Day: July 5, 2013

Review of “Living Rich by Spending Smart” by Gregory Karp

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Gregory Karp’s Living Rich by Spending Smart has as its main premise what is essentially a no-brainer: controlling what you spend is the key to building wealth. This book grew out of columns Karp wrote for the Tribune Company of newspapers beginning in 2004. In the columns, he didn’t focus on telling people what to do with excess money; rather, he talked about how to manage spending so that people could generate excess money in the first place.

Written in easy to understand English, Karp’s guide covers the waterfront, from how to avoid the worst spending habits, to strategies for intelligent spending on specific occasions like holidays, shopping and spending around the home, vacation spending, and financial services. In selecting bank accounts, for instance, he warns against paying banks to hold your money. Like I said, a no-brainer, but a spending mistake that millions make to their detriment.

Whether you’re just starting out in your working live, or you’re trying to make ends meet on retirement income, there’s something in this book that will help you become more financially secure.

Even though it was originally written in 2008, it’s a must-read in today’s uncertain economic times. A clear five stars.