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***Seven Money Mantras for a Richer Life

How to Live Well with the Money You Have

by Michelle Singletary

Reviewed March 21, 2004.
Random House, New York, 2004.  262 pages.

Seven Money Mantras isn’t a book about suddenly becoming rich.  As the subtitle says, it’s a book for normal people about living well with the money they have.

Michelle Singletary was raised by a poor but thrifty grandmother.  Yet her grandmother was able to save for a comfortable retirement.  Michelle Singletary takes some lessons she learned from her grandmother and passes them on to us.  There are no earth-shaking new insights here, but there are some excellent common-sense reminders.

The seven money mantras are:  “If it’s on your ass, it’s not an asset.”  Buying stuff won’t help you be wealthy.  “Is this a need or is it a want?”  This mantra also helps you curb spending.  “Sweat the small stuff.”  Don’t let your money be nickel and dimed out of your bank account.  “Cash is better than credit.”  When you easily use your credit card, you easily spend more money.  “Keep it simple.”  Complication is a tool of con artists.  “Priorities lead to prosperity.”  Know what your financial priorities are.  “Enough is enough.”  Enough said!

After going over the money mantras, the author goes on to give some common-sense financial advice in a section called “The Basics of Saving, Spending and Investing Your Money.”  This was a good and helpful book.  If I would live by those money mantras, I know I’d have a much easier time holding onto my money.

Copyright © 2004 Sondra Eklund.  All rights reserved.

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