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4 months left
Joined: 07 Feb 2003
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 Posted: Thu Jan 25, 2007 7:16 pm Post subject: |
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| Son Deureo! wrote: |
| mack the knife wrote: |
| Everyone should read Bach's Smart Couple Finish Rich. It is PRICELESS. |
Could you tell us a little bit about it? |
http://www.amazon.com/Smart-Couples-Finish-Rich-Creating/dp/0767904842
Editorial Reviews
Amazon.com
Like many savvy business people of the 21st century, David Bach offered his first pearls of financial wisdom to women, in his bestselling book Smart Women Finish Rich. Recognizing that these women are often accompanied by significant others and that money arguments are the number one cause of divorce in America, Bach has now broadened his scope. Presumably intended to help change this depressing statistic, Smart Couples Finish Rich is a well-written financial planning tool, packed with useful charts and information, inspiring examples, and practical advice.
For people who've been disappointed by the shallowness of some of the "quick tips" self-help books out there, the subtitle of this book is a little misleading. Bach's nine steps are not instant change techniques or chirpy little quips to recite to yourself whenever you go to balance your checkbook. Instead, the first few steps include a series of exercises that will help you determine what you know (and don't know, or understand) about saving and investing, what role money should play in your life (which includes understanding your values), and how to work together toward a common financial goal. From there, Bach teaches his readers how to account for "disappearing" money, how to build retirement, security, and dream baskets of wealth (providing detailed options for all three), and how to avoid the most common financial mistakes most couples make. Though the focus of the book is predominantly on working with your existing income, Bach includes a final chapter entitled "Increase Your Income by 10 Percent in Nine Weeks."
Bach's writing style is engaging and his advice is user-friendly. A successful financial planner, he obviously believes passionately in all the "fringe" benefits of being financially responsible but employs a no-nonsense approach that makes financial smarts available to everyone. So whether you're 25 and just starting out on the earning, saving, and spending road or you plan to retire next year; whether you've recently got hitched for the first time or you've just entered your fourth marriage; and whether financial planning comes first or last on your list of fun things to do, the advice in Smart Couples Finish Rich is worth heeding. It's not about becoming a money-obsessed bore, it's about getting smart... and rich. --S. Ketchum --This text refers to the Hardcover edition. |
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Son Deureo!
Joined: 30 Apr 2003
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| Posted: Thu Jan 25, 2007 8:10 pm Post subject: |
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| So far so good, and thanks for posting that, but I'm wondering why Mack (or anyone else on this board who's read it) thinks it's so great compared to other books about personal finance. |
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RACETRAITOR
Joined: 24 Oct 2005
Location: Seoul, South Korea
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| Posted: Thu Jan 25, 2007 8:23 pm Post subject: |
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| So what do these books say? You open it up and it says on the first page in 18p font, "Be born into a rich family" and then there's 300 blank pages? |
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4 months left
Joined: 07 Feb 2003
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| Posted: Thu Jan 25, 2007 8:23 pm Post subject: |
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| Son Deureo! wrote: |
| So far so good, and thanks for posting that, but I'm wondering why Mack (or anyone else on this board who's read it) thinks it's so great compared to other books about personal finance. |
I think the best thing to do is read 4 or 5 different books to get a feel for different kinds of investments - real estate, stocks, bonds, etc. and then decide what your risk tolerance is and then start to concentrate and read more on what you want to focus your investments on. Take the good and bad from all the books and then begin. The earlier you start the better. |
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4 months left
Joined: 07 Feb 2003
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| Posted: Thu Jan 25, 2007 9:33 pm Post subject: |
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| RACETRAITOR wrote: |
| So what do these books say? You open it up and it says on the first page in 18p font, "Be born into a rich family" and then there's 300 blank pages? |
Being born rich is a good start but the best thing to do is just start to do something whether it be mutual funds or ETFs. Everyone thinks individual stocks are risky and to a certain extent they are. You have to rid yourself of pride when a stock goes south. The best stock pickers are only right 65-75% of the time. The key is if you start losing money, take your loss and move on, and make sure the loss is not huge, put a stop loss 7-10% below your purchase price. You can make money only getting 6 out of 10 stocks right. Have 3 stocks in row go up 30% and you will double your money. Be patient, do your homework and pay an advisor if you don't have the time to do the research yourself. |
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DanielP
Joined: 25 Nov 2006
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| Posted: Thu Jan 25, 2007 10:40 pm Post subject: |
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IMO, the first thing you can do is this:
- Have a dream (want to be financially free? what is it like?)
- Set a plan (what steps must you take to accomplish your goal and live ur dream?)
- Take action (the hardest yet necessary part of the whole process).
You can start by educating yourself: Read books, learn business words. Take small steps. Buy a silver coin. Anything small. Small steps are the way imho (that's what I'm doing).
Daniel |
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4 months left
Joined: 07 Feb 2003
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| Posted: Fri Jan 26, 2007 2:17 am Post subject: |
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A timely and interesting article from today:
The Missing Pieces of the Wealth Puzzle
Net Worth Number-Crunching
The puzzle/mystery distinction is an intriguing one when applied to money management. Some people think achieving wealth is a mystery. It's requires a certain type of person, a special kind of insight, or an analytical expertise with numbers to make it happen. So they don't approach it with confidence.
Consider a startling statistic from "The Net Worth Workout" by New York financial planner Susan Feitelberg: The average U.S. citizen works 44 years and retires with a net worth of $46,000, excluding home equity.
That represents $1,000 a year for every year in the workforce, or $83 a month. If the worker invested the $1,000 in the S&P 500 for 44 years, at age 65 they would have more than $650,000.
The Missing Pieces
I'm convinced that wealth is a mainly a puzzle to solve -- a fact-finding mission that demands each person assemble the missing pieces for himself. It doesn't require a Midas touch, or the extraordinary insight of Warren Buffet (although admittedly, that doesn't hurt). It requires basic information, discipline, and patience.
Here are 13 pieces to help solve the wealth puzzle:
http://finance.yahoo.com/expert/article/moneyhappy/22594 |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Fri Jan 26, 2007 5:33 am Post subject: |
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"Smart Couples Finish Rich" is fantastic because it gives solid financial advice, not a bunch of cheerleader "You can do it!!" rubbish.
For instance, you'll find a chart which shows exactly how much you need to save per month to become a millionaire by retirement (assuming one makes a 10% return on their investments).
Also, he breaks down various investments and gives you the pros and cons.
The main point of this book is that you and your significant other need to deal with finances at the beginning of your relationship so small disagreements don't blow up into epic nuclear disasters later. And he tells you how to go about this smartly.
Frankly, there is no better book out there. |
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