I’m going to say I was pretty impressed. It basically gives the philosophy of a little bit here and there really adds up over time.
It’s a story about a parking lot attendant and how he made very little money yet he was still able to create a small fortune over time.
I really like all of the little lessons it teaches about how you shouldn’t have an excuse that you can’t invest. The main gist is to buy and hold and to keep buying.
The Negative
Not really a big negative but it makes the book show its age because it talks about getting a pager to free up money to purchase stock. Pagers? Wow. But you get the point about what they’re trying to say.
The Positive
It really goes over the basics of buying and holding and how to free up money to invest. I really like the message in the book.
Would I Buy It?
If I was just starting out in the world of personal finance I would. It really shows by example how it’s possible to become rich over time on a small income.
Buy It
Nickel And Dime Your Way To Wealth New
Nickel And Dime Your Way To Wealth Used
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{ 5 comments… read them below or add one }
Interesting read!
It always irks me when I hear people say that they could never be “well off” because of their low income. Sounds like I may have to buy a few copies of this book to give to people.
Yea it really show you that it is possible to have extra money with a low income
I love reading about those types of stories, but I really believe the way to real wealth is multiple streams of income and earning more.
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I agree completely. One of the lessons from the book is that even with a low income there is always a way to free up some extra cash. Having that extra cash can help you explore different ways to have more than one income. It’s all about how much you are willing to sacrifice.
I have a friend whose brother bought a piece of land for a ranching homestead years ago and took out a loan for the first time in his life. The family was not allowed to have any extras until the loan was paid off. By his definition extras included onions since they were merely a seasoning for the food. Although the story inspired me to dig a little deeper on my own committments I was still in awe that anyone would press that hard. And yes the land was paid off quickly and and to my knowledge the family has remained out of debt and prospers.