The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams

The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams

by Trent A. Hamm

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Product Details

ISBN-13: 9780132119641
Publisher: Pearson Education
Publication date: 06/09/2010
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 272
Sales rank: 1,186,590
File size: 314 KB

About the Author

Trent Hamm transformed his life, escaping both massive consumer debt and work he couldn’t stand. He began sharing the lessons he learned through his website, The Simple Dollar (www.thesimpledollar.com), which has quickly grown into one of the nation’s most popular personal finance sites, attracting more than 600,000 visitors every month.

 

He is the author of 365 Ways to Live Cheap: Your Everyday Guide to Saving Money, and writes articles that are regularly syndicated to hundreds of small newspapers and newsletters.

Table of Contents

Introduction    xiii

Chapter 1  Prison Made of Plastic    1

Get Everyone on Board    3

Reduce Your Interest Rates    5

A Plan for Debt Repayment    7

Get a Rope    8

Snowflaking    10

Five Steps for Today    12

Chapter 2  What’s Missing?

What Do We Really Need?    17

Five Steps Toward Happiness    19

Chapter 3  A Visit from the Black Swan    23

Our Lives Are More Random Than We Think    24

Unprepared for the Good    26

Unprepared for the Bad    27

Sources of Personal Risk    29

Maximizing Luck    32

The Need for Reliability    33

Preparing Yourself    34

Chapter 4  The Power of Goals in a Random World    37

The Changing Value of Long-Term Goals    39

The Power of Self-Reliance    42

The Key: Short-Term Goals    44

Five Steps Toward Your Dreams    46

Chapter 5  Running to Stand Still    49

The Changing Nature of Income    50

Your True Hourly Wage    52

The Things We Sacrifice    53

Your Future Self Isn’t Reliable    54

The Power of Today    55

Five Steps for Breaking Out    56

Chapter 6  With or Without You    59

The Broadening of Community    61

The “Tragedy of the Commons”    63

The Value of a Relationship    65

Social Intelligence    67

Getting Started    70

Chapter 7  Minding the Gap    73

Spending Less Than You Earn    74

Mind the Gap    75

Wants and Needs    76

The Frugalist and the Capitalist    78

Budgeting    79

Five Steps Toward Minding the Gap    80

Chapter 8  Frugality as Framework    83

The Difference Between Frugal and Cheap    84

Frugality as a Framework for Freedom    85

What’s Essential?    87

The Peak-End Rule and Life Experiences    90

Overvaluing Routine Experiences    91

Frugality and Food    94

Trimming Your Utility Bills    101

Housing and Transportation    102

Get Clever with Your Entertainment    105

The Five Fundamental Rules of Frugality    107

Chapter 9  Cultivating People and Opportunities    111

Negative Relationships    112

Positive Relationships    115

From a Negative to a Positive: Cultivating Opportunities    117

Five Ways to Maximize Your Positive

Relationships    119

Chapter 10  The New Career Rules    123

Where Is Your Loyalty?    124

A Community of Peers    125

The Power Shift    127

Learning, Growing, and Synthesizing    128

Passion    129

Deliberate Practice    130

Transferable Skills    131

Finding (and Being) a Mentor    134

Five Steps on a Journey of a Thousand Miles    135

Chapter 11  Life Design–Building Something New    139

Building a Solid Foundation    141

The Rules of Your Life    144

Rules Are Made to Be Broken    146

Shoot the Moon    147

Five Steps to Designing a New Life    151

Chapter 12  Managing the Gap    155

Avoiding Lifestyle Inflation    156

The Crossover Point    159

Protecting What You Have    162

Five Methods for Maintaining the Gap    164

Chapter 13  The Personal-Financial Boundary    167

Communication    169

Honesty    172

Time    174

Friends, Family, and Lending Money    175

Five Steps to Getting Your Relationships on Track    177

Chapter 14  Recasting Retirement    179

Retirement Rarely Equates to Idleness    180

What’s Your Next Act?    181

Recasting Retirement Savings    182

Retirement Savings Versus College Savings    184

Revisiting the Crossover Point    186

Five New Steps Toward “Retirement”    187

Chapter 15  The New Path to Adulthood    189

Setting Your Child Apart–Money Lessons    190

Setting Your Child Apart–A Growth Mindset    192

Setting Your Child Apart–Self-Reliance    195

Setting Your Child Apart–Self-Learning    197

Setting Your Child Apart–Unique Experiences    198

Setting Your Child Apart–Educational Priorities    200

Five Little Steps    201

Chapter 16  The Power of Giving    203

Giving Is Part of Participating in a Community    206

Doing It Different    207

Five Ways to Get Started    211

Chapter 17  Holding You Back    213

What We Say Versus What We Do    214

Passive Barriers    215

Clutter    218

Focus    220

Choosing to Be Happy    221

Five Ways to Overcome Your Barriers    222

Chapter 18  Original of the Species    225

Experiences Trump Things    226

Insanity: Doing the Same Thing and Expecting

Different Results    227

Success Is About Differentiation    228

Stop Caring What Other People Think    229

“Live Like No One Else So You Can Live Like No One Else”    231

Five Steps for Going Your Own Way    232

Chapter 19  11 O’Clock Tick Tock    235

The Single Most Important Part of Personal Finance Is Truly Knowing Yourself    236

The Second Most Important Part of Personal Finance Is Setting Clear, Concrete Goals    236

The World Is More Random Than You Think It Is    237

The Most Valuable Resource in the World Isn’t Money, It’s Time    237

The More Supportive People You Have in Your Life, the Better Off You Are    238

The Fewer Unsupportive People You Have in Your Life, the Better Off You Are    239

Blaming Others for Your Problems Is a Dead-End Road    239

The More Time You Spend Improving and Educating Yourself, the Better Your Personal and Financial Life Will Be    240

Karma Always Comes Around    241

There Are Very Few Aspects of Your Life That Cannot Be Changed    241

Index    243

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The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams 3 out of 5 based on 0 ratings. 23 reviews.
Anonymous More than 1 year ago
I am very impressed with this short book. It pulls together some of the best ideas I have seen elsewhere as well a some new insights.
DocMo More than 1 year ago
The author draws from personal experience as well as a variety of different resources to discuss not only financial success, but also general success in life as well. I thought the book was generally well written (some minor editing errors) and conversational in tone. The chapter on preparing your children for the best life they can lead was very insightful. Overall, a good offering with practical insights and application.
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