Your Money and Your Life: A Lifetime Approach to Money Management

Your Money and Your Life: A Lifetime Approach to Money Management

Your Money and Your Life: A Lifetime Approach to Money Management

Your Money and Your Life: A Lifetime Approach to Money Management

Synopsis

Your financial health is more than a mere collection of debits and credits on a balance sheet. In fact, the numbers on a financial statement represent a series of decisions that, if made strategically, can ensure that each of us maintains our desired standard of living at every age and stage of life. Many people think that key financial choices are too complicated to make on their own. However, with the right information and guidance, we can all secure our own financial future.

Your Money and Your Life is more than your average guide to financial planning and retirement. Acclaimed author and speaker Robert Z. Aliber helps readers to make efficient and effective financial decisions at key moments throughout their lives, such as where to go to college; if and when to buy a home; how much insurance, if any, to buy; how to manage savings and retirement; when the time is right to approach a professional advisor; and how to proceed with estate planning. With an eye toward the issues that are most pressing in today's economy, Aliber clearly explains the sophisticated concepts that underpin everyday money management- with the goal of making this guide the go-to reference in your financial planning library, regardless of your age or wealth. Readers of this book will come away with the sense that Aliber is their own financial planner, offering strategies that will help to guide them toward security in the present and the future. Your Money and Your Life is filled with examples to which readers will be able to relate, as well as checklists of "actionables" to help make their plans realities.

Excerpt

During your lifetime you’ve made—and will make—thousands of financial decisions. Should you rent a home or should you buy one? If you buy a home, when is a fixed-rate mortgage preferable to an adjustable-rate mortgage? Should you buy a new or a pre-owned car? Is a term life insurance policy a smarter choice than a permanent life insurance policy? How much life insurance do you need—and when do you need it? Are stocks a better investment in the long run than bonds? Should you buy shares in a mutual fund or, instead, should you buy the shares of the firms that the mutual funds own? Should you drink Grey Goose or Absolut vodka rather than Smirnoff or Popov, or some other generic or near-generic? How can you best protect yourself from a health care problem that could cost tens of thousands of dollars? How can you determine how much you need to save for a comfortable retirement? How can you best protect yourself from financial disasters, like the sharp decline in stock prices from 2001 to 2003 or the collapse of home prices in many states that began in 2007?

Some of your choices involve current consumption—t he amounts you spend for food, housing, and transportation. Some are related to investments as you seek to increase your accumulated savings so you’ll have the money for the down payment on a home, your children’s education, and your retirement.

You have to deal with two types of uncertainty as you make these decisions. One type involves changes in your personal circumstances—the . . .

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