Book Review: The Simple Dollar By Trent Hamm
Trent Hamm’s book, The Simple Dollar, reads more like a gripping thriller than your typical personal finance guide! I breezed through its 255 pages during a recent business trip, captivated by Trent’s blend of personal anecdotes with solid financial advice. If you’re as into personal finance as I am, this book will leave you wanting more.
Hamm’s writing is clear and engaging, immediately drawing you in. Thanks to Laura from FT Press/Wharton School Publishing, we even have a chance to give away three copies of this gem!
I used this opportunity to dive into The Simple Dollar and chat with Trent about everything from blogging to his financial insights and personal journey. I hope you enjoy what we discussed.
The Simple Dollar – Interview
Sam: Hi Trent, thanks for taking the time to chat with us. What do you think causes the gap between people’s desires and their financial capabilities?
Trent: It boils down to relentless marketing. We’re bombarded with messages that everyone deserves the best, pushing us towards unattainable goals like luxury cars and mansions. Many fall into debt chasing these ideals.
Sam: Education is touted as crucial for expanding opportunities. Why do you think students often don’t prioritize their studies?
Trent: Often, students lack the maturity to see education’s long-term value. They view it as a hurdle to cross rather than a foundation for their future.
Sam: How do you approach financial security—through net worth or cash flow?
Trent: Personally, I focus on net worth now, but for many striving to get ahead, cash flow is critical. It reveals how debt can suffocate your financial freedom.
Further Questions
Sam: In our economic climate, do you lean more towards raising taxes or cutting spending to address the budget deficit?
Trent: I advocate for reducing national spending; local and state spending, not so much. The national debt, in context, isn’t as dire as some paint it. It’s all about managing it responsibly.
Sam: Would you choose a job paying $500,000 annually that you don’t love, or a $50,000 job doing what you’re passionate about?
Trent: I’d take the higher-paying job for a year or two, then transition out.
Highlights From The Simple Dollar
Sam: In Chapter 8, you discuss frugality and its role in financial frameworks. How do you balance spending on passions like food with saving?
Trent: If food is your passion, why not splurge on quality ingredients and cook at home? It’s about focusing on a few passions instead of spreading yourself too thin.
Sam: Chapter 14 talks about the “crossover point” in retirement planning. How did you achieve this milestone?
Trent: I’m on track to reach a partial crossover point in about seven years and a full one in ten. It’s challenging but incredibly rewarding.
Sam: Is happiness as simple as choosing to be happy?
Trent: Absolutely. If it’s not, that might signal deeper issues like depression.
Blogging & Writing
Sam: You’ve transitioned successfully from a traditional job to blogging full-time. How did you plan your financial future during this shift?
Trent: I meticulously planned during the transition, dedicating all my spare time to building The Simple Dollar. It’s about discipline and prioritizing long-term goals.
Sam: What topics resonate most with your readers on The Simple Dollar?
Trent: Reader Mailbags are incredibly popular—they tackle diverse problems in one go, offering a glimpse into many lives at once.
Final Questions On The Simple Dollar
Sam: Do you find writing a book profitable? What defines success for your books?
Trent: Writing a book serves as a platform for deeper ideas from my blog. It’s not as profitable upfront as blog posts, but it draws in new readers over time.
Sam: Any plans for future books?
Trent: Yes, I’m exploring ideas beyond personal finance for my next projects.
Sam: Any last words for readers considering The Simple Dollar?
Trent: The Simple Dollar humanizes personal finance, blending my personal journey with practical lessons. It’s about failures, successes, and insights you can apply to your own life.
Sam @ Financial Samurai
