You Don't Have to Be Rich: Comfort, Happiness, and Financial Security on Your Own Terms
Author: Jean Sherman Chatzky
List Price: $23.95
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ISBN: 1591840120
Publisher: Portfolio (25 September, 2003)
Sales Rank: 8,223
Average Customer Rating: 4.75 out of 5
Customer Reviews
Rating: 5 out of 5
Life is better!
Jean Chatzky's new book on personal finance is unlike any that has come before. I know becaue I've read dozens of books on personal finance and getting rich. Chatzky's book includes an abundance of valuable advice and information necessary to manage your money in today's economy but what makes this book unique is the 'bigger picture' approach Ms. Chatzky takes on money's relevance to the whole of your life. After reading the book and doing the exercises I have a new awarness of my perceptions about money, its value and place in my life and I'm taking steps to do more of what brings me satisfaction instead of obsessing about how much money I have, what my investments are doing and so on. As if all that is ever going to make me happy. I'm spending more time with my family and friends and enjoying life more. And my money is doing just fine.
Rating: 5 out of 5
Great book!
This book could have been called "Why are those people smiling?" It's interesting that one of the leading experts on personal finance is writing this book. Jean Chatzky presents an interesting addition to the old saying "money can't buy happiness."Rather than write another one of those countless how-to books about making money, this one explains how you can feel better about what you have. Hats off to Chatzky's refreshing dose of reality.
The book is a quick read, in a light and breezy style, and filled with practical advice. I bought an extra copy for my mother! This one is worth reading.
Rating: 3 out of 5
Book Summary
Jean Chatzky believes that the economic bust of the late 1990s caused many investors to question their previously held beliefs. People questioned the role money played in their lives and what exactly constitutes happiness. To investigate these questions Chatzky hired RoperASW to conduct research into the habits, attitudes, and behaviors of people who are happy and unhappy. The working definition of happiness that the author uses belongs to psychology researcher Ed Diener who defined happiness as "the process of enjoying what you're doing" (22).RoperASW found that money was only one of several factors that affected overall happiness. In addition to your genetic disposition toward happiness, the most crucial factors listed in order of importance include relationships, self-esteem, job satisfaction, health, and money. According to Chatzky these distinctions are important, "...when we chase money, we lose the opportunity to focus on the [other factors] that could reward us with a huge upward swing in happiness" (20).
Money seems to have a much higher potential downside than upside relative to happiness. The research shows that an individual's overall happiness is significantly affected by money only when that individual's income jumps from $25,000 to $50,000 per year. There exists little improvement in overall happiness when comparing different income groups who make $50,000 per year or more.
Chatzky downplays the role that money plays in achieving happiness by relating the law of diminishing returns, "Once you've achieved life's basic comforts and necessities, more money doesn't necessarily buy more happiness" (15). The rest of the book studies the financial habits of happy people in regards to financial organization, bill paying, record keeping, saving, spending, and setting goals.
Communication and organization serve as the key toward achieving overall happiness. Chatzky recommends investing in mutual funds, and protecting yourself and your family with adequate insurance coverage. She prefers you invest in either index funds or exchange-traded funds (EFTs), such as the "SPY" (S&P 500) and "VPI" (Wilshire 5000) that trade on the American Stock Exchange, depending on how much money you have to invest. Finally, concerning insurance, Chatzky believes that if you have a family you must have life insurance, and if you are single you must purchase "own-occupation" disability insurance.
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