The 1-2-3 Money Plan: The Three Most Important Steps to Saving and Spending Smart (Paperback)

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Editorial Reviews

Product Description

100% Practical, 100% Specific Financial Advice Everyone Can Use: Exactly What to Do and Exactly How to Do It "Greg Karp makes managing your money as easy as 1-2-3. He offers sensible, time-tested advice to help you make smart decisions and get your finances on track." --Liz Pulliam Weston, "The most-read personal finance columnist on the Internet" (Nielsen//NetRatings), author of Easy Money, Your Credit Score, and Deal with Your Debt "I love this book. Greg's simple strategies push you to be smart with your dough and act right away." --Clark Howard, The Clark Howard Show "Within one hour of picking up The 1-2-3 Money Plan, I already had a list of easy next steps to save on several of our household expenses." --Stephanie Nelson, founder of CouponMom.com "Greg Karp really knows his stuff, and he lays it out in plain language that will help anyone save money and get financially fit." --Jeff Yeager, author of The Ultimate Cheapskate's Road Map to True Riches "The money you spend on this book should easily be recouped by the time you're only several pages into it!" --Russell Wild, financial advisor, author of Exchange-Traded Funds for Dummies, Bond Investing for Dummies, and Index Investing for Dummies "Greg Karp is a lifesaver for people worried about stretching their dollars in a tough economy. He's no Scrooge. Rather, he nudges you into sound decisions and smart spending." --Gail MarksJarvis, Chicago Tribune personal finance columnist, author of Saving for Retirement Without Living Like a Pauper or Winning the Lottery "Today everyone is looking for a quick answer to their financial problems. In The 1-2-3 Money Plan, Greg Karp has created an excellent resource. It's well organized and full of great ideas. But, most importantly, it's written in a language that the average consumer can understand and apply. Many people will thank Greg for helping them survive financially tough times." --Gary Foreman, editor The DollarStretcher Web site, stretcher.com "Greg Karp tells it like it is, with the specificity and candor busy people need. I am saving money already." --Jean Chatzky, author of The Difference: How Anyone Can Prosper in Even the Toughest Times, blogging at jeanchatzky.com Today, frugal is the name of the game. But you don't have to take a vow of poverty: You just have to be smarter about how you spend, save, and invest. Sound hard? Not anymore. In The 1-2-3 Money Plan, top personal finance columnist Greg Karp offers 100% practical, 100% specific financial advice everyone can use...organized into simple three-step plans that tell you exactly what to do and how and where to do it! Discover how to save money by putting your bills on autopilot...which specific brand names to buy in everything from index funds to cellphones...how to improve your credit rating...how to get the right insurance, without wasting money on unnecessary coverage...easier ways to save for college and plan for retirement...and a whole lot more. Finally: simple, reliable financial advice you can act on, from an award-winning expert you can trust! *Don't be paralyzed by perfection: Be good enough Better a good decision now than a perfect decision someday*Just set it and forget it Make the financial decisions you only need to make once and can then ignore for years*Stop wasting money on things you don't care about Plug wasteful spending leaks, so you can redirect cash to things you truly care about*Easy step-by-step techniques and specific recommendations What to buy, in everything from mutual funds to cellphone service

From the Back Cover

In an economic downturn that will surely persist into the future, frugal is the name of the game. Food prices have soared and aren't coming down. People have been trading their $40,000 SUVs for $20,000 subcompacts. Many homeowners are in over their head with mortgages they can't afford. Newspapers are shifting from hard-news reporting on business to consumer news, as readers clamor for more tips on how to manage their money. When it comes to personal finance, many books are just too complicated, too confusing, and too hard to act on. Finally, there's a book that truly keeps it simple, offering advice that anyone can use, and anyone can profit from. Gregory Karp's The 1-2-3 Money Book organizes every essential money task into three specific steps, telling readers exactly what to do, and how to do it, including specific numbers to call, and specific web sites to visit. You'll learn how to save money by putting your bills on autopilot... which specific brand names to buy in everything from index funds to cellphones... how to make financial decisions that are "good enough," instead of being paralyzed by trying to be perfect... how to improve your credit rating... get the right insurance, without wasting money on unnecessary coverage... save for college... plan for retirement... and much more. Finally, there's a book for everyone who wants simple, reliable financial advice they can act on, without first getting an MBA!

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Product Details

• Paperback: 304 pages
• Publisher: FT Press; 1 edition (May 16, 2009)
• Language: English
• ISBN-10: 0137141734
• ISBN-13: 978-0137141739
• Product Dimensions: 7.9 x 5.3 x 0.9 inches
• Shipping Weight: 11.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (6 customer reviews)
• Amazon.com Sales Rank: #478,709 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

5.0 out of 5 stars Fighting a losing battle with your budget? Arm yourself with The 1-2-3 Money Plan by Gregory Karp!, June 18, 2009

By	Lynette R. Fleming "Coauthor of Lunch Buddies... (Decatur, IL USA) - See all my reviews (REAL NAME)

Ever think winning the lottery would solve all your problems? Actually, Mr. Karp tells us spending is more important than earning (or winning, in this case), which explains why most lottery winners end up broke. He tells us to spend our money on things that rise in value, like our homes, businesses, mutual funds, etc. As it turns out, most consumer purchases lose value quickly. Take the purchase of a new car, for instance. On the average, a new car depreciates 30% the first year. If you buy a $30,000 car and sell it after a year, that's a loss of $9,000.00.

The Get FIT chapter tells us how to save money in Food, Insurance and Telephone expenses. The FIT category consumes $14,000.00 per year of the average American family's budget. That's a chunk, isn't it? This chapter is packed with solid, easy-to-make changes which should result in savings of thousands of dollars in these three categories alone. Here are just a few of the many suggestions:

FOOD
*Shop the sales - stock up when things are on sale. You will save about 20% of your annual food spending. At the average family food expense of $7,000.00 per year, you will save $1400.00 per year.
*Try supermarket store brands.
*Redeem coupons.
*Reduce meals out.
*Make your own freezer meals. There are some great books to help you with this, including mine . . . Lunch Buddies: Buddy Up for a Better Diet.

INSURANCE
*Raise deductibles.
*Say no to extended warranties.
*Say no to identity theft insurance.

TELEPHONE
*Cancel your traditional landline phone service.
*Research, review and re-evaluate your cell phone, computer and television packages.

If you're like me, you probably can't account for how your money gets spent. Well, guess what? I found out from Mr. Karp that there are websites making that an easy task, like Mint.com which automatically imports your transactions from banks, credit cards, and investment companies. It even suggests vendors that can save you money.

This review covers just the tip of the iceberg of Mr. Karp's money-saving strategies to get your financial wellness back on track. The 1-2-3 Money Plan includes everything from warranties to websites, online shopping to security, food to phones, and more. If you implement just a few of the strategies in Mr. Karp's book, your initial investment will be returned many times over. So read this book now and reap the rewards as you maneuver your Battleship "Budget" through the rough financial seas. Ahoy, mate!

1 of 1 people found the following review helpful:

5.0 out of 5 stars That ain't nuttin', June 19, 2009

By	C. Johnson (Princeton, N.J.) - See all my reviews (REAL NAME)

I'll boil down the essence of Mr. Karp's book with a personal example: I love a certain brand of "fruit and nut" bars. (I won't plug the name here.) They're incredibly tasty and packed with nutrition, but they're wickedly expensive - $1.69 each at my local grocery store. Now, your typical save-money guru would say, "Do you really need that fruit and nut bar each day? Stop wasting your money." Not Mr. Karp. He would say, "If that fruit and nut bar is important to you, buy it, but find a way to buy it for less." Alas, using the online shopping techniques in his book, I found those same fruit and nut bars for $1.49 each in bulk. If I eat one a day - and I usually do - I'll save $73 a year. That ain't nuttin'. (My apologies for the bad pun.)

1 of 1 people found the following review helpful:

3.0 out of 5 stars Incomplete, but Still Has Good Advice, June 18, 2009

By	Loyd E. Eskildson "Pragmatist" (Phoenix, AZ.) - See all my reviews (TOP 100 REVIEWER)    (REAL NAME)

Karp's book focuses on spending money wisely, and does a fairly good job of that. However, it is too dismissive of, or ignores making wise choices in other areas - making wise career, employment, and marriage choices. Without a good, steady income with benefits, Karp's good advice on spending will have limited benefit.

Ideally, one will find a career with a solid record of job stability and good benefits (health, retirement, disability). Public or health care employment are the two areas that most stand out for most high-school graduates over the last several decades. The best money in each situation requires a college-degree; however, given the high and rapidly escalating college costs and frequently ruinous costs of borrowing, this is not likely to mean going to an expensive school away from home. Instead, maximize opportunities that avoid expensive room and board costs - eg. community colleges for the first two years are a particularly good choice (recommended by Karp).

Secondly, a solid marriage to someone with good economic sense and emotional stability is also key. For most individuals, achieving economic happiness is not likely with only a single income.

Karp provides good treatment of a number of spending areas, beginning with the use of credit cards, avoiding impulse buys, setting spending goals, referencing Consumer Reports for big-ticket items (especially cars), avoiding extra-cost product warranties, used cars instead of new, index funds, etc.

However, he sometimes go overboard - eg. coupon-clipping vs. finding and sticking with a generally low-cost retailer (eg. Wal-Mart), eliminating phantom electricity use by TVs (the amount saved isn't worth the hassle involved in resetting the timers etc. included - about $5/year, and pales in comparison with A/C use). Karp also doesn't provide enough coverage on the potential savings (both shopping time, and eventual outlay) from using the Internet to help or even actually buy appliances.

Finally, "The 1-2-3 Money Plan" doesn't begin to provide enough background on home-buying, especially in this age of the mortgage meltdown, nor enough on minimizing the cost of even of used car (no SUVs, loaded with accessories). I also think the book would benefit from a few words on avoiding expensive weddings.