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Binding: Paperback
Dewey Decimal Number: 332.024
EAN: 9780470038321
Edition: 5
ISBN: 0470038322
Label: Wiley
Manufacturer: Wiley
Number Of Items: 1
Number Of Pages: 448
Publication Date: September 12, 2006
Publisher: Wiley
Studio: Wiley
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Amazon.com Review:
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.
Product Description:
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: - Reviews of the new and revised tax laws and how to take advantage of them
- The latest scoop on Medicare and Social Security and what it means for you
- Updated investment advice on mutual funds and other managed investments
- Enhanced smart spending tips
- Coverage of new bankruptcy laws and how to eliminate consumer debt
- Smart ways to use credit and improve credit scores
- Expanded coverage on educational savings options
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!
Average Rating: 
Rating:  -
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 ... Read More
Rating: -
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!
Rating:  -
I was a big fan of Mr. Tyson's Home Buying for Dummies, so it was little surprise to me that this volume was also quite good. Tyson provides all the information you need to get your personal finances in order without an excessive expenditure of time. From containing costs to retirement investing to insuring your stake, Tyson explains the necessities and points out the drawbacks and wastes. I am quite confident that with this book and a couple weeks of focused activity, nearly anyone can get their finances at least pointed in the right direction. Some who wish to get into the fine details of their finances, however, may be disappointing that more in-depth information isn't provided - this book is clearly for those who want to spend a minimum of time with their financial affairs.
Rating: -
I found this book very helpful. It gave me a good overview of personal finance options that were beyond the basics (savings accounts, mutual funds) that I knew about previously. If you're looking for something very advanced, this isn't the book you want, but it was certainly more advanced than I would have expected.
Rating:  -
Although very simply and accessibly written, this manual just was not what I was looking for. I had been expecting a volume on understanding IRAs, Bonds, Stocks, 401ks and the like, and got a book on budgeting and saving Great for people who need help in that area, but not quite what I wanted.
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