Today only, Walletpop is giving away a free download copy of “Start Over, Finish Rich”, the new book by David Bach, the author of such well-known personal finance books as the “The Automatic Millionaire” and “Smart Couples Finish Rich”.

You can download a free copy from 12:01 am to 11:59 pm est today, Monday, January 4th.

From the Amazon.com page:

Start Over, Finish Rich supplies the ten crucial moves you must make in 2010 to get back on track and recapture your dreams of a richer future. Learn how to:

* Get out of debt
* Fix your credit
* Rebuild your 401k plan
* Improve your 529 Plan
* Take smart risks
* Reorganize your financial life for the high tech age
* Update your real estate plan
* Change your thinking about money
* Recommit to wealth

David Bach is donating $1 for every copy of the book he sells,  to  charity: water, a non-profit organization bringing clean, safe drinking water to Africa. So if you are interested in a hardcopy version, go ahead and buy one, and a portion of the proceeds will go to charity.

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I have always loved to read, ever since I was a kid. Although I really don’t get to read as much as I would like due to work, children, and other obligations on my time, I still read fairly regularly. While I think books offer a pretty good value for the price, as with any hobby or habit, if you spend money regularly on it, it can add up to a pretty nice chunk of change.

Feeding your habits or hobbies as cheaply as you can can make a big difference in the amount of money you spend on them.

Obviously, not spending any money on books would be great, but that is not always practical. Often, especially with nonfiction books, I want to keep the book for a while, to use as a reference or refer to later, and I sometimes want to keep fiction books or novels if I have really enjoyed them.

Here are some of the ways I have minimized my spending on books while still reading quite a bit.

Get books for free

Your local library is the obvious place here, but their are limitations on the selection of books you can choose from, although many libraries will allow you to “order” it from another library if they do not have it, and will let you know when it has arrived and you can check it out.

Buying used books

Online

Amazon.com is the king of online booksellers, and once a book had been released and available for a while, you will find used copies of the book available for sale from individuals, often at a significant savings in price vs. buying a new copy. Ebay, Abebooks, and many others can be good places as well.

Bricks and Mortar book stores/physical shopping-

Thrift Stores-Thrift stores are a great place to buy books cheaply, as they are often only priced at a buck or two. One of the drawbacks is the selection, as it can be hit or miss, depending on what you are looking for, and there are obviously not too many brand new books or any way to get certain titles. But I highly recommend browsing thrift stores regularly for books you may be interested in. For locations of thrift stores near you, check out TheThriftShopper.com

Friends of Library (FOL) Sales-Library sales can range from a few hundred books to 10’s of thousands, so you can usually find a lot of books that spark your interest. The prices may be a little higher than at thrift stores, but the selection is usually much bigger, and you are probably likely to find newer titles. Check out Book Sale Finder to find upcoming library sales in your area.

Used Book Stores-Used book stores can be a great place to find books at a discount price compared to retail stores. If you have one in your area, be sure to stop by regularly to check out their selection.

Trade your books

Many times after I have read a book, especially a fiction book, I don’t really want to keep it. Paperbackswap and the newer Swaptree are two online places you can trade your unwanted books for titles you want to read. Some used book stores will also let you trade your unwanted titles for store credit towards your purchases, so check those out as well.

Sell your used books

Make some money back by selling your books after you are finished with them. Once again, Amazon.com is probably the best place to get the best price for most titles, due to the high volume of customers. eBay can also be a good place as well.

One thing I discovered a few years back, from buying book at thrift stores, is that you can make money finding used books to sell online for profit, especially when buying them at thrift stores and library sales. I’ll give you more pointers on that in an upcoming post, so stay tuned!

photo credit: dullhunk

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Killing Sacred Cows by Garrett Gunderson really sparked my interest when I first heard about it and perused the cover. Subtitled “Overcoming the Financial Myths that are Destroying your Prosperity caught my attention, because, if there are myths that are destroying my potential for future prosperity, I would like to know about it. The inside of the dust jacket has a blurb about Gunderson’s website, 401khoax.com and the blurb states that 401ks are “risky and destructive to most individuals”. Wow! As someone quite interested in money, finances, and my financial future, I felt compelled to see if what Gunderson is saying made any sense, although I must say was skeptical to start off.

Myth 1-The Finite Pie-

Gunderson describes this myth as “limited resources”, that is if you want something for yourself you have to take it from someone else. in reality, he says, there is enough for everyone and we can all prosper. He talks about the troubles of a scarcity mindset, saying that this limits our potential.

I do think that this type of thinking can stifle people, but I am not sure how many people it really effects.

Myth 2-You’re in It for the Long Haul-

This is where Gunderson addresses the 401k hoax proposition. He says that wealth is measured by the money we have “accumulated”, and most people are afraid to use it, even after they retire. Utilizing money, not accumulating or hoarding it, is the most direct way to achieve wealth. He points out that financial institutions want our money, on a regular basis, and want to hold it as long as possible. Gunderson says it is more productive to base our investments on our “Soul Purpose”, which he describes as “What we would be doing all day if we didn’t need money”. This is more effective than the accumulation theory, which creates the “broke millionaire”, where rich people live like poorer people because they are afraid to spend money. He says many people postpone their dreams until their retirement, and many don’t know what their money is doing, which is akin to gambling. He recommends people seek value rather than practicing frugality. Cash flow is a better measure than net worth. Taking money and buying rental houses that produce cash flow is an example of utilization.

Where he talks about the 401k myth, his example of buying rental houses, although it may be a better investment these days with real estate prices dropping, fails to take into account all of the extra work involved, as well as maintenance costs, insurance, etc. Suggesting people ignore the 10% penalty when deciding whether to withdraw money from a 401k does not seem like smart advice to me. He also talks about an office building he owns in Utah, which sounds eerily familiar to some of Kiyosaki’s detail less real estate deals he talks about in his books.

Myth 3-It’s All About the Numbers-

It is a myth that wealth is all about your account balance. Wealth is really doing what you enjoy, and focusing on the numbers prevents us from doing that. We are trained by financial institutions to look at the numbers. He brings up the broke millionaire in this myth as well. He also says we are only deferring taxes in a 401k, and we may be in a higher tax bracket when we retire, so we would pay a higher percentage.

When he says it is not all about the numbers, he does have a point. But why would anyone pass up free money in the form of a company match if it was available, irregardless if we think we may be in a higher tax bracket when we retire?

Myth 4-Financial Security-

The Chapter starts off with a quote from Robert Kiyosaki. Gunderson says that most people think financial security comes from a paycheck and benefits, which is a myth, that true security can only come from ourselves. He calls staying in a job we do not like for security is akin to “golden handcuffs”. He talks about the Enron scandal, and how employees were not mitigating risk.

I agree that some people are “stuck” in jobs because they need a paycheck, but there are ways to get out or improve our situation. The Enron employees may have been unwise to place so much in their company stock, but there were illegal activities going on which caused the company to go bankrupt.

Myth 5-Money is Power-

Gunderson says this myth is destructive, because we think if we don’t have money, we are powerless, and think it is futile to try to become wealthy. Money is not value, but represents value created by others or to others. Having money does not make us evil. Having money does not make you an exploiter he says, and uses the example of Gandhi as someone who was very powerful but has no money. We need to break the myth that money is evil, and accept the fact that it is OK to prosper.

Most people I know do not really think money is evil, at least not in their personal lives.

Myth 6-High Risks = High Returns-

Gunderson says that believing high returns can only come from taking risks is a myth. Investing according to your Soul Purpose can have less risk and greater returns. He says people need to take responsibility for increasing their chances of “winning”. He says when we blame the market (which I am sure a lot of people are doing now!), we are not taking responsibility. We are acting like gamblers instead of investors. We should invest in ourselves, and buy into businesses (stocks of businesses we have studied and know about) not just “stocks”. When we lose money in the market, we also lose the future opportunity of that lost money.

I do agree many people, myself included, need to look at alternative methods of income, like starting a part time business, invest in ourselves, and educate ourselves about personal finance. But investing in the stock market is a way to do that, and a 401k can be a great vehicle for that purpose.

Myth 7-Self-Insurance-

We are told to spend as little on insurance as possible, Gunderson says. In fact, the more we have , the more insurance we need, and we should not skimp in this area. People try to “self insure”, when we should be putting that risk on others-the insurance companies. He says permanent life insurance can be a better option than term life insurance, because it provides value at death.

Gunderson mentions several times people who own their homes and don’t carry homeowners insurance. While I am sure that there are many people who do this, I do not think it is anywhere near the majority, so I don’t think it is a great example. As for life insurance, if investing the difference in premium prices results in more money over time (which it almost always will do), it seems term life would be better.

Myth 8-Avoid Debt Like the Plague-

Believing that all debt is bad is a myth. We should know the difference between debt and liabilities. Gunderson takes a few shots at Dave Ramsey in this chapter, saying few succeed with his system because they don’t address the underlying “root causes” of their problems. We should focus on making sure our liabilities are productive, and once again goes back to the real estate example. He even mentions how his career blossomed when he bought a new house, because he became more confident.

I do agree that not all debt is “bad” per say, and some is necessary, like borrowing to buy a house. I disagree with his assessment of Dave Ramsey’s method, and since most people Dave deals with have credit card bills, etc., it is probably a good thing. I am sure more people than he thinks have success with the debt snowball. I am really not sure what to think about his statement regarding his career taking off after buying a house though, either.

Myth 9-A Penny Saved is a Penny Earned-

Gunderson says we focus too much on price, and that “price is the only thing that matters” is a myth. We should look at value, and price should be a secondary concern. He talks of coupon clippers spending 30 minutes to save $5, and also how paying someone to cut his grass allows him to use his time more productively. He mentions the value that can be created by income producing real estate again.

I agree that price is not the only consideration, but most people like to save money on the same or similar items, everything else being equal. But spending 5 minutes clipping coupons while drinking your morning coffee doesn’t seem to be time you could use more productively, in my opinion.

Defeating the myths-

We can defeat these myths, Gunderson says, by discovering our Soul Purpose, asking the right questions about what we want in life, and determining what value is created in our decisions, investments, etc.

My Thoughts-

Gunderson does bring up some valid points throughout Killing Sacred Cows. Most people do need to pay more attention to their investments and financial future, and not blindly put money into our 401ks without at least understanding the funds we are in, etc. The wild swings and recent drops in the stock market affirm this position. Some of his advice, like cashing in your 401k to buy rental properties, is probably dangerous advice. If people bought houses right before the bubble, they could be in a very precarious position now.The book also lacks much in “concreteness”, he mentions investing in real estate and rental properties many times throughout the book, but doesn’t give any details on how one would do it. He also neglects to say how much work it can be. I found it similar to Rich Dad, Poor Dad, in that it did make me think about different methods for increasing income and potentially diversifying investments as well. Unfortunately, like Rich Dad Poor Dad, I found it a little too nebulous in detail. He also seems to push his website and his programs in the book, where I guess you can pay him to teach you to be become wealthy following his methods.

Want a copy of Killing Sacred Cows to read yourself?

Leave a comment below, and I will pick one winner randomly next Saturday who I will send my copy to. Open to US and Canada residents only. I will contact the winner for their address once the winner has been chosen.

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Scratch Beginnings is the chronicle of Adam Shepard, who started his journey with a gym bag, a sleeping bag, the clothes on his back, and $25.00. As a recent college graduate in his early twenties, his experiment, so to speak, was to start with nothing, and, within one year, obtain a vehicle, an apartment with furnishings, and $2,500.00 in the bank. The goal of his experiment was to disprove the conclusion of Barbara Ehrenreich’s Nickel and Dimed- On Not Getting By in America, that “the working poor” have little to no chance to improve their lives in America today.

Adam starts off his experiment by finding his way to a homeless shelter. He learns about the “system” within the shelter as run by the residents, and takes advantage of the programs the shelter has available for residents as well. He starts working day labor for little money, while looking for a better paying job. He stays at shelter to save up money. He gets advice on getting a job by being persistent by one of the residents at the shelter-so he goes and meets with the boss at a moving company and offers to work for free for a day. Instead, he is hired on the spot. He starts making better money, works hard, and saves. He lived very frugally- crackers, rice-a-roni and chicken, and watched his money carefully.

After about 2 months of working and saving, he moves in to a rented room. A few months later he rents a townhouse with roommate, and eventually buys a used truck.

He did have a few setbacks, once breaking his toe, where he could not work as a mover for a few weeks, and another time getting a bad stomach bug which lasted about a week.

After about 9 months, he has to end his experiment early due to an illness in his family, but has managed to amass over $5,300.

Thoughts

Scratch Beginnings is not a literary classic, nor do I think it was intended to be, but it is an easy read. Shepard tries to convey the reality of the situation, so he uses language that the people around him used, which included a lot of profanity. His experiences reminded me of the movie The Pursuit of Happyness, to some degree, although the main character in that movie was a black, single father. They both were at rock bottom (Shepard by choice), and used persistence and goals to motivate themselves. I did find the book enjoyable and inspiring, and I imagine it would be for others as well.

His experiment was a success, so how did he do it when Barbara Ehrenreich could not?

• He lived very frugally, starting by living in a homeless shelter
• He took advantage of free food, and assistance while at the shelter
• He worked very hard, usually 7 days a week
• Most importantly, he had a plan, a goal, and a desire to achieve it

Getting up out of poverty or being dead broke is very difficult, but it can be done. A person has to have the desire to do so. I believe the difference between Shepard’s experiment and Ehrenreich’s was a question of attitude. Shepard wanted to succeed, I am not sure if Ehrenreich did.

He did have some advantages, being young, white, and relatively healthy. It would certainly be even more difficult for women, minorities, and single mothers, and obviously the physically or mentally disabled. One person’s (Shepard) success doesn’t mean everyone can do it, just like one person’s failure (Ehrenreich) doesn’t mean it is impossible either.

But I do believe improving your financial situation in life can be done by most able bodied people with hard work, persistence, and a burning desire to improve your finances and your life.

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• Book Review: Nickel and Dimed by Barbara Ehrenreich
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• Developing A Burning Desire to Improve Your Finances-Part I- Motivation

I read Nickel and Dimed- On Not Getting By in America after I read Scratch Beginnings-Me, $25, and the Pursuit of the American Dream by Adam Shepard. Since Scratch Beginnings was written in a response to Nickel and Dimed, I decided to read it and publish my review of it first; look for my review of Scratch Beginnings next week.

Nickel and Dimed- On Not Getting By in America by Barbara Ehrenreich is more of a social commentary than a personal finance book, but it does examine critical questions about the cost of living, low wages, and asks ” Can someone survive on minimum wage?” Barbara Ehrenreich, an accomplished author in her own right, meets with an editor of a magazine to discuss a piece for his magazine, and together they decide to experiment to determine if it is possible to live off minimum wage (or whatever entry level wage is available) for someone getting off of welfare and largely unskilled.

She decides to go to 3 cities, find the best paying job she can get, rent a place to live, work for a month, and see if she can pay for the next month’s rent. She will pretend to be a recently divorced homemaker, with little skill and not having any recent work experience -similar to someone coming off of welfare.

Key West

She begins in Key West, close to her home town. She looks for a job at hotels and grocery stores, but finally settles on something she wanted to avoid: waiting on tables. She starts in one restaurant, the moves to another. She learns about her co-workers lives, many of whom live in small apartments that they share, trailers, and some even in their cars. After a few weeks, her experiment in Key West ends the first day she tries to work a second job, as she goes to the restaurant in the afternoon, and gets overwhelmed and walks out.

Maine

In Maine, she finds a weekly motel rental, gets a job with a maid service, and a weekend gig helping out at an assisted living facility. working seven days a week. She manages to stick it out until the end of her month long experiment.

Minneapolis

In Minneapolis, due to a recent jump in rental demand, she has trouble finding an apartment. She ends up working at Walmart, staying at an expensive but very seed motel, and eventually, after not being able to fins a place she can afford, ends up quitting there too. But she did not take the highest paying job available, and it was difficult to decipher how hard she was trying to find somewhere more affordable to stay.

Thoughts:

While Nickel and Dimed was a pretty good book and well-written, I did not get the impression that Ehrenreich actually expected to succeed in her experiment. While in Key West, she quits her waitressing job, because it is too much after her 1st day working after she starts second job in the morning. While in Key West, she decides not to take a job at a Winn-Dixie because she does not want to deal with the “indignity” of a drug test, as she puts it. Later, in Minneapolis, she again rails on employee drug testing (because she had smoked marijuana in the previous few weeks) and decides not to take the test, then only does after she takes measures to mask it. Maybe she has been a writer for too long, neither in the blue-collar world or in white-collar corporate America, since she works as an author and freelance writer. Drug testing is common in many lines of work, and there is a reason for it: safety and liability. For someone working in a chemical plant, refinery, or construction industry, it is quite obvious of the safety concerns. But warehouses, and stores like Walmart and Home Depot, have those concerns as well. Someone who was “stoned” could pull a heavy box or item off a shelf and drop it on a customer’s head. Or drive a fork-lift in the back and damage something. Also, it is probably more difficult to visually detect if someone is stoned than if they come in reeking of alcohol, I would imagine. In her wrap up chapter, she calls drug testing a indignity that may violate the 4th amendment. I have had to take several drug tests in my lifetime, and if you have nothing to hide, I don’t think most people consider it anything but a very minor inconvenience. While working at Walmart, she talks of the workers organizing and tells some they should form a union; not surprisingly, since in the beginning of the book she tells how her husband is a Teamster (union) organizer. Her attitude towards the people she was working with seemed a little condescending as well. She mentions her education frequently and how she is in “good shape” and healthy (compared to people she works with), but complains at how working all day makes her body ache. The fact is ( and I know from experience after working manual labor for several years) is that you get used to “physical work” after a few weeks.

She does point out many hardships and difficulties for those who, whether lacking education or other reasons, have to start out at the bottom earning minimum wage. It is difficult to get by, and even harder to get ahead. I would not expect it to be easy, but I am not sure if Ehrenreich expected it to be quite so hard. I am also not sure if her experiment was long enough to tell, or if she gave it her full effort. However, many of the points she brings up are true. It is incredibly difficult, I would imagine, for someone who was born into poverty to break the cycle. Other factors such as being a single parent or not having an education can make it all the more difficult as well. But it is not impossible. Nevertheless Nickel and Dimed was well-written and may be worth reading just for that fact. If you have never worked in a low paying job before, it may open your eyes. It also points to the difficulties many have just paying for rent and food in this country, while making only minimum wage. But it just didn’t seem quite genuine to me, and her attitude towards some of her co-workers was unappealing as well.

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• Book Review: Scratch Beginnings by Adam Shepard
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This Saturday marks a new feature on Think Your Way To Wealth, book reviews!

I may not have one every Saturday, but it will be at least twice a month. There are so many good personal finance books out there, and you can usually learn a thing or two from just about all of them.

A Million Bucks by 30 is Alan Corey’s story of how he reached his goal of becoming a millionaire. By living frugally, he managed to accumulate 1 million dollars by the time he was 29, beating his goal of becoming a millionaire by age thirty.

Alan Corey headed for New York City from the Atlanta area and took a job for a company as technical support. He lived very frugally, at one point eating ramen noodles for lunch every day for 3 months. In his determined quest to reach his goal, Corey came up with all sorts of ways to earn extra income, including appearing on several reality shows for freebies, a game show, and even appeared on the Jerry Springer Show in order to get a free vacation out of the deal. He lived off a fraction of his income, investing the max. amount in his 401k as soon as he started his job in NYC.

Even after he graduated, Alan Corey lived like a college student, taking a roommate in on his 1st real estate purchase, a one-bedroom apartment, which helped cover his mortgage payment.

The real basis of reaching his goal and the increase in his net worth came from real estate. After a couple of years, he rented out the one bedroom apartment, bought a duplex, and turned it into one large house with 6 bedrooms. He rented these out, and the rental income ended up covering his mortgage. Over the next few years, including the real estate boom of the early 2000’s, he bought several other properties(with partners), renovated them, and sold them for hefty profits. This boosted his net worth exponentially, until he hit 1 million dollars in net worth at age 29.

However, he also took frugal living to the extreme. The book is interspersed with some of his extreme tips on saving as well as not spending money. He hid money from himself, took advantage of free entertainment, put himself on an allowance, and frequently challenged himself to spend less and less money. Two of the more questionable ones I found amusing were: 1.) reusing popcorn bags at movie theaters on multiple visits, and 2.) getting a free umbrella from the lost and found from retail establishments! While these are a little too much for me, it shows how dedicated Corey was in his quest not to spend money, which was equaled by his desire to find additional income sources.

Thoughts:

A Million Bucks by 30 is actually a pretty good book. He gives a pretty detailed account of his life, the extreme frugality he employed, and how he bought and renovated several properties. He admits he reached his goal early due to the fast rise in real estate prices. However, his overall dedication to reaching his goal, and his endless pursuit of it, are the real reasons for his success. It is an easy read, interspersed with humor, and gives a true account of how one young man reached his goal of becoming a millionaire. It shows you that whether you invest in real estate, start a part-time business from home, or some other method, frugality and extra income are good ways to assist you in reaching your financial goals.

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• Which Seinfeld Character Are You Most Like When It Comes to Money?

One of the keys to improving your personal financial situation is educating yourself. The more you learn and know about debt reduction, money management, investing, retirement options, and building wealth, the more likely you are to achieve your personal finance goals, whatever they may be. There are a multitude of venues you can rely on to learn more about money management, investing, and debt reduction, and other money related topics. Here are some of the “main categories”, and some specific examples of each.

Printed Material

Books- I have always been a big fan of reading, so books are still one of my favorite sources of financial information. Whether the topic is debt reduction, investing, frugality, or any other facet of personal finance, there is likely a good book dealing with the subject. A few of the more popular titles regarding personal finance and investing include the following:
The Total Money Makeover by Dave Ramsey-Debt Reduction
Your Money or Your Life- Debt Reduction/Money Management
The Millionaire Next Door-Becoming Wealthy

One of the most prolific sites for personal finance book reviews is the Simple Dollar, and Trent’s 52 Books, 52 Weeks, A Buyer’s Guide is a great place to get an overview of many of the most popular personal finance books available today, or check out his book review category for even more.

Newspapers- While you may think that the newspaper is a dying media, but you can still learn a lot by reading the Money or Business section of your local newspaper every day. Financial papers such as the Wall Street Journal, or the New York Times money section can be great for improving your financial knowledge as well. Instead of paying for a subscription to these newspapers, check out your local library or ask a friend or relative who gets the paper if you can have their old copies.
Magazines-There are a great number of personal finance and money magazines available, which you can read at your local library, borrow from your friends or family, or subscribe to, usually for a reasonable fee compare to the newsstand price. Some of the more popular magazines are Smart Money, Money Magazine, Kiplinger’s, and Consumer Reports, which are all great magazines for educating yourself and making smart choices with your money.

Audio

I had listed a few radio and podcast sources, but J.D. at Get Rich Slowly recently posted a great resource article on Twelve Top Personal Finance Podcasts, which covers most of the PF podcast available. Check your local radio stations as well for money or finance related radio shows as well.

Internet

-There is a plethora of financial information available on the internet, both commercial sources as well as personal websites or blogs. You should always use any financial advice, such as investing with caution, of course, but there is really a great deal of good information available on the internet.

Yahoo Finance- One of the better sites for up to date news and financial information.

MSN Money Community-Contains news, blogs, and articles on saving and spending money as well as many other personal finance topics, such as frugality and investing.

PFBlogs.org- A great personal finance aggregation site, with over 1000 personal finance, investing, and real estate sites aggregated.

People

-Talking to other people about money related issues and topics can be a great way to discover what others are doing in a situation similar to yours, or how people invest, spend, save for retirement, etc. While you shouldn’t try to “keep up with the Joneses”, you don’t have to get into specifics about someone’s income to discuss spending and saving money, either. These days, just about everyone is willing to talk about the economy and topics such as how to combat rising gas or food prices. Now of course, you should always take any financial advice such as the the latest “hot stock tip” with a grain of salt, but discussing money topics with others can be a great way to learn how others manage their finances. Finding a professional financial adviser can help you with details of your personal finances as well.

What do you do with all of this new financial information?

Ask Questions- Ask questions of your friends and co-workers, and don’t be afraid to ask a blogger, a writer or a radio show host questions.

Perform Your Own Research-As with any advice, you are always well advised to do your own research to confirm or verify what you have read or heard. Dig deeper into the topic until you are satisfied with the results. After all, it’s your money.

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