This month, I read The Meaningful Money Handbook, written by Pete Matthew, a leading Chartered and Certified Financial Planner (and financial podcaster & YouTuber), based in Cornwall. My dad had gifted me a copy when it was first published, and I have (shamefully) been meaning to read it for ages. As my goal for 2023 is to increase my financial literacy (read my new year’s resolutions post), this book seemed the perfect place to start. Here’s my review of how I got on.
Overview
Pete is of the view that everyone can achieve financial freedom, and that ultimately the process is quite simple. Success is not determined by the quantity you earn, but rather by your attitude and habits towards your finances. By implementing (and, of course, maintaining) a series of simple, straightforward habits, we can all secure our financial futures.
The Meaningful Money Handbook gives its readers the foundational knowledge and practical solutions to secure their personal finances. With simple explanations, free from complicated terminology, this book is accessible to anyone, regardless of their existing financial knowledge.
Whilst the book is written from a UK-centric perspective in terms of pensions and ISAs, it’s filled with great general advice, too. The book talks the reader through how to build sensible yet sustainable habits to improve their financial position over time. This makes it helpful for anyone looking to become more intentional with their personal finances, regardless of where they live.
What topics are covered?
The Meaningful Money Handbook is split into three sections: Spend Less Than You Earn; Protect Against Disaster; and Invest Wisely. Within each chapter, information is divided into two categories: everything you need to KNOW and everything you need to DO.
In essence, Pete teaches the knowledge and content first and then shows the practicalities of how you can apply this knowledge to real-life scenarios.
The book follows a natural progression through the financial journey. Starting with how to get out of debt (and how to avoid sinking back in), how to budget and save, and eventually covering topics of insurance and investing. Covering the basics and teaching good habits along the way, this book provides a comprehensive overview which will appeal to anyone looking to improve their financial positioning.
“Financial success comes from repeating a few simple actions over and over again for the long haul.”
Direct quote: Pete Matthew in The Meaningful Money Handbook
How accessible is the information? Is it easy to follow?
The Meaningful Money Handbook is made up of short, concise chapters which makes it easy to read and stay engaged. This is a big plus, especially for readers new to the concepts covered because it’s not overwhelming.
Pete hopes The Meaningful Money Handbook will be a useful tool to reference throughout your journey to financial freedom – designed in bite-size chunks of information, it’s easy to navigate to the specific topic you’re after.
The book is well-written with the reader constantly in mind. Pete has done well to avoid complicated jargon and provide clear explanations of financial terms where necessary. Using every day, simple language that’s easy to understand means the writing is accessible to all readers. At the same time, it comes across as friendly and guiding rather than patronising, which is a difficult line to walk.
Pete uses examples throughout to help explain his points. For instance, using figures to exemplify the significance of over-paying your mortgage over time. Refreshingly, these examples are based on realistic figures for what the average person needs and can afford. I found this very effective. Not only does it make the meaning clearer for readers, but it drives home the point by showing what’s possible when these habits are implemented. I found this inspiring, encouraging and very persuasive as I could directly relate the examples to my own life.
It was eye-opening to read about concepts that were entirely new to me, such as insurance and investing. This discussion is so important as they’re topics the average lay person would perhaps never have on their radar, but which contribute significantly to building a solid financial foundation for yourself (and your family). By bringing these to light in simple, straightforward terms, The Meaningful Money Handbook is set to positively impact many lives.
Scope
Pete stresses that this book isn‘t exhaustive, nor should it be used as a replacement for professional financial advice. The Meaningful Money Handbook provides a great foundation for readers who are beginning their journey towards securing their personal finances. Importantly, it also highlights specific circumstances or areas in the financial journey where you ought to seek professional advice. There’s a useful section titled “when and how to use a financial advisor” which includes the top things to look for (and some to avoid!) when selecting an advisor.
Final thoughts
The Meaningful Money Handbook is an insightful book and an incredibly useful resource. Designed to be picked up and thumbed through as and when you encounter a new stage of your financial journey, I see it becoming a staple on many people’s bookshelves. With clear, concise explanations and practical information, this book is a must-read for anyone looking to improve their habits and secure their financial future.
I’ve found it refreshing to learn that achieving financial freedom can be quite simple. Obviously, it requires determination to implement, enforce and maintain the habits set out in the book, but I feel confident that I now have a good grounding for moving forward. The Meaningful Money Handbook has inspired me to take a serious look at my finances and I’m confident that with it in my back pocket, I’ll be able to make positive change.
I would highly recommend reading The Meaningful Money Handbook. You can view the full list of stockists via the official website.
Pete’s Meaningful Money brand advocates that financial planning really should be simple for the majority of people. He’s dedicated to sharing his knowledge with others and is active on Youtube, social media, and his podcast, The Meaningful Money Personal Finance Podcast. I have popped his links below.
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