Live Well on Less Than You Think: The New York Times Guide to Achieving Your Financial Freedom

by Fred Brock

A smart, down-to-earth primer on financial survival-and prosperity-in today's uncertain economy, from the author of the bestselling Retire on Less Than You Think

With Retire on Less Than You Think , New York Times business columnist and editor Fred Brock challenged the conventional wisdom on the real costs of retirement. Now he turns his attention to the hype that is driving money decisions during the working years-credit card debt, health care costs, stagnant wages-and shows how it is possible for all of us to build a secure and prosperous household on less than we think.

Brock offers his distinctive brand of savvy, real-world advice, including how to
- assess the real money value of your job based on commuting costs, benefits, and job market opportunities
- get the most out of location, from tax savings and living costs
- minimize your housing costs while maximizing your assets
- manage major expenses, like college tuition and cars
- cut expensive habits and pay attention to the "little" things to boost your savings
- get to the bottom line on insurance
- play the credit card game to your advantage

Brock shows readers how to analyze their true costs of living so that they can live debt- and worry-free while enjoying themselves and securing their future. A substantial list of national, regional, and online resources as well as work sheets once again give readers the tools to customize and realize their financial plans.

Genres: Nonfiction, Finance, Money, Personal Finance, Economics

192 pages, Paperback

First published January 3, 2005

Reviews

[Emily Theiler · Rating 4 out of 5]

Random library pick. Dated but good info! We can all spend less money on crap.

[Diana · Rating 2 out of 5]

Interesting for historical value, but dated, and much of this information is available on the internet in a more useful fashion. I agree with others who have chuckled at his assumption of a 6.5 percent rate of return on investment in our current economy. That was then, this is now. Also, he is weirdly obsessed with the cost of soda: clearly he did not envision the seltzer/coconut water/reusable water bottle revolution!

[Carla · Rating 3 out of 5]

His basic advice is sound. But the details are very outdated. This the three star rating as I am sure this advice can be found in a more up to date publication.

[Dee · Rating 2 out of 5]

Basically good advice, but outdated. This would be a good beginning book for someone who is just starting to try to save money and live within or below their means.

[Lena · Rating 2 out of 5]

Not very helpful if you're already pinching your pennies

[Shan · Rating 2 out of 5]

This book has several problems, but two kept me from reading the book in its entirety. I'll discuss those here.

First, it reads like a college paper. This didn't surprise me too much given that Fred Brock, the author, " ... holds the R.M. Seaton Professional Journalism Chair at Kansas State University’s A.Q. Miller School of Journalism and Mass Communications."

I take it for granted that the academia sector isn't real life, so I need to exercise caution when reading works from people whose careers are tucked safely behind the walls of a university.

Since I spent six years of my four-year degree meticulously combing through verbose musings like Brock's, I have little patience to do it today.

Secondly, Brock supports the notion that "not all debt is bad debt." Let me say right off the bat that I can kind of get behind that notion. For instance, borrowing for a home, while not ideal, can be an excusable form of debt assuming a) the loan is a 15-year, fixed-rate loan; b) the monthly payment does not exceed 25% of your take-home pay, and; c) you put 20% down up front.

Brock doesn’t limit his "good debt" qualification to a well thought out home mortgage. He seems to think that other forms of consumer credit, such as credit cards, can serve a purpose. Clearly his vast academic-based research skills missed the fact that consumers spend generally 12% to 18% more when using plastic (with gusts up to 46% at select vendor locations). Yes, credit cards are good for someone; namely the bank that issued the card.

[Laura · Rating 2 out of 5]

This book was written in 2005, before the Great Recession. As such, much of the information (such as interest rates, home appreciation rates, and savings rates) are outdated. Gone are the days when families can earn 6% compound interest from CDs and mutual funds, so the calculations for the true cost of $3 coffees are off too. There is a decent reference list of websites, but that too is out of date at this point.

Bottom line: Brock has written a dry, factual planner on finance which was probably accurate in 2005, but has limited use in today's economy. There is some decent advice, but there are many other more current resources written in a more engaging manner. Given 1.5 stars or a rating of "below average".

[Noah Sanchez · Rating 2 out of 5]

Not a great book. Very broad generalities. Nothing that isn't found in other mediocre books, and no depth should you want to go into any ideas. Also, not much 'how to'. In fact, it's more about budgeting and not spending so much, which is something you can get in Total Money Makeover--a much better written book.

Also, the layout is designed more for 'read-through' than it is as a reference book, limiting it for reference in future reads.

2 stars because this same material is presented much better in other books...the main one that comes to mind is Total Money Makeover, and to a lesser extent (and not a favorite of mine), The Automatic Millionaire.

[Mmiller400m · Rating 3 out of 5]

Not a very memorable book. The basic premise is that you can have a full and complete life on less money than our consumer society wants you to think.

The most valuable information found within was a strong case that medicare and social security would still be around in some form far into the future and quite possibly into my retirement years in 40 years or so.

I found a neat website through this book that allows you to look up your cost of living index for your area and compare it with others around the country.

[Beth F · Rating 4 out of 5]

I found this book an extremely helpful introduction into better managing my money. I also benefited from its clear description of Health Savings Accounts, as they're becoming far more prevalent today. As a chaser, I would recommend subscribing to the Simple Dollar blog online, as it shares many tips on living beneath your means as well.

[Krissy · Rating 3 out of 5]

I didn't find a lot here that I didn't already know. If you're willing to move to a cheaper part of the country, there are some good tips for that!

Not so much here about how to avoid consumerism--more about what sorts of insurance are worth the money, leasing versus buying cars, etc.

[Del · Rating 3 out of 5]

Mweh.

[Eric · Rating 3 out of 5]

Not really what I was looking for or interested in, but not a complete waste of time either. A few more additions on practical advice for personal finances would strengthen the book.

[Michael · Rating 5 out of 5]

Common sense approach for retirement planning.