So this book has been out for some time now. I ran out of reading material on the plane and stole this from MK, not sure why he was even carrying it around though. It was a quick read (finished in one flight) and didn’t really teach me anything I didn’t already know (your house is NOT an asset).
I don’t usually post about each book I read (that would be all I had time for) but after all the thought provoking issues the book raised, and the great discussions MK and I had, I thought I’d let you have a little feedback to entice.
My biggest problem with the book was the reiteration of the idea that there is no school teaching of finance. In college I took a Personal Finance class that taught everything from balancing a checkbook and valuing real estate to picking life insurance. So, it’s out there, you just have to look for it. I would certainly encourage (read: force) my children to take a class like that. Not all conversations need to be had at the dinner table. It’s more about setting a good example.
Other than that there were a lot of issues raised. With MK’s profession, we don’t have any problems with risk taking and our money not being in traditional 401(k)s. At our age, I haven’t met any friends that think they will retire on Social Security benefits. So, in the ten years since most of the examples occurred, what a different world we are in. That doesn’t mean that people are making all the right decisions.
What stood out to me was the political ramifications. We elect officials that don’t know how to run a business. And the government then spends too much. If you’re “Posters Inc.” you try to spend less money so you take home more. If you’re the EPA on the other hand, you want to use all your alloted monies in case they decrease your budget. There’s a fundamental problem.
If you haven’t read this book, I suggest it. It’s a simplest way to understand why some things aren’t working. I don’t honestly suggest going to “get rich” seminars, I doubt we’ll all be real estate moguls, but you can remind yourself where you stand, discover what you can do to improve your life, and stop thinking of money as evil.