Tuesday, July 22

Yes, You Can Get a Financial Life

So I'm about half way through reading Yes, You Can Get a Financial Life by Ben Stein and Phil DeMuth and I must say that it is a very good read.

The book is geared towards younger people trying to get their financial future set up early. It teaches the dangers of credit cards, but doesn't describe them as pure evil like Dave Ramsey in his book Total Money Makeover. I still think I like Dave's philosophy better, but this book does stress to be extremely careful. Dave wants people to pay cash for everything, while this book recognizes that 90% of people won't be able to pay cash for their house.

I like this book a lot because it still stresses the right points about not buying things you can't afford (especially houses), but it doesn't say go buy a mobile home either. There is a really good balance in the book. This book isn't geared towards getting out of debt like Dave's book, so it gives a very high level but good advice on investing retirement savings. The book also gives excellent advice (like Dave's) on insurance and while it doesn't paint whole life insurance as the devil like Dave does, it does highly advise you just get term life insurance and keep it simple (and cheap).

Don't take financial advice from someone that isn't where you want to be. Read some books from authors that have money, don't take advice from aunt edna that doesn't have 2 million in the bank, don't take advice from uncle darrell that is still working at 75. Read some of these books from authors that have money and know how to keep it. Ben Stein is well known for having money. Dave Ramsey doesn't keep it a secret that he's a millionaire. Take advice from the people that are where you want to be. Read some of these books (get them at the library for free...its what you pay taxes for!)

1 comment:

Patricia Rockwell said...

I am so glad to hear you reporting on financial advice books written for average people. So many of these books are about how to invest in the stock market or what to do with your huge investment portfolio! My favorite average person finance book is Suze Orman's "Women and Money"! Great advice for average women.