Title: A
Simple Book of Financial Wisdom: Teach Yourself (and Your Kids) How to Live
Wealthy with Little Money (Paperback)
Author: Danny
Kofke
Website: www.dannykofke.blogspot.com
Summary:
I could appreciate
this book because as a single parent I had to learn how to live on less income
once I was divorced. It was a trial and error situation and with a lot of bumps
and bruises along the way, but eventually I figured it out and was able to even
save some money each paycheck. I wish I would have known about this book a 3
years ago because it would have really helped me figure out the financial
aspect of my life after my divorce and would have saved me a lot of stress and
headache of figuring it all out on my own.
This is such
a great financial book for anyone that is at any stage in their financial life.
The one thing that I love about this book is that Danny puts everything into perspective
throughout the entire book. There is a section of celebrities that have found
themselves in serious financial disarray which goes to show that no matter, age,
sex, race, creed, rich or middle class can find themselves in financial trouble
if you live beyond your means.
One
suggestion that Danny makes is using a cash only spending plan. It is figuring
out what you need on a weekly basis for spending money and pull that amount out
on a set day of the week. I tried this and I would agree that it was hard to do
the first week or two because I felt that someone was always coming up that
would put me over my weekly allowance (i.e. unplanned dinner with the girls). I
knew that if I went out then I would need to cut back on some other expenses
during the week so as not to go over my allotted spending for the week. It was
a tough decision and I decided not to go to dinner that week with the girls and
asked for rain check.
One of my
favorite statements in this book is “People get into financial trouble when
they don’t know how they’re spending their money.” This is so true and Danny
suggests that for one month we keep track of our spending. Carrying a pen and
paper with us at all times and writing down any and everything we spend money
on.
Let me just say this is
easier said than done. I am trying to do this task now and it is amazing how
much money I spend and don’t even realize it because I am using my debit card
and not cash. I think most of us feel that “it’s only $5 a day for lunch” but
if you stop and think about what that amount is over a year it may make you
think twice about buying lunch every day and save money by bringing lunch.
Danny also provides a
section on how to save money for an emergency fund and the importance of needing
one. Also he provides information on getting out of debt, investing, saving for college and provides
resources for additional books for planning for a secure and safe financial
situation. I thought it was great that he list resources for children’s books as
well to assist with teaching children the value of money and spending.
This book provides basic
financial information but is presented in a way that everyone can understand
and adapt to if you just take the time to follow the instructions in the book. There are a lot of things that I have learned
and have started to incorporate into my life to hopefully obtain more financial
success.
Overall
Rating: FFGGG
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