Review of Rich Enough? by Mary Holm
Mary Holm is a long time financial journalist in New Zealand. Here is my review of Rich Enough?, her 6th book, described as “a laid-back guide to every Kiwi” when it comes to money matters.
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Who is Mary Holm
As mentioned above, Mary Holm is a financial journalist here in New Zealand. She writes a regular Q&A column on NZ Herald, and while it is behind a paywall on Herald, you can access them on her website for free here.
Mary has also been a director to the Financial Markets Authority (FMA for short, the NZ “money police”), advised the NZ government in KiwiSaver matters and helped in developing the Smart Investor and the KiwiSaver Fund Finder tools on Sorted.org.nz.
She has been recognised for her efforts in the financial education space and is a highly trusted financial expert.
What is Rich Enough? about
Rich Enough? is your one shop stop for all things money management through you whole life.
Mary goes through your money basics like how to save more money, how (and why) to get rid of debt, how to get the best out of KiwiSaver (the New Zealand retirement savings scheme) and plan for retirement, investing and whether you should buy a house or not (and how you might go about it).
On top of these topics she touches on things like why you want more money in the first place, when and where to get financial advice and happiness.
The book also has actionable steps after each chapter, so all the information is easy to put to use in your own life.
My review of Rich Enough?
I find Rich Enough? quite a comprehensive personal finance book and reading it should take you quite far in managing your money.
In fact, it probably would be completely sufficient as the only money book you ever read. And that is how it has been intended.
I think it is awesome how Mary has included some talk about your reasons why you might want more money, and about happiness and how it relates to finances. Great reminder for all of us!
I also like the SKI concept that she introduces, it stands for “Spend the Kids’ Inheritance”.
The idea is that you will spend all your savings during retirement, possibly leaving only your house for your children as you pass away.
Personally I think this will the way I will go about it, as I’m hoping that I manage to teach my two girls to manage their finances well and they won’t need an inheritance.
I would prefer helping them while I’m still alive and if it looks like I have money left over at the end of my life, set up some kind of fund to help their children and children’s children with education etc.
Or even set up a fund and give out scholarships.
I also would prefer as little drama as possible around money after I pass away.
My great-grandma passed away less than 10 years ago and there was a lot of problems when dividing the estate due to one of my great-uncles being bankrupt.
Anyway, the less money drama I leave behind, the better for my surviving family!
I feel as if I know what worries New Zealanders about money, what they misunderstand, the mistakes they make – and their hopes and dreams.
Mary Holm
But to get back to the topic, I would highly recommend this book (and have recommended this book to friends before as well), as it will help you sort out your finances.
Mary’s style of writing is easy to read and bit of tongue in cheek, definitely not a dry personal finance book if you ask me!
You can get your copy *here if you are in NZ, or *here if you are anywhere else.
You can also find a list of books I recommend here, with links to those that I have written a review for.
Have you read Rich Enough? What did you think? Or are you interested to read it now? Let me know in the comments!
