Top critical review
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Good personal finance book for beginners
on 22 May 2009
The storyline can be compared to "A Christmas Carol". A lady named Amy is going to kill herself over her debts when suddenly the mysterious Lydia appears, like a ghost, and transports her to different scenarios where she learns a different finance lesson each time.
This book has the human touch, it addresses the emotional side of money, alongside real facts, as many people are put off by a long list of systems about handling money. Finance is a daunting, embarrassing, and terrible subject for many people. By presenting the necessary facts about finance, wrapped up in a fairytale story, the subject of money is accessible.
A lot of people are in debt in the world and cannot manage their money, and have never tried, this book makes it seem possible, and does not make a reader feel ashamed of their lack of financial acumen.
My favorite chapter is The Wealthy Pauper, as it reminds me of the first time I read the book "The Millionaire Next Door", and was blown away by the revelation that most of the people I used to think were rich are most probably living on borrowed money and deeply in debt.
This book reminded me of the website and books by financial expert Martin Lewis, The Money Saving Expert (who I highly recommend), the difference is that it wraps the facts in a fairytale story so it is easier for financial beginners to get to grips with.
This is a good finance book for beginners, it covers all the basic finance tips and has real facts. It is nothing I haven't seen before, so its not a classic for me. The classic books for me, with the same or better information than The Money Secret, which I recommend are: The Richest Man in Babylon, The Millionaire Next Door, The Three Most Important Lessons.
What is the money secret? Spend less than you earn. The same lesson promoted in the book, "The Richest Man in Babylon".