on January 7, 2012
This is a good book but there are many others out there with the same information. This book gives 7 simple rules for handling money. The rules are as follows: Spend less than you earn, save for the future, give some away, anticipate your irregular expenses, tell your money where to go, manage your credit, and borrow only what you know you can repay. The first of these rules is the foundation and can be the hardest to get under control.
I think that this book has a lot of good points but the information is not new. You can find this information in a number of other books. Reading the book may get you on the right track but it is not ground breaking.
on January 2, 2012
Mary Hunt is the founder of Debt-Proof Living and an expert when it comes to money management. But Ms. Hunt wasn't born with money smarts. Like most of the rest of us, she learned her lessons the hard way. She hadn't been taught about budging and when she went off to college and got her first account, she went on spending sprees. She didn't learn her lesson until many years later when she was the bread-winner in the home and faced the hard facts that their spending out weighed their income.
Looking at her bills and the amount of income they had to work with, Ms. Hunt penned down some thoughts that later became the basis for her 7 MONEY RULES FOR LIFE.
These thoughts are:
' Spend less than you earn
' Save for the future
' Give some away
' Anticipate your irregular expenses
' Tell your money where to go
' Manage your credit
' Borrow only what you can pay
I was raised by a mother who budgeted and she made sure I learned these basic rules as I was growing up. But even knowing and doing is a challenge. Like most of America, I live from paycheck to paycheck. And anticipating your irregular expenses--can you really anticipate a two thousand dollar car repair bill or an eight hundred dollar water leak in the same season? Still, there are basic facts in here that every household can take and work with. Even those that are hit hard with the unanticipated irregular expenses.
If you aren't familiar with budging then this book is a lesson in itself. Ms. Hunt teaches you everything you need to know, including offering suggestions on on-line services that will help track your spending. This book is an invaluable tool for anyone. Recommended.
on January 14, 2012
I don't know about you, but for years I have struggled with the concept of managing money. I've never been very good at it, and have found that the mismanagement of money is one of the main issues within marriage.
Mary Hunt's book, 7 Money Rules for Life, is spoken from true experience. Mary found herself in a multitude of debt early in life, which then flowed right into her family after she got married. She outlines what she learned along the road of paying down "toxic" debt and teaches us the WHY behind the what.
The 7 rules seem fairly simple:
Spend less than you earn.
Save for the future.
Give some away.
Anticipate your irregular expenses.
Tell your money where to go.
Manage your credit.
Borrow only what you know you can repay.
Simple, but not easy. Mary goes into depth about each area and explains why it's important for us to take charge of our finances. It is told from a Christian woman's viewpoint, which really got me excited about reading it. Her story and her passion convicted me to begin the process of correcting my own financial mistakes (and habits) and to really start taking initiative in my family's financial life.
I recommend this book for anyone wanting to improve the financial situation in his or her family's life. It's the first book about money that I've been able to focus on... an easy read and straight to the heart of the issue. She even offers a free 6-month membership to her website, Debt Proof Living, for those who buy the book.
Available January 2012 at your favorite bookseller from Revell, a division of Baker Publishing Group.
I have been looking around for books on finances to recommend to my daughter and her fiancee. They are young, but having good discussion about how they want to handle the big issues in marriage such as their financial approach. I am thrilled they are talking now rather than later about this subject. My husband and I are on the other end of the earnings curve with retirement right around the corner. I have heard of Mary Hunt but never read anything by her until now. The Kindle version of this book was on sale at a very inexpensive price so I decided it was time to read what she had to say. After reading the entire book in about three days, I have to say it is an excellent book. There is wisdom here for everyone but especially for younger people just beginning their careers or people who are part way into their earning years and having trouble saving or just plain not able to pay all their bills.
I was fortunate that my parents were depression-era folks who taught themselves about saving/budgeting/investing and passed their wisdom on to me. Even with a great foundation, there are things I wish I could go back and do over, almost all of which Ms. Hunt touches on in this book. It is plain talk about the need to spend less than you earn (notice it's not spend only what you earn and she explains the difference) as well as six other rules that, if followed, will result in a huge amount of financial freedom as well as emotional peace and serenity. It's impossible for most people to feel good about life when afraid to open the bills that arrive or worry about how they are going to handle any emergency that comes up.
She does one of the best jobs I have ever seen about explaining the "why" of things such as budgeting and not accumulating debt. Many people I know think as long as you can pay the minimum payments and aren't behind in the bills, that is financial health. Mary Hunt explains that financial health comes when you have money put back for emergencies, irregular expenses, and retirement. Anyone can do this, not just the folks with big incomes. One of my favorite rules is the 80-10-10 rule. After saving for retirement (often pre-tax dollars), save 10%, give 10% away, and live on the remaining 80% of your net pay. Most people will dribble away at least 10% of their net pay on small luxuries such as paying more for convenience foods in the grocery store (think pre-sliced cheese that costs more than just a hunk of cheese for example) and yet lament they can't possibly save 10%. It does take some hard work, awareness of behavior, and discipline but is so worth it.
Ms. Hunt isn't giving advice that is earth shattering for many, but there are people out there who were never taught how to do these things and need basic money-management strategies. For those people as well as people just starting out, this book should be the handbook for getting their financial lives in order.
Simple, to-the-point, and excellent advice from a person who has had to dig themselves out of a mess and shares the lessons learned. After reading this, I have recommended it as a perfect first book for my daughter.
on April 5, 2012
I never thought I would say this, but I actually loved reading this book. A book about finances, of all things! I don't even like discussing finances and money matters and I'm not that financial savvy....but that's why I liked this book so much. Reading it made me feel like I had just found a wonderful, honest friend who sat down to have coffee with me and began to explain in lay terms how to apply seven simple but effective money rules for successful management of my money and future.
This book is so far from being a dry account of how to take care of your money. It's written by Mary Hunt, a warm, engaging person who is also a wife and mother who had once been financially ignorant and in so much debt. Mary shares her story of financial disaster. That alone made me realize this author knows what she's talking about. But is her advice good? That was my next question. As I continued reading I realized that Hunt's advice was the best. Why? Because it was based on Bible principles. Now it's not like she's quoting scriptures or getting preachy, but I know my Bible well enough that I knew what she was talking about. Hunt is a Christian and her faith in God is evident.
Now before you begin rolling your eyeballs, let me clarify that Hunt's financial advice is solid. I've read most of them in many other financial books BUT none of them convinced me to follow them until I read this book. Why? Because Hunt gave me the motivation to do so. She knew how to appeal to me using my lingo. Her financial advice makes perfect sense especially in our day when the commercial industry is telling us to do just the opposite--spend now, pay later, don't deprive yourself, put it on credit.
I learned a lot of things reading this book and it came at the right time in our life. My husband and I are looking at our spending habits and looking for ways to save, to spend only within our means, to see exactly where our hard-earned money is going really. Applying the 7 money rules in this book is not easy but doing it will bring peace of mind and financial freedom. We've already put a plan in action. Even just working on one or two rules for now will make a big difference.
It's obvious Hunt wants everyone to understand more about the financial world because she goes out of her way to simplify her explanations, sometimes using illustrations, so that you will find yourself nodding and saying, "Oh, I get it!" If you are having trouble with your finances, want to improve them, want the right motivation to make financial changes or just learn more about how to take care of your money, then I strongly suggest you pick up this book. It's easy to read, under 200 pages and will make you see how you handle your money in a different light in view of our economy and our changing world.
Disclosure: Book has been provided courtesy of Baker Publishing Group and Graf-Martin Communications, Inc. Available at your favourite bookseller from Revell, a division of Baker Publishing Group. I was not compensated in any other way, nor told how to rate or review this product.
on January 2, 2012
This is a money book that my grandparent's generation would approve of, but sadly, my parents and my generation has not lived out. Since the rise of credit cards more and more people are paying for their daily expenses with their credit cards, but not paying them off at the end of the month. In fact, over 75% of Americans are living paycheck to paycheck, rather than taking the time to educated themselves about money and the best way to handle it.
Hunt's book gives 7 simple rules for handling money. However, following those rules aren't as easy as just reading them. Hunt's rules are as follows: Spend less than you earn, save for the future, give some away, anticipate your irregular expenses, tell your money where to go, manage your credit, and borrow only what you know you can repay. The first of these rules is the foundation and can be the hardest to get under control.
While these are good rules, and they will work, I don't feel like this is the best plan. Most Americans are so far in debt that they need a radical change to break their spending habits. So while Hunt's rules will work, they aren't the radical change that many people need.*
I give this book 3 1/2 stars out of 5.
I received this book free from Revell for the purpose of this review.
*I prefer Dave Ramsey's Financial Peace plan over Hunt's 7 rules. While the information is essentially the same, Ramsey puts it into an order that helps people get out of debt quickly and plan for their future. It has the radical change that I believe many people need to jumpstart their financial changes.
on June 21, 2015
So what are the seven golden rules?
Rule 1: Spend less than you earn.
Rule 2: Save for the future.
Rule 3: Give some away.
Rule 4: Anticipate irregular expenses.
Rule 5: Tell your money where to go.
Rule 6: Manage your credit.
Rule 7: Borrow only what you know you can repay.
Overall, I believe Mary Hunt’s opinions and experiences are quite insightful. However, she only alludes to, and does not address, psychological and emotional impulses and desires that contribute to financial difficulty. Therefore, additional reading in how to deal with those kinds of emotions are highly recommended before implementing Mrs. Hunt’s recommendations to the fullest yield.
Yes, attitude and perspective or outlook of surroundings is important. I like her recommendation with regards of saving strategies and plan to implement them. In essence, the first ten percent of net income goes directly into a long-term, secure investment account. However, I recommend accounts that do not have penalties for withdrawals. I recommend mutual funds rather than IRAs, etc. Then, from the new net amount take ten percent of that an direct those funds to a charitable giving account, of course some of which would be directed to a religious of non-religious community activities, but a majority would be proactively utilized through constructive, building personal relationships with the expectation of no personal gain. In regards of anticipating the unexpected expenses, having a rainy day fund sometimes just does not cut it. Therefore, I strongly recommend consideration towards low cost catastrophic insurance policies or reasonable insurance policies as a form of a stop loss.
In the end, the greatest solution of this ordeal is to change the way of your thinking, an immediate and irreversible decision to uproot yourself and your perspective. A hard process that few undertake and even fewer experience the intended result without facing significant psychological and physiological resistance to change. Nevertheless, the change is worth it.
on December 23, 2011
This is a good, christian based book for getting your finances under control, in a seven step easy to follow and understand process. It is explained in practical daily steps that a person can practice and put into play lifestyle changes to improve their finances.
Mary Hunt talks of seven rules, Spend less than you earn, save for the future, give some away, anticipate your irregular expenses, tell you money where to go, manage your credit and borrow only what you know you can repay. She mentions creative ways to make money, how to save money, where to distribute money, and how to save for "irregular expenses" based on the previous years expenses.
A must see for those who have never had any training or experience in money management. I was given a complimentary copy of this book, in exchange for an honest review by Revell, a division of Baker Publishing company
on February 29, 2012
I've followed Mary since the late 90's when i was wallowing in debt. I'm now out of credit card debt and the house is almost paid off...whoohooo!!! I really enjoyed her new book. It renewed my commitment, of taking charge of where my money goes. The less i watch and tell my money where to go, the more it just evaporates into the thin air (aka for new gadgets, new apps, extra coffees, new this, new that!)
Mary's new book is really a great overview of a way to live with savings and take charge of that credit debt, saving and my finances. Mary has changed my attitude from the "short term thrill of the buy" to the long term glow of savings and thrills of hitting my saving milestones! I've already loaned this copy out, bought a couple books for friends, joined DPL and her FB page! Mary is a great encouragemnt and this book rocks!
on February 9, 2012
The Great Recession that started in 2007 has thrown millions of families into financial disarray. I have been looking for a timely book to recommend to people to provide the tools, motivation, learning, change and inspiration people need. The wait is over.
Mary Hunt, one of the top 3 greatest personal finance writers of our age, author of over 15 books and nationally syndicated columnist, owner of a popular website, and founder of Debt Proof Living recently published a new book entitled the "7 Money Rules for Life."
What makes Mary such a good writer about this topic? The answer is easy, she has lived through disastrous financial decisions, learned how to dig herself out using the wisdom of the ages and has a heart for helping others recover from what that she experienced to enjoy financial hope, peace and joy of a reclaimed life.
You will read more about her story in the second chapter and throughout the book, as she pours out her heart. Her style of writing makes relating to the issues easy and will encourage readers to set the course toward a new life.
The 7 rules she lays out are not secrets or surprises, yet the supporting information is jam-packed with key information in a format that makes reading about them seem like seeing them for the first time. I became more convicted with each turn of a page even though the concepts are part of my daily life as I try to live them, and write, teach and counsel others about these issues almost every day. Provided are countless stories and practical ideas to help anyone become transformed with wise foundational principles.
Reading 7 Money Rules for Life will equip you to improve your financial life and deal with some of the most important and foundational aspects of money. But even better, it will help you grow in your faith, wisdom, and character.
I'm very excited about this new book and hope that you will check it out (go to [...]). Thank you, Mary for writing such an outstanding book and for your sacrifices to help so many people. I will highly recommend this book to everyone, just as I do for every other book you have written!