July 8, 2018

Rich by Thirty


Although Rich by Thirty is written for a young audience, it provides sound financial advice for readers of all ages. It would also be a good book for those in the older generations to pass along to those who are just beginning their careers.

Rich by Thirty begins by commenting that “becoming rich by thirty requires us to strike a balance between our financial, personal, and career growth… When these three areas are strong, we can reach our full potential.” As these areas of growth come into balance, being rich takes on a new dimension and allows us to focus on other major areas of life.

The book suggests that the next step is to set ‘SMART’ goals—goals that are Specific, Measurable, Attainable, Realistic, and Timely. These goals must be formulated in a way that can be understood, be reasonable, and be achievable. Each chapter of the book presents such a goal and allows the reader space to write specific details to support that goal.

Rich by Thirty points out that a major challenge for many people is determining and understanding the difference between a need and a want. While many claim to be aware of this difference, knowing this difference is an ever-present challenge that many people face.

Scorgie presents a brief discussion about credit cards and their use, with examples of effective use. She also points out that for many, they are just an expensive way to purchase goods, especially when the goods are not paid in full and on time.

As we balance saving and spending in our lives, establishing an emergency account is an effective way to help to stay out of debt from unexpected expenses—medical, car, or home repair, for instance.

Being aware of how to save and invest is important, as is balancing that awareness with job or career—or with non-employment. Since sometimes ‘it is not what you know, but who you know,’ networking is also essential. There is a need to be aware that a current job may not be the ideal one, but it may be one step in getting closer to a dream work or career.

The conclusion reminds us again that ‘rich by 30’ is financial, personal, and career wealth to let you achieve a life lived to your potential.

This book is easy to read, to follow, and to complete the examples presented. Information is presented in ‘bite-sized bits’ with examples of successful financial planning and the negative impact of avoiding it. It could be used as a tool to affirm financial wellness in order to reach lifelong goals and to retire ‘rich’.

Rich by Thirty, Your Guide to Financial Success, 2nd ed.
By Lesley-Anne Scorgie.
Dundurn, 2015.
Paperback, 168 pages.
Available as an e-book.
Not available at the ATA Library.