All the Money in the World

Prepare yourself. I read two books in the matter of two weeks in August! I thought it would be fun to do book reviews because I enjoyed both of them.

First off... All the Money in the World by Laura Vanderkam

I found this book after Heather of Dietician on the Run recommended it recently.

It is definitely NOT your typical "this is how you should save/invest to get rich" type of finance book. Vanderkam discusses 'What the happiest people know about getting and spending,' as the subtitle says.

One of my favorite quotes from the book was "Sometimes we have to take risks, and sometimes we should invest in things that matter." This is relevant to many of us who are still fairly early in our careers.

Overall, my favorite aspect of the book was the way she talked about enjoying the small things you value daily/weekly/monthly - a cup of coffee or a latte (daily or weekly), going out to the movies, buying a pair of $14 running socks.

While some financial gurus might say to save your cash and not buy the lattes, rent videos via Netflix (over going to the theater) and buy only affordable socks, Vanderkam believes that if these things bring you such great pleasure, then their small price is worth it. In the long run, is saving $300 on lattes per year going to make you rich? Probably not.

Rather than saving on some of the little pleasures in life, is it possible there are areas where we can earn more to reach our financial goals? For example, how much are you saving monthly for retirement? How long do you plan to work? What kind of car/house do you have?

The nice thing about this book is that Vanderkam doesn't offer a step by step guide to having all the money in the world, but offers lots of ideas and challenges your current thinking on wealth. 

Do you have a favorite financial book or reference? 

The second book review is to come.

P.S. Jess LC is closing her shop. Use code: FINALFINALSALE to get 25% off your purchase. On my personal wish list is the neon pink bauble necklace with a mint ribbon. 

Comments

Amber said…
I TOTALLY agree with this. Definitely a big believer in splurging on little things that makes us happy. Getting lunch out a couple times a week (or dinner takeout) and coffee once or twice a week is definitely something that makes me happy so I do it! And trips and traveling. Buying clothes on the other hand usually doesn't make me happy and I almost always have buyers guilt after so I try to avoid it unless I really NEED something!
Lisa's Yarns said…
I also totally agree with this. I think that spending is not black and white. My $5 pumpkin spice latte is not cheap, but I get it once a week and the happiness it brings me is more than worth the $5 I spend on it! And I feel like you can save and save and save, but then what is your quality of life? I did the math on the cost difference between living in my suburban condo that I hated and living in my downtown apartment which I love. It ends up being slightly more expensive to live downtown, but I have to factor in the value of my quality of life. And when I factor that into the math - it's a no brainer to live downtown!!! :)

I try to strike a balance between enjoying the life I live while also being prudent with my finances and preparing myself for retirement. It's not always easy and sometimes I feel guilty when I spend money on traveling, knowing that I have a massive amount of student loans... But now is the time when I have the time to travel and the energy, and some day I might not have the time or energy (due to children, work demands, etc), so I think down the road, I will be glad I spent my money on those trips!
So glad you enjoyed the read, too! I still have the book on my nightstand with dog-eared pages and things underlined that I want to remember. I found so much of her advice to relevant and helpful, no matter what stage of life, what you're saving for or what your long-term goals with money are! Great stuff.

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