Spend Well, Live Rich: How to Get What You Want with the Money You Have

Spend Well, Live Rich: How to Get What You Want with the Money You Have | Michelle Singletary | If I knew then......

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Spend Well, Live R...

	Spend Well, Live Rich: How to Get What You Want with the Money You Have Michelle Singletary Ballantine Books, 2004 - 288 pages average customer review:based on 5 reviews view larger image
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The best financial planner Michelle Singletary ever knew was Big Mama, her grandmother. Big Mama raised Michelle and her four brothers and sisters on a salary that never reached more than $13,000 a year. Yet at her death, Big Mama owned her own home, had paid off a car loan, and had a beautiful collection of Sunday-go-to-meeting church hats and a savings account that supplemented her Social Security check and small pension. Most important, she had taught Michelle ?7 Money Mantras for a Richer Life.? Those mantras serve as the inspiration for this straight-talking book of practical personal financial advice that really works.

The 7 Money Mantras are:

1. If it?s on your ass, it?s not an asset!
2. Is this a need or is it a want?
3. Sweat the small stuff.
4. Cash is better than credit.
5. Keep it simple.
6. Priorities lead to prosperity.
7. Enough is enough.

Michelle Singletary is a syndicated columnist for The Washington Post whose popular personal finance column appears in more than 120 newspapers. She?s also a mother of three children who understands what it?s like to live on a budget. In a plainspoken, sassy, no-nonsense voice, Michelle provides answers to the financial issues that confront almost every household: how to teach children the value of money; how to address money issues in a relationship or marriage; household saving tips; getting the best loans; and much more.
?This book is about saving enough money to have choices,? she writes. ?It?s about feeling free to be cheap if you can?t afford to buy a ton of gifts at Christmas. It?s about eliminating wasteful spend-ing so you can begin to save and invest. It?s full of uncommon commonsense lessons and guidance on the way people should use their money.?
With humor and down-home financial wisdom, Michelle Singletary offers practical and realistic advice that will help you live well with the money you have.

Michelle Singletary on . . .

Romance and Money
?It?s okay to say: ?Honey, I love you and everything, but if you need money, ask your mama.??

Credit Cards
?We are minimizing our financial potential by making minimum credit-card payments.?

Car Buying
?If you want to save money, keep your car until you?re on a first-name basis with the local tow-truck drivers.?

Leasing a Car
?You, too, can drive a car you can?t afford and then have to give it back. It?s crazy.?

Gift Giving
?Generosity isn?t about how much you spend. It?s about how much thought you put into the gift.?

Penny Pinching
?I once bought a stick-shift car because it was $1,000 cheaper than the automatic in the same model. There was just one little problem. I couldn?t drive a stick-shift. But at least I saved $1,000!?

From the Hardcover edition.

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See review for 7 Money Mantras

This book appears to be the same as the earlier book "7 Money Mantras...". Read the reviews for that book as well - they are favorable, not like the ones here as of 5/6/06. It's a great book, and will help you negotiate through the darker side of capitalism.

If I knew then......

I enjoyed this book so much that I purchased it for all the young people in my family. I wanted them to be able to make sound financial decisions and not become a member of the "working poor". This book has the tools that will help them accomplish that goal. The information is sound, concise and to the point. Told with enough humor to get your attention but serious enough to underscore the fact that it is not "just money".

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You Probably Already Know Everything in This Book...

...the author is just reminding you of things we like to "forget" -- credit cards are bad, being in debt is bad, shopping when you're upset is bad, and more. Yes, Ms. Singletary does offer some basic financial advice and explains some of the more complex money-management ideas in easy-to-understand terms. But mostly, she just seems to be yelling at the reader and repeats herself a lot. I don't need a book to tell me not to co-sign a loan for my unemployed alcoholic cousin, for example. The author does provide a good analysis of America's conspicuous consumerism and the downward spiral of never-ending debt on unnecessary goods and services that should be of great concern to many of us. Some of her mantras absolutely should be taken to heart by the millions of Americans who mindlessly flood the malls every weekend in search of yet another pair of shoes they don't need, another DVD they'll never watch, or another toy to placate the child they didn't spend time with all week -- her call to return to a simpler way of life, and living within one's means, is to be heeded. That being said, however, it is obvious that the author and her family enjoy a high standard of living (although, to her credit, she does not appear to indulge her childrens' every whim or spoil herself with luxury -- but they are comfortable and not in any danger of having their electricity turned off) and some of her suggestions to those trying to dig their way out of debt come off as glib and facile. Ms. Singletary grew up poor and has been taken advantage of by thankless relatives and she does profess a lot of good common sense that may be difficult for some people to hear (and more difficult to practice), but some of her reactions to spending money on fairly modest purchases border on panic. She does admit her own tendencies to go overboard (penny-wise and pound-foolish), but her tone is often scolding. Although the book certainly does not offer any concrete solutions or formula for earning more, saving more, paying off debt, etc., it is easy to read and may be a good first step for someone trying to improve their financial situation. It is probably actually a better preventative than a cure -- I think kids beginning college, or getting their first jobs should read this book in order to avoid all the common money mistakes in the first place. It's just as difficult to talk to kids about money than it is about sex; maybe using this book as a cautionary tale would make it easier for families to be honest about money and save everyone a lot of worry and trouble in the end. I don't think this book is worth the price, though. If you can borrow it from a friend, find it used, or get it at the library, it's worth a read, but it is not something you'll refer back to over and over again.

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