What does a horrific airline crash have to do with retirement planning? Thomas C. Scott saved a dozen lives as a crewmember on a Boeing 747 that crashed in 1974, killing 59 people. When he became a financial adviser he discovered that, like airline passengers who ignore preflight safety instructions, most people ignore the basics in handling their finances, make assumptions that are inaccurate, and leave themselves unprepared for disaster. This is the book you should have read before the global financial meltdown in 2008 and it is the book that will prepare you for the future by explaining how you can fasten your financial seatbelt. Tom Scott has taken what he learned about how we behave under stress and the common mistakes people make with their money and put it all together in this unique, inspiring, and personal look at how easily we can lose what we have when we forget to fasten our financial seatbelts. Scott’s hard-earned insights include the value of planning and preparing for the worst. Like airline crashes, most of us think that financial disaster only happens to other people—until it happens to us. As in an airline crash, the survivors of a financial calamity are often paralyzed by fear and unable to see the way out of their predicament. Like flying, our relationship with money is often emotional and tinged with anxiety. It’s important to have a trusted adviser on your side, protecting you from those human instincts that interfere with our ability to make good financial choices. Discover important principles that can change your financial life: *The ""rear-view mirror"" investment trap *The difference between investing and speculating *The ""plumage"" trap *Why a big salary is not wealth *How shame and guilt keep us from seeking help *How to find a good investment ""sherpa""
Fasten Your Financial Seatbelt
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About the Author
Thomas C. Scott was a 23-year-old crew member on Lufthansa Flight 540 when it crashed on takeoff in Nairobi, Kenya on November 20, 1974. In the midst of the burning wreckage he kept his head and helped a dozen people barely escape with their lives from the first-ever fatal wreck of a Boeing 747. Today, Tom is a seasoned financial planner and Forbes guest columnist who has rescued hundreds of people from economic catastrophe. He is founder and CEO of Scott Wealth Management Group, Inc. in Orange County, California, where he has been a financial planning professional since 1983. His practice is affiliated with LPL Financial, one of the nation’s largest independent brokerage firms, where he is a member of LPL’s Chairman’s Council, an honor reserved for those advisers ranked in the most successful top two percent of nearly 12,000 financial advisors. He lives in Irvine, California, and is the father of two grown daughters.
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8 of 8 people found the following review helpful:
5.0 out of 5 stars
A Commonsense Approach to Investing,
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This review is from: Fasten Your Financial Seatbelt: What Surviving an Airline Crash Taught Me About Retirement Planning (Hardcover)
In the Forward to Fasten Your Financial Seatbelt, author Tom Scott writes "...I'm urging a return to some basic principle such as living within your means, making sure you understand how money works and, most importantly, managing your financial expectations and emotions."
If some or all of this sounds familiar, it's probably because this is the same kind of plainspoken wisdom about money that your grandma was always so eager to share with you, but which you were probably just as eager to tune out. Coming from a certified financial professional, like Tom Scott, who has spent over 25 years in the trenches building and preserving his clients' fortunes, this kind of shopworn advice about how to get the most out of each dollar and cent you make takes on whole new dimensions of urgency. Fasten Your Financial Seatbelt offers foolproof strategies for maximizing returns and minimizing losses and brooks none of the get-rich-quick gimmicks or slickster sales pitches that so many readers have come to expect from the likes of Jim Cramer, Suze Orman, Dave Ramsey, Robert Kiyosaki and a host of other, industry approved, financial gurus. Tom Scott breaks ranks with the Wall Street crowd to unmask some of the most common ways that the so-called financial pros abuse investor confidence every day, whether through incompetence, neglect or out-and-out malfeasance. Time and again Tom Scott has proven himself to be a trustworthy investment "sherpa," or financial insider who actually has the clients' best interest at heart and is willing to go the distance to maintain and create wealth on their behalf. Tom Scott is a different kind of broker; his message has a friendly, personal touch that is rarely seen in this kind of media. As a certified financial planner and well-known [...] contributor, Tom Scott has helped hundreds of investors plan for a secure and comfortable retirement. Now, with Fasten Your Financial Seatbelt, he is at it again, this time taking his message of prosperity through prudence and practical planning to a broader audience. Fasten Your Financial Seatbelt is an inexpensive, informative, timely and delightfully readable little guidebook sure to impress and amuse the armchair brokers of the world or anyone else interested in knowing how to stay ahead of the curve when it comes to investing and planning for retirement!
5 of 5 people found the following review helpful:
5.0 out of 5 stars
Unique, Inspiring and Practical Approach To Financial Planning,
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This review is from: Fasten Your Financial Seatbelt: What Surviving an Airline Crash Taught Me About Retirement Planning (Hardcover)
I have read many of Tom's columns on Forbes online, and was delighted to see that book, which is a personal guide to knowing how to prepare for my retirement, has been released. (BTW Forbes online has a video interview with Tom that is terrific.)
Tom Scott's new book Fasten Your Financial Seatbelt: What A Fatal Plane Crash Taught Me About Retirement Planning is different, focusing on real people like you and me who are short on time, short on money, and short of ideas for building a solid financial track. Best of all, this book reads like a novel and I finished it before finishing a third cup of Sunday morning coffee. The author survived the first-ever fatal crash of a 747 in 1974. In the midst of the burning wreckage, he kept his head and helped a dozen people escape with their lives. The crash made headlines around the world. Since then Tom has endeavored to rescue people from economic catastrophe. In "Fasten Your Financial Seatbelt", Tom has identified the Ten Common Mistakes people make when dealing with their money: people make decisions based on the past (much like driving forward while only looking in the rearview mirror); they think short term; often stampeded by herd mentality; some speculate instead of invest and don't know the difference; they're inconsistent (bouncing between complacency and panic); they stick their heads in the sand and refuse to learn about investment options; most add to winners when it's time to sell, and selling losers when it's time to buy; many hug to only one kind of investment such as CDs, municipal bonds, technology stocks or real estate; being overconfident; and lastly many use borrowed funds to get more bang for the buck. Tom grew up during the 1950s in southern California. Even then, he was fascinated with the way money in his savings account could make money. Tom worked in his father's elevator maintenance business and by the age of twelve Tom had already saved enough money to pay for his own flying lessons. Foregoing college, Tom became a commercial pilot where he signed on with Lufthansa. On November 20, 1974, he learned another very important lesson. The Boeing 747 on which he was a crewmember crashed on takeoff at the Nairobi, Kenya airport. Miraculously unhurt in the impact, in the next 60 or so seconds, Tom dragged, pushed or carried a dozen passengers out the fuel-soaked wreckage before it exploded into a deadly fireball. All of the surviving passengers had been securely strapped into their seats for takeoff. Tom learned another lesson: something which appears substantial and safe may not be. "There are always hidden dangers, always unexpected difficulties for which we must plan." This is the same, he understood, with our investments and our financial plans. Tom returned to Orange County, where his experiences with money and survival began to coalesce. For 25 years, Tom's Scott Wealth Management Company has offered his wise and protective advice to investors; and when necessary, he is still determined to drag or push people out of the wreckage of their financial lives towards safety. Tom's mission is to make sure people pay attention to his "pre-flight" safety instructions and fasten their financial seatbelts in case of disaster. As for me, I'm going to keep this bookFasten Your Financial Seatbelt: What A Fatal Plane Crash Taught Me About Retirement Planning close at hand during this turbulent financial crisis. Tom Scott I can trust.
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Quality beats Quantity again...,
This review is from: Fasten Your Financial Seatbelt: What Surviving an Airline Crash Taught Me About Retirement Planning (Hardcover)
Tom Scott proves again that quality outweighs quantity. The pages of his book, which is small in size but giant in content, present in a nut shell what it takes to prioritize your financial activities, namely, how to Fasten Your Financial Seatbelt to make sure the money you work hard to make will serve your life goals and desires. Making money is the means to an end, and not the other way around. That said, making money and securing it during these tough times is not an easy task, and Tom spells out some of the fundamental golden rules he has been using successfully as a Financial Advisor for many years. By making sure he understands what your goals are, he follows these rules to create and protect the wealth needed to achieve your goals. We can either learn and do it ourselves, or find a good Financial Advisor that will assist us in this process.
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