What I have learned from #GirlBoss Sophia Amoruso
Have you read #GirlBoss? This is a book published in May 2014 by Sophia Amoruso, founder and CEO of NastyGal. I picked up the book because this bestseller is the biography of a woman entrepreneur but it is also a guide to female empowerment. The hashtag #GirlBoss has become a global movement with more than 4 million posts on Instagram...
I was surprised to see in there a chapter about finances, and I think Sophia is sharing some valuable money management lessons:
Money = freedom
“but what I have realized over time is that in many ways, money spells freedom. If you learn to control your finances, you won’t find yourself stuck in jobs, places, or relationships that you hate just because you can’t afford to go elsewhere. Learning how to manage your money is one of the most important things you’ll ever do. Being in a good spot financially can open up so many doors. Being in a bad spot can slam them in your face.”
Cash is king
“Cash is king [...]. It’s so simple, yet so difficult for a lot of people to understand: Do not spend more money than you have.”
It’s a lot easier to talk about saving money than it is to actually save it
“The average American only saves 6.5 percent of his or her income, which is barely keeping up with inflation. But you, dear #GIRLBOSS, should save 10 percent at the bare minimum. I know it’s a lot easier to talk about saving money than it is to actually save it. Here’s a tip: Treat your savings account like just another bill. It has to be paid every month, or there are consequences… If you’re tempted to buy something, just imagine that those new shoes were actually made out of crisp $ 20 bills. Do those $ 20 bills look good getting dirty on the sidewalk? No, they do not. That’s because money looks better in the bank than on your feet.”
“To many people, talking about money is awkward. They think they have either too little or too much. [...] The first piece of advice I can give you is to learn to separate your money from your emotions as much as you possibly can. [...] It also quite literally pays to be as unemotional as possible when asking for a raise.”
Put that money to work
“Spend money because it’s an investment in your own well-being, not because you’re bored and have nothing else to do.