We review the best small business and investing books
Making The Most Of Your Money
by Jane Bryant Quinn
Making The Most Of Your Money by Jane Bryant Quinn is the best book about personal financial planning that we have read. At 1066 pages, it never stops providing good advice.
Making The Most Of Your Money covers having a "spending plan" ( a "budget" in disguise). Jane Bryant Quinn gives you the sense that doing your spending plan will be an earth shattering and positive event in your life. You won't be able to wait to get started. She's good. She says the only people who don't need to make a budget...err..a spending plan... are people who are so rich it just doesn't matter. (But as we learned from The Millionaire Next Door the richest of the rich are obsessive budget makers who track expenditures relentlessly.
"A financial plan is grounded in savings" she writes. And, she is correct.
Quinn goes on to discuss nearly every other money-related topic in depth from health and disability insurance issues, to investing in mutual funds and retirement planning.
The chapter on health coverage is disturbing as we read about issues like "The Death Spiral." We also learn about the MIB and other topics. Hint, it's not "Men In Black." Reading "The Health Insurance Lottery" chapter is well worth anyone's time.
Topics often glossed over by other books or missed entirely are given attention, such as living trusts, durable power of attorney, and auto insurance. Many of the topics might not directly apply to you, for example, how to handle financial affairs right after a raise or a divorce. In that case, you can just skip that part of the chapter. But, remember it is there later!
One of our favorite chapters is about paying off credit card debt and how important this is to wealth building. Quinn really hammers the point home.
The chapter on home ownership is among another of our favorites. You definitely should read this section before buying a home. It discusses 30-year versus 15-year mortgages and other financing options.
The chapter on bonds is also outstanding. In summary, you might just want to buy short- or intermediate-term Treasuries. But, you will learn all the nitty gritty details of bond investing if you are interested.
Retirement planning is throughly discussed by Quinn and what you need to really retire early.
Overall, we highly recommend Making The Most Of Your Money. This is a book everyone should read.