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“Book Reviews” Archive
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Larry Winget, the “Pitbull of Personal Finance,” has a book geared towards those who are an employee or an employer - It’s Called Work for a Reason (aff. link). I won an autographed copy over at All Financial Matters back in August of last year and I’m getting things done so here is a long overdue review 
The book really focuses on two things that I will detail below.
The Employee
Larry looks deep into an employee’s mind and debunks common thoughts that employees have. How about the answer to this question - What are they paying you for? Even I would answer with, “They pay me to work hard.” Larry argues that you are paid for results. That makes perfect sense to me. If you produce results, you are kept around and paid. The hardest worker in the world probably wouldn’t be kept around long if they couldn’t get the job done.
My favorite part of this book is the tidbit Larry shares about becoming invaluable. He shares his story about Carolyn at the UPS Store. She handled Larry’s shipping for over five years and he always knew she would take care of his packages and they would get to their destination. Then one day Larry found out she was leaving. He wasn’t sure he could bring his packages to that location anymore. His feelings about the business as a whole were shaky now, because the one employee he associated the business with was leaving. Carolyn was invaluable. Larry argues that you should be the invaluable employee and open yourself up to new opportunities. You want your employer to say that they couldn’t run their business without you.
The Employer
As an employer, your goal is to have great employees that do their job and do it well. Profit is always important and great employees can increase your bottom line. Larry gives suggestions on how to make that happen, from creating the right work environment to communicating your expectations of your employees. He goes into detail on what he perceives as the eight ATE’s of leadership: create, communicate, educate, delegate, participate, hibernate, evaluate and amputate. Even though I’ve never been an employer, I found myself thinking of past employers and there were certain ones that brought out the best in me. I think Larry is pretty darn close with his list.
Then, in Larry style, he tells you “How to Absolutely Destroy the Competition.” You may think that it involves bashing the competition, but Larry doesn’t think so. Rather, you have to stop believing in it.
“Discover your uniqueness and learn to exploit it in the service of others, and you are guaranteed success, happiness, and prosperity.”
A great example of one such business that has exploited their uniqueness is Apple. Sure, they make a computer, but they do it differently than other companies. As a result, they are doing quite well.
Conclusion
There is so much more to this book and I just skimmed a few of the tidbits that I thought were particularly interesting. As an employee, I didn’t get bored by the employer parts. That’s because I was taking it all in because learning how employers can get great employees can help you become a better employee.
I’ve been trying to stay pretty neutral when it comes to personal finance/development gurus, but I have to admit…I like Larry. We share a lot of the same views and he also has accomplished a lot in his life. He tells me things like he sees it and I respect that.
If I had to choose between reading It’s Called Work for a Reason (aff. link) and You’re Broke Because You Want to Be (which I reviewed last month), I would choose It’s Called Work for a Reason. If you asked me before I started this debt reduction journey, I would have said You’re Broke Because You Want to Be. I think it’s just the phase in my life that I am in right now.
Since I won this book, I’m going to give it away to one of you!
To be considered, all you have to do is leave a comment on this post.
The deadline to enter is 10:00pm EST on Wednesday, February 13, 2008. I will use random.org to select one random commenter. I will announce the name on here no later than Thursday, February 14, 2008 as well as email the commenter. At that time the commenter will need to email me back to confirm their address (US addresses only, please). If I do not hear back from the commenter selected by midnight on Saturday, February 16, 2008, I will randomly select another commenter. Your chances of having your comment selected will depend on the number of comments received and only one comment per person please.
A few months ago, I was contacted by Mary Winget, and she asked me if I was interested in reading and reviewing, “You’re Broke Because You Want to Be” (aff. link). If the last name sounds a little familiar, that is because she’s the wife of Larry Winget. I’ve mentioned him on here before when I briefly talked about his show on A&E called Big Spender. I watched a few clips of his TV show, and I was pretty impressed with what I saw. To be able to read his book was an offer I couldn’t refuse.
First things first, Larry is called “The Pitbull of Personal Development” for a reason. He is a pitbull because he doesn’t hold back. He tells things like he sees it and if he makes you cry he thinks that is a good thing. That initially turned me off a bit. While I don’t mind constructive criticism, if someone just starts bashing your actions for the sake of bashing them…well, I don’t care for that much. Larry is different, though.
In this book, he does break you down a bit. He wants you to feel down, so he can build you back up with the main goal being that you will be able to better your financial situation. Some people may not be receptive to this tactic, and I am usually one of them. But Larry’s words didn’t bother me because even though he dishes out some tough love, you can tell that he is passionate about what he does and he genuinely wants to help others with his book. To me, an author like that is one worth reading.
I also like to read authors who write from experience. Larry has been broke in his life more than once. He’s been broke, became rich, went bankrupt, and then became a millionaire. He’s been around the financial block so he’s coming from the angle of being there. He shares bits and pieces about his past and I enjoyed that. He covers many different angles as to why you are broke (not making enough money, spending too much money, attitude) and then at the end of the book offers success stories of those who were once broke and overcame it.
Overall, if you have been reading about personal finance for a while and have already started improving your situation, you may find some parts of this book “old news.” Larry has included basic worksheets to complete to get you thinking about your situation. There’s one about your income and expenses and there’s even a little section where you can write down all of your excuses why you are broke. While this book is about your finances, and Larry includes some good tools to get you started, I think what Larry has to say about why you are broke can be a real eye-opener.
On the other hand, if you are in financial trouble and don’t know where to turn, you might want to visit the library and give “You’re Broke Because You Want to Be” (aff. link) a read. It is also a book that I would recommend to a friend if they told me they were having financial troubles. I feel it is a great starting place to 1.) Get motivated to change your situation and 2.) Learn techniques to improve your situation.
Overall, this book would have been a great one for my first year of college. I was broke back then, and in hindsight, I didn’t have to be. I’ll never know for sure if reading this book would have made a difference but I have a feeling that it might have. Larry is definitely a motivator.
So far, there are a few other bloggers who have read and reviewed the book as well:
Cash Money Life (he’s giving away his copy!)
Blueprint for Financial Prosperity
As for my copy? Stay tuned
A while ago, I was contacted by Alicia Dunams. She’s the author of “Goal Digger - Lessons Learned from the Rich Men I Dated” (aff. link) and she was wondering if I would be interested in reading her book. The first thing I noticed was the word play in the title. Instead of “Gold Digger” (which my husband thought was the name of the book until I explained to him otherwise - LOL) it is “Goal Digger.”
Alicia defines “Goal Digger” as a woman who:
- desires wealth in all areas of life
- seeks the secrets of the millionaire mind
- has the smarts, optimism, integrity, and passion to do it herself
It seems simple when you look at it in writing. But I think we all realize that if it was that simple…we’d all be filthy rich.
First and foremost, Alicia’s book reads like you are listening to a girlfriend tell a story. She affectionately refers to the rich men she has dated with names such as Mr. Rich and Mr. Smooth.
I bet you are thinking, “OMG - She is a gold digger. She wanted to marry a rich man!” That’s what I thought too until I read the beginning of the book. Alicia reveals that in the beginning, she did want to marry a millionaire. Along the way, though, she decided that she wanted to be one herself. She has various little Millionaire Memos throughout the book and this one sums up her attitude, “Why marry a millionaire when you could just think like one. Better yet, you could be your own millionaire.”
In a nutshell, “Goal Digger” details the things she learned from these rich men - things that helped her to become financially successful. So the book ends up being part memoir and part self-help book. There are even exercises that you can go through to help get you thinking like a millionaire.
One section I really enjoyed was the power of words, also known as the abracadabra principle. As a blogger and an avid reader of blogs, I know how powerful words are. The goal is to try to remove those negative words in life (like “I can’t” or “never”) and replace them with positive and powerful words. Some positive thinking can go a long way.
Related to that section is one about saying, “What If.” According to Alicia, rich men don’t ask, “What if?” They ask, “Why not?” The big difference is that “What if?” implies a lot of fear. “Why not?” implies a lot of confidence. You will always have some fear, but the key is to shift your way of thinking to be more like a millionaire’s mind.
I always enjoy books that make me think and help me to realize a few things that I do that might be holding me back. This book did that. While reading it, I became very self-reflective and looked deeper into myself. A big problem that a few of you reading have pointed out is that I still have the mindset of a poor person. It’s not something that has been easy for me to change - it’s a work in progress.
If you are looking for a book that is entertaining, easy to read and will challenge you to think in new ways (and help you to think like a millionaire!), then you may want to read this book. I have learned quite a few things, but now it’s up to me to put them into action. Before I can do that, I need to mull over things for a while. This book definitely gave me a lot of food-for-thought.
For more about Alicia and her book, you can visit her site at GoalDigger.com. And, you can also sneak a peek at an interview I did over at her blog.
Now, here’s the part I always enjoy. I’m giving away the copy I received from Alicia!
To be considered, all you have to do is leave a comment on this post sharing the first thing that comes to mind when you read the word, “millionaire.”
The deadline to enter is 11:00pm EST on Monday, October 22, 2007. I will use random.org to select one random commenter. I will announce the name on here no later than Wednesday, October 24, 2007 as well as email the commenter. At that time the commenter will need to email me back to confirm their address (US addresses only, please). If I do not hear back from the commenter selected by midnight on Monday, October 29, 2007, I will randomly select another commenter. Your chances of having your comment selected will depend on the number of comments received and only one comment per person please.
So…what’s the first thing that you think of when you read the word, “millionaire?”
Thank you to everyone who left a comment for a chance to receive an autographed copy of “Debt is Slavery” by Michael Mihalik.
While reading about one of your most valuable possessions, I found myself sometimes crying…sometimes chuckling…and all of the time realizing how important many of us value the things that money cannot buy. I definitely want to write a post highlighting some of the comments, but it will have to be at another time. Life likes to throw a lot of curveballs at me and right now is no exception.
Anyways, back to the announcement!
Congrats to commenter #66: MB! I’ve sent an email, and if I don’t hear from MB by the end of day on Friday I will draw another number for someone to receive my copy of “Debt is Slavery.”
I’d like to say thank you again to Michael Mihalik for contacting me, letting me read his book and letting me give away the copy on here. Your book is making a huge positive difference in my life. Thank you.
I was contacted a little while ago by Michael Mihalik. He was wondering if I would like to review his book, Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money (affiliate link). Any book about debt is right up my alley.
But I really didn’t have much time to devote to reading a book and I let Michael know that. He said I could take my time and told me that his book is fairly short and free of fluff. So I agreed to receive his book and review it.
I started reading it one day last week during my work breaks and I finished it up after work. Michael was right. It was short and free of fluff. But it did not lack with content!
This book was written by the viewpoint of someone who was in a lot of debt and managed to get himself out of it. He’s not an expert in finance and doesn’t claim to be. Rather, he is sharing what he has learned (sort of like what I’m doing with this blog). Most of what he learned about is how he thinks about money.
The main theme of the book is that debt is slavery. As long as you have debt, the author argues that you are “bound in servitude.”
Do you ever wake up in the morning and groan “I don’t want to go to work today?”
As you lie in bed toying with the idea of staying home, your thoughts turn to all the bills you have to pay: the mortgage, car payment, credit card bills, tuition, insurance premiums, electricity, phone, cable, groceries…”
I work a job now where I have sick time. But there was a time where I didn’t have sick time. Unless I was very, very ill, I drug myself to work because I needed that paycheck. I didn’t have the luxury of taking a day off or we’d dig the hole we were in deeper and deeper. I remember one gal I worked with who had a severe allergic reaction to something and was not completely recovered. She came to work, swollen face and all, because she couldn’t afford to lose the hours.
Michael goes on to discuss how possessions have hidden costs. We all know that it costs money to buy things. But do you think about the other costs?
Owning stuff not only costs money, it costs time and peace of mind. In addition to money, you spend time and energy storing stuff, cleaning it, maintaining it, fixing it, worrying about it, and moving it.
Let’s say you decide to have a 2,000 square foot home rather than an 800 square foot home. Going bigger won’t just mean a higher purchase price. Think about the increased wall space to paint, the flooring to clean and maintain, the furniture needed to fill it. It all ads up. After reading this book, the article about the 84 square foot house story made perfect sense. Just think of the low maintenance costs for that house!
Another section of the book discusses the GMM (Giant Marketing Machine) and how you are tempted all the time to spend, spend, spend! I had a chuckle when the author brought up how it used to be fashionable to wear leg warmers! Even I had a pair way back when. The GMM works to get you to buy things because we are “cool” and have status if we own them. When you are thinking of buying something that is “in” think about those leg warmers (mine were bright blue *shudder*).
There’s way more information packed into this book, like controlling your expenses and getting a handle on your finances. Like I mentioned earlier, this book is packed full of content in a relatively small amount of space. It’s also filled with personal tidbits from the author which I really enjoyed as well.
Overall, I think this book is great. Debt is Slavery prompted me to action. It’s a big reason why I decided to sell most of my possessions. As you can tell with this review, I could relate to what was said in the book with things from my own life. This book just made so much sense to me and I think it helped me realize the true priorities in my life.
One last thought from the book that made a lasting impression on me:
For now, it’s important to remember that when you spend money, you are spending a part of your life that you can never get back.
Next time when you pick up an item to purchase it, think about the number of hours of work you have to do to purchase that item. That’s time spent that you can never get back. Is that item now worth it?
Ok. You’ve made it this far which is great. I think you know what is coming up next…I give away the copy I was given to review. I’m excited about this giveaway because it’s a little special…the author has signed the book. It is a special touch
To enter, all you have to do is leave a comment on this post sharing what is one of the most important possessions that you have (I think it might be interesting to read everyone’s answers and see what they value the most).
The deadline to enter is 11:00pm EST on Tuesday, August 7, 2007. I will use random.org to select one random commenter. I will announce the name here no later than Wednesday, August 8, 2007 as well as email the commenter. At that time the commenter will need to provide their address (US addresses only, please) so I can ship them their book free-of-charge. If I do not hear back from the commenter selected by midnight on Friday, August 10, 2007, I will randomly select another commenter. Your chances of having your comment selected will depend on the number of comments received, only one entry per person, and I promise to ship the item out but cannot guarantee its safe arrival. Please note that I have a pet-friendly home.
I’ll start off…
One of my most important possessions is the cabinet I just emptied my eagle collection out of. It was hand made for me by my father and is the nicest piece of furniture that we own. The only time I will part with it is when it is time to give it to my son.
A public relations firm offered to send me a copy of The Last Chance Millionaire: It’s Not Too Late to Become Wealthy (aff. link). I was happy to accept the offer and was looking forward to reading the book. Unfortunately, I’ve been super busy lately and haven’t had the chance to read it. The firm said it was fine if I gave it to one of you and they also offered an excerpt to share with all of you. Here’s the excerpt:
The following is an excerpt from the book The Last Chance Millionaire by Douglass R. Andrew / Published by Warner Business Books; June 2007;$24.99US/$31.99CAN; 978-0-446-58053-3 / Copyright C 2007 Douglas R. Andrew
The Pitcher of Water Versus the Empty Glass
When I give seminars, this is the moment that I introduce the most memorable visual aids I have ever used. Picture yourself holding an empty drinking glass in one hand and a pitcher containing water in the other. The glass represents your house. For simplicity’s sake, let’s say it is worth $100,000. It’s an asset. Let’s say you have $100,000 of cash in the bank (the pitcher) — that’s liquid wealth. The glass is empty because you have not put a penny into your house, but on paper, on a balance sheet, you would still list it as a $100,000 asset. Meanwhile the pitcher of water represents another asset — $100,000 in cash.
What’s the total amount of your assets? $200,000. What happens if you pour the water into the glass? You have reduced your assets by $100,000. You’ve combined $100,000 in cash to a glass already listed as an asset worth $100,000, and all you have to show for it is $100,000. You have cut your assets in half!
On the other hand, when you separate the liquid cash from the glass-sized house that is free and clear, you double your assets. That’s what happens when you separate equity from your house and put it in a liquid investment. But you’re not finished. Assume the empty glass-house appreciates at an average of 5 percent a year. After one year, what’s the value of the empty glass? $105,000. If you pay off the mortgage on the glass (pour the water — or money — back into the house) what is it worth? The same $105,000 — whether it is mortgaged or it is free and clear — because equity has no rate of return when it is trapped in a house.
Next, pour the water from the glass back into the big pitcher. You’ve just removed $100,000 from your house and put it into an investment earning — let’s say — 10 percent. At the end of the year, how much money will you have in that pitcher? Look at that! It’s grown to $110,000! In your other hand is your house, worth $105,000 at the end of the same year, thanks to appreciation.
Leave the water in the pitcher.
How much have you earned by separating your equity from your house in the course of just a single year? $15,000. How much would you have earned if you had left the water in the glass? Only $5,000 — one-third as much.
“But, but, but — the mortgage wasn’t free! I had to pay some interest.” That’s right, you did. Let’s say the mortgage was at 7.5 percent. That’s $7,500 subtracted from $15,000 for a net gain of $7,500, instead of just $5,000. You are still 50 percent ahead than if you had not removed the equity from your house. If the mortgage interest is deductible, then the net cost of the mortgage is really not $7,500, but $5,000 in a 33.3 percent marginal tax bracket. So the net profit is $10,000 ($15,000 minus a net, after-tax mortgage expense of $5,000) — or twice as much as you made if the house was paid off!
Here’s another quick analogy: Would you rather have one horse working for you or two? Can two horses work for you, even if you owe money on one of the horses?
The object of this demonstration is that no matter what else you do, when you separate your equity from your house, you increase your assets. Even though there is a charge for doing that — the simple interest you pay on a mortgage — it makes a whole lot of sense to take out a mortgage and use it to make your assets grow.
Do you recall the president of the bank I mentioned at the start of this chapter? What you’ve just done — taken out a mortgage and used the money to make more money — is what he did. You didn’t make billions, but you made a profit in the same exact manner. By separating equity from your house, you give it the ability to earn a rate of return. Employ this strategy each year, and the profits will compound.
Copyright C 2007 Douglas R. Andrew
Still with me? Good. Here’s the details on how you can have a chance to get the copy I received
All you have to do is leave a comment on this post to say you’re interested by 11:00pm EST on Friday, July 20, 2007. I will use random.org to select one random commenter. I will announce the name here no later than Monday, July 23, 2007 as well as email the commenter. At that time the commenter will need to provide their address (US addresses only, please) so I can ship them their book free-of-charge. If I do not hear back from the commenter selected by midnight on Wednesday, July 25, 2007, I will randomly select another commenter. Your chances of having your comment selected will depend on the number of comments received, only one entry per person, and I promise to ship the items out but cannot guarantee their safe arrival. Please note that I do have a pet friendly home.
EDITED TO ADD:
I mentioned the bit about a pet friendly home because more than likely there will be pet dander on the book. I mention this in case you are allergic. Now, D was wondering if that meant that something would be included with the book. I do still have three kittens left and I’d love to find them a good home…but I won’t send them with the book 
Before I announce those who will be receiving my copies of On My Own Two Feet: A Modern Girl’s Guide to Personal Finance(aff. link), I just want to again thank the authors, Manisha Thakor, MBA, CFA and Sharon Kedar, MBA, CFA, for taking the time to answer your questions. I think that is the neatest thing I have done on here!
Ok…now to the winners…
Using Random.org, it selected numbers 25 (Lori) & 16 (Kaye C). I’ve emailed you both, and I hope to hear back from you shortly.
Thank you to everyone who participated
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