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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Great Money Reset summary
Jill Schlesinger
Change Your Work, Change Your Wealth, Change Your Life
17 mins
Brief summary
The Great Money Reset by Jill Schlesinger explains how the COVID-19 pandemic has impacted the global economy and provides practical advice on how individuals can reset their financial goals and strategies to thrive in this new economic landscape.
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The Great Money Reset
Summary of 6 key ideas
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Key idea 1 of 6
A sustainable change requires high-level financial planning
Are you ready to make a Great Money Reset, and bring your financial life in line with your values, desires, and dreams? That’s great! Big, risky changes are what make life interesting. Whether you’re planning to drop out of law school to pursue a career in tap dance, or sell up the family home to move to a tiny house in the middle of the forest, you’re on the cusp of doing something freeing, authentic, and exciting.
But before you get too carried away, remember that you don’t just want to make a dramatic lifestyle change – you want to make a sustainable lifestyle change. You need planning and preparation if you’re going to make that Great Money Reset work.
Before making a major life change, take time to carefully analyze five key areas of your finances that we’ll call the Fabulous Five:
One: calculate all of your income and assets to see what resources you have available. Consider which are liquid. Having reserves of cash can help see you through unexpected difficulties or smooth your transition after you leave a job with great benefits.
Two: tally all debts and liabilities. You’ll want to consider how to balance paying down debt with staying as liquid as possible – for example, it might not be smart to pay off your mortgage and drain your cash reserves in the process instead of keeping that debt ticking along.
Three: review your housing costs and whether downsizing could free up cash. If you’re lucky enough to own a second home, or be in the position to move to a more modest housing setup, streamlining your housing can free up plenty of cash.
Four: create a realistic estimate of your monthly spending. Don't underestimate future needs. How much are you currently spending? Can you realistically manage to make cuts here?
Five: factor in financial obligations to others, like college, or care for aging parents. How will the people in your life need your support over the next decades? And how much would you like to commit to supporting them?
Create realistic best, middling, and worst-case scenarios for after your planned change. Identify backup plans, like starting a new career if early retirement doesn’t pan out, or moving somewhere cheaper if your dream location proves too expensive. Consider how you might make incremental steps rather than dramatic moves. For example, try a trial period at a new job or in a new place before you fully commit.
Taking the time to assess your finances thoroughly will give you confidence in your ability to make a successful change – or it may show you need to modify your plans. You may find you don't need an extreme reset – smaller tweaks could work. The key is to act deliberately, and limit your risks.
If you’ve run the numbers, and you think it all adds up, then congratulations! You officially have permission to make the leap!
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What is The Great Money Reset about?
The Great Money Reset (2023) is a plain-talking, practically focused handbook aimed at empowering everyday people to take the financial steps necessary to build their dream lives. Simple strategies explain how to bring your financial life into alignment with your values, desires, and dreams, to put a truly fulfilling life within reach.
The Great Money Reset Review
The Great Money Reset (2022) by Jill Schlesinger is a thought-provoking analysis of the forces reshaping our financial landscape and offers practical advice on navigating these changes. Here's why this book is worth reading:
- It provides a comprehensive understanding of the current economic landscape, helping readers make informed decisions about their finances.
- Through real-life examples and expert insights, it offers actionable strategies to weather financial challenges and embrace new opportunities.
- The book's engaging storytelling and relatable tone make complex financial concepts accessible and ensures that readers won't find it boring.
Who should read The Great Money Reset?
- Daydreamers who’d love to make a big life move but don’t know how to fund it
- Office workers who are ready to take bigger professional risks
- Anyone who feels too financially stuck to try something new or adventurous
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The Great Money Reset FAQs
What is the main message of The Great Money Reset?
The main message of The Great Money Reset is to understand the changing dynamics of the global economy and navigate financial challenges successfully.
How long does it take to read The Great Money Reset?
The reading time for The Great Money Reset varies depending on the reader, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is The Great Money Reset a good book? Is it worth reading?
The Great Money Reset offers valuable insights and actionable advice for anyone interested in understanding and managing their finances better.
Who is the author of The Great Money Reset?
The author of The Great Money Reset is Jill Schlesinger.
What to read after The Great Money Reset?
If you're wondering what to read next after The Great Money Reset, here are some recommendations we suggest:
- Love Your Life, Not Theirs by Rachel Cruze
- Do Cool Sh*t by Miki Agrawal
- Emotional Habits by Akash Karia
- Redefine Wealth for Yourself by Patrice Washington with Candice L Davis
- The Joy of Saying No by Natalie Lue
- Play Nice But Win by Michael Dell
- You Are a Badass at Making Money by Jen Sincero
- Change Your Questions, Change Your Life by Marilee Adams
- Know Yourself, Know Your Money by Rachel Cruze
- So Good They Can't Ignore You by Cal Newport