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Money 201
by Ellen Roseman
How to save money by cutting costs.
Personal finance columnist Ellen Roseman says almost everyone has money available for investing, they just have to know where to look for it.
The main thrust of her approach involves reducing housing and transportation costs, which frees up disposable income for investing. One of her recommendations is tallying the cost of operating a vehicle. By the time you factor in gas, insurance, licence and registration, and financing costs, you might be surprised or astounded by how much it costs to own or lease a car. It might be enough to make you want to take the bus or subway instead.
If you must own a vehicle, she still has suggestions for trimming operating costs. For example, four-wheel-drive vehicles use 5-10% more fuel than two-wheel-drive cars, using air conditioning in city driving increases fuel consumption by 20%, and you should never idle your vehicle for more than 30 seconds, she says.
Getting the kids to walk or bike to school with their friends not only saves on fuel costs, but also helps the environment while improving physical fitness.
Roseman also offers some little-known tips that could potentially save thousands. If you find you are hit with a major repair bill after your vehicle's warranty has expired, she recommends you check for a “secret warranty” of which you might not be aware. Certain Toyota and Lexus owners, for instance, may be eligible for a “goodwill” program that will cover the cost of engine rebuilding necessitated by oil sludge.
Roseman also gives sound advice on buying a quality used car, the advantages of renting versus owning a home, what to watch for when refinancing your mortgage, bank fees, credit cards, bankruptcy, retirement planning, and elder care. Strategies for investing in a bear market also abound.
“I also realize that being good with money isn't only about absorbing information,” she writes. “You have to get a grip on your emotions: Fear and greed when it comes to investing; indifference and guilt when it comes to spending money; intimidation and defeatism when it comes to saving.”
Although the book is geared toward Canadians, much of the information it contains will be useful to others.
Title: Money 201
Author: Ellen Roseman
Publisher: Wiley
ISBN: 0470834013
Review written by: Marc Duane Anderson
Reviewer's Rating:8
Reader's Rating: 3.00
Reader's Votes: 1
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