Customer Reviews

7 Money Mantras for a Richer Life: How to Live Well with the Money You Have

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I've considered myself a frugal spender, but Singletary puts me to shame! This book can be an eye-opener.

7 Money Mantras ("MM") offers such a unique perspective it's not a stand-alone. I recommend reading 7MM in conjunction with other books on money management, to get a well-rounded perspective. Singletary speaks to a specific target market: those who have run up credit card debts and developed unhealthy patterns that have spun their lives out of control. If her first person accounts are true (most authors exaggerate at least a little!) then she's determined to eradicate seeds of financial destruction before they take root and grow.

The best parts of 7MM are the parts dealing with family and setting limits with adult children. I never had the luxury of moving back home and have no children, but I watch neighbors and friends make huge sacrifices for kids who have no motivation to move and grow. Some of these sections are hilarious -- I laughed out loud at her response to her nephew's question, "Doesn't rent include food?"
"Well," she answers, "when you're on your own, ask your landlord when you can expect him to drop by with a bag of groceries."

Some suggestions will have to be adapted for specific lifestyles. I *love* doggie bags and enjoyed her support as I often get teased. Most restaurant meals are too big and I take half home for next day's lunch.

I choose not to have cable, which she would applaud, but I do have a DVD. As she points out, it is tempting to buy DVD's but you don't just get a better picture: the director's cut adds significantly to enjoyment, if you're a film buff.

And while she's right on the money (!) about families, she misses the mark on singles. Sure, a home-cooked meal is a welcome gift...but I would *much* rather meet someone for lunch in a restaurant. Spending an evening with a family can be stressful.

And I believe Singletary needs to add a caution for people who have good jobs. I once worked with a sales manager who lugged two shopping bags of paper towels back to the office after lunch, cheerily bragging that he'd saved five dollars. Aside from looking a little silly, he communicated that his focus was saving not earning -- not a good image for someone in his field!

For someone moving up, an investment in clothes and haircut can pay huge dividends. And sometimes you need to get what you pay for. Finding the cheapest dentist, therapist or coach can cost a bundle. It's easy to go overboard in either direction.

Similarly, Singletary misses some social significance of meals. Eating lunch with coworkers can be the best -- sometimes the only -- way to network. And while a letter or email can be cheaper than a call, there are all sorts of ways to get discounted phone calls nowadays. I use a calling card that costs three cents a minute.

So bottom line, this book can suggest creative ways to save, but I recommend using the text as a starting point for discussion and a new way to study your spending -- not the final word.

I have to admit, I am often a sucker for financial advice books of the "learn to manage your money" ilk, rather than "hey, here's how to get rich and never worry about money again" variety. A few weeks ago I heard Michelle Singletary (who is also a newspaper columnist at the "Washington Post," where she writes a column-"The Color of Money") in an interview on the Diane Rehm show on NPR a couple of weeks ago, and I quickly picked up her book. She is brash and funny and she definitely is no holds barred in "7 Money Mantras for a Richer Life," and that's a good thing.

So what are the seven mantras? They are: (1) If it's on your ass, it's not an asset!; (2) Is this a need or is it a want?; (3) Sweat the small stuff; (4) Cash is better than credit; (5) Keep it simple; (6) Priorities lead to prosperity; and (7) Enough is enough. some of those are self-explanatory and some aren't, but the general gist of the advice is: pay attention to where your money is going and don't get wrapped up in material possessions.

Now this isn't necessarily new advice, but Singletary's presentation goes a long way toward making all the advice memorable and useable. Much of the advice was handed down from her grandmother, Big Mama, who is referred to throughout the book. Big Mama brought up Singletary and her four siblings in Baltimore on a salary that never reached more than $13,000 a year. Singletary notes that "Big Mama knew the difference between buying things that improve your net worth and stuff that just makes you look wealthy." Clearly, in the area of finances Big Mama was far wiser than myself and many others.

Singletary offers some of her wisdom and experiences along the way. For example, say no to lunches out during the workday. But if you do, skip appetizers and desserts. You'll cut costs and calories. And try going a month or two without a credit card. Contrary to popular belief, when it comes to money, it's the small stuff that counts. Sweat it. She notes that Big Mama would say, "You can't have a dollar without a penny." Just think about it and it will make sense to you.

Singletary also boasts that she breast-fed all three of my children because the milk was free. In fact, she breast-fed her first two children until they were two years old. Singletary literally is giddy about all the money she saved on infant formula.

In addition to her advice and that of Big Mama, she also offers 10 pages of penny-pinching tips sent to her by readers. I'm not sure I want to try some of them, but I guess if you truly watch your money it all adds up. An example from her readers: Don't order lemonade at a restaurant. Ask for a lemon, squeeze it into your water glass and add some sugar.

She also provides concise definitions of the language of credit from cash advance to grace period to various interest rates charged. She doesn't sugar coat anything either. Getting out of debt is rarely easy, so she warns "beware of those who would 'fix' your debt."

And Singletary offers some advice my wife may have wished she had been aware of. Before you marry, exchange credit reports. Singletary thinks this is a great idea. As she says, "What better way to get to know your honey than to see how he's handled his money?" Thing is, she is probably right. She goes on to discuss other ins-and-outs of managing money in a marriage, often using her experiences in her marriage as examples. For instance, she and her husband have an agreement not to spend more than $200 without discussing it with each other first.

Her take on making funeral arrangements is brutally honest but humorous. When her grandfather died, the funeral director tried to get Big Mama to buy the casket that her husband deserved. Big Mama's response: "He won't know if I'm burying him in a pine box or a bed sheet. It doesn't make good sense to bury good money in the ground."

This is a great book for those trying to cut expenses and save. The advice is sound and of use to everyone.

Unlike the two listed reviews I feel this book is wonderful and has a unique voice. It's a fun read. It's funny. It's a book anybody can read. IT'S NOT AN INVESTMENT BOOK! So, if you're looking for a book on how to buy stocks or mutual funds or bonds with some stupid formula or system then you should look elsewhere. But if you're in debt, if can't manage to save any money, if you're wondering how to talk to your children about money then this is the book for you! Ms. Singletary continues in this book the great common sense advice she passes along in her syndicated column. In fact, Better Investing magazine gave it a great review in it's Jan. issue. The writer said this book was just what the everyday person could use right now!

This book is what I wish I had read when I was in my 20's starting out in my career. It should be required reading for college freshmen who are being bombarded with credit card offers. I'm now 51, and as I read the book, I could hear all the things my parents tried to impress upon me when I was younger. Did I listen? Not enough. Would I have listened had I read this book? Maybe so, but I could kick myself for not listening back 30 years ago.

This book is NOT a complicated or sophisticated guide to finance.

I agree with some other reviews here that Singletary's advice is somewhat simplistic. Still, in my opinion, her easy, conversational writing style is what "saves" this book.

Though the 7 Money Mantras are really nothing more than common sense, how many of us can say we actully use good common sense when dealing with our money? (Especially our use of credit.)

It doesn't hurt to be reminded, every once in awhile, of plain and simple ways to save money, limit credit use, save for the future, and so on.

The author gives us those reminders and the book is a good place to START learning about handling your personal finances.

Reviewer: Linda Painchaud

This isn't a jargon-loaded Wall Street insider investment guide - thank goodness!! Michelle Singletary lays out the truth about money in the lives of average Americans, in a lively writing style that keeps the pages turning. The material presented with such style is the result of years of work and solid research. Beginning with Mantra #1 ("If it's on your ass it's not an asset") which is dead-on and unforgettable, this book is chock full of helpful advice, useful facts and pointers to resources.

I'm a recovering spendthrift and an apprentice cheapskate. This book was fun and encouraging to read. And so refreshing! I nearly stood up and cheered when I read, on page 105, "Let me say that up front that I will never lease a car. Nowhere in this book will you find details on how to lease a car." Thank you, ma'am!

This is not the only book you need on your personal finance bookshelf, but it's definitely a keeper.

Ignore the negative customer reviews as Michelle
Singletary truly speaks the truth about money in a fashion
that most readers can understand.

If you were to see or hear Michelle on TV or radio, respectively, it would be clear that her easy-going, humorous style is adopted for the book as well.

Ms. Singletary writes the way she speaks for the most
part, which is refreshing as she talks to the reader instead
of preaching like other books of this nature.

She doesn't give financial advice. It is common sense
stuff that we all tend to forget when we lose our minds
over money!

Bravo, Ms. Singletary

that I am a Washingtonian who had not read any of Michelle Singletary's columns until I heard her interview on the Diane Rehm show on NPR a couple of weeks ago. She was discussing this book. Everything she said made sense. Immediately I looked up old columns on the internet. I ordered her book because she was talking to me!

I'm very pleased to say that I am not disappointed in her book. The way in which she spoke on-air is the same way she speaks in the book. Her mantras are ones that we all can understand. If I had an MBA and wanted someone to speak to me in MBA jargon, why would I want a book on money management at all? Surely my education would have already provided it!

The 7 mantras are applicable to all of us. I must admit that there were sections of the book that did not apply to me--but isn't that true for most money management books? (I don't foresee taking in a family renter, for instance.) We are not all on equal footing when it comes to money.

In recommending this book to friends, I have frequently used examples such as how much money one can save over a year if one doesn't use ATM's from other banks that charge a $2 fee. Singletary frequently breaks these and other fees down and shows us just how much we could save if we didn't choose to be so frivolous. How much we could have saved! How much we could have invested! How much we could have put toward our children's education or our retirement.

Yes, it's true. I'm sure that there are other books that may give you more specifics, talk to you in jargon that you need a dictionary as well as an accounting manual to comprehend, but I don't believe that Singletary's aim was to write a book for MBA graduates. I think she intended this book to be read by the masses who might be floundering in a sea of debt or who might not have enough saved or who might need a little insight into how to deal with their income.

I'm very glad that Michelle Singletary is willing to share Big Mama's money sense with us. I'm happily recommending it to everyone I see!

Ms. Singletary delivers what one of the titles promises: "How to Live Well with the Money You Have." This book is not about getting rich. It is about learning how to save more. She has many great ideas and instructions on how to spend less. I think her ideas will help many people reduce needless consumption.

Where should you invest your savings? The author's answer? She tells you how to carefully select some mutual funds. However, I should note that careful selection of mutual funds won't protect you from risks that are inherent in the stock market.

Hey Pdaddy24 did you actually read the book? I did. And Michelle does not write use cash for EVERYTHING. She says be VERY VERY CAREFUL when you use credit because you often spend more when you use plastic. She says cash is better than credit, which it is! If you are in the financial services industry I hope your clients get better informed advice.