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Lunch » Tags » Books » Reviews » Dollars and Uncommon Sense » User review

Keep More of What You Earn

  • Jan 26, 2012
Rating:
+5
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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January 27, 2012
Nice write-up, I'm definitely going to have to check this out! Who can't use some helpful tips on saving money and keeping the money you make?
January 27, 2012
Thank you and do read the book if you get the chance.
 
January 27, 2012
This sounds like a great financial resource. Thanks for sharing, J!
January 27, 2012
You are very welcome.
 
1
More Dollars and Uncommon Sense reviews
review by . April 21, 2012
My initial reaction to books like "Dollars and Uncommon Sense: Basic Training For Your Money" is always the same. Why do so many Americans need to read a book or take a seminar to learn how to manage their money? I just can't relate. I was raised by parents who went through the Great Depression. My parents, like so many of the people in the Greatest Generation, demanded value for their hard-earned money, ate most meals at home, saved for a rainy day and invested what little they did have very wisely. …
About the reviewer
Dr Joseph S Maresca ()
Ranked #25
Dr. Joseph S. Maresca CPA, CISA      Amazon / KDP Books:   SEARCH -College Vibrations by Dr.Joseph S. Maresca   SEARCH- Consumption,Savings and the Public Debt … more
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