I believe that the right book at the right time has the power to change your life. As an avid reader myself, I’ve consumed many books over the years on the topics of money, personal finance, and investing. So this week, I’m sharing with you my must read personal finance books. 

Today, I’m sharing with you the book that isn’t a finance book, but when you apply the principles of this book to your relationship with money, it’s a powerful tool for focusing on the right things. 

Essentialism by Greg Mckeown is actually a book about productivity. Not trying to fit more in to our busy lives and get more done, but rather, focusing on what matters, what’s essential, to spend our time on the right things. 

Essentialism is a systematic discipline for discerning what is absolutely essential, then eliminating everything that is not, so we can make the highest possible contribution towards the things that really matter. 

So how do you apply the principles of this non-financial book to your relationship with money, and why does that matter. 

Every day we make choices about how we spend our money. A choice made today impacts the choices we have tomorrow. For example, let’s say that you buy a daily latte for $4.50. That daily latte costs you over $1,600 per year. Is the latte the right thing you want to spend your money on? It very well might be, but we have to consider the trade offs. Choosing to spend your money on the daily latte might keep you from saving more for retirement, taking that trip you’ve been putting off, or otherwise spending your money on what really matters to you. 

So it’s important that you take a good look at your money habits. How are you making the highest contribution to what really matters with your money. 

Another practical approach to essentialism in your personal financial life is to list your top 3 financial goals for the next 1 year, 5 years, and lifetime. When you know what’s important to you and why, it will help clear the path for acting in a way that’s consistent with your most important goals, and not wasting time or money on what doesn’t really matter to you.

That’s it for today!  Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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