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4 Stars Out Of 5
August 31, 2012
Ellie Kay is a good author with some practical advise. The premise behind the book is that you or you and your sig other sit down once a week for a timed financial overhaul session. She provides all the information, quizzes and online worksheets necessary for each workout. There are 13 topics/workouts that you can pick from and then you can choose the order and even skip some if they don't apply. I think the topics she covers have the potential to really transform an individual or a family's financial outlook. I mean who doesn't need some tweaking of the budget every now and again. I really appreciated her specific guidelines for the workout, including stating something positive to yourself or your partner to begin and end the session.
I received this book for free from WaterBrook Multnomah Publishing Group for this review
"The 60 Minute Money Workout" by Ellie Kay is what it says it is: "an easy, step-by-step guide to getting your finances into shape." Within the book's pages, Kay treats money fitness like physical fitness. You can't achieve all of your goals in one day, but if you work out regularly, eventually you'll be fit.
Kay encourages her readers to do one 60 minute workout per week, yet she provides several to choose fromâ€”some to be done often, others only once a quarter or even once a year. She warns readers that they may be tempted to work longer than an hour, but tells them to resist temptation, so they won't burn out. Workouts include: determining your money personality (or spending habits), spending plan, retirement and savings plan, debt reduction, paying less, travel and fun, allowances, kid entrepreneur, college savings, home-based business, launching a home-based business, couple's, and giving. Each of these includes a warm up, strength training, cardio burn, heart rate, and a cool down in keeping with the fitness theme. Kay also sprinkles several tests and evaluations throughout the book to help the reader understand his or her own habits and inclinations, so the reader can use these to reach goals instead of having them be the thing that hinders progress.
It's a very useful book with great advice and many practical ideas. Readers can think of Ellie Kay as their personal finance trainer. However, just as one has to be self-disciplined to reach physical fitness goals, readers will have to be self-disciplined and follow Kay's workouts in order to reach their financial goals.
I thank Waterbrook Multnomah Publishers for sending a complimentary copy of this book for my honest review.
Because of our recent gazelle intensity to save money for next semester, I requested this book from WaterBrook Multnomah. I wanted to keep up the idea of saving money and cutting corners. While I did find a couple of helpful tips, overall it wasn't what I'd hoped it would be.
Each chapter has a 60-minute "workout" related to finances - from determining your goals to paying off debt to figuring out investments. She emphasizes the need to do these weekly and to be strict about only using one hour to do them. Honestly, I didn't sit down and do any of the workouts. I could tell by reading the chapters that her financial philosophy is much different than mine, so I decided not to do them. However, for those who don't feel that Dave Ramsey's philosophy is a good fit for them - this just might be the book to try.
Another thing that irked me (similar to No More Dreaded Mondays) was the lack of quoting Scripture. At least two instances, she quoted verses from the Bible but didn't cite them. It appeared to be her own words/thoughts. If the book is going to be categorized in "Christian Living," I'd like to see some reference to Christ or the Bible somewhere.
I did learn a few things... Chapter 6, "The 60-Minute Cha Ching Guide to Paying Less Workout," was probably the most helpful of all the chapters I read. She mentioned a few places I didn't think to look for additional savings:
* Renter's Insurance - be sure to ask for the nonsmoker discount, if you qualify. I'm not sure what the amount of savings would be, but hey - I'd like a benefit for living a healthy, non-hazardous lifestyle! (p. 96)
* Some people claim that not using the air conditioner will save you in gas mileage. The break-even point (where the windows and air conditioner have the same effect on the car) is 40 mph, says Ellie Kay. Good to know! (p. 100)
* (From a chapter 3) Use bankrate.com to find and compare savings account rates. We've been needing this one since our local bank pays interest quarterly (and it's currently at less than 1%). (p. 51)
The book itself is well written and well organized, so even though it wasn't my style, I can't fault it for that. Overall, on my 5 star scale, I'd give this book a 3.
I received this book for free via WaterBrook Multnomah Publishing Group for this review. The perspectives above (not quoted from the book) are entirely mine.
I recently had the chance to read and review The 60 Minute Money Workout by Ellie Kay through a service at Blogging for Books- WaterBrook Multnomah that gives people the chance to get books just giving a review, whether positive or negative.
This book is about money and how best to manage it. It divides every chapter and lesson into a "workout' of sorts, having activities for you to do that correspond with a real workout, for example for strength training you would asked to write down all the area you may need to improve in a certain area, financially.
It goes over all the different kinds of people, as far as money I concerned and divided them up into groups, such as Love-ya Laura's (those who use money to get love) or Worrywart William (one who constantly thinks about and stresses over money) as well as others.
It lists tips, most of which are common sense on how to do better at saving and buying only what you need. Like, never buying broken things from a yard sale or taking cash to the grocery store so you'll only but a certain amount of you need and no more. And, on vacations, to theme parks for example, she talked about denying the need to buy silly things like t-shirts and drinking water all day instead of paying for drinks.
One of the sections I found the most interesting, as I'm sure a lot of parents did, was the chapter on paying for your children's college. She spoke of how she had 7 children who were either in college, had been, or were going, and that there was 0 student loan debt in her house. She said she did this by doing things like making her children work when they could, and making them understand college was their main responsibility, as well as setting aside a little bit per child for room and board and things like that. This is the only part that I am weary at all about- because of course, as a famous author that I'm sure has a great deal of assets, she could do that.... but most average families just can't. And even if a family could save a tad, most of the time it won't cover all all, much less for several children. I think its great that this family is debt free, but while she gave tips (like transferring into a 4 year school instead of going all 4 years) she didn't really discuss what to do if you or your child had to get a loan that was huge. What about the child who had no support what so ever and it was either get a loan or don't go to college? I would be interested in hearing how to dig out of that hole.
Other than that, this book is a great resource for those who just did a financial bootcamp, so to speak.