Okay time for another book review and book giveaway! This time I have a hard copy of the book Net Worth Workout by Susan Feitelberg. Want to win the book? Leave a comment and I’ll be drawing it next week Friday again 8/23/08!
This book is a very fun, easy, yet informative read. I have to say it’s an excellent read and if you don’t win the contest, please try to borrow it from the library! Well worth the time for people of all ages. I think it’s one of the books out there on personal finance, I’ve read thus far.
So what’s it about? Well the Susan Feitelberg is a financial advisor who unfortunately has seen many people not prepared for retirement. Thus she wrote this book as a way to get “in shape” for retirement. How so? Well she likens tracking your networth as being physically fit.
There are four key areas of financial health she says investing, earning, spending, and savings. Earning she says is a person’s metabolism. Are you efficiently earning the most you can? Second is spending which is the equivalent of calorie intake. Are you watching how you spend your money on “good” = 401k, IRA, mortgages things (fruits and veggies) or “bad” = car loans, credit cards, debt (candy bars and junk food)? Savings = Strength Training because you slowly build up your muscles and the foundation of your financial strength. You do this by saving slowly and increasing the amount over time. Finally investing is supposed to be the Cardiovascular Workout. It provides the basis of everything else.
So using this financial workout, she suggests like a real workout, starting slow and getting into shape piece by piece. Like a physical fitness routine, you don’t just leap in and get sore the first day. It takes time and patience.
The book starts out however by asking the reader to examine their attitude. That people have to take a proactive, positive attitude on how to succeed in life. This will help play a huge role in becoming financially responsible.
The next chapter focuses on setting goals, plans, and acknowledging your current “health”. This means you start a “diet” or change in lifestyle to get into better financial shape. Like a hot body, your financial fitness will not be born overnight , nor will your financial habits change. But making goals and plans are the best way to start changing your habits.
The book then spends the next 4 chapters delving into the 4 parts of the net worth workout. It looks at earning, what “gear” are you in? And are you fully maximizing your potential? Susan asks what sort of “fuel” you are burning and if you are overspending or not? And like a diet you create a budget to track what you consume! She then asks how much are you saving? She explains why it’s so difficult to get into the habit of saving. But more importantly she answers the basics about different saving vehicles both retirement or not. Finally she explains how to look at your investments. What it means to defer taxes or reduce your taxes.
The last chapter looks at putting it all together. She talks about clients who’ve improved their networth using her strategy. And more importantly she acknowledges failure. That while people have “improved” their lifestyles they aren’t 100% perfect. That just doing a little work on one quadrant is better than nothing at all. Much like exercising, walking even 20 minutes a day is better than sitting on the couch! This plan is to motivate you to make changes small and steady and liken it to a lifestyle.
I hope you guys enjoyed the review, and enter to win. If not borrow the book, it’s worth the read.
Edited to Add: The contest will end Friday 8/22/08 @ 8 pm and it will be drawn using an excel spreadsheet randomizer! So good luck to all!
39 responses so far ↓
1 Jane // Aug 14, 2008 at 9:49 am
Count me in for the drawing. I could use a workout - financial, I mean. (Perfection is not an option.)
2 Tracy // Aug 14, 2008 at 10:40 am
I found your blog through pfblogs.org. The book sounds interesting, so please consider me entered in the drawing. Thanks!
3 No Debt Plan // Aug 14, 2008 at 11:35 am
Woohoo for giveaways!
5 Angie // Aug 14, 2008 at 11:47 am
I’d love to check it out - thanks for the giveaway!
6 frugal zeitgeist // Aug 14, 2008 at 11:58 am
Pick meeeee, pick meeeeeeee. . . .
7 Kelly // Aug 14, 2008 at 12:46 pm
i need to advance from “get out of debt” books to something more meaningful for my current state! i hope i win!
8 Kristy // Aug 14, 2008 at 12:50 pm
I’m in! The book sounds like something I would love to read.
9 Jen // Aug 14, 2008 at 12:51 pm
The books sounds interesting. Count me in!
10 Carol // Aug 14, 2008 at 1:45 pm
I’d love to win this book! We are needing to take a major look at our family’s finances and get things in order–this sounds like a good book to read!
11 JJ // Aug 14, 2008 at 2:04 pm
looks like an interesting and informative read. sounds like something that a lot of people will need whether they know it already or not.
12 T.B. // Aug 14, 2008 at 4:42 pm
Count me in as well! This book definitely piques my curiosity as I could use some help with my financial fitness plan!
13 Casey // Aug 14, 2008 at 4:54 pm
Sounds interesting, count me in.
I found you through various editions of Carnivals of Finance and have been slowly and steadily reading through all of your archives. Finally finished! Added you to my Google Reader now.
14 Kim // Aug 14, 2008 at 5:59 pm
Sounds like a good work-out! Count me in please! Thank-you!
15 LBL // Aug 14, 2008 at 10:21 pm
NO, NO… Pick ME!!!!
16 chris // Aug 14, 2008 at 10:23 pm
Did I catch wind of a give away?
Count me in!
17 GrnMtnGirl // Aug 14, 2008 at 11:47 pm
Sounds like a great read. Thanks for the review and the contest!
18 Mike // Aug 15, 2008 at 12:18 am
I’m holding my breath ;).
19 Joe-Joe // Aug 15, 2008 at 6:41 am
I have implemented several money-saving methods in the last year. There is so much more I could learn and do to make this even better. Send me your book for free and make my financial dreams come true.
20 Cheryl // Aug 15, 2008 at 7:44 am
Let it be me. OPG…let it be me.
21 Ruth Ann // Aug 15, 2008 at 8:24 am
Sounds interesting. Trying to figure out how I’m doing/what more I should be doing in the whole “saving from retirement” game is something I’ve been thinking about recently.
22 Debbie N // Aug 15, 2008 at 9:27 am
sounds good hope you pick me
23 Nancy // Aug 15, 2008 at 9:42 am
Sounds like a very interesting way of strengthening the net worth of individuals. As the sole provider for my family, I would make good use of the knowledge. Please consider me for the giveaway.
24 Nancy/MO // Aug 15, 2008 at 11:13 am
My dream is to retire to Arizona where I have 2 year old grandsons who melt my heart when they call and say, “Hi, Nanny.” I will live on bread and water if the book says that is what I should do in order to fulfill this dream. Thank you for the chance to win this book.
25 Brandie Booth // Aug 15, 2008 at 12:57 pm
My husband could sure use this book. We are trying but I am interested to know how much more this could help us.
26 wendy // Aug 15, 2008 at 8:42 pm
Oh I could diffently use this book….I had a lot of BIG changes in my life….but hey GOD does not give you what you can’t handle!
27 Cheryl Maguire // Aug 15, 2008 at 9:33 pm
I would love to be in the drawing. This book sounds interesting especially since I love to workout and save money so it is a good comparsion for me. I posted this on my web site for a savings tip of the day. Thanks!
Cheryl
28 Sam // Aug 16, 2008 at 12:52 am
Sounds like an interesting book. Thanks for the giveaway!
29 Vicki // Aug 16, 2008 at 10:36 am
Icould certainly use this book! Thanks for the giveawa!
30 Carey // Aug 16, 2008 at 6:43 pm
Sounds like a very informative book! Please enter me in the contest. Thanks
31 madsow // Aug 17, 2008 at 12:02 am
Sounds like a great book. I liked your summary of the chapters. The giveaway is a great idea, this book sounds like a good one.
32 jane // Aug 17, 2008 at 11:50 am
I adore these kinds of books. I do not think we are taught enough about how to be financially sound and aware of how to be a great consumer and protect ourselves.
Please enter me in your contest, these books rarely make it to the used book stores.
34 Nikki // Aug 19, 2008 at 7:38 am
I’m getting toooo close to retirement and need all the help I can get. Thank you for the offer.
35 Shanda // Aug 19, 2008 at 11:56 am
This sounds like a great read. I’m always looking for tips to prepare for retirement one day. Great idea with the book giveaway, as well
36 Susan Danley // Aug 19, 2008 at 11:58 am
I’v been told I am a border line diabetic and my bad cholesterol is way high. I need to exersize,but don’t know where to start.
37 jig // Aug 19, 2008 at 6:43 pm
Thanks for the review and also for doing the book contest.Include me in the draw.
38 Kevin // Aug 20, 2008 at 5:24 pm
just love the combination of two topics i know and love
I could use some financial dicipline in the same sense i would to shape up the body
throw me in the mix ya never know….
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