I’ve seen personal finance expert Farnoosh Torabi in appearances on Yahoo Finance and Good Morning America, and I was fortunate to receive a review copy of her new book Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life
What I Liked
There are plenty of personal finance books on the market (I have a whole stack on my desk waiting to be reviewed!) but Psych Yourself Rich is unique. Rather than just restating the same old advice that is repeated again and again in personal finance books, Torabi delves deeper into the emotional issues that get in our way and sabotage our good intentions.
For example, we all know what we need to do to achieve financial freedom. We need to spend less than we earn, avoid credit card debt, and save money like squirrels socking away acorns for a long winter. But if it’s so simple, why is it so hard for us to do?
Because our emotions get in the way and cause us to make poor financial decisions. Peer pressure, unstable relationships, mooching friends, and social expectations are all forms of emotional clutter that fog up our ability to focus on what really matters. The bulk of the book is about how to clear the clutter from your mind so you can make sound financial decisions.
What I Didn’t Like
As much as I enjoyed Psych Yourself Rich, I did find it was a little lacking in practical advice. For example, her closing chapter was all about embracing the entrepreneurial spirit. She encourages you to think outside the box and look for alternative ways to make money besides just getting a job. But while I agree that we should all be trying to create alternative streams of income, I can’t help but feel this chapter fell a bit short.
Truthfully, it seemed a bit tacked on at the end and leaves the reader thinking, “Starting my own business sounds great! But how the hell do I get started?” I would have liked to see her expand more on the topic…though maybe she is saving that for a future book.
Worth Buying?
Yes. It may not offer the most detailed action plan for getting out of debt or starting your own business, but there are plenty of books that already do that. Farnoosh Torabi offers something different…advice for getting past our own mental blocks so we can make the financial decisions that we know we have to but just can’t seem to do for ourselves.
Grab yourself a copy at a discounted price at Amazon here.
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{ 3 comments… read them below or add one }
The more you read the more you learn! Interesting review. There are a lot things that prevent us from success. I am not so sure it is emotions. I like to read biographies of successful people rather than advice books.
krantcents´s last [type] ..My 2011 New Year’s Resolutions
I felt the exact same way about the end of this book… kinda scratched my head and was wondering where the next chapter would be. Still a good primary for finance 101 I think, but lacking in the business department.
Ryan @ Planting Dollars´s last [type] ..Creating Multiple Streams of Income
Thanks for sharing your thoughts on the book. How Farnoosh talks about the emotional problem that comes along with debt.
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