit score. This book outlines a specific strategy to build a credit report with a step-by-step checklist to build your FICO score and lower the cost of borrowing money.
3. Managing Investments: Investing is not gambling. If your strategy leaves you hoping that markets go up and scared that they will go down, then you are gambling. Instead, learn how to build a strategy that works when the market goes up and when it goes down. You can invest in mutual funds and ETFs to build a portfolio that systematically and regularly pays you for having money. A strategy that will actually pay you more as you get older and further into retirement. It is investing, demystified.
4. Managing Risk: When you have built up your savings, your credit, and your investments, then you have a lot to lose if something unexpected happens. To protect what you have built, it is important to have three kinds of insurance: Health, Property, and Life. But, what kind, how much, and for how long? This book has an approach to help you decide how much insurance is enough.
About the author - Jay Rigler is a financial literacy advocate with a BA and an MA in economics. His career has included personal financial advising, risk management at a major credit card, and analytics for a top tier advertising agency. Here is an excerpt from the About Me section of the book:
"In 2010, after two years at the advertising agency, I was thoughtfully living the financial life you are going to learn about if you read through the rest of this book... I was running my personal finances like a small business.
"In the middle of 2014, I was able to shift my career again. I set up an online business, replaced my main income with my side hustle, and was able to leave the rat race behind... I want to share my practical tips to become financially independent. I am going to focus on tips that will work whether you earn a salary, an hourly wage, commissions, or are self-employed."