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Books That Can Change Your Life

Get money smart with these books
By Sarah Lindner
AMERICAN-STATESMAN STAFF
Sunday, March 09, 2008
Original article found at this site:
http://www.statesman.com/search/content/life/stories/other/03/09/0309guide.html

If you read all those stories floating around now about Americans' attitudes toward the economy, a
theme emerges: We're nervous about our finances and want to do better. But (according to The
New York Times and staunchly agreed with by me), "a lot of people remain in the dark when it
comes to managing their personal finances."

Did you take a personal finance course in school? I didn't and regret it: Money smarts would have
served me a lot better during my 20s than my crackerjack knowledge of constitutional law and
"The Great Gatsby" (no disrespect, Dr. Lawler and Dr. Smith).

I did try to do some makeup work by reading up on personal finance, but the books I picked didn't
click with me and ended up buried under stacks of Glamour magazines and "Bridget Jones's Diary."
I didn't realize that there were other writers out there, with approaches I might actually like, until
just a couple of years ago.

Here are a few recent books that might help you meet your money goals, along with my favorite
classics from the genre and a handful of personal finance blogs to explore. Don't get put off as I
did by an unappealing author and give up on learning about personal finance. If you try one of these
writers and he or she doesn't strike a chord, move on to the next one. Whatever your personality,
there's a book or a blog that will help you get money smart and inspire you to make the changes
you want to make.

New books
'Girl, Get Your Credit Straight' by Glinda Bridgforth — If your money problems are related to
credit cards or other debts, pick up this book and "The Total Money Makeover" (see below) on
your next library trip. Bridgforth, a financial coach who was part of Oprah Winfrey's "America's
Debt Diet" series, gears her book toward African American women, but it will be beneficial to
anyone who picks it up. Bridgforth strikes the right balance between practicality — her instructions
on checking and cleaning up your credit report are second to none — and emotional support, with
exercises to help you get to the root of why you're in debt.

'A Million Is Not Enough: How to Retire with the Money You'll Need' by Michael K. Farr
with Gary Brozek — There's nothing like contemplating retirement planning to make you want to
do something else, but a little time with Farr's book should deliver big payoffs for you. He walks
you through figuring out your current financial state and your future needs, and then helps you trim
your current budget to free up the money for an age-appropriate investment plan. By nature, the
material is a little dry in places, but Farr does a fine job of helping you plan for the future while
taking taxes and inflation into account. It's refreshing that this isn't a "one size fits all, put 10
percent in your 401(k) and you're done" approach. Farr acknowledges that most of us will need to
do some catch-up savings and shows us through case studies how that's possible. His book gave
my investment knowledge a huge boost and will continue to be a valuable reference.

'Simple Principles to Become a Millionaire' by Alex A. Lluch — This book is part of the
"Simple Principles" series, which tackles self-improvement topics in compact, one-idea-per-page
books. It spans all manner of topics related to building wealth — networking, discipline,
visualization, saving and investing. Most of the advice is common sense ("Learn to delay instant
gratification"), but the format makes it easy to read these ideas whenever you have a spare moment.
And there is the occasional great tip, like "Never make an important decision after 3 p.m." This is
not the book if you want nuts-and-bolts ideas on saving money, but I give it major points for
reminding me that attitude can be an equally important part of the equation. "Become a Millionaire"
will not be out until June, but you'll find similar ideas in the series' "Simple Principles to Think Big
and Achieve Success," available now.

The classics
My bias definitely shows here. You won't find any schemes for getting rich quick in real estate or
the stock market in my favorite three personal finance books. Instead, they emphasize a slow-and-
steady approach.

'The Automatic Millionaire' by David Bach — You've probably heard of the "latte factor," or
how saving money on little things can add up to big rewards — one of the core ideas behind the
book. Bach's detractors say the small stuff doesn't really matter that much, but I found his ideas
energizing and inspiring as I took control of my finances. Bach has many other books, including
"Smart Women Finish Rich" and "Start Late, Finish Rich," and all of them I've read are good, but
one is enough to get his message.

'The Millionaire Next Door: The Surprising Secrets of America's Wealthy' by Thomas J.
Stanley and William D. Danko — Stanley and Danko studied the habits of millionaires. They
found that those who built and maintained their own fortunes live beneath their means and don't
worry about flaunting the latest and greatest consumer items.

'The Total Money Makeover' by Dave Ramsey — If you're in debt, this is one of the most
concise and inspiring books you'll find. Ramsey walks you through the seven "baby steps" of
getting out of debt and gaining wealth. He focuses heavily on the emotional aspects of money —
for example, the ways making a budget will benefit your marriage. Some might find Ramsey's
catchphrases a little hokey, but I am not ashamed to tell you that I repeat his "Live like no one else,
so later you can live like no one else" to keep me motivated when I get tired of working toward my
goals. (Need a translation of that Ramsey-ism? If you spend less than the norm now, you'll be
richer than the norm later.)

Personal finance blogs
This niche of the blogosphere is burgeoning. Obviously, you won't want to take any one source's
word as gospel, but I love having such constant and varied sources of information. It's like having
a whole cadre of money-smart friends.

Here are three of my favorites:
Boston Gal's Open Wallet (http://bostongalsopenwallet.blogspot.com/) — Boston Gal, "a single
30-something Bostonian who is seeking enlightenment and control of her net worth," excels at
finding links I love in other publications: If there's a newspaper or magazine with a "money
makeover" feature, she's all over it. Her persona is calm, but she can get feisty, as when she took
down a male commenter who said women should have a good time and not worry about money
because then they can meet a husband who'll take care of them financially.

Get Rich Slowly (http://www.getrichslowly.org/blog/) — Like Boston Gal, Get Rich Slowly
blogger J.D. Roth finds news from all over the Web on personal finance and gives his own
analysis. If you're interested in a post's topic, he makes it easy to find more information, whether
from his own site or elsewhere on the Web. My favorite features include his thorough book
reviews and reader questions (Should I dump my spendthrift girlfriend?) that provoke thoughtful
discussions in the comments section.

Millionaire Mommy Next Door (http://millionairemommynextdoor.blogspot.com/) — I've
only recently started reading this blog, but it doesn't take long to tell that the Millionaire Mommy is
very smart and one of the richest sources of information you'll find among personal finance blogs.
She and her husband are self-made millionaires through their home-based businesses and
investments, and she writes eloquently about their insights and experiences. Like many of the other
best personal finance bloggers, she ties her financial life to her deeper values (choosing having
experiences over owning stuff, for example).

slindner@statesman.com; 445-3826

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