Customer Reviews

The Ultimate Cheapskate's Road Map to True Riches: A Practical (and Fun) Guide to Enjoying Life More by Spending Less

5 star:		(103)
4 star:		(18)
3 star:		(8)
2 star:		(5)
1 star:		(8)

 

 

I thought I was a miser. This book revealed that I wasn't. I've never been extravagant. But I learned that I bought unnecessarily on emotion, bought to compensate for time, bought to rationalize a high paying, unfulfilling job. So I tried Jeff's fast this month. I'm on Day 28 - no problem. Just as buying brings some enjoyment, I learned that not having credit card debt brought huge relief (close kin to enjoyment). In fact, not spending hours shopping and buying brought peace. What was amazing was the number of times I thought I needed something at the store - only to realize I had plenty of it at home. I am thinking about the supermarket fast for next month but am kind of afraid of what I'll find in the freezer.

More than savings tips like Tightwad Gazette, this book put money in perspective relative to my life and loosened its claws. The money and time that I'm saving are being put to much better use these days. Will I stick with it? Yes - I've gained far more than I've sacrificed and with less effort and resistance than I ever expected.

PS Read anything Clark Howard to complement this book.

I don't usually buy personal finance books since most are unpractical, preachy, or unoriginal. Jeff Yeager's The Ultimate Cheapskate's Road Map to True Riches, I'm happy to say is none of those things. Unlike most financial experts, he lives by his advice. And, although I pride myself on my frugality, his book gave me a ton of ideas to implement, including:

- to live within my means using the salary I make at 30 years of age, and to continue to live by that standard of living even after my salary increases. So, if I make 40,000 when I'm 30 and 45,000 when I'm 35, I should live as I did when I was 30 and save the rest.

- to establish a mandatory waiting period when using my discretionary spending, of a week or so, to determine if I truly want what I think I want.

- to skip the gym and get outside more...also, to do chores (like washing the car) that burn calories.

- to eat according to the food pyramid (more pastas and rice, less sugars). It's actually cheaper to buy healthier foods like pasta than it is to buy processed foods.

If you're interested in not only saving money, but by being satisfied with what you have, this book is for you.

This book is funny, but to buy it for that reason alone misses the point. Hiding behind the humor is the wise advice of a personal finance expert who knows there's more to life than just how much debt you can pile up on a credit card. Jeff Yeager's breezy writing is full of great -- and serious -- ideas, yet you never feel that he is preaching at you. As you read you feel inspired, even empowered.

One of his thoughts is to put yourself on a money fast for one week a year. You spend nothing for seven days, which gets you thinking about all the terrific things to do that are free, and makes you realize that you can easily do without many of the items you buy just out of habit.

The book's eye-opening premise is that, contrary to just about every commercial you see, your quality of life increases as your spending decreases. What awful news for MasterCard! And what a refreshing thought!

This isn't the first such book, and it won't be the last given the coming recession. The last recession in the 80s gave us stuff like "The Tightwad Gazette", which was clearly an influence on Jeff Yeager, as well as "The Millionaire Next Door".

I wanted this book to be better than it is, because I think there is a lot of potential wisdom in living more simply and avoiding materialism, and a lot of practical stuff that people could learn in terms of saving money and avoiding the credit card trap. Unfortunately, if Mr. Yeager has some good tips, he is keeping them to himself. The most "Ultimate Cheapskate" has to tell you is either really simple ("buy a less expensive/house/tv, etc.") or flatout wrong ("the least expensive stuff is at big box stores like Sam's Club" -- WRONG!).

One big problem is that Yeager and his wife of 22 years are unusual, in that they don't have children. Don't get me wrong, it's a personal choice and I respect it. But he never really owns up to it (I had to read sections over twice, until I figured it out), and he never admits that many of his "savings" schemes would not work, or would work differently, if he had young children, or kids in college. Yeager brags, rather shamelessly, about things like living on just one income (his, while his wife's earnings are saved or invested) -- but you can't do that if one spouse stays home with toddlers, or if you have to pay most of one spouse's salary for day care. He also brags about paying his house off early, but again he has not had to support small children or pay their expenses, but could save/invest half the income of a DINK (dual income, no kids) couple.

Finally, he tells us that he's managed to acquire a net worth of $900,000, at age 48 (his wife is 54). But half of that is the over-inflated value of his home in a premium suburb (suburban Washington DC) -- when the housing bubble deflates completely, will his home still be worth almost $500K? And again, the Yeagers have not had to send three kids to college, which most people their age are working on. Furthermore, his chapter on investing -- which is high school level economics, so beware -- doesn't mention that the OTHER $400K of his "net worth" could disappear in an instant if he's bought stock in companies like Enron or Bears Stearn, or if there is a stock market crash. All that "cheapskate" arrogance could vanish in a flash.

I have found that other such "cheapskate" or "tightwad" books don't realize that if EVERYONE lived a simple and cheap life, then all the bargains and free stuff that the Cheapskate lives for would not be there, as everyone else would be competing for the same "cheap stuff". Right now, it's only available because OTHER PEOPLE are buying regular goods and services.

Some of the advice is really crappy, too -- Yeager shops heavily at Dollar Stores. I have found that such stores often stock sub-standard merchandise, such as outdated food items and defective items. They also rely heavily on imports from China! How does this help the US, address unemployment or save the environment? And as far as "big box stores" or "warehouse clubs" -- consumer magazines have exposed them as often not having the cheapest prices anyhow. You can do better by watching sales at your local merchants, or pairing sale prices with high value coupons.

One of the most offensive sections in the book deals with Mr. Yeager's glee at his paid up home, with a valuable, income producing rental unit. First, Yeager tells us he bought the home in 1986, when he was 28 and only earning (he claims) about $10,000 a year. Yet he somehow could afford a $157,000 house! This was expensive back then, and I don't see how someone with so little income could have ever qualified for such a big mortgage -- without heavy parental help, which he fails to mention. He's been coasting on the rental income for 22 years, but most of us really can't count on finding a house with a rental unit attached -- such homes are rare, and when they exist, they are costly. Unless Yeager tells us how much a comparable home, in 1986, would have cost WITHOUT a rental unit, we cannot figure out if the extra cost was justified by the rental income anyways.

This is a little like saying: "I can live cheaply because I was lucky enough to inherit a nice trust fund". Most of us are not willing to forgoe having children, or sending them to college and we can't magically find homes with lucrative rental units over the garage!

I picked this book up hoping for a handful of clever tips for saving money, and instead got a lecture about dumbass stuff like "shop at the Dollar Store". You'd get better, more practical advice from any old lady who lived through the Great Depression.

It would have been far more fair, also, if Mr. Yeager had admitted that it's much easier to save money and live cheap -- if you DO NOT have children...and that many of his "tips" are not applicable to FAMILIES. Or that stubborn kids or teens might be very resistant to not having any cell phone, internet service, cable TV...or to eating a diet of stale outdated canned goods from the Dollar Store.

The book is also greatly lacking in visuals, such as photos or even pie charts, making it a dull read. In short: you won't find any useful tips here if you are serious about saving money.

Not really sure what the stir was about this guy...he's crude and vulgar. Read Dave Ramseys' work instead if you don't like constant swearing....And reviewers said he was funny--like a weird drunk uncle I guess...Would have given a "no star" if possible...

I was expecting a list of tips on (possibly uncomfortable ways) to shave a few pennies off the budget. This book is much more. It shows how often spending less money is actually more fun and rewarding than buying stuff. Most importantly, its probably the funniest personal finance (or the author would probably say dont-finance) book i've read.

My favorite parts of the book were:

- Explaining "The Money Step" and how to avoid it
- Prioritizing what items to be cheap about and what to not sweat - its just the biggies that really matter
- Restoring honor to do it yourself-ing
- how living on more is often more of a sacrifice than living on less

The author recommends the book "Your Money or Your Life" which i think is a good complimentary book. It lays out the whole idea of seeing how you trade your life energy for money - (so make a good trade!). I feel this is a great next book because it takes that idea and gives more day ways to implement this idea of really spending your time and money on what matters.

Also, it is cool to see a big push in the book on the significance of giving back and volunteering.

This book had a great affect on me. I was already a believer in most of the ideas but it provides both good reminders and puts a lot of different ideas in one whole story that is fun and easy to read.

Jeff Yeager has given new meaning to the word "cheapskate" in his THE ULTIMATE CHEAPSKATE'S ROAD MAP TO TRUE RICHES. While he admits to being a "frugal-meister", his book is written with a generosity of good humor and ah-ha moments. Told in a chatty, non-preaching manner, he goes behind the myths and advice expounded by many, if not most, financial planners, and brings us to a day by day reality---not only affecting our personal finances, but the quality of our lives, our home and universal environments, and happy retirements. It is a must-read for those between the ages of 20 and 60. As a septuagenarian myself, I enjoy good writing, good humor, and good sense, and found them all in this book. His wisdom on setting priorities does not dwell on sacrifices, and his advice consists mostly of good and sensible choices.

Forget self help books. This is the only book that has ever really brought about changes in my life...
I have read all kinds of books that are supposed to help you change things in your life, but were so far fetched or full of "theory" or horse crap that they didn't help much at all.
Especially the financial books that already require you to have loads of money to make a little more of it.
I have a low paying job and very bad spending habits.
After this book, I still have a low paying job and now a LOT more money!
And I do not feel like I am depriving myself. Mr. Yeager has simply pointed out many areas where frivolous spending adds up BIG TIME, like fast food. My 5$ fast food meals did not seem like much at all, but twice a day for thirty days was costing me over 300$ a month! Plus the bigger priced meals for weekend dates. This is A LOT for an underpaid person to be throwing away!!!
But here is the best part - as soon as I started eating the cheaper and healthier grocery store food - I started losing all the excess weight I put on with all that high calorie junk food!!!
I have been able to take a couple of very memorable road trips just from the fast food savings alone that I would not have been able to even consider taking.
Now I have more money - AND a slimmer waist!
And another thing I learned from this book is about the miracle of white distilled vinegar! For cleaning, weed killing, fruit fly catching, and hundreds of other very cheap and VERY USEFUL uses! (And baking soda also!...)
It is not just a book with tips for buying things cheaper, it is about your outlook on money and it makes me feel a hell of a lot more empowered than I ever have about my money.
I never realized how clueless and careless I was with it.
And the "get rich" books were only telling me how to invest money that I didn't have because I was spending it so poorly...
I don't recommend this book to people who are trying to get rich. I recommend this book to people like me, who need to learn how to spend what they have wisely, which is step one on the road to a better financial life.
And I know an awful lot of people who always have money to blow on a super sized combo meal but can not make their water bill payments.
This is a MUST BUY for anyone like me!
And to think it all started from a book about being cheap - now my life is so much richer in so many ways! -Phil

If you think living on less means to live less, you're in for a real eye-opener. Jeff Yeager's The Ultimate Cheapskate's Road Map to True Riches goes over dozens of extremely practical uses of money that can all be applied immediately. A few miscellaneous things contained in this organized book, condensed:

-Get over the "GPS House" fad, where you need a GPS system to find every room in your house. Studies show humans naturally enjoy more "cozy" environments- and you won't lose it to foreclosure!

-Stop paying people a rich man's wage to shred your pre-cut vegetables for you. Would you pay someone at a rate of $100 an hour to cut your food? Because that's about what you're paying when you buy pre-cut fruits and veggies.

-Avoid the "Money Step" and learn to do things yourself!

-Begin to realize in a very exciting way that life isn't about working your heart out just so you can over-consume yourself into debt. There's more out there.

Every page of this book made me feel a great sense of freedom and hope (and I suspect it will have the same effect on others who were forced to sell their house this last year). But the book goes beyond making smart purchases. He talks about every aspect of your budget and provides dozens of ways to save money AND ENRICH YOUR LIFE that aren't common knowledge. Not a boring page in the whole book, and the humor is a very welcome addition to the financial book world. Mr. Yeager is naturally funny without a "hey, look at me, I'm funny!" attitude that some have. I started changing my habits for the better half way through the book. My two favorite parts:

1. Realize the wisdom in buying a house you can actually afford and MAKING IT YOUR OWN rather than stretching your budget to the bursting point and getting lost finding the bathroom.

2. Don't buy food that costs more than $1 per pound unless its cheese or some meats. Sound difficult or impractical? It's not, and he explains how its done. Watch how you feel next time you're leaving the store and your wallet and cart are heaping at the same time. It's a good, new feeling, and I still eat GOOD food.

This book gets down to the real reasons for making money. It gives you a chance to slow down and take an examination with the author on what we're doing to ourselves in this country. We're working super hard so we can spend super hard and the end result is being super stressed out, fiscally stretched, etc. Obviously its flawed. But while the author advocates avoiding over-consumption, he isn't at all against the idea of having a lot of fulfilling fun when you're not working.

The mere sound of "cutting back" might grip some around the neck, but the way its introduced here really provides a wonderful sense of the opposite- Freedom. The author advocates a rich, fulfilling lifestyle where you are happier.

If you ever get a feeling after reading a book on finance of "Ok, so... what the hell do I do now? Gather investors and start an S-Corporation??" I had a strong sense of direction after reading this book. Strongly recommended.

Maybe some will find new ideas in here but I didn't. As I am quite frugal already i expect that can happen and I read frugal books anyhow because even if a new idea doesn't pop up, I still like the connection I feel by meeting others who live similar. But no connection is here. I would not like to meet Jeff at all. He constantly compares things to sex & orgasms and repeatedly jokes that we should send him our nude or sexual pictures or ideas. I don't see how some find this humor. I find it extremely immature.