Michelle Singletary- the power to prosper

[HappyLamb]

Yesterday, on my local NRP station, they intereviewed this lady, Michelle Singletary-- she writes a personal finance column for the washington post. She has a similar philosophy to Dave Ramsey, but a little bit more "moderate." For example, she said on the show that she personally uses a credit card for large purchases so that she can have the insurance on it, but that's it-- and of course, she pays it off every month. Also, someone called into the show and said that he wants to buy a house debt free. She was encouraging, but it's not something that she would tell others to do.

She did speak a little about people having a sense of entitlement, and that's often what leads people to overspend, like "I worked hard this year, so I DESERVE a vacation" (even if you don't have the $$ to pay for it). Or, "I need to make a good impression at work, so I NEED a luxury car"-- that type of thing.

Anyway, she just wrote a new book called "The Power to Prosper 21 Days to Financial fReedom." She mentions that it is a faith based book based on Daniel, in the OT-- he did a fast for 21 days. So in her book, she suggests that you fast for 21 days from consumption--- not buying anything thats not neccessary-- basically nothing besides groceries or gas. No birthday presents, no eating out, no trinkets for the house....

Definetly want to get this one.....from the library of course!

You can listen here-- choose Monday 2/22 at 1.

http://www.wypr.org/midday.html

[Hannah32]

I think she gives excellent advice on how to live within one's means. And her advice isn't necessarily for high earners. Much of the PF advice out there simply doesn't apply to people with moderate or lower incomes. I really appreciate her perspective and she's a little less dogmatic in style than Ramsey (though I appreciate him too).