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Too many personal finance consultants offer financial advice that ignores the big picture and instead focuses on investing. You need much more than that to plan your future. You need a broader understanding of personal finance that includes all areas of your financial life in order to become financially sound.
Personal Finance for Dummies, 5th Edition is full of detailed, action-oriented financial advice that will show you how to lower expenses and tame debts as well as invest wisely to achieve your financial goals! Now in its 5th edition, this up-to-date guide covers all the latest trends to ensure your financial stability. Just some of the updates and revisions include:
This hands-on, straightforward guide features ways to survive life changes such as starting your first job, getting married, having children, and retiring, as well as helpful tactics for preventing identity theft and fraud. With Personal Finance for Dummies, 5th Edition, you’ll be able to achieve financial strength and start concentrating on the more important things in life!
Personal Finance for Dummies offers sound and practical advice for those who want to get control over their personal financial lives. Author 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 good overview on how to buy real estate.
Comprehensive book on FinanceReviewed by Computer User, 2009-12-21
Don't let the title fool you. This book covers all aspects of
personal finance (investing,saving,insurance, etc). It is easy to
understand very directive in its prescriptions.
I found it to very helpful.
A very strong pick for those who need help planning for their
financial futureReviewed by Midwest Book Review, 2009-12-16
Wise money management is easier than one would think. "Personal
Finance for Dummies" is the sixth edition of this volume of Dummies
book, seeking to help readers better manage their money for
prosperity now and for the future. Covering goal setting, saving
money, protecting oneself against fraud and smartly dealing with
one's taxes, and more, "Personal Finance for Dummies" is a very
strong pick for those who need help planning for their financial
future.
Great for the young and ignorant (i.e. me)Reviewed by Kentucky Mama, 2009-12-10
I have to agree with many of the reviewers who gave this book just
a few stars: this book is very basic.
That's why it was so useful to me, a woman in her 20's who is still
figuring out the basics of money management. Tyson does kind of
skim over each topic, but if you are looking for a broad look at
personal finances this is perfect: it serves as an introduction to
paying off debt, investing, handling retirement funds. It helped my
husband and me figure out which area we need work on (and which
topic to buy a more specific book about). I gave it 4 stars because
it seemed the author could have given a bit more advice about
paying off "good" debt like student loans. Not recommended for the
money savvy, but great for all of us financial dummies out there.
I Don't Feel So Dumb AnymoreReviewed by Regis Schilken, 2009-11-07
Why would I pick up a copy of Personal Finance For Dummies? After
all, the sound of the word "dummy" reminded me of a wooden-headed
creature with a ventriloquist's voice and that could not be me. As
I started reading the introduction, the very first line made me
feel much better: "If your personal financial knowledge is limited,
you're probably not at fault." In my case, that was an accurate
statement until I read Personal Finance For Dummies.
First off, the book is written in language any layman can
understand. It is not necessary to read every word of every
chapter, yet I would advise at least skimming the headings on each
page. As a whole, the book shows a reader the effect sound
financial planning can have on a lifetime. It shows the importance
of diagnosing monetary fitness and then exercising sound financial
health practices at a very early age.
One of the most important pieces of advice author Tyson gives is
this: Get out the scissors and cut up your credit cards (not debit
cards). In an era where overspending with plastic has helped bring
the collapse of world markets, it is critical to plan how you will
save money for your future - but you must do it now! This is
especially important if you tend to be obsessive about using
plastic instead of real money.
Saving usually means cutting what you spend. The author suggests
not buying costly brand names when others are of equal quality.
When possible, buying in bulk at wholesale superstores is a real
cost saver unless you're buying perishables. Then it's important to
use all the items before they turn bad or before their expiration
date. When eating outside the home, he suggests ordering vegetarian
dishes, and avoiding beverages, especially alcohol.
"I'm not saying that you should live on bread and water. You can
have desert ... have some wine, too, for special occasions ... not
with every meal. Try eating appetizers and dessert at
home..."
Tyson explains the difference between bad debt and good debt. You
incur bad debt when you borrow money or use credit cards to buy
items for which you don't have immediate cash. To pay for a much
needed vacation, he'd suggest you first save enough money for the
vacation, then actually take it. If you need a new automobile,
avoid taking out a loan. Instead, consider buying a used car rather
than a spanking new one which loses a high percentage of its value
the instant you start the motor and drive it out of the
dealership.
On the other hand, you acquire good debt when you spend money for
education, or for a house, or for starting your own small business.
In these instances, what you spend is not consumed without a
return. Education can buy you a better job; a home will build up
equity with time; a small business can grow you more take home
profit than working for someone in another business at a fixed
wage. Tyson explains that people often overlook their own talents
and skills which they could effectively exploit in starting a small
business.
When you must borrow, Personal Finance For Dummies suggests you
investigate borrowing against the cash value of life insurance
policies; cashing in stock shares or treasury bonds; borrowing
against the equity in your home; borrowing against your employer's
retirement account balance. He even suggests borrowing from friends
or family. In all probability you'll get the fairest interest rate
possible.
Personal Finance For Dummies stresses the importance of investing
money wisely in mutual funds. The author favors a portfolio of both
mutual funds and bond funds because of the low risk involved. Over
a period of time, several or many years perhaps, this type
portfolio can increase your wealth without as much risk as outright
purchases of company stock. In a time like the present where so
many companies, and yes, even financial investment houses have gone
bankrupt, stock in many of these companies is now worthless.
It is critical, however, to hire a financial manager to help you
make good choices with investments. This manager will charge a fee,
of course, but should help you invest in companies where there is
no charge (no-load) for the mutual fund shares you buy. It is
critical that you to do your homework in finding this manager.
Otherwise, you could be paying a clever salesman who will advise
you to purchase funds from which he or she makes a profit not only
for selling them to you, but also makes a profit each time you buy
or sell within that fund.
When suggesting investing firms, author Tyson claims "Vanguard ...
is a mutual fund powerhouse." Over the years, its funds have
excellent performance records and the lowest operating expenses.
Other companies he mentions are: Fidelity, Dodge & Cox, Harbor
Bond, and T. Rowe Price Spectrum. Later in the book, after
explaining a variety of state sponsored college saving plans, the
author discusses strategies for paying educational expenses,
concluding that no-load mutual funds with a proven track record are
the best route.
Toward the end chapters of Personal Finance For Dummies, the author
explains various types of insurance people should have to protect
themselves. His discussion includes health coverage along with an
explanation of Medicare and Medicaid benefits. When buying
automobile coverage, Tyson recommends taking the highest deductible
possible reasoning that over a period of many years, out of pocket
expenses to pay for automobile damage repair is much lower than
shelling out high insurance premiums.
The book deals with dwelling insurance, including personal property
coverage for the things you own. The discussion of life and
disability insurance offers suggestions on how to logically
determine what you really need. Then too, the importance of an
umbrella policy should not be overlooked. This mega-liability
umbrella coverage is usually sold in increments of $1,000,000 and
should cover twice the value of your assets. Tyson suggests
contacting your auto or home owner's insurance to purchase such
coverage.
To explain all the topics covered in Personal Finance For Dummies
would be to rewrite the book itself. In my opinion Eric Tyson has
done an excellent job explaining a large variety of financial
topics at a level most any reader can understand. This includes me.
The book is printed with clever icons in its margins to help you
find or notice information that may be useful or that you want to
remember. Those icons are posted throughout this review.
I would recommend Personal Finance For Dummies to people like you
and me, who learned ways of improving and safeguarding my own
current lifestyle. I've made a lot of financial mistakes, but now I
have the information and mindset to examine, question, and change
many of them.
Other fascinating reads:
The Neatest Little Guide to Stock Market Investing
The Four Pillars of Investing: Lessons for Building a Winning
Portfolio
Questions and Answers on Life Insurance: The Life Insurance
Toolbook
A must read for everybody interested in increasing your networthReviewed by S. Ram, 2009-08-14
A fantastic piece of work by Eric Tyson. I bought this book when i landed my very first job. At that point my net worth was minus 10,000 $. This has been the best [...] bucks i have ever spent. Today, following the simple and uncomplicated strategies for saving and investing my net worth has risen 5 fold in 2 years and is still growing despite the bad economy. Thanks a lot Eric. At last there is one person out there who provides sound financial advice devoid of the crazy media hypes and emotional dramas about the stock markets portrayed on TV. I highly recommend this book for anyone looking for sound financial advice!
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