Lynnette Khalfani’s The Money Coach’s Guide to Your First Million Review

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Lynnette Khalfani's The Money Coach's Guide to Your First Million ReviewI recently had the opportunity to read and review The Money Coach’s Guide to Your First Million by Lynnette Khalfani and its “7 Smart Habits to Building the Wealth of Your Dreams.” Overall, I enjoyed the book and recommend it for people who have difficulty knowing where to start in establishing a strong financial foundation for their future lives. Lynnette writes in a very conversational style that I found both inviting and accessible and didn’t make her sound like a stodgy financial advisor you couldn’t relate to.

She advances her ideas with the use of acronyms and uses them copiously starting with MILLION (seven letters, seven steps!). MILLION stands for:

  • Make a personal prosperity plan.
  • Invest first, last, and always in your reputation.
  • Live like a lender, not a borrower.
  • Leverage the power of property.
  • Increase your fortune with proven methods not shortcuts.
  • Overcome setbacks and minimize risks to your financial health.
  • Never forget the next generation.

However, before delving straight into personal finance principles (such as her PERFECT CREDIT system in chapter 2, Invest first, last and always in your reputation), she does something I thoroughly enjoy – she tackles many of the “problems” people have that prevent them from establishing a strong financial foundation. She reminds you that there are no get rich schemes, that you must actively combat laziness, that you must educate yourself, and maintain discipline. Many books avoid this pivotal step and assume that the self-selecting group of readers has already overcome these common pitfalls – that is often not the case.

I’ll briefly go over what was discussed in the first chapter, which revolves around budgeting, but leave the balance of the book for you to discover on your own. She begins the chapter by speaking about her own experiences, which are not entirely uncommon and helps in making her seem like “one of us” and not “one of them.” She learned her budgeting skills growing up out of necessity and this translated, in part, to her budgeting success now. She applies a SMART model to setting budget goals (Specific, Measurable, Achievable, Realistic, Time-Bound) and even tackles the problems most people have with budgets. Throughout all of these topics she introduces stories that drive the point home and breaks the monotony of someone explaining something to you.

Overall, I enjoyed The Money Coach’s Guide because it was very fast and easy to read (228 pages) because of Lynnette’s writing style. The book also did something I don’t see often, it constantly reminded readers to be disciplined and that she understood why it was hard (it is hard to stick to a budget) yet she continued to encourage the reader to maintain vigilance. In that respect, it was more than an instruction manual to your personal finance life, it was more like a coach, urging you to perform better while providing useful guidance. If you’ve found yourself having trouble sticking to a financial plan and aren’t really sure what to do next, consider getting Lynnette’s book.

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One Response to “Lynnette Khalfani’s The Money Coach’s Guide to Your First Million Review”

  1. Gary says:

    I read the book and thought it was horrible. She talks about a family in California that had financial problems, so she discovered that they knew how to make go carts, so she had them start making them without even researching the field! What a sham!

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