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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Beyond Getting By summary
Holly Trantham
The Financial Diet's Guide to Abundant and Intentional Living
19 mins
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Beyond Getting By
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De-shaming your finances for a balanced life.
Financial health starts with understanding the relationship between money and well-being. When you think about being good with money, it might evoke images of strict budgeting and relentless saving. However, a philosophy rooted in constant deprivation often leads to frustration, unplanned spending, and eventual abandonment of financial goals. This approach is ineffective – much like unsustainable fad diets that lead to eventual failure.
American culture has long been influenced by shame-based ideals, particularly in financial matters. These ideals can be traced back to puritanical roots and are prominently seen in the advice of financial figures like Dave Ramsey. His financial strategies, while helpful to some, are based on principles of extreme frugality and avoidance of debt, often rooted in Evangelical Christian beliefs. Ramsey’s advice includes avoiding all debt, not using credit cards, and cutting out any fun spending while paying off debt. This approach suggests that financial success is solely about personal responsibility and hard work, disregarding systemic issues that contribute to financial struggles.
Lindsay Bryan-Podvin, a licensed financial therapist, suggests a more shame-free approach to personal finance. Using shame to motivate financial behavior is counterproductive, leading to feelings of unworthiness and a negative feedback loop. Women, in particular, are more susceptible to the harmful effects of shame. Instead of shaming yourself for occasional indulgences, it’s more effective to practice compassionate budgeting, recognizing and celebrating small victories rather than focusing on perceived failures.
For practical budgeting, focus on three core principles: pay your bills on time, avoid debt for lifestyle expenses, and invest in long-term financial goals. A useful method is the 50/30/20 rule: allocate 50 percent of your income to needs, 30 percent to wants, and 20 percent to financial goals. Of course, this method can be adjusted based on individual circumstances and living costs.
An alternative approach frames budgeting through the concepts of ego, superego, and id. Your financial ego covers essential expenses like housing, health care, and groceries. The financial superego focuses on long-term goals such as saving for retirement or paying off debt. The financial id allows for discretionary spending on non-essential but enjoyable activities. This method encourages a balanced approach, ensuring you meet your needs and goals while also allowing for personal enjoyment.
Moving beyond shame-based budgeting means recognizing that financial management should enhance your life, not restrict it to constant deprivation. Aim to create a budget that supports both your current well-being and future security, fostering a healthy relationship with money, free from shame. This balanced approach will help you live more abundantly and focus on what truly matters in your life.
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What is Beyond Getting By about?
Beyond Getting By (2024) is a guide for those looking to integrate financial management with personal fulfillment, emphasizing the use of money as a tool to enhance life quality. It offers practical advice and exercises to help readers define their budget philosophy, negotiate for raises, and balance their personal and professional lives to avoid burnout.
Beyond Getting By Review
Beyond Getting By (2021) sheds light on practical strategies for achieving financial stability and building wealth for a secure future. Here's why this book is a valuable read:
- Explores innovative methods for managing personal finances and investing wisely, offering a fresh perspective on wealth accumulation.
- Provides concrete steps to attain financial security, empowering readers to take control of their money matters confidently.
- With its engaging examples and insightful tips, the book delivers complex financial concepts in an accessible and captivating manner, ensuring an enjoyable and enlightening read.
Who should read Beyond Getting By?
- Women seeking to improve financial literacy and independence
- Individuals interested in holistic financial and life planning
- Professionals aiming to balance career and personal life
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Beyond Getting By FAQs
What is the main message of Beyond Getting By?
The main message of Beyond Getting By is stepping out of mediocrity to reach your full potential.
How long does it take to read Beyond Getting By?
Reading time for Beyond Getting By varies but typically takes a few hours. The Blinkist summary can be read in just 15 minutes.
Is Beyond Getting By a good book? Is it worth reading?
Beyond Getting By is worth reading for its practical tips on personal development within a moderate time investment.
Who is the author of Beyond Getting By?
Holly Trantham is the author of Beyond Getting By.
What to read after Beyond Getting By?
If you're wondering what to read next after Beyond Getting By, here are some recommendations we suggest:
- The Algebra of Wealth by Scott Galloway
- The Wealth Money Can't Buy by Robin Sharma
- Rich Dad's Increase Your Financial IQ by Robert T. Kiyosaki
- Mind Magic by James R. Doty
- The Self-Made Billionaire Effect by John Sviokla and Mitch Cohen
- Marriage Be Hard by Kevin and Melissa Fredericks
- Financial Literacy for All by John Hope Bryant
- You Need a Budget by Jesse Mecham
- The Bogleheads' Guide to Investing by Mel Lindauer
- The Mentally Strong Leader by Scott Mautz