Summary of David Bach's Smart Women Finish Rich, Expanded and Updated

By IRB Media

Please note: This is a companion version & not the original book.

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#1 The first step to take on your money journey is to educate yourself. -> The first step to taking control of your money is to educate yourself. You must understand that it takes more than a single burst of enthusiasm to improve yourself and develop new skills, and that it takes commitment and education.

#2 The first step to taking control of your money is to educate yourself. You must understand that it takes more than a single burst of enthusiasm to improve yourself and develop new skills, and that it takes commitment and education.

#3 There is a significant pay gap between men and women, and it widens over their lifetimes. Women are also less likely to have a steady income stream.

#4 Women need to save more money.

• Language: English
• Publisher: IRB Media
• Release date: Oct 8, 2022
• ISBN: 9798350039993

IRB Media

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Insights on David Bach's Smart Women Finish Rich Expanded and Updated

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 1

#1

The first step of your journey is to get motivated to educate yourself about your money and the role it plays in your life. You must understand that it takes more than a single burst of enthusiasm to improve yourself and develop new skills.

#2

Women in the 21st century have more opportunities and resources available to them than their mothers, grandmothers, and great-grandmothers did. But there are still many obstacles to be overcome.

#3

Women are also less likely to have a steady income stream over the course of their lifetimes. This is largely due to the fact that women are more likely to take time off work to care for children and elderly parents, but it is also due to discrimination.

#4

As a woman, you will have a smaller retirement income to look forward to, and you will have to make that income go further. You will live longer than most men, which means that the financial burden of caring for elderly parents will fall on you.

#5

What you don’t know you don’t know is what causes the most suffering and pain. And the best way to reduce what you don’t know is to learn what you need to unlearn.

#6

The most common myth about personal finances is that the most important factor in determining whether you will ever be rich is how much money you make. But the truth is that it isn’t how much money you make that determines your wealth, but rather how much you keep of what you make.

#7

The size of your income will not determine your financial well-being over the next 20 or 30 years, but how you handle the money you earn. Most millionaires are just the opposite.

#8

The average net worth of a millionaire is $3. 7 million. The average millionaire lives in a house that cost $320,000. The average millionaire’s taxable income is $131,000 a year.

#9

Nora was a successful 48-year-old woman who made more than $200,000 a year. However, she had no retirement account and only $50,000 in equity in her house. She had $35,000 in credit-card debt.

#10

Nora had some bad spending habits, and she didn’t believe me when I told her that she needed to change them. It took Nora 18 months to get around to opening a retirement account and making her first contribution.

#11

The myth that some man will take care of you is a dangerous one, and it affects nearly every woman. It is worth spending time on, because it affects nearly every woman.

#12

The median retirement income for Americans between the ages of 65 and 74 is $34,285 per year. Half of all Americans have incomes lower than that amount.

#13

The fact is, Social Security was never intended to be a retirement plan. It was designed to provide an income supplement. It should not be relied on to provide more than a small fraction of your retirement income.

#14

The statistics are clear: divorce is common, and the average woman lives seven years longer than the average man. No one wants to think about this, but it’s impossible to ignore.

#15

The some man will take care of you myth is a recipe for disaster. There is a myth that men will take care of you, but that is not true. Men are not obligated to take care of you.

#16

Inflation