How Money Works: Stop being a SUCKER

by Tom Mathews, Steve Siebold

Financial illiteracy is the #1 economic crisis in the world, impacting more than 5 billion people across the planet. The few who know how money works take advantage of those who do not - the suckers. This book is designed to help you break the cycle of endless debt, foolish spending and financial cluelessness so you can stop being a sucker, start being a student and take control of your financial future.

Genres: Nonfiction, Finance, Money, Personal Finance, Business

128 pages, Perfect Paperback

Published October 1, 2019

Reviews

[Tabi · Rating 2 out of 5]

Don't spend so much (no enjoying life until retirement!),
Live on as little as possible,
Get multiple jobs and/or start a business,
Scrape together a fund and hire a financial professional to take over...
like most personal finance books, the same unhelpful tropes are brought out, with a sprinkling of useful information.

The reality is that most people earn enough to make ends meet, and with the way employment is set up in this country (United States), flexible hours are mandatory and additional employment is nearly impossible to attain. Full time minimum wage isn't enough for a single person to survive on more often than not, let alone the family of four it was meant to support.

If you are in good health and younger, this would be a good starter guide to understand what a professional would talk to you about, which seems to be mostly the point anyway.

[Madi Diane · Rating 5 out of 5]

Very short and to the point. Really gets your mind going about how money works and how big companies and banks make their money work for them and how we as individuals don’t.

For example; Most savings accounts only give you 0.09-0.1% interest rate on your money while using your money to make 4-6% off other people through loans, mortgages, etc.
Based of the rule of 72 ( 72 divided by interest rate = years to double your money), it will take you 800 years to double your money vs 12 years for them to double their money.

Please read and get financially literate. It will barely take an hour to read the whole thing and can spark interest to buy more financial books and have more understanding while diving deeper. At the end of the book it gives you steps to take to conquer milestones and “secure the bag.”

I am barely scratching the surface, but I won’t be a sucker any more!

[Dallas Carter · Rating 3 out of 5]

Short, simple and to the point. I do think there is some good advice in here but I can’t shake the feeling that I’m being sold something.

[Vannessa Anderson · Rating 5 out of 5]

The authors of How Money Works don’t bit their tongues when it comes to writing the profound truth!.

Financial Illiteracy is the #1 Economic Crisis in the world

Financial illiteracy is the lack of education about money and finance—especially personal finance. It enables governments and corporations, driven to meet the demands of stakeholders and shareholders, to leverage the ignorance of citizens and customers for their own power and gain

44% of American don’t have enough cash to cover a $400 emergency

43% of student loan borrowers are not making payments

58% of households in America have credit card debt

33% of American adults have zero retirement savings. .”


Money Wasted Monthly

$181 Eat Out and Take Out
60 Coffee and Latees
83 Ride shares
29 Alcohol
30 Events
63 New Clothing
74 Lottery tickets
237 Subscription Services

How Money Works was well worth the read because I’ll never forget the 72% rule that has been cemented into my mind, forever.

[Colleen · Rating 5 out of 5]

I know this for a fact: If I never read this book, I never would've wanted to, or felt the need to educate myself related to finances. This book is a MUST for anyone who is paralyzed by fear and hasn't taught themself financial literacy. At the age of 25, I feel incredibly blessed to learn this information on early in life. Definitely still need to learn a lot more, but this book is perfect for a beginner (like me) and encourage you to educate yourself further.

[Corrie Everson · Rating 2 out of 5]

Likes: read the whole thing in under 2 hours, is foundational to understanding anything money related, will “put you ahead” if you do happen to have access to the concepts covered.

Dislikes: Rests on impractical approaches for a lot of Americans, assumes it’s easy to start a business and take on additional work, only really covers the bare minimum and traditional ways of operating in society.

Basically, provides just enough to give you good anxiety about finances and the whole takeaway is “seek professional guidance.”

[Chris Everson · Rating 5 out of 5]

This is a great easy book to read if you are wanting to grow in knowledge on how money works and d the steps to take to make sure you are financially aware.

I’m going to share with my kids.

[Sierra Fenwick · Rating 4 out of 5]

Damn I really need to get on the investing money so it works for me thing....

[Eric · Rating 4 out of 5]

How Money Works is an easy-to-read and understand books that shows how anyone can become financially independent. You don't have to be born in a place of economic freedom to take this book seriously and begin the steps today. This is easy for ANYONE!

This book definitely provides a vivid wake up call to take money seriously. You don't have to stop living a good life now, but you do need to sorry about the long term viability of the life you are leading and what that will cost in the future.

Check this book out now.

[May · Rating 5 out of 5]

This is an interesting book on financial education. My friend actually gave me this book. I like this book. I think that everyone should have a financial education. We need to know how money works. There are many people out there who do not know how money works. We need to know what to do with our money and have our money work for us. There are many people who make money mistakes. It is best to learn how money works so that we do not make money mistakes.

[Holly · Rating 5 out of 5]

A concise book that quickly and simply explains how money works. The Power of Compound interest, The time value of Money, and the Rule of 72 are the basis of creating true wealth with the money that I already have. This book provides a step by step check list of actions. Just 7 short steps. The first one is already done once you have read the book. I plan on reading again and again until the concepts are committed to easy memory. I learned quiet a few things I did not know, even though I felt I was educated about money.

I work with the company who's members wrote and published this book. I learned a lot and now teach other people how money works. If you want a free copy of the book drop me a message on Facebook. I would be happy to mail you a copy of How Money Works. by Tom Mathews and Steve Siebold.

[JeremyZon · Rating 5 out of 5]

I enjoyed reading this book because it was simplified and clear to those who are wanting to learn more about how money works that are not in the finical industry. I would recommend this book to everyone.

[Jordan Hutchison · Rating 4 out of 5]

This book was given to me by a co-worker in the Dayton area. I was able to complete the book in two days of reading. There were plenty of note taking opportunities, exercises, concise tips and advice throughout. I believe that this book can be extremely useful to people interested in starting on the road to building their financial education. This is going to be a book I recommend to others interested in furthering their financial education. For starters, it is an extremely useful and well thought out book that people should have at their disposal when learning the ropes.

[Briana · Rating 2 out of 5]

Insightful and a quick easy read. I have really strived to have a sound financial education. I read this book mostly because a friend, who is working for a financial office, recommend it. I did learn a few things but was a little disappointed that the numbers were not always realistic. It has encouraged me to further my education and investigate methods that actually do line up with interest rates discussed in the book.

[Amber Orvin · Rating 5 out of 5]

Great book to read a lot of good information about how money works and how to save money for retirement and just all kinds of great information that I will be using to get me on the right track to where I need be financially. I highly recommend it to anyone that is having financial problems or issues this is the book for you.

[Bj_sojourner · Rating 4 out of 5]

Straightforward book for introducing financial literacy. Doesn’t give much advice on how to continue learning. But it mentions to talk to financial advisors. A marketing book.

[Allen · Rating 5 out of 5]

This is a great intro book for folks who have not had exposure to financial education. It will help show you the necessities of getting educated, help you start a plan, and most importantly help you start planning for the future instead of living day to day.

[Ryan · Rating 4 out of 5]

Straightforward and fun, this concise little gem has the essentials to help the financial illiterate get started now to become more secure. The humor was corny and at times surprisingly quirky.

[John · Rating 5 out of 5]

best money book out right now. no doubt.

[Thomas Maluck · Rating 3 out of 5]

I like the graphics and talking heads that provide context/commentary for a lot of the book's advice. I agree that a lack of financial education/literacy is a big problem. However, I really wish this book focused harder on concrete solutions and not just "spend less, earn more, use compound interest." The information about life insurance, particularly the two major types and the fact their benefits can compound, is good and not widely known enough. But explain the source of all this compounding: an S&P 500 index fund. There are simple ways to slightly enhance that return and/or hedge against downturns - share them!

Cue my obligatory linking of William Bernstein's "If You Can" - the practical know-how so many financial advice books are afraid to share.

[Steffany Fenenbock · Rating 4 out of 5]

Clear and concise. Good information and a super quick read- Read in two sittings. Absolutely worth the time to get your head in the right place for long term wealth growth. Wish someone had handed me this book when I was 19- that seems to be the target audience. BUT If I had been following the principals in this book since then I'd be well on my way to building long term wealth. Nothing like the present to start implementing some of these strategies. Although it's not a comprehensive book on how to do that per-say; it is a great educational resource to let you know what is possible. I suspect the authors of this book have a business that helps people implement the strategies suggested in this book. And if that's the case, good on them! A great marketing strategy.

Overall, a quick informative read!

[Nathan Woll · Rating 2 out of 5]

I think this book is intended for high school seniors, so I guess I'm not the target audience. It's very condescending.
I laughed at page 16. The book listed several average frivolous expenses and suggested cutting them in half. One was ride shares which presumably is how people get to work, so cutting that would cost you money. Another one is $63 a month spent on new clothes. If you are spending $63 a month on new clothes and your sizes aren't changing, yet you need money tips enough to read this book, you probably aren't intelligent enough to read.
The book did nothing to address the extreme inequality in America, which I realize is not it's intent, but it didn't even mention it. All the money tips in the world won't fix our broken economy.

[Jacob A · Rating 3 out of 5]

This book was easy to read, clearly focused on a late teenage audience, and filled with high-level useful information. As I read, I kept hoping for practical guidance on how and where to invest to obtain the high interest rates that the authors claim may be attained - but the advice simply was not there, not even a reference to other sources. Tom Mathews is the CEO for WealthWave, a financial advising institution or network. So it is unsurprising that the big reveal is to use the services of a financial advisor to reach your financial goals. Helpful book but slanted toward the non-DIY types. Recommend for a young audience for financial awareness about debt avoidance and financial discipline that is lacking in much of our country (USA).

[Kayla Zabcia · Rating 2 out of 5]

65%

While as a beginner I did learn quite a bit about finances through this book, you can definitely tell they're holding back in order to get you hooked on to their (paid) financial services which felt like a bit of a low blow considering the topic.

Also, please tell me where to find these mystical 3, 6, 9, and 12% interest rates?! The highest HYSA I've found is 0.77%, and bonds (which are limited to $10k/year) are currently ~3%, so if anyone knows where to find these unicorn rates the author kept talking about, please enlighten me.

[Anthony Lanh · Rating 3 out of 5]

I learned a lot from this book. It gave a decent introduction to saving money and how multiple aspects of finance work.

My main issue is the repeated "you're a sucker" parts. Although it can rile people up and get them to read the book, it also may impart a deep shame about their financial situation. Truly, people may not be able to save because they are already cutting back on necessities like food and electricity due to financial burden. The book implies that is all their fault, which is a dangerous accusation.

[Kata Carrillo · Rating 5 out of 5]

Everyone needs to read this book. I use this book as a How Money Works educator to teach people how money works. It is a quick and easy ready, anyone can pick it up and read it in about an hour. My boys read it when they were 8 and 14 and they loved it so much they started sharing it on their own with their teachers and friends.

I wish I could have had this book when I was a teen and applied the strategies in my life early on, my life would look so differently today!

[Jordan · Rating 4 out of 5]

A lot of good reminders about what you need to do in your life and when, placed in an easy-to-follow checklist with helpful starting points for each. I did think that the interest rates he was giving for savings accounts were a bit high…I’ve never found any that pay a 9% interest rate. I wish he would’ve given more specific advice in those cases.

[Michael Burgess · Rating 3 out of 5]

Honestly I’ve had like 10 pages left for 4 months it feels like. I put it down and just didn’t finish it but it’s a good book. Informative and super easy to read ( lowkey a kids book in a good way ) based on American saving tactics but still applicable to Canadians in a lot of way. Great bathroom book when ur on the can :)

[Ritzy Flores Mitchell · Rating 5 out of 5]

Love the visuals and how easy it is to understand what the book is trying to convey. Now.... Applying it is a whole different story! We are so emotional with our money bc of the importance it has in our lives that setting ourselves up for success in the future can be hard to do right now. Especially if we are instant satisfaction type (🙋🏾‍♀️) of people instead of the delayed gratification type.

[Monica · Rating 5 out of 5]

Really quick and to the point. Gives you an idea on how to start making your money work for you. Using charts, graphs, and equations for you to do the math on how much money is needed to reach your next goal, whatever that may be.