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Personal Finance For Dummies, 5th edition by Eric Tyson
Book Summary InformationAuthor: Eric Tyson Edition: Paperback Audio: English (Unknown); English (Original Language); English (Published) Published: 2006-09-12 ISBN: 0470038322 Number of pages: 448 Publisher: Wiley Accessories:
Book Reviews of Personal Finance For Dummies, 5th editionBook Review: A Must-Buy For Every Adult Summary: 5 Stars
I remember when the Dummies series first came out, and I thought it was a rather insulting title for a book for people to pick up and read. Now, many years later, the series is firmly entrenched in our culture. The books do an extremely good job of laying out the basics in very easy to understand terms on a number of topics. The Personal Finance for Dummies by Eric Tyson really does do a great job of explaining the basics of personal finance.
Now, some might say "oh it's common sense. Don't overuse credit cards. Shop around for the best loan." However, most high school and college students have NO idea how to do these things. Just look at the huge number of people in personal debt. Look at the vast numers who declare bankruptcy, who have no idea what a CD is, who are befuddled by the whole real estate market. This book makes it easy for them. If you have debt, this is a book that can help take you step by step through what your options are and how to work your way towards a financially solvent position.
Yes, the information here isn't million-dollar investment material. That's not what the book says it offers. It gives you a starting-from-the-ground layout of how to get started on your debt reduction, how to start choosing wise ways to save money, how to figure out the savings accounts you need, and hopefully as you go along you'll actually have some free spending money to invest. I remember when I got started out of college, that I was literally living hand to mouth. Each paycheck barely covered the bills I had. Savings? Hah - I needed the security deposit back from one apartment before I could afford to put that money down for my next apartment! I didn't even have a single month's rent saved up.
Now, there is a particular issue that seemed to stand out for me. Oddly, that was that Eric seems to be hammering the idea of vegetarianism. I'm all for people eating the way they want to eat, and I didn't mind that at one point he says something like "avoiding all meat can help you save money, because meat is expensive." Sure, and don't watch movies in a theater either - just watch them at home when they come around to network TV. He doesn't mention that movie tip. But he does go on to repeat the "avoid meat" tip NUMEROUS times throughout the book. After a while it didn't seem a casual point any more. I don't mind - but I don't want my book on finances to be pressing agendas. What's next - numerous examples about "don't vote for the XXXX party because ..." ?
I also have to comment that a book is only as good as the person who reads and follows it. I have a humorous story here. A relative of mine was about to head out to a time share talk - and it so happened that the night before, we met up for dinner and I brought along the book to share. Right in the book it says, very clearly, that a time share is the WORST possible real estate investment you could possibly make. It was in a section all its own and the book described how completely awful the time share investments are. The huge profit the company makes is why they can afford to "give" you free vacations and such when you sign up for one. They make a TON of money by luring you into a time share sale. And yet, the very next day, my relative had bought a time share. So unless you actually follow the information the book gives, it's not going to help you much. You need to read it - think about it - and USE the information.
Highly, highly recommended. I think this book should be read and owned by every graduate of high school and college out there. With all the education we give our kids, we never teach them about the critical financial skills that they will need to keep afloat in life. Heck, many adults I know need a copy too. It could save a marriage - or a career.
Summary of Personal Finance For Dummies, 5th editionToo 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! This book cuts through the hype and jargon, giving you the real story on credit cards, savings, taxes, real estate, spending reduction, mutual funds, retirement, and insurance -- all in a fun and easy-to-understand style. Also recommends the best financial products to meet your specific needs.
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