Get Rich Slowly

By Mark Frauenfelder at 4:44 pm Thursday, Jul 21

In April, foldedspace published ultra-condensed summaries of several books on becoming financially independent. This is a good idea. Most of these kinds of books can be condensed to a couple of hundred words. Of course, that doesn't do any good to the authors, because you can't make a book out of 200 words.

7 Money Mantras for a Richer Life by Michelle Singletary is a recent all-purpose financial book. I was ready to dismiss it for the absolute stupidity of mantra number one (stupidity in its phrasing, not in its advice), but after reading the book, I have to admit its advice is solid. It features: 


Mantra #1: "If it's on your ass, it's not an asset." If you can wear it, it's not an investment. Also, something is riding your ass (such as a high house payment), it's not an asset.


Mantra #2: "Is this a need or a want?" This is a question Kris has been trying to get me to ask myself for years.


Mantra #3: "Sweat the small stuff." Do worry about the small expenses; they add up.


Mantra #4: "Cash is better than credit." There is almost no reason to carry a credit card.


Mantra #5: "Keep it simple." With money, avoid anything that seems complicated. If you don't understand it, avoid it. You'll probably lose money.


Mantra #6: "Priorities lead to prosperity." Determine what's important to you, and pursue that with your time and money.


Mantra #7: "Enough is enough." Don't overconsume. Recognize when you have fulfilled your needs and your wants.

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