Book Review & Giveaway: Financial Recovery

by Kay Lynn

I recently finished reading Financial Recovery: Developing a Healthy Relationship with Money by Karen McCall and think it’s a good addition to anyone’s personal finance library.

Remember, I am a graduate of Dave Ramsey’s Financial Peace University so that’s my reference point for comparison.  I found Financial Recovery to have some similar ideas but with a kinder, gentler tone.

Background

Author Karen McCall hit rock bottom and was very close to being homeless.  She figured out the root cause of her money management issues and worked to resolve it along with becoming financially secure.

In order to help others, she founded the Financial Recovery Institute where people are counseled through a holistic approach.

Key Points

There were several concepts in the book I thought worth sharing.

Money/Life Drain: The money/life drain which has 5 levels in an inverted pyramid.  The higher the level, the closer you are being pulled downward to the drain in a swirling force.

Needs/Wants: With the premise that most bad money behaviors comes from a sense if deprivation, it makes sense to examine our expenses and understand if they are really needs or we’re trying to fill something else with a lot of wants.

Tracking: Tracking is encouraged to help the user become aware of where the money is going.  The author encourages keeping separate tracking sheets for cash, checks and credit card transactions.

Bridging: Creating a spending and income plan is described as being the bridge from the current state to the desired state.  I make a monthly spending plan but now plan to create an annual plan based on the recommendation.

Saving: Saving is described as the key to freedom from debt.  McCall labeled it “saving your way out of debt”.   By having an emergency fund, the need for new debt is eliminated.

Summary

I really liked the format of this book which included case studies throughout to reinforce the chapter’s points.  There are also excellent quotes from famous (and not so famous) people.  These were used well with the chapter’s content and helped keep interest going.

I read this book mostly during air travel and couldn’t wait to get to the internet so I could download materials and subscribe to the author’s blog. Only problem is, I couldn’t find some of the resources referenced as being available online such as the work history inventory.  This is my only complaint about the book.

I think this is a good option for those that think other approaches are not a good fit.

Win Financial Recovery

If you’d like to win your own copy of the book, there are four ways to enter as listed below.  For each entry, leave a separate comment.

1. Leave a comment on your favorite personal finance book to date.

2. Subscribe to Buck$ome Boomer and leave a comment saying if it is via RSS or email.

3.  Follow me on twitter and tweet the giveaway.

4. Become a fan of Bucksome Boomer on Facebook.

This giveaway is open to those 18 or older and with an U.S. mailing address.

Entries close on July 5th at 5 p.m. Pacific Time and the winner will be selected via And the Winner Is… plugin. If there is not a response within 48 hours to request for mailing address another winner will be selected. Remember to leave an email address that you’ll be checking. 

Good luck!

Disclosure: I received a free copy of the book for review purposes.   The opinions are 100% mine.

Related Posts Plugin for WordPress, Blogger...

{ 46 comments }

Mary J June 27, 2011 at 1:30 pm

I haven’t read any books yet and I need to.
mary@cire.com

Mary J June 27, 2011 at 1:30 pm

Email subscriber.

Mary J June 27, 2011 at 1:31 pm

I like you on FB-mary Jaco

Suba June 27, 2011 at 5:11 pm

My favorite book is your money or your life.

Suba June 27, 2011 at 5:11 pm

RSS subscriber

Suba June 27, 2011 at 5:12 pm

Already follow you on twitter

Suba June 27, 2011 at 5:13 pm

And a facebook fan too

101 Centavos June 28, 2011 at 5:19 am

Subscribed to the RSS feed.
Author’s blog is not bad….

iamtheworkingpoor June 28, 2011 at 10:41 am

Definitely, “Your Money or Your Life.”

Super Frugalette June 28, 2011 at 9:35 pm

I do not have a favorite personal finance book…probably because I am so busy reading blogs.

Super Frugalette June 28, 2011 at 9:38 pm
petra June 30, 2011 at 12:43 pm

I’ve only read one finance book — the Motley Fool investment guide for teens. My daughter and I read it together.

petra June 30, 2011 at 12:44 pm

I’m an email subscriber.

Pedro June 30, 2011 at 12:46 pm

I haven’t read any books on finance, but the topic interests me. I get most of my information from blogs and magazines.

Pedro June 30, 2011 at 12:47 pm

I subscribe via RSS.

Jamie P June 30, 2011 at 5:44 pm

My favorite is The Total Money Makeover

Jamie P June 30, 2011 at 5:45 pm

Facebook Fan!

Kelly B June 30, 2011 at 6:16 pm

I hate to say it, but I do not have a favorite personal finance book to date. The book that really helped me was The Financial Guide For The Single Parent by Larry Burkett. It was very helpful for me when I was living on next to nothing.

thriftyways(at)gmail(dot)com

Kelly B June 30, 2011 at 6:17 pm

I subscribe to BuckSome Boomer via google reader at email enroutetolife(at)gmail(dot)com

Kelly B June 30, 2011 at 6:21 pm

I follow you on Twitter @kellyblackwell

and tweeted

http://twitter.com/#!/kellyblackwell/status/86605051749081089

thriftyways(at)gmail(dot)com

Kelly B June 30, 2011 at 6:24 pm

I follow you on Facebook (kelly blackwell)

thriftyways(at)gmail(dot)com

Thanks for the great review and giveaway. 🙂

Chavonne June 30, 2011 at 11:13 pm

My favorite is David Bachs’s Automatic Millionaire.

Chavonne June 30, 2011 at 11:15 pm

I subscribe to your blog via rss feed.

Chavonne June 30, 2011 at 11:15 pm

I like you on facebook.

Tracie Trump July 2, 2011 at 7:57 pm

Love Suze Orman’s Money Class! tracietrump@yahoo.com

Tracie Trump July 2, 2011 at 7:58 pm

Subscriber via rss feed! tracietrump@yahoo.com

Tracie Trump July 2, 2011 at 7:58 pm

Like you on FB! tracietrump@yahoo.com

Lisa @ Cents To Save July 3, 2011 at 2:53 pm

my favorite book is the Millionaire next door.

Lisa @ Cents To Save July 3, 2011 at 2:53 pm

Already follow you on twitter

Lisa @ Cents To Save July 3, 2011 at 2:54 pm

And LIKE your facebook page too!

Sunnie July 3, 2011 at 7:41 pm

I havent read any financial books.

S Carter July 3, 2011 at 7:47 pm

I liked Personal Finance for Dummies and Rich Dad/ Poor Dad.

michelle July 5, 2011 at 9:14 am

my favorite financial book is “The Riches Man in Babylon.”

vickie July 5, 2011 at 10:19 am

dave ramsey

pamela james July 5, 2011 at 11:59 am

My favorite financial books would have to be any of suzy ormonds
pjames330 at aol dot com

pamela james July 5, 2011 at 12:01 pm

rss google reader sub.
pjames330 at aol dot com

pamela james July 5, 2011 at 12:02 pm

fb fan
pamela j
pjames330 at aol dot com

pamela james July 5, 2011 at 12:04 pm

I follow you on twitter (pj436)
but I don’t know how to tweet the giveaway.
pjames330 at aol dot com

Nancy Price July 5, 2011 at 3:01 pm

My favorite book so far is Dave Ramsey’s Total Money Makeover. Would love to read this one …

Amanda S July 5, 2011 at 3:38 pm

I like Dave Ramsey’s FInancial Peace.

Amanda S July 5, 2011 at 3:39 pm

I’m a new google reader subscriber (amanda.senentz)

Amanda S July 5, 2011 at 3:39 pm

I follow you on Twitter and I tweeted @#asterflwr

Anja M. July 5, 2011 at 3:57 pm

I didn’t read a financial book yet. But I would love to.

Anja M. July 5, 2011 at 3:58 pm

I am already a email subscriber.

Anja M. July 5, 2011 at 4:00 pm

I follow you on Twitter shared. (@anjathisandthat)

Click here to see my tweet.

anjathisandthat at yahoo dot com

Anja M. July 5, 2011 at 4:01 pm

I like you on Facebook. (Anja M. Anjathisandthat).

Comments on this entry are closed.

{ 1 trackback }

Previous post:

Next post: