Make the Most of Your Money NOW
As a financial planning tool, the original Making the Most of Your Money predicted a change in America’s priorities—away from an obsession with spending and toward a desire to save and invest. The book also foresaw an environment dominated by falling inflation and interest rates. That call was right on the money.
The new edition sees yet another shift in financial energies — a fresh round of serious borrowing, as the boomers start sending kids to college; a desire to save for retirement fast; and an obsession with keeping safe the profits that have already been made. Investing is getting more complex, as more financial products and services come to market and as traditional guideposts change. More than ever, investors need a clear path through the undergrowth.
The new Making the Most of Your Money is that path. It presents a new blueprint for twenty-first-century success.
On investing: The markets will surprise you. Serious investors need a better understanding of asset allocation and how to diversify for global gains while minimizing risk. The new edition presents a variety of investment mixes for different purposes. You’ll also find a sophisticated guide to picking superior mutual funds.
On paying for college: The entire federal financial-aid program has been overhauled. Much more money is available to middle-class families, making paying for college the art of the possible. This book takes you through all the money sources.
On buying a home: The percentage of Americans owning their own homes is on an upswing. That’s because mortgage lenders are rapidly opening their doors to people who couldn’t get loans before. They also have the welcome mat out for young first-time buyers. You’ll find out here how all these new programs work.
On life and health insurance: Life insurance and tax-deferred annuities are being widely sold as retirement investments. The new edition helps you decide when that’s a good idea and when it isn’t (hint: it usually isn’t). In a greatly expanded section on HMOs, Quinn explains how to evaluate the choices you have and lays out your rights if your insurer lets you down.
On retirement planning: Employees have built up significant assets in 401(k)s and other tax-deferred plans. The self-employed have several deductible options to choose from — each one just right for a particular situation. An expanded retirement section helps you get the most from any retirement savings plan and forecasts how much you’re likely to need in your old age.
On post retirement planning: Given longer life spans, people who think they’ve retired haven’t. A section for those past retirement lays out better investment strategies for making money last.
On the checklists for changes in your life: The checklist chapter-one of the sections of the original edition that was consulted most oftenhas been expanded to include checklists for starting a home based business, teaching kids about money, unmarried couples, new widows and widowers, and defensive planning for a potential layoff. Quinn has also added to the existing checklists on pre- and post-marital planning, caring for an elderly parent, having a baby, finding day care, and enduring divorce.
On finding a financial adviser: Almost every financial salesperson today claims to be a financial planner — so you’ll learn more about how to separate the mutts from the purebreds. But with what you learn here you can be your own financial adviser. No one will ever care as much about your money as you do.
Reviews
Quinn’s guide to personal finance covers the usual terrain: budgeting, consumer debt, mortgages, college funds and investments. However, not every financial writer is blessed with Quinn’s charm-a blend of Pollyanna and Mary Poppins with a snappy wit thrown in-and her sensible approach to streamlining one’s financial life make this a stellar entry in the genre.—Publisher’s Weekly
“There is no more trustworthy figure in all of American journalism.”
– Joseph Nocera, author of A Piece Of The Action
“A practical tour de force from the maven of money. This is simply the best handbook for managing personal finances that I have ever seen. It belongs on every bookshelf — or best yet, on every desk near every checkbook or computer.”
— Rosabeth Moss Kanter, Harvard Business School, author of World Class
“The class book for practical financial advice – encyclopedic in scope and written with clarity and style.”
– Burton G. Malkiel, author of A Random Walk Down Wall Street
“No one is smarter about money – or easier to read or clearer or more conscientious — than Jane Bryant Quinn.”
– Andrew Tobias, author of The Only Investment Guide You’ll Ever Need
Media
From the 1/9/2010 NYT article “Three Paths to Personal Finance Order”: The book, which has grown to 1,242 pages, remains at its heart the “Joy of Cooking” of personal finance. It provides the basics in just about any area you can think of — from what you should consider about money when you are in your 20s, to what to do with your investments once you have retired — and presents simple, straightforward recipes outlining the fundamentals of how to accomplish your goals.
From the 1/24/2010 Washington Post article “Books by Quinn, Farrell and Wood aim to improve people’s money managing habits“: The book is organized around eight steps, which she takes you through in detail in multiple chapters. The first, “Building Your Base,” includes chapters about the right way to keep records; finding the right bank in the Internet age; and “Twelve Checklists for Life’s Milestones,” which includes what you need to keep in mind if you are having a baby, facing a divorce or think you might be laid off. “Step Six: Understanding Investing” is nearly 300 pages about stocks, bonds and mutual funds. It also contains warnings about bad investment ideas and information about socially responsible investing as well as the Vice Fund, founded in 2002.