Magazine article The CPA Journal

Book Review: Ernst & Young's Financial Planning Essentials

Magazine article The CPA Journal

Book Review: Ernst & Young's Financial Planning Essentials

Article excerpt

BOOK REVIEW: ERNST & YOUNG'S FINANCIAL PLANNING ESSENTIAL

John Wiley & Sons, paperback $6.99. ISBN: 047131644x

Reviewed by William Bregman, CPA/PFS CFP

Financial Planning Essentials is written in such plain English that many accounting professionals will miss the fact that this guide, in less than 300 easy-to-read pages, covers all the necessary aspects of the financial planning process.

This book starts by walking the reader through the basic stages of planning: calculating net worth, cash flows, budgeting, and debt management. The book moves on to discuss how to build wealth to meet financial goals. The two main topics covered are retirement and investment planning. Obviously, a CPA knows how to talk about IRAs, 401(k)s, and other qualified plans.

The section on investments is very solid in that it spends a lot of time reviewing an analytical framework. It discusses the concepts of total return, expected rate of return in light of historic returns, and investment risk. …

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