All Your Worth: The Ultimate Lifetime Money Plan by Elizabeth Warren (PDF)

Description

This personal finance guide from Dr. Phil’s financial guru, Elizabeth Warren, offers a new way of thinking about and managing your money that will allow you lifelong emotional peace and financial well-being.You work hard and try to save money, so why is there never enough to cover all the bills, to put some away in your child’s college fund, to pay off your credit card debt—or to relax and have some fun, for once? In the New York Times bestseller All Your Worth, mother/daughter team Elizabeth Warren and Amelia Warren Tyagi—authors of the acclaimed The Two-Income Trap—tell you the truth about money. The authors lay out a groundbreaking approach to getting control of your money so you can finally start building the life you’ve always wanted. The result of more than twenty years of intensive research, All Your Worth offers you a step-by-step plan that will let you master your finances—for the rest of your life. The secret? It’s simple, really: get your money in balance. Warren and Tyagi show you how to balance your money into three essential parts: the Must-Haves (the bills you have to pay every month), the Wants (some fun money for right now), and your Savings (to build a better tomorrow). No complicated budgets, no keeping track of every penny. Warren and Tyagi will show you a whole new way of looking at money—and yourself—that will help you get your finances on track so you can enjoy peace of mind for the rest of your life.

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐I won’t rehash the basic premise of the book because it’s already been covered by a lot of reviewers. Instead I’ll just talk about some rationalizations I came up with while reading the book and trying to “debunk” it. (As a side note, I am lucky that I am in great shape financially, but this book definitely gave me some rules to live by).–“But there’s no way I can cut down my Must-Haves. I already signed contracts to pay $XXXX per month on my house/car/insurance/daycare/college tuition before I found this book.”The book suggests: 50-30-20 is a goal. If you can’t cut it quite down to 50%, how about 54%? 58%? Basically do the best you can. Shop for a better deal on your current arrangements. Think of it as your ideal weight. If you weigh 250 pounds and your goal weight is 180 pounds, nobody’s asking you to drop 70 pounds overnight.Also, the book advises that it is not worth your time to obsess about the pennies because 1) you literally don’t have the time to be constantly vigilant about every single thing you spend money on, and 2) you’ll get more results faster if you focus on the big-ticket items. For example, this book recommends that we shop carefully for a better deal on our mortgage, car payments, health insurance payments—Big-ticket items that account for the biggest portions of our spending. And this book has a lot of specific advice on exactly how to do that and what to look for (How many “points” and extra fees is hidden in the mortgage fine print? Is there a “balloon payment”? Is there a prepayment penalty? Is there/how much is the commission paid to the mortgage broker? Etc.). Yes it takes a lot of work (Get at least 5 quotes from different companies! READ all the fine print again the day of the closing, because a lot of companies try to sneak something in there on the day of, in hopes that you’ll just assume you’re getting the same deal and sign without looking). It sounds like a huge pain in the butt, and I admit my eyes did glaze over a bit during some parts, but one should spend time doing this rather than stressing out over how many times one eats out or goes to Starbucks. Literally, more bang for your buck. Also unlike the penny-pinching way of trying to save money where you have to pay attention to it constantly, once you get a better deal that will save you money, say on your mortgage, you will automatically pay less for your mortgage every month, which means you will AUTOMATICALLY save money every month.–“But I’ll never reach the goals described in this book. It’s just not possible.”Book says: Doing anything is better than nothing. There are 5280 feet in a mile and 2352425312531 drops of water in the ocean and all that. Just get started and each step will make the next a little bit easier. The process is about gradual improvement, not overnight miracle makeovers.–“But *I*’m good with money. It’s my spouse/boyfriend/partner who’s the bum that blows all our money on stuff we don’t need.”Great, you’re a saint. Now what? Does placing blame put more money in your pocket or make creditors go away? No. This book says: Do what YOU can do. Try to get your spouse on board with small specific things – “Let’s put $50 a week in the bank” rather than “hand over 20% of your paycheck now!”–“But the advice in the book doesn’t apply to me, because it’s for people who don’t have a sudden layoff/sick relative who needs round the clock care/spouse who walked out on me/Other sudden life emergencies.”This book has a whole separate chapter on what to do in financial emergencies – “Financial CPR.” The 50-30-20 balance plan is the goal for the rest of the time. This chapter also has very specific advice such as exactly how to deal with creditors (try to work out a plan, threaten bankruptcy if necessary, and GET EVERYTHING IN WRITING). Speaking of which… Don’t feel bad about filing bankruptcy. “If you find yourself considering bankruptcy, reflect on the fact that most of those lenders knew you would have a tough time paying them back. They had your credit reports. They knew how much money you earned, and they knew how much you owed. They took a calculated risk.”–“But the advice in this book is common-sense. I mean, duh. Save money? Live within your means? I can’t believe the authors are making money on advice I’ve already figured out for myself.”If it’s so common-sense, then why has bankruptcy rates soared in just 30 or 40 years? Even a decade ago when this book was written, it is citing some chilling statistics: 1 in 7 families in deep financial trouble. More people file bankruptcy per year than get divorced, graduate from college, or get cancer. Knowing the stuff in this book in theory is one thing, practicing it is something else.—————–Misc highlights in the book I found most memorable:“Do not judge how you or your spouse spends Want money.”– This book is big on no-judgment, guilt-free spending on Wants. Extra savings above 20% is a Want. Gambling in Vegas is also a Want. As long as you have first figured out how much is left over after Must-Haves and Savings are taken care of, spend those leftovers on absolutely whatever you want. Because just like people can’t keep up a completely spartan diet with no chocolate, steak, or cupcakes allotment whatsoever, a completely spartan budget is also not sustainable. If you have steely superhuman willpower, then great. But most people myself included need some chocolate every now and then.“Renting is not necessarily bad” – You didn’t get nothing out of paying rent. You got a roof over your head. Are you slowly becoming the owner of the grocery store and power plant when you buy food and pay your electric bill every month? It’s much better to wait until you actually build up enough savings to buy a house and rent in the meantime. If you buy before you can actually afford it, the higher interest rate and fees will make you pay MANY TIMES MORE than if you wait. Way more than any equity that you can build up in the meantime.“Equity loans are NOT a good way to consolidate debt, even though it has lower interest rate than credit cards.” Because if you default on your credit card balance, they can’t take your house. Banks aren’t offering lower interest rate on equity loans because they’re nice.“Think of a contingency plan BEFORE something bad happens.” People get CPR certification before they become a lifeguard. They don’t stand in front of an unconscious drowning person and flip furiously through a manual for CPR instructions. Think of what you will cut ahead of time and review every year.Bottom line, I think this book has great advice that applies to pretty much everyone. If it doesn’t apply to you because you’re not in financial trouble, great! Doesn’t mean it’s wrong. I’m not in trouble but I still found it instructive. I just happened to already be following the advice in the book, albeit inadvertently. I plan to follow it advertently from now on.

⭐I was one of those people in a two-income household that earned a lot of money in one of the most expensive states in the nation. Yet, like some of the examples in “All Your Worth” and the bulk of the middle classes that this book speaks to, we always seemed to be struggling to make ends meet. After reading just the first couple of chapters and doing the worksheets in this book, the reason became clear. Our “necessities” (mainly a poorly-structured home loan) made up an exceedingly disproportionate percentage of our expenses. This book gave us the impetus to sell our house and change our lives.Here I am, seven years later, going through another pivotal life change and restructuring my life on my own. I returned to this book for guidance and again, I have found clarity about where I am financially and how to get to where I want to be. Things have improved dramatically in a few short months, and I am overjoyed and amazed at how quickly I was able to stabilize a dire financial situation and get things back in balance. Again, I find it’s not about how much you earn, but how that money is divided between needs, wants and savings.Personal financial management is not really taught in schools, nor do a vast percentage of parents know how to provide that education to their children. Some criticize this book for being too basic, but that is precisely why it works. “All Your Worth” is not written for wall-street wolves or multinational bank managers. This book is written for and accessible to those of us struggling within the middle classes or struggling to enter the middle class. These are the people that need this book. If that describes you, or someone you know, buy it. Gift it. Do the work. This book can get you where you need to be, and it doesn’t have to be complicated.

⭐I do not have a 401K, medical insurance, stocks, bonds, or gold buried in a hole the ground. I consider myself lucky to have the clothes on my back and a home to live in. I have read many books about financial planning, but none as good, or as straight forward, as this one. By following the Balanced Money Formula for only one month, I have saved $970.00. For the first time I am not checking my balance daily because I have enough money to cover my bills. It is a very simple formula: must haves: 50%, wants: 30%, savings: 20%. The plan is simple and self-explanatory. Half your income goes to things you have to pay each month, like rent, mortgage, and utilities. Twenty percent is set aside for savings and thirty percent for fun. It is flexible and gives you tips on how to get everything balanced, this might mean eating out less or canceling cable. Because I had zero savings to begin with, I chose to take a lot from my wants and stash it in savings, until I can establish an adequate cushion. For potential home buyers/refinancers, you should read this book before you do anything. All Your Worth nicely explains how you can protect yourself from being taken advantaged of by mortgage lenders. There are no ten dollar words or complex financial terms to puzzle over. I regret not reading this book before I bought my home, however, I can use the information if I decide to refinance. So, if you are in the market to buy or refinance read pages 82-88, then read Chapter 8: The Big Buy. Most of us know how bad debt can be, but this mother/daughter duo writes that debt is just plain dangerous. They explain how yesterday’s debt steals from tomorrow’s income-a claim against your future-so think long and hard before you charge that latte or charge another pair of shoes you don’t need. I usually donate books I have read or pass them on to friends, but not this one, this one is a keeper and I will be sharing it with my children so they, too, can learn how to survive this terrible economy and hopefully have a more secure future.

⭐It has such vast practical knowledge about financial matters. Its now time for me to practice everything therein because I was doing quite bad

⭐This book was everything I was hoping for in purchasing a book about budgeting. It was straight talking, covered the obvious and the not so obvious and handled it in comfortable and reassuring tone.The reason for my headline is that dealing with your money can often feel like only finding out what you have done wrong, this book helps you to appreciate the factors which led you to your current situation, whilst allowing you to not beat yourself up and helps you to develop a plan to resolve your issues and reach your goals.I couldn’t recommend it more!

⭐I an a spendaholic who’s credit card debts have slowly got bigger and bigger for years. This book totally de-mystifies why I spend what I do and what tricks the financial institutions are playing that I keep falling for without realising it. This book has motivated me to break my bad habits and start building a stronger financial future for my family. Although some of the things in the book have an american bias, it is equally applicable in the UK. A really excellent book, if you follow the advice it really works!!!!

⭐I cannot recommend this book enough. Myself and my wife found ourselves in a very difficult financial position recently that required a change of thinking about our finances and I was lucky enough to come across this book on Amazon. After reading and digesting the ideas in this book and spending some time working out how to apply these lessons I find myself in a much better position. My credit score has improved to the point I had to double check i wasn’t reading it wrong and a lot of the worry has been taken out of our monthly budgeting. If you want to improve your financial situation read this book.

⭐This book is amazing!! I’ve been struggling with debt for a very long time and this book provides a fantastic way to help you get out of it and stay out of it. It also has a money plan which I have found invaluable, I wish I’d found this book years ago!!

⭐I would recommend this to anyone who wants to learn more about budgeting and personal finance. The principles in the book are sound and realistic.However be prepared to wade through a lot of filler. Pages of description where a paragraph would do.

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