Monday, May 21, 2012

April Book Review

Alright, I'm a little behind. I finally finished the book I was reading for the month of April, "The Wealthy Barber." I think it took me so long because I was a little bored. Maybe because the information was starting to become so redundant.

"The Wealthy Barber," is a simple how-to-build-wealth book. It is realistic and tells you straight up that it doesn't happen over night. Some tips that this book discussed that stuck out:

-Pay yourself first... 10% of your income goes straight to a mutual fund/money market account. You don't touch it, you don't even realize it's gone because it is an automatic withdraw whenever you get paid. Down the road 20-30 years, if you are employed the entire time, you have plenty of money to retire wealthy and you really didn't even have to try. Every book I've read, or Dave Ramsey program I've listened to says this is very important to start as soon as you can, they just disagree on when. Oh- and Dave says to do 15%.

-This book also mentions the importance of a Will, a living trust if you have stuff, and insurance-the right kind. Every person has a different need, so make sure you have the kind that is right for you.

-"A dollar saved is two dollars earned." This book talks about living within your means, and the fact that there is a difference between being cheap, and being thrifty. :-) Unfortunately, the chapter on that, is pretty short.

There were a few things I did not like about this book. It overlooked the huge impact that debt can be on a family. And made credit cards sound like no big deal. Some people may have zero debt, and maybe this book is addressing them. However, to assume that and not give any advice on how to eliminate debt just doesn't sound realistic.

This book also said nothing about giving. That just makes me sad. I would assume even the wealthy barber would understand the importance of giving.

In order to really gain insight from this book (or at least for me to remember it) you would have to take extensive notes. And the Dave Ramsey program already does that for me, AND gives me all the forms I need as part of the program. 

All in all, I probably would recommend another book to someone seeking financial advice. It had nothing unique to the book and if I had to choose between giving people this book and any of the other financial books I have read, I would give them any of the other ones over this one.

Since we are currently facilitating another round of Financial Peace University, I am going to read a different topic for the month of May. My next book, which I just bought at the Women's Gathering last Saturday at Sandals Church is called, "Fear Not Tomorrow, God Is Already there; Trusting Him in Uncertain Times," by Ruth Graham. I am really looking forward to reading this book. Ruth Graham is a pretty amazing woman. She's real, and has had real trials just like most women. She's willing to share how God has changed her life and loved her unconditionally even when she has messed up. I'm sure there will be a book review on this one VERY soon, before the end of the month!

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