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Get That Home Deposit
Paperback
First published January 1, 2003
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February 13, 2012
Overall, this book had alot of positives. It breaks things down into easily digested chunks of information. I think alot of the information could be used as a savings guide in general - and therein lies one of the issues.
Whilst I thought it was a great book, it adds nothing new to the idea of saving money. If you're someone who is a regular reader of this kind of material, you may not find anything new. Having gone through the journey of intense dissection of my spending in order to become debt-free, I've pretty much done everything he writes about (so unfortunately nothing new learnt for me).
My other criticism is that the assumption is in saving your heart out for 2 years, you will acquire all the money you actually need for a deposit. It gives a general guide to costs of various events aligned with purchasing a house (ie you'll need money for this and that), but at no point does it look at the very real possibility that 2 years simply isnt long enough to save that kind of money in certain circumstances. Would you save alot of money following his ideas? I would say yes, with dedication. Would it be enough to reach 20% deposit with associated costs for a house in Sydney? Maybe not.
I know part of the hook is the relatively short time frame, but I would have thought part of the process should have been - how much do you actually *need*, how much can you accumulate in situation A or B, and then, is there a shortfall etc... which I was surprised didnt feature anywhere. It takes you to the point where you've saved for 2 years - but assumes then in the final quarter you can start looking for houses.
Overall a good book, but not for seasoned money savers.... and unfortunately missing a piece of the overall puzzle which I would really have thought necessary.
Whilst I thought it was a great book, it adds nothing new to the idea of saving money. If you're someone who is a regular reader of this kind of material, you may not find anything new. Having gone through the journey of intense dissection of my spending in order to become debt-free, I've pretty much done everything he writes about (so unfortunately nothing new learnt for me).
My other criticism is that the assumption is in saving your heart out for 2 years, you will acquire all the money you actually need for a deposit. It gives a general guide to costs of various events aligned with purchasing a house (ie you'll need money for this and that), but at no point does it look at the very real possibility that 2 years simply isnt long enough to save that kind of money in certain circumstances. Would you save alot of money following his ideas? I would say yes, with dedication. Would it be enough to reach 20% deposit with associated costs for a house in Sydney? Maybe not.
I know part of the hook is the relatively short time frame, but I would have thought part of the process should have been - how much do you actually *need*, how much can you accumulate in situation A or B, and then, is there a shortfall etc... which I was surprised didnt feature anywhere. It takes you to the point where you've saved for 2 years - but assumes then in the final quarter you can start looking for houses.
Overall a good book, but not for seasoned money savers.... and unfortunately missing a piece of the overall puzzle which I would really have thought necessary.
Displaying 1 of 1 review