The Secret to Financial Success is…

by James & Miel on November 29, 2007 · 0 comments

to avoid taking responsibility for anything that eats. At least thats the advice being dispensed by Jonathan D Pond in his new book, Grow Your Money: 101 Easy Tips to Plan, Save and Invest!

We received Pond’s latest from Harper Collins several weeks ago but didn’t get a chance to attend to it until now. I ended up cracking the book late last night and was pleasantly surprised by the quality of the writing and advice it offered.

Grow Your Money is divided into 14 chapters. Each of these addresses an important aspect of personal finance. There are chapters on accumulating real wealth, proper use of debt, improving your investment returns, minimizing your tax obligations, and making money decisions part of your healthy family life. The author is additionally a long time financial planner and writer with a long career in personal finance, so like the kids say, he’s “legit”.

Not only is Grow Your Money an amusing read, Pond offers sound and nuanced advice. For example, he basically says the purpose of budgeting is to help increase your savings rate – but he recognized that not everyone is the same – so he recommends three strategies for people who aren’t into budgeting. Each strategy has got a nifty title.

Platinum: – Pond recommends that if you are saving already, but want to save more you should gradually boost the amount you save. The main reason to do this is to avoid drastic changes to your income that might cause bounced checks or other problems.

Gold: – Pond says if you’re starting from scratch the thing to do is save 1% of your salary or $20 a week. With such as small amount, you probably won’t notice it. Over time you’ll be able to boost your savings rate.

Silver: – When you’re really strapped and can’t save at all, pay cash. If you are handing over your hard earned money on your day to day spending, you’ll understand the impact of your purchases, so you’ll better focus your spending priorities.

All in all, I’m giving Pond’s book a buy recommendation. Its an easy read thats chock full of sound advice. Some of the books sent to us here at the DINKs are less than perfect, so its nice to see that personal finance literature can still be informative without being dull.

Best,

James

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