Get Good with Money Summary

Have you ever thought about making your money work for you instead of working tirelessly for it?

1. Build a Healthier Mindset Around Money

The way we think about money often dictates how we act with it. Tiffany Aliche begins by encouraging us to evaluate our beliefs and emotional ties to money. Family values, upbringing, and societal messages shape these views, which can lead to unhelpful habits or anxiety. She advocates exploring these roots to create financial change.

To adjust unhealthy patterns, Aliche suggests visualizing yourself as someone who successfully manages finances. Rather than thinking you must "work hard for money," learn to make money work for you. This mental shift encourages better choices and opens the door to becoming the boss of your finances. Gratitude also plays a role—finding joy and appreciating progress keeps the journey less intimidating and more empowering.

She also stresses the value of accountability and a supportive circle. Influences around us can either drain or lift us. Surround yourself with positivity, and remember that with self-awareness and effort, you have what it takes to nurture financial independence.

Examples

• Write down current money habits and pinpoint their origins.
• Create a gratitude list to appreciate every small milestone.
• Connect with uplifting individuals who support financial learning.

2. Build a Say-Yes Budget

Budgeting isn’t restrictive; it’s a declaration of what you want to achieve financially. Aliche explains budgeting as a tool to align income with goals, giving permission to say yes to dreams like vacations or education. You’ll need to first list and categorize expenses and income to know where your money is going.

Aliche introduces a step-by-step budgeting exercise that starts with identifying fixed and variable costs. She guides readers through calculating savings potential and recognizing spending habits. Labeling expenses into categories like bills, utilities, or discretionary spending allows better control. Automate bill payments and savings deposits to take the chance factor out of the equation.

This approach helps you steer your finances strategically. By identifying necessary cuts, like trimming unnecessary subscriptions, you’ll find more space for essentials and long-term goals.

Examples

• Use categories like "needs," "wants," and "savings" to form a practical budget.
• Set up separate accounts for bills, daily cash, and long-term goals.
• Automate monthly payments and deposits to reduce errors and stress.

3. Save Like a Squirrel

Squirrels stockpile acorns to prepare for seasons of scarcity, an ideal metaphor for saving. Tiffany Aliche emphasizes that storing funds during stable times ensures peace during unpredictable days. This habit supports both emergency preparedness and wealth-building goals.

Start by calculating a sufficient emergency savings amount, such as three months' basic living expenses. Then utilize a “noodle budget,” or the minimum monthly sum you need to survive, as a guide for reducing spending temporarily. This practice can leave room for setting aside savings. Moving towards mindful spending also helps; she advises resisting impulse buys and prioritizing meaningful purchases over trivial ones.

Finally, consider high-interest savings accounts that restrict immediate withdrawal, which safeguards funds and enables growth at a faster rate than traditional accounts.

Examples

• Switch to homemade meals or free activities to cut spending temporarily.
• Deposit savings automatically into an online account to resist impulsive use.
• Evaluate every purchase with questions like "Do I truly need or value this?"

4. Clear Debt and Boost Your Credit Score

Debt elimination lightens financial stress and frees up room for bigger plans. Instead of seeing debt as an insurmountable burden, Aliche advises focusing on repayment strategies like the snowball (tackling smallest debts) or avalanche (starting with high-interest debts) methods. Mixing the two approaches can help balance motivation and financial efficiency.

Simultaneously, improving credit scores paves the way toward affordable loans for future investments. Factors influencing this score include timely bill payments and maintaining low credit utilization rates. Discipline pays off here—auto-paying bills and monitoring utilization helps demonstrate accountability to lenders.

These strategies shape a stable foundation for furthering financial freedom. Debt and credit should be seen as stepping stones, not stopping points.

Examples

• Use the snowball method to eliminate manageable debts first for quick wins.
• Set your credit card balance below 30 percent each month to boost scores.
• Address bill errors from previous years to clean up negative marks on reports.

5. Increase Income and Explore Side Hustles

When cutting back expenses isn’t enough, boosting earnings is the next move. Aliche suggests starting with your primary job. By documenting achievements and discussing more responsibilities with your employer, you might secure a raise. If that’s not on the table, applying for other positions or interviewing outside your company could uncover better opportunities.

Side hustles provide additional avenues for income. Identify marketable skills you already possess, like writing, baking, or tutoring. Starting modestly with a weekly or daily target offers motivation without risk of burnout. Most importantly, treat it as a long-term habit with potential for growth.

Examples

• Keep a "brag book" detailing measurable successes at your current job.
• Set a goal of $500 monthly from a side hustle and work incrementally toward it.
• Explore online platforms or local gigs to offer services like tutoring after hours.

6. Invest for Retirement and Wealth

Retirement investing ensures you’ll enjoy later stages in life without financial stress. Compound interest magically grows even small deposits over time, so consistency is essential. Follow the 4 percent rule: estimate 25 times annual expenses as your retirement target.

Beyond retirement, passive investments extend wealth growth. Use platforms to invest in low-risk EFTs or mutual funds if you’re new to stocks. Even with just an extra $5 a month, creating an investment habit pays off long-term. Aliche views investing as one of the most rewarding ways to care for your future self.

Examples

• Use your employer’s 401(k) or start a Roth IRA for long-term wealth-building.
• Automate contributions into mutual funds for set-it-and-forget-it growth.
• Start with $5 monthly investments and scale gradually as you learn.

7. Protect and Build Wealth with Insurance

Insurance is like a safety net. Health insurance is non-negotiable, providing essential protection against high medical bills. Life insurance becomes important once dependents or significant debts enter the picture. Other policies, like disability or home insurance, offer tailored safeguards for unexpected disasters.

Aliche sees insurance as an indirect path to growing your net worth. If adequately covered during accidents or crises, you won’t need to sink savings into expensive emergencies. Instead, that money can remain earmarked for multiplying your wealth.

Examples

• Compare health plans through work or local government websites.
• Ensure life insurance coverage amounts to at least ten times your income.
• Update homeowner’s or renter’s policies yearly to confirm current coverage.

8. Grow Your Net Worth Strategically

Net worth reflects the difference between assets and what you owe. Increasing this number doesn’t guarantee happiness, but it shows you’re building wealth. Aliche advises aiming for steady improvement: try setting a goal like a $10,000 jump in two years. Focus on reducing debt liabilities and expanding investments or real estate.

When making purchases, opt for cash payments to keep liabilities in check. Buy wisely for significant items to avoid dipping unnecessarily into savings or using high-interest credit.

Examples

• Start small by paying off one liability until cleared, then focus on another.
• Install a habit of regular net worth audits every six months to mark progress.
• Use cash instead of credit to stay financially grounded.

9. Build Your Money Team and Legacy Plan

Handling finances doesn’t mean going it alone. Assembling a “money team” of professionals and supporters makes managing and growing wealth less daunting. Aliche includes financial planners, attorneys, and accountants in a solid team.

Once your finances stabilize, build an estate plan. Designating beneficiaries, writing a will, and laying out advance directives ensures your loved ones are cared for. Mapping out this legacy makes your wealth impact extend beyond your lifetime.

Examples

• Recruit accountability partners to check progress monthly.
• Meet professionals like accountants annually to track changes or goals.
• Draft a basic will outlining property or savings distribution.

Takeaways

1. Make saving automatic by depositing a portion of every paycheck into a high-interest savings account.
2. Create a financial calendar with dedicated intervals to review budgets, debt repayments, and retirement contributions.
3. Write and revisit longer-term money goals regularly—like increasing your net worth by $5,000 annually—to stay motivated.