May 22nd, 2009
All Your Worth Quick Preview
I’m currently in the process of a third listening of the CD audiobook version of All Your Worth. While I initially was quite skeptical, I’ve become a bit intrigued by their idea of budgeting and the concept of counting the dollars rather than the pennies.
The short version (very short) of their idea of a budget is 50% of your take home pay going to “must haves” (like rent), 30% to “wants” (just for fun stuff, like eating out or parties), and 20% to savings. They seem to be against spending logs (of which I’m a big proponent) because the people who do them are no fun (hey!). But the concept that I thought the most of was how before the advent of the credit card for most consumers, they had a lot of difficulty actually getting into financial trouble. Why? Because no one would lend them “too much money”; money that they really are a poor risk to pay back.
Say, like that subprime mortgage mess.
I’ll give a more complete discussion of this later; what I can say now is that while I started off a skeptic, I’m warming up as I repeatedly listen to it.
