100 Ways to Save and Grow Your Money: Financial Fitness for Regular People
Best Books (2009)
Reviewed by Irene Watson for Reader Views (04/10)
The title of this book pretty much says it all and, even if a person would apply only one or two of the hundred ways Peter Sorrells suggests, the bank account will have no other choice but grow. But, there is one catch: you have to decide to be disciplined and follow through on your commitment. However, Sorrells makes it easy for us by giving tips and exercises that are concise, concrete, and effective.
One tip I’ve already implemented is having a “jar” and putting $1.00 per day into it. It’s a small amount and not missed but in one year it will be $365 and in 10 years it will be $3,650. It doesn’t sound like much but if each parent did this from the time their child is born, or if a grandparent set aside one dollar per day, the college fund at the time of graduation would be $6,600. That’s a great start and certainly not missed while saving it. But, there is more to this. With careful investing the fund can be doubled by the time it is needed.
Sorrells also covers important areas such as credit cards, tax minimization (yes, you have to keep a receipt for everything!), business tips, home tips, and much more. One thing that Sorrells advocates is “pay yourself first.” I’m very supportive of this tip because, since my accountant offered me this suggestion, my financial situation changed. As business owners we often neglect ourselves because the staff or bills have to be paid. The interesting thing is, once you start paying yourself first magic seems to happen and there is always enough to pay all other expenses. It’s all in the mind-set and how you utilize your money.
Another one of Sorrells’ tips I can confirm works is selling and buying on eBay. Personally, like Sorrells, I have sold items for as little as $5.00 and for as high as $35,000. For example, I purchased a painting on eBay for $25.00. It wasn’t signed but the seller thought it was by a specific well-known artist. I purchased the painting and contacted the artist personally. Since he lived in my vicinity I paid him a visit to have the painting confirmed and signed by him. As well, he gave me a value receipt on it. I turned around and sold it for $35,000. However, I waited until after his death when the value went up (he actually told me to do that!) I have to qualify that not all purchases can result in this, but if one takes the time to carefully research, it can happen. Not only that, eBay is a great way to get rid of all those things in your home that no longer serve a purpose. Time is well spent and money is received for very little effort.
There is so much more to this book than I can express in this review. The best I can say to you, the reader, is to invest in this book. It may be the best investment you have ever made. The information presented by Peter Sorrells in “100 Ways to Save and Grow Your Money: Financial Fitness for Regular People” gives sure ways to change the income flow to you rather than from you. As well, I believe this would be a great book to give to young couples embarking on their life together or to any graduate. Yes, those time-proven tips do work!