Dollars and Uncommon Sense- Basic Training for Your Money by Steven Repak CFP is an excellent book on how to save money on virtually every item in the household budget. Steven Repak points out the areas of excess; such as, spending too much money on rent, eating too frequently in restaurants and living on credit cards. Debt is like a drug.
There are six key traits to wealth building. People who have these traits do the following: 1. They spend less money than they make. 2. They have little or no debt. 3. They save. 4. They have long term plans for their money. 5. They do not let emotions cloud their judgment. 6. They start saving early in their careers.
Steven Repak explains that spending more than you make leads to going broke. In addition, most people confuse the things they want with those that they need. If you are spending over 40% of the monthly income on housing, that is a huge red flag screaming that you are in a house that you cannot afford.
If you want a bigger house, then you need to have a smaller car payment. If you would rather have a nicer car, you need to have a smaller house. Allocate most of the monthly debt payment toward the debt with the highest interest rate. Pay the minimums on all the rest.
Steven Repak explains that workers should pay themselves first before spending money on anything else. Susan Orman provides similar advice in her seminars. The only debts that can be considered beneficial are home mortgages, student loans and business loans. At bottom, the less debt you have- the more money you will have.
Dollars and Uncommon Sense is a practical resource on how to keep more of your hard earned money. Steven Repak provides standardized worksheets to track spending methodically. Numerous useful websites are provided to facilitate this process at the end of the book. The top useful websites cited include bankrate, choosetosave, crestmontresearch, floodsmart and powerpay. Dollars and Uncommon Sense is easy to read. The content is substantial and the price is affordable.
Credits: First Published on Blogcritics
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Dr Joseph S Maresca (JSMaresca)
Dr. Joseph S. Maresca CPA, CISA 21 Amazon / KDP Books including: SEARCH- America's Comparative Advantage by Dr Joseph S Maresca SEARCH- The Solar Energy … more
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