From Monk to Money Manager: A Former Monk’s Financial Guide to Becoming a Little Bit Wealthy---and Why That’s Okay

by Doug Lynam

Build a better financial future for yourself and the world. Former monk turned financial advisor, Doug Lynam, shares the rules of money management that will change your approach to earning, saving, and investing. From Monk to Money Manager is an entertaining and self-deprecating journey through Lynam’s relationship with the almighty dollar—his childhood in a rich family, the long-haired hippie days running away from materialism, time in the Marine Corps looking for selfless service, and his twenty years in the monastery under a vow of poverty that led to his current profession as a financial advisor. In this unique look at wealth from a spiritual perspective, Lynam shares his belief that God doesn’t expect us to live in poverty. The truth is, we need financial peace so we can help others. When money becomes a part of our spiritual practice, used in love and service, it can bring us closer to our highest spiritual ideals. With humor and humility, Lynam uses stories told through the lens of his own money mistakes, and those of counseling clients, to understand how our attitudes about money hold us back. He also provides clear, step-by-step guidance on how to grow a little bit wealthy. His insights include how to build a compassionate relationship to our finances; some of the good, bad, and ugly truths about money; and the tricks to unlocking financial freedom.

Genres: Finance, Personal Finance, Nonfiction

304 pages, Paperback

Published March 26, 2019

Reviews

[Breck Echelberger · Rating 3 out of 5]

This really should have been split into two separate books. The first half is a a good, personal story that challenges the religious perception of money, the second half is nothing more then an average finance book. Although I did find the section on ESG investing in the second half helpful.

[Christian Alexander · Rating 4 out of 5]

Compelling and informative, from a unique perspective

A great book for all sorts, particularly those who might be intimidated by managing personal finances or who are ambivalent about the ethical implications of money and investing. I’m not a religious person, but I appreciated the attention given in the book to the moral/religious basis for investing and personal finance. It was also great to read his thoughts on socially responsible investing, which is of growing interest among younger investors but often gets short shrift from financial advisor types. I found the book well written and easy to read, and chock-full of good practical information and tips for managing finances. I really liked the personal stories Lynam wove into the book, especially since he has such a unique and interesting personal and financial background. I don’t agree with all of his positions, especially his full embrace of the current economic system without acknowledging that this system itself might actually precipitate the poverty, inequality, and environmental damage he wants to address. However, he took up the challenge of addressing not just the how but the why of personal investing, and in doing so challenged me to think more deeply about my own positions. I definitely recommend reading this book.

[Jill Rey · Rating 3 out of 5]

Author, Doug Lynam, went from living in a monastery to a full-time job of providing financial guidance. Lynam tells of his transition, what led him to his new calling, and advice for many monetary choices in his new book, From Monk to Money Manager.

From Monk to Money Managerencompassed a WIDE breadth of topics. From lessons on filing bankruptcy, which Lynam has done, to socially responsible investing this book struggles to find its niche. Had I picked up this book for help paying off my student loans, I would have found it in a few brief pages of advice. Similarly, had I picked up this book for advice for retirement, it also would have been in there. Any friends struggling to pay off credit card debt, wallowing in financial stressors or contemplating the need to admit relief via bankruptcy – ALL of it is covered. Because so many topics are touched on, this book fails to provide any sort of detail towards really accomplishing the financial freedoms one likely hopes to gain by picking it up.

Conversely, if you were intrigued at how someone may go from being a Monk to managing another’s money like I was, that story is certainly in here. However, be warned you will have to trek through many topics to get there, but on the way you will be graced with several entertaining stories of clients, practitioners and brothers’ financial woes.

Regardless, there were some very overarching ideas that were both intriguing and useful. Some useful tips picked up within surrounded the mindset of money and the need to both be careful who you marry and set thresholds on your money.   First and foremost, Lynam discusses the rate of divorces linked to money, spoiler: it is high. Understand your partner, their financial habits, debt levels and history BEFORE marrying them. Secondly, Lynam provides stellar advice regarding your “lava level.” This is the idea that when your account hits a certain threshold you need to be wary of touching the “lava.” For some people this threshold may be $10,000, others it may be $100, understand your own level and monitor your spending to ensure you are not engulfed. Lastly, Lynam has come up with several hilariously accurate references to different money habits, names such as blinger, hole in pocket, poor me and dreamer. You will not lack for entertainment in this read, but you may lack for sound, sustainable money advice.

*Disclaimer: A review copy of this book was provided by the publisher. All opinions are my own.

[Sharon · Rating 4 out of 5]

The book for review is “From Monk To Money Manager” by Doug Lynam. It falls in the genre of business/economic, personal finance and general.



Meet our author Doug Lynam who you can tell from the title is a former monk. A former monk who is very good when it comes to finances and ended up helping his order when they needed it.

Within the pages you will find his journey with his money and also lack of it. He comes from a rich family but that as we find out doesn’t mean it all ends happily.

With examples he learned along the way, plus experiences from being a monk for twenty years, this former marine has a lot to share with us. There is humility and humor through the stories that are shared with the reader which include his own mistakes, his counseling clients, how to change our attitude about money and things that hold us back.

We learn how to have a relationship with our finances which can be good or bad, the truth about money and how we can get out of this love-hate roller coaster ride we have with it

I have to admit when I saw the title I was intrigued. They say a catchy title is the first step. Normally I give books away after I have reviewed them but this is a nice gem I will reread again.

It gave some good tips for sure. Also, I enjoyed the humor for considering the topic is money and fiances we all need a little humor to be honest. The topics covered a whole lot and you really get to dig down into what your relationship is with your money. If it is not a great relationship there are some tips that can help you.

I received this book for free.

[Jessie Mintz · Rating 4 out of 5]

If you’re looking for some solid, well rounded, approachable financial advice, this is a good place to start. I’m not a religious person but I appreciate the aesthetic sensibility of those that pursue life with a moral compass. This takes all the “get rich quick” and “make your fortune at all costs” attitude out of personal finance books and just give you the basic advice we all should have to be financially healthy. I also appreciate that this seems much more focused on financial health than financial wealth; the author wants you to invest time and energy in your personal finances so that you’re a better community member— not to take advantage of your ignorance or the ignorance of others.

I got this book from my local library, and while I don’t think I’m going to run out and buy it, I do think it will be worth checking out again in a few months. I’m putting a lot of work this year into my budget and financial planning, and this book does offer many “jump” points that can help you get inspired. It’s nothing complicated or groundbreaking, which is what I want from my financial advice anyway.

[Zacc Dukowitz · Rating 5 out of 5]

Doug Lynam's book is a unique blend of good writing (a rarity, I've found, in the genre of money-related books), sound practical advice, and a compelling story. Lynam walks us through the transition he made from being a monk to becoming a money manager, and how his faith was intertwined in this transformation—I don't want to give anything away, but suffice to say that he felt compelled to help others, just in a different way.

Add to this intriguing story Lynam's helpful advice and the frameworks he shares for how to think about money in your daily life, and you have the recipe for one of the best money books I've ever encountered.

Whether you're struggling to get out of debt and become "a little bit wealthy" (as Lynam entreats us to strive to be) or you're doing well financially and looking for some deep thinking about wealth, spirituality, and how to navigate money in the modern world, I highly recommend this book.

[Morgan · Rating 3 out of 5]

Decent intro-level financial advice from a moral perspective

I bought this book for a loved one who is Christian and also not great at saving money. The author is trying to do too much in the span one one book; each chapter could have been fleshed out into a more detailed book. (And I passionately disagree with his stance against the importance of credit scores. That *might* work if you don’t have to buy property or if you don’t live in a city with a highly competitive rental market.)

However, it succeeds in peeling away the shame and fear many folks feel when it comes to facing their finances. It didn’t tell me anything I didn’t already know, but I am not the intended audience for this book. If you are a conscientious person with no clue how to begin managing your money, this is not a bad place to start.

[Mike O'Grady · Rating 3 out of 5]

It was ok. I genuinely enjoyed the first part of the book, but I felt the second half meandered a lot.

I would have liked to hear more about his life journey. There are a lot of personal finance books, but not a lot of monks who became money managers. Also, no matter what your leanings - left right or indifferent - I usually don't like it when it bleeds over into your other work. I realize it is part of who you are, but I find it distracting to the larger message of the book. It was hard for me to get through the constant selling of ESG.

Great life story, average Personal Finance Book. I would have loved to hear more about the man.

[Kaity · Rating 5 out of 5]

I received an ARC from NetGalley in exchange for my honest review.

As someone who just made the transition from the nonprofit world to the world of finance, this book resonated with me so deeply. It articulated all the reasons I made the change, as well as reasons I hadn't yet considered. At its core, this book is about reframing the way we think about wealth from "money is the root of all evil" to "what we do with our money is a reflection of our values."

This book is fantastic and I plan to buy several copies to provide to all family, friends, and future clients! 😉

[Clancy Cramer · Rating 4 out of 5]

This is a refreshing approach to the wholistic aspects of money managing.
It is useful for those laypeople wanting to have a broad understanding of how the behavioral and technical side of money management can be approached.

The authors history makes him a trustworthy guide to speak on matters of the heart and checkbook.

[Neil · Rating 5 out of 5]

Fantastic and practical guide to money management. A book that is also filled with spiritual wisdom and has the background of the author’s compelling life story.

[Celeste · Rating 3 out of 5]

3.5 - not all will grab due to religious connection
First male book to mention a “get out fund” 🥹💰🙌🏽
There is good information here, but it isn’t necessarily new if you are familiar to financial boooks.
Some things I did like- pay yourself first, save for your needs before others, many hear this but haven’t automated to make it happen; appreciated him showing examples from real life most of his missteps with money. Visit his website for some pretty awesome calculators. He also does talk about helping others become wealthy, flip the script instead of keeping people in poverty, it is something we will all benefit if all have money to spend with others creating economic strength.

Things I didn’t like - this isn’t a first step book as there is little about getting out of debt or budgeting so again not everyone will want to grab this book, footnotes are at the back of the book not bottom of page

[Sharan · Rating 3 out of 5]

The book covers the basics in finance, i.e., not to go in debt, staying within the means, saving and investing for long term, for growth etc. One thing that I have learnt new here is about dealing with Bankruptcy. Not many of us really understand how it works, at least I didn't. We all know that it's a situation we never want to end up with. But author suggests/or helps us understand that it a place you do want to go if you want to have a clean start. Author also talks a bit about philosophy and psychology.

I rate this book 3/5. Which means, I have learnt something new and probably will come back to refresh my knowledge in future.

[Moses 88 · Rating 1 out of 5]

10% COMMON SENSE, 90% PURE RELIGIOUS B.S