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All Your Worth: The Ultimate Lifetime Money Plan Paperback – January 17, 2006
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-- Jeff Madrick, "The New York Times"
About the Author
Amelia Warren Tyagi, along with Elizabeth, is coauthor of The Two-Income Trap. She is the cofounder and Chief Operating Officer of The Business Talent Group. She has written for Time, USA TODAY, The Chicago Tribune, and is a regular commentator on Marketplace. She lives in Los Angeles, California, with her husband and daughter.
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Top Customer Reviews
I first came in contact with this book when I went to the library shortly after my financial meltdown - it was one of about eight or nine books on personal finance that the librarian thrust into my arms. I took it home and devoured it in one sitting, like I did most of the other books I read in that first batch. As with all of the other books I read in that batch, there was one key idea that stuck with me from this book, and that was that the real key to personal financial mastery is balance.
Let's walk through the book so you can see what I mean.
6 Steps To A Lifetime Of Riches
The first half of the book details a six-step plan for getting your finances in order. In general, the advice is pretty standard, but there are a few interesting twists.
Step One: Count All Your Worth
The goal of this chapter is to do a complete financial accounting of where you are at, separating the money into three groups: must-haves, wants, and savings. Warren suggests that a healthy distribution between these three groups is 50% must-haves, 30% wants, and 20% savings - the further away from that balance that you are, the less enjoyable (or at least more stressful) your life likely is, particularly as the must-haves get higher. Instead of giving guidelines about how to get close to those target percentages, though, this section is mostly about calculating the percentages; the advice comes later.Read more ›
"All Your Worth" is the first "money matters" book that gets it right - it speaks to the many individuals and families who struggle to stretch every paycheck. The idiotproof worksheets force you to get honest about your spending habits. The authors' advice is thoughtful, practical and above all, it makes sense. By guiding you through the financial exercises, the authors help you see how your money is divided into three areas - things you must spend money on each month (mortgage, groceries, etc), things you want to spend money on (such as karate lessons, trips to a pricey salon, etc) and a savings portion. By separating your monthly expenses into these areas, the authors help you see how your money is - or isn't - working to its advantage for you.
The authors are speaking to a real audience - people for whom mutual funds and stock options aren't part of the daily vernacular. Warren and Tyagi are providing real advice for real people. They aren't promising to make you a millionaire - rather, they are providing solid advice to get you back on track, to stop worrying about whether a $35 haircut will cause your utility check to bounce and to get in charge of your finances.
Warren and Tyagi's book changed all that in a weekend. Their core idea is so simple, but when you put it into action, it is incredibly powerful. Basically, they say that in order to address all of your financial worries, you just need to put your money in balance. They have just three categories, Must-Haves, Wants, and Savings, and every dollar you make goes into one of these categories. For me, that means that I just take my paycheck to the ATM and spilt it up as I make my deposit. I put half into my checking account. Transfer 20% into my savings account. And the rest I take out in cash.
What's so cool about dividing my money this way is that I never have to worry about bouncing a check. I know that there is always enough money to cover my bills because I only use my checking account to pay my bills. As for going out on the weekend, I have cash in my wallet and I just use that.
Getting used to their system is a little awkward. I found myself going through a lot of my expenses asking is this a Want or a Must-Have? And the authors spend a long time blasting the credit card companies and credit card debt in general. They make Citicorp seem worse than Big Tobacco and Microsoft combined.Read more ›
Most Recent Customer Reviews
This book should be required reading for every young person starting out on their own...full of very basic, practical ideas about how to manage money and explanations for why they... Read morePublished 7 days ago by J.L.Elliott
This book is by now Senator Elizabeth Warren and her daughter. It gives very good straight forward advice to middle class people on how to manage money. Read morePublished 14 days ago by bluebird
Great read and valuable information at any age. A book so important considering how many people are struggling today financially.Published 23 days ago by D. Crawford
Warren gives such good advice. This should be required reading for every high school graduate.Published 3 months ago by Wally Courie
Good concepts, but they could have been summarized in 20 pages max! The rest is just very cliche stories and repetition of the same ideas. Read morePublished 4 months ago by Radu Nicolae
Sound basic financial advice for a lifetime. Young people especially would benefit from this. Makes a good graduation gift.Published 4 months ago by M M