I'm a reader, but I've been finding myself on the go a lot more lately. Audible to the rescue.
This book was recommended by Jim Rohn in a speech I listened to and I have so much admiration for him I instantly hopped on audible and picked this up. The parable format was perfect for an audiobook and I've already listened through a few times.
I can't say anything in this book is outside the realm of common knowledge, but a lot of times I don't need to learn something new, I just need to be reminded of those core fundamentals, and if I'm not doing them- start!
The 7 Cures for a Lean Purse discussed in the book:
Start thy purse to fattening
Control thy expenditures
Make thy gold multiply
Guard thy treasure from loss
Make of thy dwelling a profitable investment
Insure a future income
Increase thy ability to earn
The one that has been the biggest game changer for me has been "Start thy purse to fattening-" saving 10% of my income. I've always heard "pay yourself first," but I always felt like if I did that I wouldn't have the money to pay my bills. If I had money left over after paying all of my bills I'd save that.
Guess what? There's always something else to spend on so I wasn't saving much.
This book inspired me to just try it, and the results have been huge for me. Not huge in terms of my bank account, but more with my attitude towards money. Shortly after starting the process of setting aside 10%, I started to feel in control of the money instead of the money being in control of me.
I think the mental shift has to do with when you spend everything, there's never enough. As soon as you start setting aside that 10% your mentality shifts from there never being enough to, "Of course there is enough. I don't even have to spend everything I earn and I'm doing just fine." I don't know if that makes sense. I think it shifts your subconscious from the scarcity mindset to a prosperity mindset.
Fringe benefits with 10% of my income being mine to keep, is that potential negative life events (worries) don't hold the same power over me because I have a little cash reserve that's growing every paycheck. If I get a cavity, blow out my knee, lose my job, have car problems, they'll still all be unfortunate and stressful, but they won't send me into crisis mode.
Typing this I'm thinking about a quote from Mark Twain, “I've had a lot of worries in my life, most of which never happened.” The mental benefits of saving calm a lot of my worries and let me focus on more productive thoughts. If they never happen I'll be glad I didn't waste my time worrying and if they do, I'll be in a position financially to deal with them.
This has been my long winded way of saying, buy the book. You won't regret it. If you already know it all, it will be good to go through the checklist and make sure you're actually doing it. If you're new to the study of personal finance, this book hits on the fundamentals and would be a great place to start.
I have to admit, I was a little scared o take on an almost 20hr audiobook on the topic of management. I've heard Drucker referenced enough though to know that he is the man to follow in this subject area.
The narrator was great and helped keep my interest.
Overall I was very pleased with the full 20hrs and at the end felt like I could keep going. I think a lot went over my head, but there were a few gems that made an impact on my thinking about life and business.
One thing I like about a book like this is that when I come back around to it after gaining more experience in work and life, there will be more for me to take away.
I would recommend this book if you have an interest in business and or leadership.
I parked car was recently totaled in a hit and run incident. I filed a claim and it was covered with my uninsured motorist coverage. Awesome, right? Well the insurance company sent me what I felt was a low ball offer for my car that wouldn't fully pay off my note- they were around $500 shy.
I hopped on audible and searched books on the topic of negotiation. When I saw Brian Tracy had a book (I'm a big fan) on the subject and it was only ~2hrs, I instantly picked it up and listened to it that day. Using what I learned in the book helped me to negotiate the full value of what I felt my car was worth.
I think I can claim that the $12 for an audible credit and 2hrs I invested listening to this book translated into an extra $500 in my settlement with the insurance company. It's the gift that will keep on giving to in the sense that, like Brian reminds us in this book, "Everything is negotiable." So today it has made me hundreds, but in a few years maybe I'll have to update this review and edit the numbers to thousands.
Highly recommended as a basic overview. If I were going to negotiate in a higher stakes arena, I'd probably listen to this as a primer for other books on the same topic.