Download PDF , by Helaine Olen Harold Pollack

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, by Helaine Olen Harold Pollack

Download PDF , by Helaine Olen Harold Pollack

Move forward to be much better within brighter future! Everybody will certainly feel this wise word to find actual for their life. The desire, yet that's not a dream. This is an actual point that people could obtain when they actually can do the life well. To make you feel effective to reach the future, some actions are required. One of the steps that you could undergo reads, specifically the book.

But now, by doing this may not should happen. You can move forward in better life with alternative sorts of resources. Book as a fantastic resource can be approved to make use of. Book is a fashion to bring and read when you have the time to get it. Also you don't such as reviewing so much; it will really help you to comprehend few of the new knowledge. And also here, , By Helaine Olen Harold Pollack is given to find onward along your methods.

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Based upon this condition, to help you we will certainly show you some methods. You can manage to review the book minimally before falling asleep or in your spare time. When you have the time in the short time or in the getaway, it could aid you to complete your holidays. This is exactly what the , By Helaine Olen Harold Pollack will minimally offer to you.

Product details

File Size: 4416 KB

Print Length: 250 pages

Publisher: Portfolio; 1 edition (January 5, 2016)

Publication Date: January 5, 2016

Sold by: Penguin Group (USA) LLC

Language: English

ASIN: B00W2ZKIOO

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Amazon Best Sellers Rank:

#111,467 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

Olen and Pollack have written a quick easy to read book on personal finance. (This is ironic given that Olen previously wrote Pound Foolish, which lambast most of popular personal finance books.) In Pound Foolish, Olen criticizes personal finance gurus for overemphasizing financial gimmicks, such "The Latte Factor" or the "Dogs of the Dow." and financial advisors for selling overly-complicated self-serving investment and insurance products. After being so critical of other people's financial advice, one wonders what Olen would recommend people do with their money? Well in The Index Card, Olen joins with Harold Pollack (a social science professor, but not an economist, at the University of Chicago) to answer the question, "What should middle class Americans do with their money?"As the title indicates, Olen's and Pollack's answer fits on an Index Card. 1-Strive to save 10%-20% of your income. 2-Pay your credit cards off every month (and minimize other debt). 3-Maximize your 401(k) and other tax-advantaged savings accounts. 4-Never buy or sell individual stocks. 5-Buy inexpensive well-diversified indexed mutual funds and exchange-traded funds. 6-Hire a fee-based fiduciary (avoid commission-based financial salespeople). 7-Wait to buy only as much home as you can afford (remember homes are usually highly-leveraged investments with high maintenance costs). 8-Buy term life insurance, auto-insurance (especially liability), home insurance or renter's insurance, and disability insurance. 9-Support the social safety net (government programs, such as Social Security, Medicare, Medicaid, and student loans, because 96% of American depend on such programs for financial assistance, even though 40% deny obtaining help from the government.) 10-Keep doing the first 9.Much of this advice falls under easier said than done, but these are achievable goals for someone in a stable financial situation. The authors repeatedly tell readers how to take care of their money during good times, so that they will have money during bad times. The first principle, saving ten to twenty percent of your income will be difficult for people who have gotten used to spending what they make, which the authors acknowledge, but one should at least save as much as possible. Likewise with the second principle, payoff your credit cards every month, easier said than done, but the Olen and Pollack suggest that if you can't pay them off, then stop using them altogether. Psychologically cash is harder to spend than credit. Principle 3 harkens back to principle 1, save 10-20% of your income, only try to save as many pre-tax dollars as possible to reduce your taxes and you're less likely to miss what you never got. Principle 4 is simple, playing the stock market is like playing poker, unless you are exceptionally skilled and lucky (and rich) you will lose more often than you win. Instead, principle 5 suggest that you bet with the house and just try to match the market, since most stock-pickers and fund managers do worse than the market over the long run. The last two principles stress protection for disasters that are too big for you to self-insure with your savings. Finally, like staying in physical shape, staying in financial shape requires frequent repetition.Through trial and error as well as research, I have come to many of the same conclusions. Recently, I have been able to implement all ten principles. They work well for me, but I wish the Olen and Pollack had said more about costs that seem destined to set one back, such paying for college and home renovations. Nonetheless, I would recommend this book to recent high-school or college graduates just beginning their careers.P.S. I have taught college courses and published papers on the sociology of money. I have also obtained licenses to sell life and health insurance and mutual funds. Thus, I have been on both sides of the table.

My takeaway:-Start automatic saving today, even just 3-5% of your income and work your way up.Force yourself to because other forces are working against you.-Stop trying to live like Diddy.-Cancel all the subscriptions you aren't needing. There are a lot.-Anything that makes it easy to buy stuff is bad for you and the planet and your kids and your marriage and your health.-Use cash.-Cancel any buying clubs or memberships that give you benefits the more you consume.-Pay off your credit card(s), cancel all but one and freeze it in a block of ice. Then freeze that in another block of ice.-Put your savings into a low cost index fund and stop pretending to be a day trader.-Financial institutions, insurers and utility companies are all into the same business: sales. Don't be oversold and ask questions - of yourself first and them next.-Health, home, car and liability insurance aren't optional. Costs vary and some protection is better than none and some is also better than too much.-Enjoy what you have. Hoarding more things won't enhance your enjoyment. The simple pleasures are the only true ones.-Enjoy more free time with your family the free way - a day at the park doesn't cost a penny and is truly priceless....

This is a straightforward book with simple advice to follow. I purchased this book because it was listed as a “beach read” in Money Magazine. Although a lot of the advice is common sense, I still found the book valuable because it confirmed strategies that I was already doing- like pay your credit card balance in full every month and buy inexpensive index mutual funds. I found their advice on mutual funds very beneficial because it led me to re-evaluate the mutual funds that I currently own and I ended up selling off my funds that were both poor performers and had high management fees (as they were actively managed) and purchased better rated mutual funds with low fees. I didn’t agree with all of the financial advice such as never buy or sell individual stocks. Instead, I would suggest to place the bulk of your money in low fee diversified index mutual funds and for any extra money that you are okay with losing, then it’s okay to buy individual stocks. I purchased both Ford and GM stocks and did very well with the former and lost all my investment with the latter. I also disagree with their short argument against making money from income properties as they state “Real estate speculation is best reserved for gamblers and the pros” (page 175). I have 3 investment properties and do very well with them. I have a property manager to handle any daily issues that may come up. They are all paid off so I receive positive cash flow every month. I do not think they did the topic justice and would suggest the “Rich Dad Poor Dad” series for anybody interested in real estate. Overall, I think the book is worth purchasing for those new to finance or anybody wanting financial strategies explained very simply.

Simple advice is the advice you're most likely to follow and this book does a great job of laying out exactly that - simple steps you can take to protect your financial future and *why* those are good steps and how to avoid common pitfalls. Great for people who are not following the Index Card steps already and a perfect book to hand out to those younger folks in your life who need a to get started.

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