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10 Things Everyone Needs to Know About Money – Book Review

10 Things Everyone Needs to Know About Money – Book Review

This month I came across the book ’10 Things Everyone Needs to Know About Money’ written by Lind Davies and read it in a couple of days.

Coming from an investment banker I didn’t expect this book to be so easy to understand. It’s written in a friendly way and explains the most important things about money in a clear and concise way. Well done Linda!

There are 10 short chapters with fun images illustrating the explained money related concepts.

What is money?

Lisa explains the biggest confidence trick of all time – aka money 🙂 Ultimately money is only money if we believe in this concept. 

Where does the money come from?

The long answer is in this chapter and the short answer is the governments’ press the money 😉 

Where is the future of money?

Lisa remind us that cash gives us liberty and is practical she recalls Dodtoevsky’s saying :

‘Cash offers freedom and anonymity’ whereas electronic money can be traced..

She also reminds us that when we pay for goods with electronic money we are more likely to overspend. This is the money illusion

Then she explains : bitcoin! 

10 Things Everyone Needs to Know About Money - Book Review - June 2021
10 Things Everyone Needs to Know About Money – Book Review – June 2021

What is bitcoin?

It’s a new ‘currency’ invented in 2008 by Satoshi Nakamoto although some think there’s a collective of people behind this currency.

Bitcoin is a combination of computer science (blockchain), economics, philosophy and politics…created to achieve a cashless society!

Bypassing payment platforms, governments and creating peer to peer payment systems validated by thousands of computers via mathematical cryptography. 

Electronic money proves more and more useful at the cost of the cash especially during the pandemic.

However, if we want to reduce our spending and save money, we should try to switch to using cash, not electronic money whenever possible – to get control of our finances and get rid of the ‘illusion’ of not spending much when paying with the plastic 😉

How to multiply money?

It is as simple as save, save and save!  For more info check this chapter or some of my posts on this subject 🙂

How to invest money?

Linda lists these as 4 categories of investments:

  • The stock market
  • The property market
  • Commodities 
  • Interest from bank products

Lisa then illustrates return on investments using the above over a period of time.

How to lose money?

Inflation, hyperinflation & poor investment decisions in a short and for more detail head to this chapter.

How to steal money?

Lisa warns of various financial frauds and reminds of checking the investments.Asses any opportunity as ‘getting money quickly often means losing money quickly’.

Money and children 

Lisa advocated educating our children and especially daughters about the money! Apparently kids’ money philosophy is formed before they reach the age of seven! 

She then explains what to focus on 🙂 Check out this chapter if you are curious.

Money, psychology and you

Lisa encourages everyone to discover their investment psychology to decide how to best invest your money. I personally know how I like to invest and which level of risk I can take. For that reason I usually take mid range risks when locating some of my savings in the  ISA offered by Halifax and managed by reputable Scottish Widows fund managers.Whatever you do reinvest your dividends to sit back and watch your money grow!

Money, psychology and market

Linda reminds us that it’s a good idea not to follow the herd.I’d say I buy shares or crypto when the markets go low and I am yet to sell them when they get healthier. Temporary shake-ups do not put me off. It is important to remove ones emotions from this space but its also advisable to  have an emergency fund in case of difficult times. As they say, only invest as much as you are prepared to lose and check the trends and wise financial people and their opinions 😉

I love how toward the end of the book Linda illustrates money conversion into the time…It’s one useful way to convert money, isn’t it? I am always mindful about the health and time being unrecoverable, so its rather important to spend it wisely 🙂 

10 Things Everyone Needs to Know About Money Review conclusion

Great read. I would recommend it to anyone willing to understand the basics behind the ‘money’ but also to all those who want to learn about money saving and various ways of doing it.


About admin

I am not Martin Lewis but Martyna aka Money Saving Girl. When I first came to the UK I was on a super tight budget, so I know how hard it is not to have money or how to get creative to get 'more for less'. I share with you my money saving tips about anything which worked for me. Be it free samples, shopping tricks, iTunes, various discount apps, websites and reward programs. Occasionally I write about traveling or insurance.

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