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Your Money Milestones: A Guide to Making the 9 Most Important Financial Decisions of Your Life: A Guide to Making the 9 Most Important Financial Decisions of Your Life (Paperback) Paperback – 7 January 2010
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800 CEO Read Bestseller, March 2010.
Recommended in "5 Money Books Worth Every Penny," by Liz Pulliam Weston, MSN Money.
"Your Money Milestones refutes mainstream financial rules." USA Today, March 12, 2010.
From the Back Cover
Addition Identify the true value all of your financial resources.Subtraction Budget for the hidden liabilities in your future.Division Spend your total resources evenly over time.Multiplication Prepare for many alternative and unexpected universes.
This book offers a complete framework for thinking about money that's every bit as provocative as "Freakonomics". Drawing on the newest research into psychology and personal finance, Milevsky helps you identify the "true" value all of your resources; budget for hidden liabilities in your future; plan to spend your total resources smoothly over time; and prepare for unexpected events that could upend even the most careful planning. You'll discover why children are short-term investment liabilities but may be long-term pension assets, why winning the lottery may increase your chances of going bankrupt, and why giving up control of your retirement nest egg might actually make you happier. The insights are fascinating and useful throughout your life whether you're deciding what to study, contemplating your first home purchase, deciding whether to keep contributing to your 401(k), or considering when and whether to retire.
- Publisher : Pearson Professional; 1st edition (7 January 2010)
- Language : English
- Paperback : 224 pages
- ISBN-10 : 0133831868
- ISBN-13 : 978-0133831863
- Dimensions : 22.61 x 15.24 x 1.52 cm
- Customer Reviews:
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While I don't necessarily agree with the conclusions the book can generate for people, I do agree with the logic and feel I now have a unique new angle from which to approach financial issues. I ran my personal situation through some of the calculators on the authors website, and the results were pretty absurd and I'd be crazy to implement them, but I still firmly believe that the ideas behind them are worth keeping in mind.
Some commentors on here have criticized the lack of practical applications for the authors ideas, but I think that's not fair, as author openly admits that they're theoretical and the conditions around them don't exist in the real world. That doesn't mean they don't deserve a place in the discussion, and that they don't add value. Far from it.
If you're already financially sophisticated and hunger for some original thought and contribution to this genre, this book is a definite must have. If you know little about personal finance and want someone to tell you how to invest and spend, this book is probably not where to start.
I bought this after reading a book review on a blog. I'm now suspicious he was paid to write such a glowing review, and I don't read that blog anymore.
Most of the ideas weren't really new to me, except for: considering children as a form of diversifying your pension. I had never considered that before. That's the one takeaway I got from this book.
Behavioral psychology of how people are likely to spend their money isn't really that useful to a consumer like me, but I suppose it could be to a personal finance professional or product marketer.
I have since passed the book onto a relative, who is just graduating from high school. That is who I would recommend this book for, a nerdy high school or college graduate who is beginning to think (or should be beginning to think) about managing their money.
A much more valuable and practical book for personal finance knowledge would would be Ramit Sethi's "I Will Teach You to be Rich."
it's a unit reader and so I decide to buy the kindle version
The book is fine and it doesn't need any financial background to read it.