I was wondering if there is a good book out there for basic day-to-day money management. I have a friend who after paying his child support basically earns minimum wage, (probably less actually) but still, he was renting a room for very little, or for a while even living rent free with friends, and still had no money a week before payday. He also has a fast-food habit, and a payday loan habit. He buys tools new on credit, and then loses tools to pawn shops. I might say he's a victim of poverty if it wasn't for the fast food thing--every frickin day! Oh, and he's spineless. Which means even though he filed bankruptcy a few years ago, if someone calls him up and bullies him on the phone, he makes a payment, which then reinstates the debt he filed bankruptcy on! He just doesn't seem to get the concept of planning ahead for things like gas money for work. He'll spend what he has, borrow to cover necessities, then pay people back on payday, but then do the same exact thing again.
I was thinking of, as gently as I could, giving him a book for some advice... but a lot of the books out there are about getting out of credit card debt. Not really the issue here. Although he's been known to get 27% car loans in the past, that kind of debt is really not his issue. I looked at Dave Ramsey, but it seemed geared towards middle-class people who just spend too much and run up too much on credit cards... (I can still eat out with my spouse and play golf on a budget? Well thank you Mr. Ramsey, I find that so useful considering I don't do EITHER of those things except eating out with my spouse once a year on our anniversary...) I'm more looking for books for people who are poor, but don't understand the basics of how to live like they're poor. More emphasis on daily expenses and less on getting out of debt.
Maybe I should just buy him a good lunchbox and thermos from his kids for fathers day.... ohhh... I like that plan...
I really like the book, All Your Worth: The Ultimate Lifetime Money Plan , you can even buy a used copy for a penny (plus $3.99 for shipping). the book basically breaks down what percentage of your income you should spend on rent, food, cars, necessities, wants and savings. It goes into greater detail to tailor the plan to your circumstances.
Oooohh.... that's worth looking into! Elizabeth Warren is my hero! Have you looked at their other book "The Two-Income Trap" fascinating stuff. Didn't know they'd written a book like this, thanks!
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