If I had to buy a gift for a young adult to celebrate a significant milestone, then I would choose to give the book ‘Get a Financial Grip – A simple plan for financial freedom’ written by Pete Wargent and first published in 2012 (ISBN 178-1-924941-80-1).
Pete Wargent is an amazing young man, who by the age of 33 had achieved his financial freedom to live the life he chose for himself. He passes on his philosophy of life which enables anyone who wants to follow his lead to be financially independent. While it is never too late to start managing one’s finances better, the younger one starts the more dramatic will be the results.
I suppose one of the reasons I like Pete Wargent is that he has a similar philosophy to my own. He saw the value in reading extensively about finance and achieved the financial planning qualifications necessary to present oneself as an expert. His views are soundly based and he does not try to give undue influence to either investing in real estate or equities, although he does encourage everyone to invest in both.
At the end of each chapter is a set of practical action points. For example, at the end of Chapter 3, some of the action points are:
- Prepare a personal balance sheet
- Prepare a simple income and expenditure budget
- Resolve to never purchase consumer goods or luxuries on finance again
- Devise a repayment plan to clear your bad debts
- Start living below your means today!
- Recondition your thinking – wealth is created through investing in appreciation assets and reinvesting the returns.
The wonderful thing is that as ‘like-minded spirits’, Financial Mappers provides the resources for you to simply and quickly build your financial future as suggested by Pete Wargent. Multiple financial scenarios can be built and saved in your personal financial management hub.
Not only does Pete Wargent give you the mind set to change your financial future, but he gives down to earth simple explanations and choices as to how you may achieve your goals. Most importantly, if you start early enough, you really don’t need to earn any more than an average income to achieve financial freedom.
As I look back over a lifetime of meeting people from all walks of life, I can think of numerous people on limited incomes who have achieved their own financial freedom by following similar lifestyle choices.
For young people, I think they will be more receptive to the viewpoints of a young successful entrepreneur. After achieving his personal financial freedom, Pete Wargent went on to create several new enterprises, including that of the author. I would also recommend his book ‘Take a Financial Leap – the three golden rules for financial and life success’ written in 2015.
Glenis Phillips SF FIN – Good Financial Reads