Friday, January 13, 2012

7 Money Rules for Life - Review

Book - 7 Money Rules for Life®: How to Take Control of Your Financial Future by Mary Hunt.

Publisher - Revell

Pages - 194

Price - $12.23

Author, Mary Hunt, is well-known for her financial help, from a Christian perspective. In this book, she shares her own story of struggling with a mountain of debt, a problem with spending, and how she climbed out of it all, and got victory.

She also shares the 7 rules that helped her. She wants you to have the knowledge to  manage your money successfully.

Many people have lost their homes by foreclosures and are facing bankruptcy. Lenders have given out risky loans to families who, seeking the American dream, did not have the tools or knowledge to make the right choices.  Mary wants you to know the facts about money.

Chapter topics:

1. "The Cost of Financial Ignorance."
2. "My Story."
3. "Financial Intelligence Will Improve your Life."
4. "Rule 1: Spend Less than you Earn."
5. "Rule 2: Save for the Future."
6.  "Rule 3:  Give some Away."
7. "Rule 4: Anticipate Your Irregular Expenses."
8. "Rule 5: Tell Your Money Where to Go."
9. "Rule 6: Manage your Credit."
10. "Rule 7: Borrow only What you Know you Can Repay."
11. "Getting it all Together."
12. "The Irregular Income Challenge."
13. "Drowning in Debt."
14. "Which Bills to Pay."
15. "An Invitation to Join our debt-free movement."

In "Rule 2" she says, "No matter what your situation - even if you are up to your eyeballs in credit card debt - you must have an emergency fund. Every household needs one. The very foundation of our money management plan is liquid cash, meaning that in 24 to 72 hours you could get your hands on money you have earmarked for specific emergencies."

This is so important! This past year, we had saved a few hundred dollars, specifically for an emergency.  One day, as I was driving home, my car was making terrible noises. I pulled off to the side of the road and it completely died. I had to be somewhere in a few hours, and it was urgent! My mechanic, a friend of the family, rushed to my aid and took care of it in just a couple of hours. I was grateful we had the quick cash to pay him.

Mary also has inspiring quotes at the beginning of each chapter. This one is my favorite:

"Today, there are three kinds of people: the have's, the have-not's, and the have-not-paid-for-what-they-have's." - Earl Wilson.

Overall, this is an excellent book. I plan to send copies to my grown children. A constant stream of financial education is essential for peaceful living.

*Disclosure - I received this book for review purposes.*

To find out more about my commercial breaks, please see my disclosure page.

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Deanna said...

Sounds like a very helpful book. I like Mary Hunt and know that in her personal story message there is hope to all who are in deep debt.

God bless,

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