Author: Steven B. Smith
Publisher: Dearborn Trade Publishing (2004)
Note: Reviewed copy was uncorrected proof. Details may differ in final published version.

The book presents its information in an interesting format: Much of its message is delivered via third-person narrative, wherein the reader observes the story of fictional couple Ryan and Christine Richardson. The Richardsons are young, college-educated, gainfully employed . . . and given their current spending habits, headed straight for a Thirty-Car Financial Pileup. Like so many of their real-life contemporaries, they face painful daily dilemmas in the realm of personal finance. However, neither their parents nor their educational system has prepared them for successfully managing their finances on a real-world, consumption-driven, moment-to-moment basis. Hard to ignore all that persuasive marketing, ain't it, Christine?

That, of course, is where help arrives. In this case, the cavalry wields a calculator, and dashes onscreen in the form of an in-story financial advisor who is able to stress to the Richardsons the importance of tracking and planning their spending and saving. Without directed, earnest efforts in the budgeting arena, the Richardsons are mired in the "earn 'n' burn" consumptive cycle, never able to out earn their expenses to any appreciable degree. Were Vegas to carry odds on it, they'd likely favor the Richardsons sliding into bankruptcy.

The fictionalized chapters relating the Richardsons' saga are worthwhile, and illustrative of larger concepts. They exist presumably to allow readers a more unique third-person view of common situations that may already be taking place in their own lives. The true value of MFL, however, lies not so much in these illustrative scenes, but rather in the "Applied Principles" portions, which follow each chapter.

These "Applied Principles" sections often focus on why families must plan their spending and saving (and run their household like a business). When followed by the carefully detailed outlining of just how to do this successfully, these sections are nothing short of impressive. For once the reader is not handed a simple, cursory "how-to" briefing, followed by a verbal "You have to do this!" push. Such a monologue (regarding the specifics of planning, anyway) is common in most glossy financial primers. Here, thankfully, the author guides the reader step by step through the budgeting process, providing vigorous instruction and commentary along the variety of topics which budgeting inevitably affects: debt reduction, wealth building, and marital communication, among others. In this realm, Money for Life accomplishes its task better, and more fully, than any other book I have yet read.

Ratings are on a scale of 1 to 5, with 5 being the top ranking.
READABILITY: Was it an enjoyable read?
4 out of 5

BELIEVABILITY: Could this work for me? Could this apply to me?
5 out of 5

PRICE VS. CONTENT: Is it worth the money? Would I read it again?
4.5 out of 5

MICHAEL MILNER | MARCH 28, 2004 WWW.MONEYSPOT.ORG