Powerful ideas from top nonfiction
Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trial
Blink 3 of 8 - The 5 AM Club
by Robin Sharma
America's Cheapest Family Gets You Right on the Money summary
Brief summary
America's Cheapest Family Gets You Right on the Money by Steve and Annette Economides offers practical tips and strategies for saving money, managing finances, and living a frugal yet fulfilling life. It's a comprehensive guide to achieving financial freedom.
Topics
Table of Contents
America's Cheapest Family Gets You Right on the Money
Summary of key ideas
The Journey to Financial Freedom
In America's Cheapest Family Gets You Right on the Money, Steve Economides and his wife Annette share their journey from financial struggle to freedom. Their story begins in 1982, when they were newlyweds with a combined income of $30,000. They were living paycheck to paycheck, struggling to make ends meet.
Steve and Annette knew they had to make a change, and they made a pact to live frugally and save as much as possible. They developed a budgeting system that allowed them to live comfortably while spending only a fraction of their income. They also made a commitment to never borrow money, which meant paying for everything in cash, including their home and cars.
The Power of a Penny Saved
The Economides family's frugal lifestyle is built on the principle that every penny saved is a penny earned. They share numerous tips on how to save money on groceries, utilities, clothing, and other household expenses. They emphasize the importance of meal planning, bulk shopping, and creative cooking to stretch the family budget.
They also discuss the value of buying used items, repurposing household goods, and DIY projects. The Economides demonstrate that small, consistent savings add up over time, and these savings can be invested or used to pay off debt, ultimately leading to financial freedom.
Debt-Free Living
The Economides family is an advocate for living debt-free. They share their strategy for eliminating debt by using a unique spending plan. This plan involves allocating a portion of each paycheck to specific categories, such as groceries, utilities, and entertainment. By sticking to this plan, they were able to pay off their first home in just nine years.
Furthermore, the Economides emphasize the importance of saving for major purchases instead of financing them. They share their approach to saving for cars, vacations, and other big-ticket items, demonstrating that it's possible to afford these luxuries without going into debt.
Teaching Financial Responsibility
In addition to their personal journey, the Economides share how they instilled financial responsibility in their five children. They discuss the importance of teaching children the value of money, the concept of delayed gratification, and the skills of budgeting and saving.
They share practical tips on how to involve children in the family's financial management, such as giving them an allowance and encouraging them to save for their own purchases. The Economides believe that these lessons are invaluable and will set their children up for financial success in the future.
Achieving Financial Freedom
In conclusion, America's Cheapest Family Gets You Right on the Money is a practical guide to achieving financial freedom through frugality, budgeting, and debt-free living. The Economides demonstrate that it's possible to live well on a modest income and that financial security is within reach for anyone willing to make the necessary lifestyle changes.
They encourage readers to adopt their money-saving strategies, emphasizing that it's not about deprivation but rather about making conscious choices and prioritizing what truly matters. By following their advice, readers can take control of their finances and work towards a future of financial stability and freedom.
How do we create content on this page?
More knowledge in less time
Read or listen
Get the key ideas from nonfiction bestsellers in minutes, not hours.
Find your next read
Get book lists curated by experts and personalized recommendations.
Shortcasts New
We’ve teamed up with podcast creators to bring you key insights from podcasts.
What is America's Cheapest Family Gets You Right on the Money about?
America's Cheapest Family Gets You Right on the Money by Steve and Annette Economides is a practical guide to managing your finances and saving money. Filled with tips, strategies, and real-life examples, this book will help you create a budget, cut expenses, and live a frugal yet fulfilling life. Whether you want to get out of debt or simply make the most of your income, this book offers valuable advice for anyone looking to improve their financial situation.
America's Cheapest Family Gets You Right on the Money Review
America's Cheapest Family Gets You Right on the Money (2007) offers practical tips and strategies for managing your finances efficiently. Here's why this book is a valuable read:
- Provides real-life saving techniques that are easy to implement, helping readers cut costs and achieve financial stability.
- Offers useful advice on budgeting, smart shopping, and investing, making it a go-to resource for anyone looking to improve their financial situation.
- The book's engaging storytelling and relatable examples ensure that learning about personal finance remains interesting and insightful.
Who should read America's Cheapest Family Gets You Right on the Money?
Individuals or families looking to save money and live frugally
People who want practical tips for budgeting and managing their finances
Those who are interested in learning about smart shopping and cutting expenses without sacrificing quality of life
Categories with America's Cheapest Family Gets You Right on the Money
Book summaries like America's Cheapest Family Gets You Right on the Money
People ❤️ Blinkist
Sven O.
It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.
Thi Viet Quynh N.
Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.
Jonathan A.
Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.
Renee D.
Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.
People also liked these summaries
4.7 Stars
Average ratings on iOS and Google Play
32 Million
Downloads on all platforms
10+ years
Experience igniting personal growth
America's Cheapest Family Gets You Right on the Money FAQs
What is the main message of America's Cheapest Family Gets You Right on the Money?
The main message of America's Cheapest Family Gets You Right on the Money is practical tips for frugal living and financial management.
How long does it take to read America's Cheapest Family Gets You Right on the Money?
The estimated reading time for America's Cheapest Family Gets You Right on the Money is moderate. The summary on Blinkist takes much less time to read.
Is America's Cheapest Family Gets You Right on the Money a good book? Is it worth reading?
America's Cheapest Family Gets You Right on the Money is worth reading for its practical financial advice in a friendly manner.
Who is the author of America's Cheapest Family Gets You Right on the Money?
The authors of America's Cheapest Family Gets You Right on the Money are Steve Economides and Annette Economides.
What to read after America's Cheapest Family Gets You Right on the Money?
If you're wondering what to read next after America's Cheapest Family Gets You Right on the Money, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby
Featured Titles
- 1776
- A Beginner's Guide to the Stock Market
- Against the Gods
- AMC Guide to Outdoor Leadership
- An Attempt To Repair America's Broken Credit System
- Beating the Street
- Bulls, Bears and Other Beasts
- Come Into My Trading Room
- Common Sense on Mutual Funds
- Corporate Financial Distress, Restructuring, and Bankruptcy