Money Mastery - Principle Based Money Management

22 Jul 2013

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Book: Money Mastery - Principle-Based Money Management (Audio CD)
Authors: Peter R. Jeppson, Alan M. Williams

Principle Based Money Management - The keywords which attracted me towards this audio book. With most of my income going towards the mortgages and loan EMI’s, I thought I was pretty bad financially and wanted to manage the expenses in a well planned manner. The eventual search in internet made me to listen to this audio book.

Audio books are usually the same printed books read by the author or a specialized voice over artists. This book is very different. It’s like a play. They chose three characters Joyce & Mark - the couples who earn well enough, but still struggling to make the ends meet, and a Genie character who helps them to plan their finances. It is, as if you are watching a couple implement the principles discussed in the audio CD. They take the typical examples of the spending habits of men and women and let the couple discuss and come to the conclusion about which are unnecessary expenses. I did not get bored to listen to this entire Audio CD and I hope it will be the same for you.

There was a financial assessment test in the beginning of the Audio CD. You need to assign yourself scores from 0 - 4 for 12 questions. Based on the marks, you will know where you stand financially. My result shows that I was financially fit. Nothing to worry about and keep doing what I was doing. I felt much better after the test (even though, nothing changed).

One surprising aspect is that - this is a very old Audio CD, but still relevant to date. In one of the examples of marketing & emotional spending, the character Mark says “There is a new TV in the market. It comes with a Remote. Why should I get up from the couch to change the channels?. Let’s get that !”. I was like, “What the f**k?. How old is this CD?. Am I listening to decades old CD?”. I laughed at myself, but kept on listening. It was interesting. I knew some of the principles discussed in this Audio CD and some are new. Here are the 10 principles.

  1. Spending is Emotional
  2. When you track it, you control it
  3. Saving is delayed spending
  4. Power down your debt, power up your fortune
  5. Know the rules
  6. The rules are always changing
  7. Always look at the big picture
  8. Organizing your finances enables the creation of additional wealth
  9. Understanding Taxation enables you to retain more of your money
  10. Money in motion creates more money

I loved the principles 4 & 9. I love the idea of paying up the debts as well as building a fortune, a little by little at the same time. This is similar to the concepts discussed in The Automatic Millionaire book by David. I will start building the Emergency Fund. The 9th principle is something that I overlooked for many years. I could have saved thousands of rupees every year on taxes. Not anymore. I am going to do a complete analysis of Taxation Model in India for Salaried Individuals and max out the tax savings for this financial year. I will blog about it as well to help others.

Oops. I forgot to mention that this Audio CD comes with a software and workbook to plan your budget. Even, if you are wealthy right now, you may want to listen to this Audio CD in your free time. It may give you new ideas. Seriously, I am thinking about starting a bank :)

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