This fascinating book by a popular financial journalist and a college professor may not be the newest book on the shelf, and it may not have the most hype, but by far, it is one of the most interesting personal finance books we have ever read. This book goes where not many do – into the human psyche – to determine why we develop certain spending habits, and how to break them before they break us.
The main premise of this book is that even the smartest people, the ones that should know better, really don’t when it comes to money. By taking a look at behavioral studies, the two authors came to the conclusion that some of our spending habits are so ingrained that unless you get to the root of the behavior, you’ll never be able to make much of a difference in your personal finances.
This was an interesting take on a subject that has been beaten to death. Why do we spend so much? Because in many cases, we have trained ourselves to do it. By breaking free of this behavioral cycle, the authors assert that we can start to manage our money more effectively and begin to see real changes in how we look at money, and how we treat it.
Truly a fascinating read that offers some hard hitting advice. Every single chapter contains a wealth of information, from how mental accounting can trip you up, to how overconfidence can bring about your financial ruin. Read this book more than once, and take the time to really think about each chapter and the lessons contained herein. Most will be able to spot similar behaviors and the results may be pretty shocking. Even if you thought you were a personal finance whiz, you may change your mind after reading this book.
We recommend this book to anyone interested about personal finance and particularly to those that haven’t yet been able to figure out where they are going wrong with their finances. The little case studies make it easy to spot where you may be tripping up, and the action plans are very easy to follow. While some beginners may get a little lost, overall, the book is simple to read and offers some truly remarkable advice that hits home, regardless of your financial situation.
Whether you are rich or poor, financial stable or drowning in debt, this book is a very beneficial read. Unlike many in the genre, it is not terribly dry and uninteresting. Instead, it produces stories, case studies and real world examples of money mistakes and then provides the reader with the solution they need to preempt that bad behavior and change things. By far, in our opinion, one of the best books written on personal finance and one that should be read by anyone that needs to start managing their finances properly.
Originally posted 2008-10-24 05:41:43. Republished by Blog Post Promoter
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