Personal Finance for Dummies^
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Product Description
If your personal financial knowledge is limited, you’re probably not at fault. Personal Finance 101 isn’t offered in our schools – not in high school and not even in the best colleges and graduate programs. It should be. (Of course, if it were, I wouldn’t be able to write fun and useful books such as this – or maybe they’d use this book in the course!) People keep building the same common financial mistakes over and over – procrastinating and lack of preparation, wasteful spending, falling prey to financial salespeople and pitches, failing to do sufficient research before building vital financial decisions, and so on. This book can keep you from falling into the same traps and get you going on the best paths. As unfair as it may seem, copious pitfalls await you when you seek help for your financial problems. The world is filled with biased and terrible financial advice. As a practicing financial counselor and now as a writer, I constantly see and hear about the consequences of poor advice. Of course, every profession has terrible apples, but too many of the people calling themselves ”financial planners” have conflicts of interest and an inadequate competence level. All too regularly, financial advice ignores the huge picture and focuses narrowly on investing. Because money is not an end in itself but a part of your whole life, this book helps connect your financial goals and challenges to the rest of your life. You need a broad understanding of personal finance to include all areas of your financial life: spending, taxes, saving and investing, insurance, and preparation for major goals like education, buying a home, and retirement…..You want to know the best places to go for your circumstances, so this book contains point, tried-and-proven recommendations. I also suggest where to turn next if you need more information and help.Amazon.com Review
Personal Finance for Dummies offers sound and practical advice for persons who want to get control over their personal financial lives. Leader Eric Tyson points out the most common mistakes that we all make in our approach to money and prescribes ways to save and invest for a secure future. Using worksheets, the book helps you to measure your own financial health by looking at factors such as how much debt you carry, your savings rate, as well as investment and insurance checkups. The book looks at how you should invest your retirement account, approach taxes, and provides a excellent overview on how to buy real estate.
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I disagree with the leader of this book on the fundamental conflict of interest issue. Mr. Tyson claims repeatedly throughout this book that insurance salesmen cannot be trusted for their advice because their commission is based on the size of the policy premium they sell you. Salesmen are really compensated in multiple ways. For starters, they do earn a large commission on the initial sale of insurance (or investment products). But, the commission typically continues to pay out over the following 10 years. If you as a buyer choose you were misled, can’t afford to pay the premiums, or just choose you don’t want the insurance, the salesmen looses a significant part of this commission. Also, most salesmen that refer to themselves as `financial ________’ make a living by servicing a client base. This client base grows through referrals. If a salesmen is pressuring clients into buying junk they don’t need, it’s going to be dreadfully hard to renovate relationships that lead to high quality referrals. Referring your `financial ______’ is equivalent to tipping your waiter, and it is a significant part of their compensation. Any salesmen who doesn’t quickly realize this will be out of the business rather quickly. The deferred commission and referral process are two safeguards designed to protect the consumer.
But while were on the topic of conflict of interest, where does Mr. Tyson’s interest lie (pun proposed). Well, he is an leader of a book. Books generate revenue through sales, and books that sell well are typically entertaining to read. How can we make a book about the value of safe funds, insuring against your own death, and additional otherwise dull topics exciting? Well we can permanently try to scare the reader! I expected this book to say things like “what will take place when its time to retire and you have no money?!?!’ or `who will take care of your family tree when you get eaten by piranhas?!?!’. But as a replacement for, Tyson tried to make us frightened of financial professionals. A genius go by an leader of a book likely to be read by die-hard do-it-yourselfers. Now it’s us against them! It’s obvious he’s trying to use the excellent ole’ dread=entertainment shtick when the pages are littered with `BEWARE’ shark-fins and `WARNING’ time bombs. Not only can this conflict of interest be to the readers financial detriment, but Tyson even has the panache to end off about one paragraph per chapter with an endorsement for another book he authored/co-authored.
And one additional thing I just remembered. Tyson seems to judge that even if you were to find a reputable financial advisor, who makes his salary off of commission, you should not do business with him. Two points of interest:
1. Many financial advisors can offer you different ways of paying them. If you choose the fee for service method, you should be in a situation where your account will require frequent attention. Otherwise, the commission basis will regularly be cheaper.
2. To the best of my knowledge, there is no evidence that the cost ratio of insurance policies sold through highly commissioned salesmen is intrinsically greater. The only study I have establish on the theme was published in 1979, and it came to the conclusion that “No evidence suggests that insurers lacking agents run more efficiently than do persons with agents.” This can be establish in the Journal of Risk and Insurance, Vol. 46, No. 1 page 61-74.
Reader’s Rating: 1 / 5
This book is nothing but a regurgitation of information available in most financial institutions. The book has two main themes, no credit and save money. Persons are both a duh; for most people getting the money budgeted to save is the problem. Most of the detail in this book focuses on where and how to invest all your money.
Reader’s Rating: 1 / 5
Most of the tips are obvious.
I would get a different book if I had the chance.
Reader’s Rating: 2 / 5
This seller is a credit to Amazon. Item was delivered with lightning quick shipping in fantastic condition.
Reader’s Rating: 5 / 5
This book is especially excellent for the person who wants a broad overview of investing. It will give you a levelheaded foundation to start growing your money from. After reading, I opened a Scottrade account because they had the lowest excise ($7), and no inactivity fee. [...] to get a referral for 3 free trades.
Reader’s Rating: 4 / 5