About the Author:
Peter Sorrells holds eight patents and a Bachelor of Science in Electrical Engineering (BSEE) degree from the University of Arizona. He has held successful engineering, marketing, and management positions in a half dozen high-technology companies. His work has taken him to befriend and negotiate with the largest high-technology companies in the world, as far East as Singapore, Japan, Taiwan, and China. And as far West as Germany, the UK, France, Italy, Canada, and every corner of the USA. An entrepreneur and teacher at heart, he speaks to large and small audiences on technical, business, financial, and biblical subjects.
His first Amazon bestseller, 100 Ways to Save and Grow Your Money: Financial Fitness for Regular People, was originally written in 1990 – but not published at that time. It was later updated based on new technology and new life experiences, and first published in late 2009. The work grew from Peter’s personal education in two disastrous financial events, conquering and recovering from those challenges, and distilling that wisdom in an easy-to-read, practical guide to help others. Peter’s love of teaching and helping others is evident in his writing style.
Peter contributed a chapter to Brian Tracy’s new book, The Secret to Winning Big, which was released and hit the Amazon bestseller charts in November 2012. He also released his own second Kindle book on finding high investment interest rates. Getting 10%: Great Returns of 1%, 5%, 10% and More on Your Money was released in early December 2012.
Most comfortable in blue jeans and a T-shirt, Peter most loves spending time with his (very patient and understanding) wife and three boys. Self-described as a man with too many hobbies, he can be found coaching others in the financial ministry of his church, facilitating Financial Peace University groups, riding motorcycles, shooting a variety of firearms at the local range, and performing music on stages of some of the largest and smallest churches in Arizona (he plays the electric, acoustic, and bass guitars, writes music charts, and helps to MD the band).
Peter considers himself one of the luckiest and most blessed humans on earth, and meets each day with a list that’s too big to finish.
MF: The target audience for your book 100 Ways to Save and Grow Your Money is “regular people.” Explain who the regular people are and how this book will help them.
PS: By “regular people”, I mean (a) everyone, (b) students just entering the adult world for the first time, (c) those who either did not graduate from high school, or never went to college, (d) anyone that’s intimidated by math, or intimidated by an inch-thick financial book and will never read one, (e) anyone that’s felt the pain of money problems, had creditors calling every day, been buried with a load of debt they don’t know how to repay, (f) single moms or single dads trying to survive on one income, (g) married couples who are tired of financial pressure and tired of fighting a bout money. The book will help everyone that is willing to learn some simple methods, and apply them with just a little discipline. The book also gives some life wisdom and coaching that are important for success.
MF: The companion book Getting 10%: Great Returns of 1%, 5%, 10% and More on Your Money is designed to help people grow their nest eggs. Will your advice help those who live paycheck to paycheck?
PS: The first book 100 Ways to Save and Grow Your Money is definitely for those of us living paycheck to paycheck. It describes a LOT of ways to make our money stretch, and bring in extra money. And it shows how even a small savings each month can compound into a large nest egg. Everyone can use these techniques to generate a small surplus each month – and investing that surplus at the right rates of return, can turn any 20-year old into a millionaire by age 65. Getting 10% tells how to make that money grow at the fastest rates possible; but also does give additional ways to make our money stretch. For example, using a Perkstreet debit card to generate 2% on all our purchases – several times the interest rate on a savings account.
MF: 100 Ways to Save and Grow Your Money is a result of two disastrous financial events. Would you mind sharing a little about those events and how you recovered from them?
PS: This book was born out of the pain of two financial disasters, both involving real estate. The first one was more than 20 years ago, when as a young engineer I invested all my family had in a rental property, rented it out to what turned out to be professional tenants, and got taken to the cleaners. I had no idea what I was doing… Then 20 years later, I invested lots of money in investing classes, got overconfident, and bought a dozen properties. I was VERY overextended. When the real estate market crashed in 2007-2008, I lost everything and was left holding the bag on a huge amount of debt. There’s more to that story which can be found in my chapter of Brian Tracy’s book “The Secret to Winning Big” available in Kindle and hardcover formats.
How did we recover? Mostly, we didn’t give up. I was blessed to keep my job through that difficult time, so we had an income even though it brought in only half of the monthly outgo. We negotiated with our creditors one at a time – each one was different. And the negotiations went on for a couple of years. In some cases, we negotiated payment plans. In others, we negotiated settlements. We lost almost all of the real property through short sales and foreclosures.
And we used a lot of the techniques in my book 100 Ways. We controlled our spending, learned the difference between needs and wants, and paid debts with every windfall including tax refunds, bonuses from work, selling personal items that used to mean a lot to me. Musical instruments that I loved; a nice Chevy Avalanche that used to carry me and my boys on great adventures all over Arizona; my motorcycle that represented freedom and fun… all gone. But gradually we climbed out of the mess. We are still paying on some of those debts – but most of it is gone, and the size of the mountain we whittled away would surprise most people. We’re talking about a couple million dollars’ worth of property, and several hundred thousand dollars of personal debt.
MF: What is the biggest mistake people make in their financial lives?
PS: The biggest mistake most of us make, is the easiest thing to fix: not paying ourselves. In order to do that, we have to control where our dollars go, decide between needs and wants, set some goals, and prioritize the money we spend. Most of us think we don’t make enough money; but in 99% of cases in my own life and others that I counsel, we do make enough money. It boils down to some simple decisions that make a profound difference in our financial result. The book spells out in clear, easy to understand steps how anyone can do that.
MF: What makes your book(s) stand out from the other books on financial health?
PS: There are a lot of really great books out there from Robert Kiyosaki, Dave Ramsey, Loral Langmeier, Suze Orman and others. But a LOT of people are hurting financially, in spite of all those great books that have been there for a long time.
100 Ways is not necessarily intended to replace any of those great books – it is designed with very practical, here’s-how-you-do-it steps that anyone can use to put money into their pocket immediately, and build safety and stability over the long term. This book can be used alongside any of the others, or stand alone.
I once read a study that most people don’t open a book after they graduate high school – and an inch-thick book can be intimidating to some people. This one is only a little over a quarter of an inch thick, written in plain language, and most of the steps are SO easy that literally anyone can do them. Anybody who does, will see good results very quickly.
MF: You background is in engineering. What inspired you to write? Can we expect more books from you?
PS: In my youth, I enjoyed reading a lot, mostly fiction. I always loved how words go together to teach, uplift, and wring emotions out of a reader. And ever since college, I’ve enjoyed writing. Putting just the right words together, gives me the same satisfaction as creating something artistically or musically. I appreciate so much reading other authors’ work in books, articles, famous quotes, even song lyrics. Though I did not set out to be an author, it sort of turned out that way. I’m an engineer and business person by training and career.
The subject matter in 100 Ways is near and dear to my heart, because as much as we want to say money isn’t the most important thing, in our world the lack of it is a big issue. Some of the most painful times in my life, were when I ran out of money and faced debt that was so large I couldn’t see my way out. We need money for food, housing, transportation, medical, all the basics of survival. I’ve had so many friends and neighbors who got into trouble, major debt, losing their home, constant stress because they hadn’t built a buffer of ready cash for emergencies or losing a job.
I do my job well in the high tech industry, but it doesn’t directly help people. Always wanted my life to matter, to use whatever ability God gave me, to help as many people as possible while I’m on the planet. I love teaching, and wanted to expand the reach to impact more lives.
My next book will include a month of economical recipes, to further help families manage their money. watch for it before the end of the year.
MF: Would you consider writing fiction?
PS: Yes! I love fiction. It’s a matter of time and priorities, but I will most likely publish a fiction book.
Purchase Getting 10%: Great Returns of 1%, 5%, 10% and More on Your Money [Kindle Edition]