This review of Where to Put your Money Now was written by Robert Strauss.
This book is titled after Peter Passell’s 1987 book “Where to Put Your Money.” This short (138p) and easy to read book promises to advise you on how to make super-safe investments and to secure your future. Although not an authoritative type investment book, it does contain valuable tidbits that make the cost of the book worth it.
The main takeaways from the book are:
- An excellent review of the fall of the market in late-2008. He does an excellent job of communicating the reasons behind our current economic crisis. In addition, Passell adds his own comments and advice on investment advisors and bankers. He strongly advises the reader on thinking independently and not over-relying on any one advisor for any of your finances.
- Investing basics are still intact despite the economic crisis. He stresses diversification and asset allocation.
- His “bullet-proof investment strategies are: savings accounts, money-market accounts, CD’s, annuities, US Savings Bonds, Inflation Protected Securities (TIPS and Series I Savings Bonds), and Reverse Mortgages (actually this part is actually more of a warning on these loans).
- A Review of Risks and Rewards. An overview of the different investment vehicles and their associated returns and risks. Investing in mutual funds is preferred over individual stocks/bonds.
- The objectives of investing: Retirement, College Planning, House Purchases. He goes through these investing vehicles and weights the pro and cons associated with each of options available to the investor.
- A limited list of online and book resources for further reading. I think both Morningstar and Kiplinger’s should have been included in the listing.
Other lessons from the book
Throughout the book, Passell adds many of his own personal opinions that add real value to the material. His many warnings associated with certain investments make the reading worth the time and money. Passell also stresses the importance of investing in yourself and what you bring to the marketplace in terms of skills and using your brain.
Where to Put your Money Now teaches its readers very basic financial information in a simple and quick read. I would likely recommend this book to someone who knows little about finance/investments but wants to know where to start. From that standpoint, the book is a good read. However, the book falls short in detailing any new information or going into any detail in dealing with various investment options. The book is a compilation of investing information along with his personal (conservative) option scattered throughout the book. This is what actually adds the value to the book.
Overall, I like the book because of its easy to read and simple format and because of his personal opinions associated with the investment world. He tends to keep his advice simple and safe which fits very well into the mindset of us “Bogleheads”. (Investing disciples of John Bogle, former CEO of Vanguard Investments)
Have you read “Where to Put your Money Now”? What did you think?
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{ 2 comments… read them below or add one }
Excellent lessons on the economic crisis, that are worth reading by all economists, can be found here: http://www.vatican.va/holy_father/benedict_xvi/encyclicals/documents/hf_ben-xvi_enc_20090629_caritas-in-veritate_en.html
God Bless,
Looks like a good book. I think I agree with him. We just need a reinforcement of the basics. Those things still hold true in the long run. I’m sure to some in their late 50s it seems pretty scary though. Hopefully not too many folks dumped on the way down. That would have been the worst move.