Book Report Sample
The Money Game
It is important to remember that we live in a material world. Today, a lot depends on what every of us can afford. Money is a catalyst to speed up any process and action, pushing the limits, which in turn helps people to achieve their goals.
It is interesting to hear such statements from those people who have family and children. They are trying to shut down as clams in their shells and do not recognize the real situation. Therefore, they often have illusory ideas about the world. This illusory world is a place where everything starting from healthy eating to higher education and status in the society depends on money. In fact, it is much easier to talk than to take an action. Therefore, with respect to money, people continue to be tracked by this naivety and lightheadedness.
Of course, stylish clothes, a nice apartment, and villas show person's status but they do not always create it. For example, external trappings brilliantly use outdoor adventurers wearing decent suits to stick to passers all sorts of things at a higher price. Therefore, if a person is dressed elegantly and expensive, it does not mean that he/she earns a lot of money. Most often, this indicates that he has a reason to hide his true income in order to create a false impression. Often but without much pleasure we say that our salaries are too small. So, we talk with our chief about an increase in salary or look for another job since we are not satisfied with the amount of remuneration. This process is endless since the sum we receive always seems insufficient. Why does this always happen? The answer is simple and it comes from people's wrong attitude to the salary. The right attitude to money is more important than the money itself and their amount.
In our opinion, salary is somewhat low, poor, and unworthy of attention. 'Well, I would like more' - that is all we expect. It seems that material wellbeing and salary are incompatible. We believe that salary by itself is not enough to be rich and permanently attribute a mystical meaning to wealth getting involved in unethical activities such as corruption, black money, tax evasion, money laundering, etc. And what is our attitude to truly wealthy people, especially to the millionaires? We often believe that they are certainly ill-gotten - they are braggarts, slackers suffering from boredom, who do not know what to do with their money. Actually, this is a very frequent problem that people deal with. What is it possible to do with money? The most common thing is to spend them on different things like entertainment, important or ridiculous purchases, charity etc. Nevertheless, money can perform a more useful function: it can provide a person with a happy and secure future. People are great at spending money but not good at saving it. How to make every dollar work for you and secure your future? This question is answered in the book 'The Money Gamer' by Charles Green.
This book gives an answer to the major questions that ordinary people have about money, especially to the main one: where does money disappear and why it happens so fast? The author explains and answers these questions in an easy manner that can be understood even by a child. Green uses emotional, intelligible language full of epithets and metaphors. His language does not have those economical and financial terms that cannot be understood unless one has special education. Characters he creates for clarification of processes (the Indivisible Man, the Money Monster, and the Precreditor) are personifications of all people's fears and images about where money goes to. These characters are to be described in more detail.
First, the Invisible Man, he is one of the most mysterious money thieves. How many times there was a thought in our head: 'I got my salary yesterday, and now I have a half of it, where have the other half disappeared?' The answer given by Charles Green is simple: the Invisible Man took it. Invisible Man takes all people's small expenses like food, fuel, passway, coffee before work, cigarettes etc (My Money University). He also takes money for uncounted various goods. For example, people usually do not look at the prices in a supermarket, thus they do not know what sum of money they should give at a cash desk. When the time to pay comes, we give away our money being astonished why the sum is this big and where did the money go? The Invisible Man took it. Unfortunately, all of us have met him many times. He is responsible for taking 20% - 30% of your income, which you cannot account for (Green 15). People meet him since they cannot keep track of their expenses. If we start to record every expenditure, the Invisible Man will disappear.
The second character is Money Monster, who has an insatiable appetite and eats as much money as he can get his hand on. The more he eats, the more he wants. As much as 50 % of income goes to Money Monster's chaps. These are all taxes, the bills that the Government takes from us. Starting from its birth in 1913 with 16th Amendment, which allowed imposition of income taxes, the Monster eats our money more and more every year. Unfortunately, he cannot be killed. Some sums of money will go to his mouth inevitably, even if to use smart and simple rules described in 'The Money Game'. This is because we are taxed on all levels of government: local, state, country, and on all things most people cannot do without: cell phones, cable TV, water, and trash disposal.
Third character is the Precreditor, who is the cousin of the Money Monster. He is greedy and insatiable. These are all banks we have deals with, and first of all, our credits ('Credit Card Reform in Action'). With the birth of the Precreditor in 1913 (he was born together with the Money Monster), financial industry has become the most profitable industry of all businesses. All fees and bills you get on credit are taken by the Precreditor. For example, to get a Master Card credit card you have to pay four fees simply to get the card. This comprises $247, thus you are already in debt when acquiring a card. The limit is $300, so actually at first you have $57 instead of $300 ('The World's worst Credit Card'). The Precreditor took 5/6 of your credit card limit, and this is a lot. Same thing is with all the credits you have: bank and other financial institutions charge fees for every tiny service they provide (Perman) using the Precreditor. His name is composed of 'predator' and 'creditor', so it is obvious that he does not do anything useful for the customer.
Numerous questions are discussed in this book, which I personally consider as being of high importance. I could not even imagine that my money is slipping away every day into the pockets of financial dealers. After reading this book, I will definitely change my money spending habits. Most of people seize the day not thinking about their future. This leads to retirement on the breadline. All people want their elderly life to be some kind of award for all the working hours in life, but it usually ends with low income or very poor living until death. I definitely do not want such an end so I will review my attitude towards money.
First and foremost, I will get rid of my credit card. It is indeed a debt hole without a bottom. When I get a bill, I pay it, and the next day I have to use my card again since I have no cash since I spent it all to cover my debts. This is a vicious circle. Paying off my credit card and getting rid of it is the first main step to financial freedom. My card was something like a backup but it became the only source of money since my salary goes to paying off the credit. I think such a backup is not worth it.
Second, I will count every cent I spent and keep a record of where I spent it. This step will help me eliminate the influence of the Invisible Man. If all expenditures are recorded and rationalized, he disappears. Anyway, it is a pleasure to know where and when you spent your money. With such a record it is much easier to count how much money is left and create a budget.
Fourth character is the Budget. I did not appreciate the idea of having a budget, but after reading 'The Money Game' I understood that I was totally wrong. By systematizing the money you have, it is much easier to keep track of the expenditures. For example, dividing money between different groups of expenses allows to always have money for entertainment or food, not taking into account the payment day. Also, this tactic allows to have necessary sums of money to pay utility bills or credits. Once again, in this way you know where the money goes, thus the Invisible Man and the Money Monster are defeated.
Next, it is important to count every dollar. Green says that only $1 spent today has an opportunity cost of $30.00 over one's lifetime. So avoiding unnecessary purchases like 72-inch diagonal TV or the newest cell phone can save a lot of money in the future. Actually, people make all these purchases in order to improve their financial position and quality of life. In reality, they spend huge sum of money on 'status' staff instead of making every dollar work for them maintaining their financial position. There are many people called 'Brokenaries' who were millionaires in the past but became broke. These people definitely know the price of money. They spent their fortune on unnecessary staff and what do they have now? Therefore, to avoid the destiny of a poor man, all extra things have to be removed from my purchases list.
The main problem is the mindset. If the goal is to obtain a huge amount of money to ensure happy retirement, the mindset should be changed. A millionaire mindset is, in my point of view, one of the most important changes that need to be done. All steps discussed above are useless without changing the attitude towards money. This mindset requires to focus on where I want to go and make every dollar count to secure my future. Moreover, it helps to maintain the financial position by keeping track of every dollar. Again we return to Brokenaries. They used to having such huge sums of money that they never paid attention to expenses less than $100. These are, for example, lottery winners, striving for wealth but not knowing what to do with it. Even governments should have a millionaire mindset since the USA has $54 billion of debt and people continue to spend money (US Debt Clock).
This mindset helps to take a financial problem not as something evil or attack. It is considered as a positive sign that you need to change something in your world view, for example, to believe in yourself, to understand your unlimited potential and talent. Difficulties with a salary are unique life lessons, a concern about getting you moving forward. For example, you will need additional training for a new post. If you are lazy, you will avoid training and this might lead to poverty as long as you do not realize that it is important to address urgent issues when they appear and not to postpone them to the last moment. Therefore, it is important to treat finances seriously and learn how to skillfully handle the received money. By spending the money wisely, we are freed from the bondage of material, focusing fully on ourselves. And what if not a smart cash investment in health, education, and career growth that gives the greatest return? It is important to use only the true value of the earned money and not let yourself get bogged down in the material. Only people with weak spirit tremble over their property, and this leads them to the material, and even I dare say, moral impasse.
Next step is creating an emergency fund. I never tried to save money for the emergency occasion. Now I see that it was my mistake. Since all my money goes to pay credit card bills I have no secure fund for emergencies. Who knows, maybe my house will be robbed or I will get in a car accident tomorrow and I will have no money to cover the associated expenses. Creating an emergency fund will also help me to stay afloat if I lose my job or home. It is a good idea anyways since nobody knows what will happen tomorrow. Thus, it is a way out to have some extra money just in case.
One of the advices 'The Money Game' book provides is buying a house since it is the best long-term investment in your future and financial security you can get (Green 22). I think it is a useful advice since your home is your castle and there is an obvious benefit in living in a house. Nevertheless, I cannot afford to buy a house at the moment. If to believe Green, it is necessary to pay a mortgage in 15 years to get a profit of buying a home. Well, for me the mortgage will last for 30 years minimum so I cannot afford a house right now. Still, buying a house is a useful way to save and invest money and as soon as I get the opportunity to buy my own 'castle', I will do that. You never know when you will become unemployed, especially after the age 50. Therefore, having your own home is a guarantee that you at least have a place to live (Kucera& Howley).
I have already discussed the idea of forming the budget. One more important thing about it is the right size. Now, I can tell that my budget is too big for me since I cannot save a dollar from it. I think there is too much money spent for entertainment and unnecessary things. To make things better and to improve my financial position I should resize my budget to have an opportunity to save some money.
Another important step is appreciating time. Having a job is good until it takes all of you free time. A job becomes the life for lots of people today and what is the sense of retirement then if there are no other hobbies except job? Some people work to improve their living standards but miss the life itself behind the job. It is not an attractive way for me. I understand that working from the dusk till dawn will make you old and lonely, so it does not make sense to retire even with a huge sum of money on the account. I do not want to miss the life itself because of seeking for the ways to improve its quality. Time is our main ally for our financial future. For those who invest in store time is an invaluable ally, while for those who ignore these actions time becomes invincible enemy. The most valuable thing a man can have is time which can be used for good.
After reading the 'The Money Game', I started to hate me current life. Now I see it as dark, full of debt, and unnecessary effort to make little money. Now I see that everything I have done about my capital is wrong, and certain steps should be taken to improve the situation. Firs, is it necessary for me and my future. Without a clear improvement program that will bring change, my financial future will be like the one of the overwhelming majority of people today who live from paycheck to paycheck, spending fortunes to pay for credit and refusing entertainment since all the money goes to the Money Monster's chaps and the Invisible Man hands. This is really sad. I am glad that I have read this book since it changed my worldview at large and my perception of money in particular.
With all steps above I consider my financial future very bright. The hardest step I have to take is to change my mind set. Let us remember Disney cartoon "Duck Tales". Remember how Scrooge McDuck loved his money, especially the first 10 cents. He is a millionaire, he is bathing in money, and he has such careful attitude to a small sum of money. This is because these small 10 cent coins comprise all his fortune. This is clearly seen when he opens the repository, where there are lots of small coins, a straight fables.
I will pay the debt I have on my credit card and finally will be free of this money devourer. A card is the biggest problem now, and first of all it is necessary to stop digging a financial whole. The vicious circle must be broken as soon as possible. I will buy a home and this will provide me with the most solid and profitable investment ever. Moreover, living in a private house is much more pleasant than in an apartment. As the saying goes: my home is my castle.
I think following advices discussed above will make me more successful and careful. It already taught me that penny saved is penny earned. I think with such an attitude, my financial matters will be at a high level. However, this does not mean that I will forget how to enjoy life. From time to time I will indulge in something I love. As I said before, making money 24/7 does not mean being wealthy. A real millionaire mindset, which I definitely will try to develop, does not mean that you should work day by day. I do you believe that a small compromise is the key to a long-term financial success. This balanced attitude will help me to maintain a balance between the costs and savings.
I must say that this book will definitely become my bed-side book. Especially when I will be taking first steps towards my goal. Furthermore, when I reach my goal, I will recommend it to all my friends and family members in order to make them as happy as I am.
In conclusion, I should advice you to be clear about what you need and start to act in this direction. So sit down with a hot cup of tea with your best friend, wife or partner, and start writing down all the sources that bring you money. Write about everything, then write all ideas where you could earn more money, and then list things that you need to organize. And in the end, imagine that you have power over everything. No matter what you want - to own a car factory, to be a speaker, coach or travel around the world to give lectures - write in to your list. This exercise gives a lot of benefits. Write everything you want to do in this life. Do not limit yourself.
From now on, every day when thinking about your future business, read the right book, ask questions, watch, look for anything that might be necessary, prepare a business plan, and act. And according to the law of attraction, the right people will come, the right resources will appear, and everything will happen as you wish.
Usually we hear from friends and acquaintances: "Planning family finances is the only way to save" or "I am unable to save since the welfare of my family is so miserable". There are also totally opposite statements like "You cannot take a loan, you should live within your means" - "No, you need to take all from life, and take it now since later you may not need what you want now!". This is one of the major misconceptions that we usually have in our quest to finally start planning finances for the future. But neither of these is true. Who would want to live permanently in a state of strict control of finances? But financial plan and its subsequent implementation does not mean saving on all things. You do not have to indulge in all pleasures of life, quite the contrary, if you set specific goals, you can experience this "joy of life" more fully. After all, the most basic rule is that you need decide for yourself what is important and meaningful for you and what is not. Based on these principles it will be easy to create your financial plan for the future.
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