Book Review: How To Be Richer,Smarter And Better Looking Than Your Parents

I am richer, smarter and sexier than my parents!

“But I’m already richer than my parents, and I’ve always been smarter and better looking!” All of us like to think that of course, but regardless of whether or not it’s true for you, Zac Bissonnette’s best-seller is a must read. “How to be Richer, Smarter, and Better Looking Than Your Parents” is a book that focuses mostly on personal finance topics, especially frugality and wise money management.

The book starts out with some rather hilarious mockery of celebrities who have gone broke, and shows the logical reasons why. No matter how much money you make, if you spend it all, you’ll be gaining nothing. These celebrities made millions, and then blew it all with regular $25,000 shopping trips.

Bissonnette then goes into how the mistakes of the rich and famous can be avoided (albeit on a smaller scale money wise) in your own life. The golden rule of personal finance, spend less than you earn, is at the heart of his philosophies. For those of us who grew up in frugal households, this seems like common sense. But to others who didn’t, it can be a big shock to the system. But the rewards are incredible if you apply his advice.

His chapter on the financial service industry is one of the smartest things I’ve read in a while. He talks about how when things are going well for the financial service industry, they aren’t going well for you. The reality is that these people are out there to profit from your own successes with money. Being careful with who you trust your money to may be one of the biggest keys to greater wealth.

The Debtonator, as one chapter on debt is called, is also an excellent read. He talks about why all kinds of debt should be avoided at all costs, and I agree with him wholeheartedly. Debt is never a good thing. Mortgages are the one kind of debt that I will ever allow myself to have, and even then I plan to avoid them if possible. However, the one area here that I disagree with him on is credit cards. Bissonnette is very anti-credit card, even if you are more than responsible enough to manage one wisely.

He talks about how a credit card can be dangerous, even to those of us that pay the bill in full each month. The benefits, he argues, are too small to outweigh those risks. I personally disagree, and think that the benefits of my credit card far outweigh the risks for my situation, but his advice may really strike home with some. If you are the kind of person to do things like impulse shop heavily or not pay your bills on time, he is absolutely right. Credit cards can be extremely dangerous in the wrong hands.

Another point he made that really resonated with me is that you should never turn down any type of free money. His main example was with 401k’s with employer matches. People often take more money in their pockets now and forget about saving for retirement, leaving thousands of dollars on the table by doing so. This is a huge mistake for anyone, even if you are in debt and trying to pay the bills. Unless you need that last 5% of your income to survive, take the match and get some free money.

One of the cores of his message is that if you spend less money, you will end up even happier. This is something that I agree with very strongly. The less you spend, the more you are free to enjoy life to it’s fullest. For example, cooking your own food instead of paying someone else and the rent for their restaurant at the same time just for a quick meal is one of the most popular ways to waste money. Once you’ve learned to insource the basics in life, you’ll notice that you feel as though you have more control, and are more satisfied with life.

Bissonnette goes into more topics, like cars and homes, and it is all excellent advice. If you want to become richer in life and in money, than I strongly recommend reading his book. Even if you think the title makes it sound like some dumb book for rebelling adolescents, it will have something in it that you can apply to your own life. The advice he gives out is excellent, and if you follow it, you may end up richer, smarter, and even better looking than your parents.

Guest Post By: James Petzke is a college student, and the writer behind This Is Common Cents. His writing focuses on frugality, increasing income, and becoming rich in both life and money.

It's Not About How Much Money You Make It's How You Spend It

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Mr. CBB
I’m from the UK and now a recent permanent resident in Canada. I bought my first house at the age of 21 after University then my second at the age of 24. I’ve always been fascinated with personal finance, savings, learning to make money and watch it grow while combating debts along the way. Canadian Budget Binder is a place where I get to share my experiences with personal finance and learn about yours along the way. I hope you stick around and check me out on Twitter, Facebook and Pinterest where I am active on all social media sites. Cheers, Mr.CBB
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Comments

  1. I’ve heard great things about this book, and it’s definitely one that I’m going to check out over the holidays. Thanks for the great review!

  2. Mary F Campbell says:

    Thanks for the review Mr CBB… I’ll see if my library has this.

  3. John S @ Frugal Rules says:

    Good review! I think I’ll have to add it to my list of reads. I could not agree more on the point about the financial services industry. Working in that industry for nearly ten years myself, I can tell you that that point is spot on. It’s vitally important to work with someone you can trust and that is looking out for you and not themselves.

  4. Nice review. I’ve got a few in the queue already, but I may have to add this to my reading list as well. It always comes down to how much you spend, doesn’t it?

    • I always say it’s about how much you spend but then there are others who say it’s how well you invest it. So investing on growing your money rather than saving it is the way to go for some and for others simply saving it makes them sleep better at night.. can we ever win?

  5. Great review! Didn’t he also write the “Hard Work U” book as well? I haven’t gotten around to reading either of these, but this one will be going on my master list! I’m pretty certain I’ll never read all of the ones I already have on there though…lol.

  6. mycanuckbuck says:

    Sounds pretty funny!

  7. Living Debt Free Rocks! says:

    I think I’ll also pick up this book for a read. I think that for those of us who manage our credit card purchases responsibly and are able to pay off our puchases in full in order to maximize the benefits of a credit card, why not! For those who can’t control their urges to shop even though they know they can’t afford to do so should not have credit cards on them period. I now spend considerably less than at any other point in my life and I can attest that my happiness quotient is pretty darn high.

  8. Veronica Hill says:

    Nice review – Bissonnette seems like a smart fella we could all learn a thing or two from.

  9. Christine Weadick says:

    I’m with Mary on this…. first place I’ll go looking for this book is the public library. If I think others in the family might like to read it as well I might check out the Chapters site to see what kind of deal can be had.

  10. I like the point about not turning down free money. I can’t believe how many people do just that.

  11. Madny @ MoneyMasterMom says:

    We use our credit card and pay it off at the end of every month. We figure it’s worth it for the free rewards. But lately we’re thinking about going all cash. Studies show that your brain registers pain every time you buy something with cash (you don’t have that pain when you use plastic.) Derek and I are kind of curious if we went to cash if we’d spend even less then we do now. We might start January 1st, and see how it goes.

  12. I like what he says about not turning down free money. Unfortunately my employer doesn’t offer matches but if they did, I’d be all over that!

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