Book notes: Financial Freedom on $5 a Day

| book

Title Financial Freedom on $5 a Day
Author Chuck Chakrapani
ISBN 0-88908-952-3

Like most personal finance books, Financial Freedom on $5 a Day
suggests a regular savings plan, dollar-cost averaging for no-load
mutual funds, and eventual diversification into investments that can
weather recession, inflation, and growth markets. The book also talks
about other investment options such as gold and silver trading.

I did find a nifty little tidbit, though: three different techniques
for saving a chunk of your income so that you can invest it later on.
On page 17, Chakrapani describes:

Minus Ten Automatically deduct 10% of your paycheck and put it into a savings account before you even see it. (Pretty standard advice.)
Plus Ten Every time you spend, put aside an extra 10% for your savings. Think of it as extra tax.
Day's Due Save every day. Minimum recommended: Annual income / 3500. (Was that gross or net?)

The suggestion of saving $5 a day will be difficult for me to meet
considering my already-trimmed budget, but if I stick to my savings
plan and relieve my book expenses by satisfying my addiction at the
libraries, it might actually be doable.

The copy I read was so old that Amazon doesn't carry it any more, but Amazon lists the 7th edition for USD 2.50 (used). Not worth shipping, though. Read this one at your local library.

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