Book Review - Living Rich for Less by Ellie Kay

Although I have only read the first few chapters of this book, Living Rich for Less by Ellie Kay, I can say that I am initially disappointed. My expectations were for a book that would assist a family in finding creative ways to save money in both the present and for the future while still cultivating a spirit of generosity.

The 10/10/80 principle - give 10%, save 10%, and live on the remaining 80% - is clearly articulated at the start of the book and is commendable. Personally, I found the author's story hard-to-believe - that she married a fighter pilot who had two children from a previous marriage, was $40K in debt, and then proceeded to be a stay-at-home mom for years with the birth of five children in seven years... and still was able to pay off the debt and purchase eleven cars and two five-bedroom houses for cash (presumably replacements for vehicles and houses), save for the children's college education and for their retirement.

In terms of giving 10% and the importance of passing on the principle that "the sweetest dollar you ever make is the one you give away," the author shares some creative ideas. At this point one of the issues of the book emerges - an overall tone of a Tony Robbins seminar or a "Get Rich Quick" pep rally with a lot of Chicken Soup moments combined with a financial advisor. Really sweet, some maybe that might even be tear-jerkers, but ultimately they are cute testimonials that are hardly representative of what most children/adults/families can do. So far Living Rich for Less feels like being at a seminar, not reading a book.

Unfortunately, when it comes to the financial benefits of giving (ie how to make charitable donations productive in terms of taxes) and in the discussion of saving 10%, the specifics are primarily for the American tax system and expressed in terms one might expect from a former broker (ie. not in the language of your everyday non-accountant).

The final concern is that there is really no explanation of "why?"... except perhaps to give more away. There seems to be the perpetual expectation that each person/family should give more, save more, and then spend nicely (though not lavishly)... and yet there does not yet seem to be a presentation of when is enough, enough. Is there ever a point of contentedness? Admittedly, I have not finished reading the book so perhaps this is coming. I'm hoping so...