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Personal finance is actually more personal than it is finance.
That's why what works great for someone else may not work as well for you. Money management is complex because we are complex. Therefore, it is in better understanding ourselves--our history with money and what we value most--that we are able to bring clarity to even the most confounding decisions in money and life. Tim Maurer has made a career out of demystifying complex financial concepts into understandable, doable actions. In this practical book, he shows you how to
� find contentment by redefining "wealth"
� establish your priorities, articulate your goals, and find your calling
� design a personal budgeting system you can (almost) enjoy
� create a simple, world-class investment portfolio that has beaten the pros
� manage risk--with and without insurance
� ditch the traditional concept of retirement and plan for financial independence
� cheat death and build a legacy
� and more
"Straightforward, candid, and--yes--simple."--Jean Chatzky, financial editor of NBC's Today Show
"Reading this book is like having your own personal financial advisor."--Kimberly Palmer, senior money editor at U.S. News & World Report; author of The Economy of You
"You can't manage your money without thinking about your life--and the system that Tim proposes can make a radical difference in both."--Chris Guillebeau, New York Times bestselling author of The $100 Startup and The Happiness of Pursuit
"Maurer teaches us how to literally redefine wealth in a way that will both honor your life values and priorities while simultaneously reducing your stress."--Manisha Thakor, CFA, director of wealth strategies for women for the BAM Alliance; writer for The Wall Street Journal
Tim Maurer is a speaker, blogger, author, and financial advisor.�As a wealth advisor and director of personal finance for Buckingham and the BAM Alliance, a collective of over 140 financial advisory firms serving over 19,000 individuals throughout the United States, he serves as an industry leader to the media and an educator to both consumers and financial advisors.�He is a regular contributor to CNBC, Forbes, Time/Money, and on his own website, www.timmaurer.com.�He lives in Charleston, South Carolina.
- Sales Rank: #127911 in eBooks
- Published on: 2016-02-23
- Released on: 2016-02-23
- Format: Kindle eBook
From the Back Cover
Personal finance is actually more personal than it is finance.
That's why what works great for someone else may not work as well for you. Money management is complex because we are complex. Therefore, it is in better understanding ourselves--our history with money and what we value most--that we are able to bring clarity to even the most confounding decisions in money and life. Tim Maurer has made a career out of demystifying complex financial concepts into understandable, doable actions. In this practical book, he shows you how to
� find contentment by redefining "wealth"
� establish your priorities, articulate your goals, and find your calling
� design a personal budgeting system you can (almost) enjoy
� create a simple, world-class investment portfolio that has beaten the pros
� manage risk--with and without insurance
� ditch the traditional concept of retirement and plan for financial independence
� cheat death and build a legacy
� and more
"Straightforward, candid, and--yes--simple."--Jean Chatzky, financial editor of NBC's Today Show
"Reading this book is like having your own personal financial advisor."--Kimberly Palmer, senior money editor at U.S. News & World Report; author of The Economy of You
"You can't manage your money without thinking about your life--and the system that Tim proposes can make a radical difference in both."--Chris Guillebeau, New York Times bestselling author of The $100 Startup and The Happiness of Pursuit
"Maurer teaches us how to literally redefine wealth in a way that will both honor your life values and priorities while simultaneously reducing your stress."--Manisha Thakor, CFA, director of wealth strategies for women for the BAM Alliance; writer for The Wall Street Journal
Tim Maurer is a speaker, blogger, author, and financial advisor.�As a wealth advisor and director of personal finance for Buckingham and the BAM Alliance, a collective of over 140 financial advisory firms serving over 19,000 individuals throughout the United States, he serves as an industry leader to the media and an educator to both consumers and financial advisors.�He is a regular contributor to CNBC, Forbes, Time/Money, and on his own website, www.timmaurer.com.�He lives in Charleston, South Carolina.
About the Author
Tim Maurer is a speaker, blogger, author, and financial advisor.�As director of personal finance for the BAM Alliance, a collective of over 140 financial advisory firms serving over 19,000 individuals throughout the United States, he serves as an industry thought leader to the media and educator to both consumers and financial advisors.�He is a regular contributor to CNBC, Forbes, Time/Money, and Forbes.com, and on his own website, www.timmaurer.com. He is the coauthor with Jim Stovall of The Ultimate Financial Plan and was recently chosen as one of only twenty financial advisors nationwide to sit on CNBC's Financial Advisor Council. He makes regular television appearances on Power Lunch, Street Signs, On the Money, and PBS's Nightly Business Report and has been heard on NPR's The Diane Rehm Show, Morning Edition, and Marketplace. He has been quoted in�the Wall Street Journal,�the Washington Post,�the New York Times,�the Baltimore Sun,�Kiplinger's Personal Finance,�U.S. News & World Report,�and�Money�magazine, among others.�Tim and his wife, Andrea, are the proud parents of two boys and live in South Carolina.
Most helpful customer reviews
6 of 7 people found the following review helpful.
But I still read it from cover to cover and loved every minute of it
By Christopher Benson
I'm a CPA Financial Planner so most of this book was information I already know well and understand. But I still read it from cover to cover and loved every minute of it. Why? Because Tim was able to take massive amounts of information about personal finance and boil it down to a simple to read and understand book that covers everything you really need to know about your finances.
It's true what Tim says, personal finance is more personal than it is finance. This book helps you understand yourself before you understand your money, and that's an important first step that is too often missed in personal financial advice. Whether you are just starting to learn about personal finance or you think you are an expert, I guarantee you will take something away from this book. I know I did.
6 of 8 people found the following review helpful.
The Selfless Servant's Finance Book
By @myersbradley
Overall, I liked the book, but I found a number of items that I took issue with:
The primary issue, without question, is the obvious bias towards structuring your finances to, first, protect and preserve everyone else first - whether that be your family, your church, charities, those that you leave behind upon death - and then "you" come last. In contrast, I tend to view and recommend one carry out rational, personal finance management the same way an airline would have you use your oxygen mask, which is make sure yours is secure and functioning properly before you even attempt to help someone sitting next to you, even if that someone is your child (there are logical reasons for that, by the way, which have nothing to do with encouraging heartlessness).
Some examples of this?
1. The most obvious example is found in the "Where do you stand (financially)" chapter (Ch. 6) which had one of the 4 factors measuring your financial strength is your "giving index", so that means if you don't give, you score a zero on one of the four major personal financial measurements. And even if you have (revolving unsecured) debt (e.g. credit card debt), the author made no mention (that I recall) to not suspend giving in that instance. And on the matter of giving, while I commend the author for personally wanting to give above and beyond the giving that every taxpayer does (because those federal and state taxes support literally thousands of social programs as well as entitlements such as social security and medicare), giving doesn't make one stronger at personal finances that a non-giver. To quite the contrary, there is no denying that if you give, say 10%, then you're going to have to accomplish everything else finance related with the remaining 90% while the non-giver is working with the full 100%. And also, the author later showed an example cash flow sheet where the giving amount exceeded Roth IRAs, other savings, revolving-unsecured debt, life insurance, and disability insurance COMBINED.
2. Other examples of the "selfless servant" approach: He has a great "simple money risk-management method" for life insurance, which would have you eliminate, reduce, assume, and then as a last resort insure risks you can't assume. But then in the following chapters, he has you choosing the last resort option, "insure", to a greater extent than most people do, particularly on items that are not for "self only". For example, the author takes the view that you should have enough life insurance that you would essentially completely replace the fact that you're no longer here, so if you make 100k, he'd have you buy 1.5 million in insurance. My view? Life goes on. If you're married, for instance, certainly the remaining family members would benefit from a couple of years of covered finances, but a left-behind spouse, can remarry, enter the job force, downsize, family can step in and help, etc. I think it is overkill to think you have to provide for love ones for the remainder of their life, even in the event of your death.
3. While a Will (beyond the state default will) is important, the only way it should make #1 on one's personal finance to-do list is if one values everyone else more than themselves. Again, if you're a selfless servant, this is your book, because you probably WOULD put that first. In practice though, It's quite rare to die young and leave loved ones behind stranded, but it is almost of epidemic proportions the amount of families that have little to no retirement savings and who are living paycheck-to-paycheck. So, in my opinion, one should really order their personal finance to-do list based on probability of neglecting that financial item causing a detriment in one's financial life, not based on the level of devastation caused to others if the neglected finance item comes to pass.
4. Another tell-tell sign this is a selfless servant's finance book? The author overtly says the legacy aspect of your estate is more important than your tangible estate items. But by legacy, he makes quite clear he's not talking about you being remember because you're powerful, say like a Donald Trump, rather remembered because of all of the charitable things that you did for everyone. While I find this touching that this is important to him personally, again, I don't see how one's charitable legacy, tangibly matters to someone that is dead.
In close, I would say if he wanted to write a finance book for the selfless servant, or for the practicing religious individual (this would be a great book for a deacon, for example!), then he should be genuine about that upfront and make that clear in the title of the book. So this is an alternative to, say, a Dave Ramsey finance book. For everyone else, especially the non-religious of us or those of us who don't "give" more than the average person saved for retirement, there are better choices.
@myersbradley
5 of 7 people found the following review helpful.
Simple Money by Tim Maurer: Strongly Recommended - 4.5 Stars.
By Scott Jay
Overall rating: strongly recommended; 4.5 out of 5 stars.
Who should read it?
• People relatively new to personal financial planning and investments who are looking for a solid, credible overview as a starting point.
• Considering a do-it-yourself approach, rather than paying a financial advisor/planner.
• Looking for a solid introduction to all facets of a comprehensive financial plan.
• Willing to trade-off in-depth discussion for a good introductory overview of the key components of financial planning.
Who should (probably) skip it?
• Experienced investors looking for in-depth advice on asset allocation, portfolio construction, investment selection.
• Don’t have the time, energy, or interest to take a DIY approach to develop a holistic, comprehensive personal financial plan.
What I liked:
• Conversational writing style, easy to digest the material presented.
• Some great quotes, including Tim’s signature tag-line, “personal investing is more personal than finance.” (How true!)
• Good overview of all key components of a comprehensive, holistic financial plan.
• The author’s down-to-earth personality and perspective; his “human-ness” really comes through in his writing… he’s had some life experiences, which he courageously (and wisely) shares with his readers.
Quibbles:
For an introductory level book, I think Tim jumped a little too far ahead by recommending a “factor-based” investing approach (see Ch. 9 – “Investing”). For those who aren’t familiar (and I assume this will be the large majority of the people reading the book), it goes a little beyond “basic broad-based, low-fee, passive indexing.” Tim probably got there through his connection to the BAM Alliance, especially Larry Swedroe, who is a prolific (and very credible) financial author and commentator. However, for this type/level of book, I really think a Vanguard-centric, market-capitalization weighted 3 fund (VTI, VXUS, BND ETFs or mutual fund equivalents), 4 fund (add BNDX or MF equivalent), or 5 fund (add VNQ or MF equivalent) approach would have been much more appropriate. [If you want to check out Larry Swedroe’s writing, including various aspects of factor-based investing, I can highly recommend either his books or his regular columns published in the “Index Investor’s Corner” section of the ETF.com website. Larry Swedroe also recently wrote a review of Simple Money at ETF.com, which I did not read prior to posting my review.]
If you don’t have a solid understanding of factor-based investing – both the academic underpinnings and the practical considerations of real world portfolio construction – it seems much wiser to go with a “95% solution” like a Vanguard 3 fund portfolio. Folks reading this book are probably more in the beginning phase of their financial planning lives, and I view factor-based investing as more for the advanced, or at least advanced-intermediate investor. The author actually talks about the value of simplicity in this book, but then showcases factor-based investing (and then only at a relatively high-level); by my eyes that seems a bit incongruous.
For the folks who disagree, riddle me this:
• Are the factors (and related premiums) you’re selecting based on compensation for risk or the result of behavioral-driven asset mis-pricings?
• Does the cap-weighted market portfolio lie on or off the multi-factor efficient frontier?
• Does it matter if you build a factor-based portfolio based on long/short or long-only design?
• How do you determine appropriate asset class “weightings” and factor “loadings” in your portfolio?
• How is regression analysis (including R^2, t-stat, p-value) used to evaluate, interpret, and apply factor-based investing strategies?
• What is “tracking error,” and how might it apply to a factor-based investing approach over time?
• Who are Gene Fama, Ken French, John Cochrane, Cliff Asness, Campbell Harvey, Rob Arnott, Burton Malkiel, and John Bogle and what do they think about the pros and cons of various factor-based investing strategies?
• How do the DFA, RAFI, and AQR approaches to factor-based investing differ? Why choose one over the others?
I could go on, but my main point is this: the complete story of factor-based investing is significantly more complicated than this book describes.
The “tools” URL mentioned in the book doesn’t appear to be populated yet; still labeled “Coming Soon!” as of 3/21/16.
Minor pet peeves: the proofing/editing missed a few things and the cover laminate starting peeling a bit by the time I finished the book.
Overall:
I really liked the book and think it would be a good investment in time and money for the right target audience. Strongly recommended; 4.5 out of 5 stars.
[Disclosure: I was given a complimentary copy of Tim Maurer’s Simple Money with the expectation I would read it and then write and post a public review. I also subscribe to Tim Maurer’s weekly e-newsletter, which I find to be very accessible and consistently relevant and useful.]
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