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

~ (Author)

Editorial Reviews

From Publishers Weekly

"If it's on your ass, it's not an asset"; "Sweat the small stuff"; "Priorities lead to prosperity." Singletary's no-nonsense approach to personal finance is inspired by her own experience, the advice of a thrifty grandmother and the knowledge of financial experts, which she encapsulates into mantras she says readers ought to tape to the dashboard "of that luxury car you can't afford." Doing without and saving are the keys to prosperity, she says, not fancy financing or investments. Such advice isn't unique (nearly every personal finance guide boils down to the same basic principles), but her spirited voice is. Raised by her grandmother, Big Mama, who brought up 5 grandchildren on $13,000 a year and still managed to save enough for a comfortable retirement, Singletary draws on homely examples of frugality to illustrate her points. She also speaks to financial issues she says are particularly relevant to other African-Americans, such as the need to support extended family members (one study found that 27% of black households supported friends and family under other roofs) and the risks of foregoing health insurance. Refreshingly, Singletary eschews wealth-building formulas that rely on consistent 10% returns over 30 years and instead concentrates on ways to sock money away. This is probably a more realistic approach to retirement for most Americans, particularly given the recently revealed riskiness of 401(k) and pension plans. Singletary's emphasis on simplicity and common sense make this an excellent primer for the novice financial planner.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Product Description

The best financial planner Michelle Singletary ever knew was Big Mama, her grandmother. Big Mama raised Michelle and her four brothers and sisters on a salary that never reached more than $13,000 a year. Yet at her death, Big Mama owned her own home, had paid off a car loan, and had a beautiful collection of Sunday-go-to-meeting church hats and a savings account that supplemented her Social Security check and small pension. Most important, she had taught Michelle “7 Money Mantras for a Richer Life.” Those mantras serve as the inspiration for this straight-talking book of practical personal financial advice that really works.

The 7 Money Mantras 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.
7. Enough is enough.

Michelle Singletary is a syndicated columnist for The Washington Post whose popular personal finance column appears in more than 120 newspapers. She’s also a mother of three children who understands what it’s like to live on a budget. In a plainspoken, sassy, no-nonsense voice, Michelle provides answers to the financial issues that confront almost every household: how to teach children the value of money; how to address money issues in a relationship or marriage; household saving tips; getting the best loans; and much more.
“This book is about saving enough money to have choices,” she writes. “It’s about feeling free to be cheap if you can’t afford to buy a ton of gifts at Christmas. It’s about eliminating wasteful spend-ing so you can begin to save and invest. It’s full of uncommon commonsense lessons and guidance on the way people should use their money.”
With humor and down-home financial wisdom, Michelle Singletary offers practical and realistic advice that will help you live well with the money you have.

Michelle Singletary on . . .

Romance and Money
“It’s okay to say: ‘Honey, I love you and everything, but if you need money, ask your mama.’”

Credit Cards
“We are minimizing our financial potential by making minimum credit-card payments.”

Car Buying
“If you want to save money, keep your car until you’re on a first-name basis with the local tow-truck drivers.”

Leasing a Car
“You, too, can drive a car you can’t afford and then have to give it back. It’s crazy.”

Gift Giving
“Generosity isn’t about how much you spend. It’s about how much thought you put into the gift.”

Penny Pinching
“I once bought a stick-shift car because it was $1,000 cheaper than the automatic in the same model. There was just one little problem. I couldn’t drive a stick-shift. But at least I saved $1,000!”

See all Editorial Reviews

Product Details

• Hardcover: 288 pages
• Publisher: Random House (December 16, 2003)
• Language: English
• ISBN-10: 0375507531
• ISBN-13: 978-0375507533
• Product Dimensions: 9.5 x 6.4 x 1 inches
• Shipping Weight: 1.1 pounds
• Average Customer Review: 4.1 out of 5 stars  See all reviews (22 customer reviews)
• Amazon.com Sales Rank: #373,178 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

54 of 54 people found the following review helpful:

4.0 out of 5 stars "It's okay to be cheap!", April 6, 2004

By	Dr Cathy Goodwin (Seattle, WA USA) - See all my reviews (TOP 500 REVIEWER)    (REAL NAME)

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.

41 of 41 people found the following review helpful:

4.0 out of 5 stars Breast Feeding is a Money Saving Proposition? Who Knew?, February 2, 2004

By	James Sadler (Plano, TX United States) - See all my reviews (REAL NAME)

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.

13 of 13 people found the following review helpful:

5.0 out of 5 stars Financial Advice For The Masses, December 23, 2003

By A Customer

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!