The Only Investment Guide You'll Ever Need
by david on Saturday, February 4th, 2012 | 3 Comments
The Only Investment Guide You'll Ever Need
For more than thirty years, The Only Investment Guide You’ll Ever Need has been a favorite finance guide, earning the allegiance of more than a million readers across the United States. Now even more indispensable, this completely revised and updated edition will show readers how to use money to their best advantage in the wake of epochal change on Wall Street, no matter how much or how little they may have. Using concise, witty, and truly understandable tips and explanations, Tobias deliv
A good place to start,
This is a good book. Tobias' main point is that you need to start saving 10% of your income, and he also gives advice on ways to cut costs and where you can put your money. I've read a lot of investing books and some of what he said was not new to me. However, I did learn some new things. Some parts of the book that I found helpful were Chapter 5 which explains Treasuries (bills, notes, and bonds). I also liked his advice in Chapter 10 about what to do if you fall into a large sum of money (Lottery or inheritance). There are also some useful resources in the appendices in the back of the book such as contact info for discount brokers, mutual funds, a compound interest chart, and finally a quick summary of his main point (save 10% of your income). I gave the book four stars instead of five because I don't agree with ALL of his advice, for example I do not believe in purchasing rental properties (too big of a headache), and I think that home equity loans are a BAD idea. Other than that, a great book.
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|listen up kiddos, don't get too greedy,
Andrew Tobias weaves through the dizzy world of T-bills, municipal bonds, alternative minimum taxes, and a host of esoteric personal finance topics. But the bottom line he preaches is simple: be happy living on less than you make, and save the rest in safe no load mutual funds, diversifying between domestic and international stocks. Tobias tries to assure most of us average Joes that we are a fool if we think we can outsmart the Warren Buffetts of the world, so don't go crazy speculating on individual stocks. At best, you will make a broker happy. At worst, you will lose your shirt. There now – I just saved you $14 you can add to your no load mutual fund account (lol).
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|Don't Buy a Boat,
As a young and overwhelmed newlywed twenty-some years ago, I read The Only Investment Guide You'll Ever Need. It was clear, fun to read, and full of good advice. I was recently surprised to see it is still in print, revised and updated.
If you're already the sort of person who reads personal finance books, it won't be the only one you'll read, but it may be the one that holds up the best over time. Tips such as "invest" in staples such as coffee when they are cheap and ride out times of inflated prices by using your surplus are as useful today as they were in 1978. (Although if I remember, Tobias used canned tuna as the example in the earlier editions, and now uses cases of wine to illustrate the point.)
Tobias has updated the book to include investment advice that we never considered in 1978. He includes tips on how to find the best online air fares, when and when not to use eBay, TiVo, and reverse mortgages. He has some simple and effective ideas on how to make Social Security viable for the foreseeable future (without resorting to privitization). He gives specific advice to couples who are married and couples who aren't or who can't be.
One of my favorite sections is on what to do if you win the lottery. How many long drives have I passed by planning that very thing? (My first step: get an unlisted phone number.) Tobias's advice on this unlikely event is excellent, especially step 5b.) Don't buy a boat.
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