Congrats #1
Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life by Farnoosh Torabi, published by FT Press, September 2010; $22.99 US

About the book:

Personal finance expert Farnoosh Torabi knows what makes us tick…financially speaking—and it is more than just crunching numbers and budgeting. In her latest book, Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life, Farnoosh shows readers that the key to achieving fiscal harmony is understanding that it’s a matter of mind over money. Farnoosh uses the latest behavioral and psychological research, as well recent experiences working with struggling young adults and families, to reveal how to understand and tap into our emotional setbacks with our finances by making the small changes necessary to develop the proper mindset, behavior, habits, tools, and etiquette to get our mind and money in gear.

Setting aside advanced math and fancy calculators. PSYCH YOURSELF RICH encourages readers to:

REDEFINE “RICH”: Rich isn’t a number, it’s a state of mind and the rules of “rich” are changing.
EMBRACE RISK: Risk is everywhere and as our society evolves, more uncertainty will naturally be unleashed. Don’t fight it. Sticking to the old “risk-averse” status quo can actually be a danger to your bottom line.
AIM FOR YOU, INC: Manage your career destiny and your revenue streams by channeling the mindset of an entrepreneur.
SET YOUR OWN DEADLINES: Never pay a penalty, create your own calendar for bills.
THINK 5-YEARS AHEAD: A five-year strategy is critical even if you are already saving for a rainy day and retirement.
“PRE-COMMIT” TO SAVINGS: In addition to automatic savings, pre-commit to saving a portion of a future salary or surprise lump sum of cash. You’ll save more over time and it’ll be less painful.
And finally, LET FEAR MOTIVATE: Understand your fears to help change your behavior and take control of your life. Imagine hitting rock bottom and what it feels like to be stuck and really in trouble.

The New York Times calls Farnoosh’s advice “perfectly practical.” You’ve seen her on the Today Show, as the money coach on SoapNet’s Bank of Mom and Dad, the host of Wall Street Confidential with Jim Cramer, the resident financial expert on TLC’s Real Simple, Real Life, and more.

My review:

Psych Yourself Rich is a personal finance book that finally gets personal! Unlike many other basic finance books, Farnoosh Torabi asks readers to really examine their own relationships with money, define their own ‘rich’ and set individual financial goals. The second part of the book gives readers the tools to move forward with their financial plan, including getting organized, making dollars count and planning for the future.

Torabi even includes an insightful chapter on becoming an entrepreneur, part-time or full-time. Throughout the book, actual case studies and stories are included to further explain each point or topic. This is very helpful to really understand the concepts and application. Overall, Psych Yourself Rich is a practical and easy-to-read financial book that can be useful for any reader.

Giveaway:
One lucky person will win a copy of Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life by Farnoosh Torabi thanks to Sarah at Meryl L. Moss Media Relations, Inc. You can earn up to six entries for this giveaway.

First Entry
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This contest will end on Wednesday, December 15 , 2010 at 10:00 pm, central time. I will use random.org to select the winner and contact him/her. (If winner does not respond in 48 hours, I will pick another.) U.S. entries only. Good luck and thanks for entering!

Disclosure: Sarah at Meryl L. Moss Media Relations, Inc. provided copies of this book for review and giveaway.