Financial Feminist | Tori Dunlap

Summary of: Financial Feminist: Overcome the Patriarchy’s Bullsh*t to Master Your Money and Build a Life You Love
By: Tori Dunlap

Introduction

Welcome to the compelling world of ‘Financial Feminist: Overcome the Patriarchy’s Bullsh*t to Master Your Money and Build a Life You Love,’ authored by Tori Dunlap. In this summary, you’ll explore the importance of understanding your financial emotions, confronting them, and applying that knowledge to achieve confidence in money matters. You’ll also learn the impact of society’s expectations on women and finances, and how taking control of your financial life can transform both your own wellbeing and the world. The book provides practical steps and approaches to establish financial independence and security, focusing on personal finance planning and investing in yourself and your priorities.

Overcoming Money Shame

Your financial outlook is influenced by early experiences and attitudes formed around money. Recognize the root of these emotions, confront them, and develop confidence in your financial capabilities. This will eventually have a significant impact on your ability to achieve your financial goals. Personal finance education is essential; it may vary between genders, but it’s vital to acknowledge this and strive to improve our financial skills.

Deconstructing our relationship with money begins with understanding how our early perceptions were shaped. By the time you were seven years old, your financial outlook had already been influenced by your environment. Experiences like observing parents fighting over bills or diligently managing finances were imprinting themselves on your mind.

Nobody is born an expert in managing money. It requires learning and practice. However, financial education often differs between men and women. While boys are usually taught wealth-building through investments, real estate, and entrepreneurship, financial lessons for girls tend to focus on managing household budgets and cutting expenditures. Society perpetuates these differences and commonly shames individuals for struggling with debt and not saving, disregarding the various factors that impact their financial situation.

Historically, women have found themselves at a financial disadvantage. They’ve graduated with more student debt, received lower wages, and faced discriminatory lending practices. Women only gained the ability to have their own credit cards and apply for business loans in the 1970s and 1980s, respectively.

It’s time to acknowledge these disparities and give yourself some grace. The road to building personal wealth begins with examining and addressing the emotions tied to money. Perhaps fear or negative self-worth messages are preventing you from negotiating a raise or taking another important financial step. Confronting these emotions and being mindful of their effects on you is crucial for progress.

Developing confidence in your financial abilities is essential. It empowers you to seek better jobs, pursue more education, and negotiate better terms with creditors. Over time, these small, confident actions accumulate, significantly contributing to the achievement of your financial goals. Growth begins with checking in with your money-related emotions and recognizing their impact.

Embrace Your Financial Voyage

Confronting your financial fears is the first step towards improving your financial well-being. Start by acknowledging your current financial situation and understanding the emotions associated with your money matters. Gather details about your income, savings, and debt to formulate a clear plan to overcome financial obstacles. Create an emergency fund, prioritize debt repayment, and track your spending to make the necessary adjustments. Setting goals will help pave the path to financial freedom and a fulfilling life.

Embarking on a journey to better your financial life begins with addressing deep-seated emotions surrounding money and self-worth that have led you to your current situation. By acknowledging your financial anxieties, you become more receptive to change.

The second step is to assess your financial status. Ignoring your financial reality hinders your ability to strategize and attain your financial objectives. To analyze your finances, determine your income, expenditure, and the allocation of your money. If you have an irregular income, such as from freelance or commission work, consider several months’ worth of income data to compute an average.

Creating an emergency fund with at least three months’ worth of living expenses is essential for immediate financial stability. If you haven’t started saving for retirement, make a note of it. Separate high-interest debt from low-interest debt such as mortgages to streamline debt repayment. Refrain from self-judgment during this process; remember that progress lies in confronting your financial reality.

Gathering information about your spending helps you make informed decisions on where to cut costs, prioritizing more essential expenses. Various online tools, such as banking applications, can assist in tracking and categorizing your expenditure. Tracking your expenses for a few months should provide sufficient data to make informed decisions.

Lastly, setting financial goals based on the insights you’ve gathered will guide you towards financial independence and a life you’ve always imagined. With clear objectives, you can steer your financial future in the right direction.

Power of Three Specific Goals

Focus on pursuing only three goals at a time, as it significantly accelerates your progress and sparks motivation. Prioritize an emergency fund if you’re without savings, and make your goals specific, time-bound, and emotionally rewarding. Frame your goals in the past tense to trick your subconscious into believing success is possible, and break long-term goals into smaller milestones. Connect each goal to personal well-being and happiness to maintain motivation and perseverance.

Narrowing down your priorities to three specific goals allows for rapid progress, which fuels your motivation. If you’ve yet to establish savings, consider making an emergency fund your top priority โ€“ having a financial safety net reduces stress and brings peace of mind.

To boost the effectiveness of your goals, make them clear, time-bound, and emotionally rewarding. Imagining your goals in the past tense โ€“ like having saved significant funds or being credit card debt-free โ€“ sends a powerful signal to your subconscious mind that achievement is within reach.

For long-term goals spanning several months, breaking them down into smaller, manageable targets can prevent feelings of discouragement. This approach allows you to track monthly progress and maintain momentum. Consider what each goal symbolizes; for example, saving money may contribute to your “take this job and shove it” fund or signify a percentage of a dream vacation. Personalizing your goals in this way keeps motivation high and discourages impulse spending.

Ultimately, always remember that your goals should prioritize your well-being and happiness as they are tailored to you, and you’ll be the one to fulfill them. This mindset sets the stage for both emotional and financial success.

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