Customer Reviews

Personal Finance for Dummies

5 star:		(104)
4 star:		(24)
3 star:		(12)
2 star:		(4)
1 star:		(2)

 

 

When I bought the first edition of this book, I was a poor post-graduate loaded with bad debt. At the time, I knew nothing about CD's, funds, stocks, bonds, insurance, 401(k)'s, home-buying, budgeting, saving, debt-reduction, taxes, or any other basic issues of personal finance. All I knew is that I never could seem to "get ahead" financially. Tyson's book led me from this sorry state through four years of self-education and growing self-confidence about controlling my own financial future. Even now, debt-free and market-positioned, I still reference this book when I encounter a new facet of my financial life.

No "get-rich-quick" scheme, Tyson lays out a solid framework for anyone interested in getting and maintaining control of their own financial situation throughout a lifetime. The ideas he lays out help a person not only educate him/herself concerning money, but also instill confidence that a financial situation can be corrected or controlled personally.

Although this book would serve as a valuable reference to ANYONE interested in their own financial future, it would especially be useful to a young person just "starting out" or to any person who feels overwhelmed by their own financial situation.

I work as a financial professional, counseling individuals regarding the options in their employer-sponsored retirement plans. Although the counsel I can give is limited to their retirement plan, several have asked me for advice in other areas of their financial lives. I do not hesitate to recommend this book. Whether you are starting from square one in getting your financial house in order, or your checkbook is balanced to the penny every week, there is information in this book that will benefit you. The "For Dummies" format is perfect for this subject, and Eric Tyson does an excellent job of breaking into layman's terms the most complex of finance and investing concepts. Also, an excellent section on selecting a financial planner is provided. I have often seen the devastating effects that the wrong financial advice has wrought in people's lives. The list of criteria to apply when seeking a financial advisor is one of the most valuable tools I have seen on the subject. This book is one of the most valuable resources I have ever seen in helping the average person get control of their financial lives. Applying its principles will pay immediate as well as long-lasting rewards.

Personal Finance for Dummies is one of the better Personal Finance Books written post 1995. Although there is a wealth of information, there are also a lot of holes. Nevertheless, a great book for anyone interested in Personal Finance. I also strongly recommend "More Wealth without Risk" and "Financial Self Defense" by Charles Givens and "The Truth about Money" to help fill in some of the holes that Mr Tyson missed.

They don't teach personal finance in schools. In this book, author Tyson teaches what every high school in the nation should teach anyone who plans to earn money.
This book provides excellent advice on how to save your money and how to set your savings and spending priorities. In particular, Tyson takes into account the tax advantages and disadvantages of various approaches, and he gives an easy to implement way to maximize the tax benefits that the government provides to encourage wise financial decisions.

It is true that the author likes Vanguard's mutual funds and his book clearly recommends them (along with some others). He's in good company: Consumer Reports also recommends some of Vanguard's mutual funds, and Vanguard consistently has the lowest costs in the mutual fund industry.

Finally, a word of advice: Avoid, avoid, avoid any book that recommends dubious tax evasion schemes like starting your own fictitious business for the purpose of taking tax deductions on personal expenses. Instead, buy this book and follow Tyson's recommendations on taking advantage of legitimate tax benefits associated with wise saving and spending.

I really enjoyed Mr Tyson's book. Very well written and enlightening. For even more strategies and also a easy read, I highly suggest Financial Self Defense by Charles Givens. Givens goes into areas left untouched by Tyson. Tyson and Givens books should be on everyone's bookshelf serious about their financial future. Read and grow rich.

This book is the financial equivalent of a weight loss book that rejects fad diets and instead advises you to stick to the fundamentals, such as getting regular exercise and eating more lean foods like fruits and vegetables. In this book, Tyson lays out the basics of personal finance, namely, eliminate "bad" debt, reduce frivolous spending, invest wisely, and start saving for future expenses such as retirement, home ownership, and children's education. He has no agenda to push, so he is free to warn his readers of the risks of taking investment advice from those who do. And it is written in a clear style that is easily understood by even the least financially savvy reader.

Of course, some of his advice will meet with resistance in consumer happy America. For instance, he recommends never buying consumer items such as cars on credit, because the car itself (unlike a house) has no investment potential, and the interest you are paying on the loan is not going to further your own long term financial health. In theory, this makes perfect sense, but in practice, most people simply cannot afford to buy their first car with cash (not if they want a new one) and a used car can be a maintenance nightmare if the previous owner didn't take care of it properly. Other advice is questionable, such as buying your groceries only at "club" stores like Sam's Club. Well, that's nice if you're feeding an army, but most young, single people don't want to buy their peanut butter by the barrel and lug these huge packages up several flights of stairs to their apartments, and will gladly pay a bit more for the convenience of getting goods in quantities they can actually use.

But these minor nitpicks aside, this is a fine introductory work. There are so many books out there on investing and personal finance, and it is a relief to find one that sticks to basic, common sense fundamentals instead of trying to entice you into the latest investment fad. In short, this is a terrific place to start for a person who wants to get started on the path to smart long term money management.

When I entered the real world fresh out of graduate school, my financial situation was not too healthy, which most new graduates can empathize with. After overcoming the horror of my overwhelming debt, I started reading books on personal finance (a great hobby that is not expensive if you use libraries and friends). Personal Finance for Dummies was a very refreshing, practical book on personal finances. Unlike most books, it gave a lot of necessary PRACTICAL DETAILS in an EASY TO READ fashion. And it was not full of bogus get-rich-quick schemes or attempts to sell a plethora of expensive get-rich-quick products that you "need." If you want down to earth advice, read this book.

The money it took to buy this book and the time it took to read this book were the two best investments I ever made! Two years later, I have investments, and I am almost debt-free. It took a lot of work and a lot more discipline. But without this book, I probably would not have come as far as fast.

Good luck! Jason

From the title alone, I wouldn't have bought this book. I mean, who wants a personal finance book that's intended for a dummy? I was saving money, I owned mutual funds that were doing well, no credit card debt -- all the things that you're supposed to do, I was doing.

I was surprised at how much I learned from this book. Rather than focus on investments alone (which *are* covered, and in a much plainer and more accessible way than something like Andrew Tobias' "Only Investment Guide You'll Ever Need"), it looks at every aspect of your financial life.

Do you understand life insurance? The ins and outs of home loans? Think options trading will make money? What about market timing newsletters? Does paying other people to manage your money make sense? Which professions are more interested in the commissions they get than your interests, and what should you do to avoid them? Should you divert 401(k) money into a custodial account for your kids? If you're saving up to buy a house in another two years, should that money be invested in the stock market? Sometimes there are simple answers, but many times the answer is that it depends on who you are, how you like to live, and where you want to be in 30 or 40 years. Rather than tell you how you should be living your life, Tyson asks you to decide what is best for *you*, and suggests how to get there.

It's split cleanly into sections that stand by themselves, and written in a style that can be comprehended by a dummy, but isn't "dumbed down" or condescending. The purpose of the book is to show you how to maintain control of your life and avoid getting ripped off by the multitude of self-interested "consultants".

The first dime anybody invests should be in this book.

Eric Tyson has a pleasant, friendly voice and he's certainly done a comprehensive job, covering most financial issues--and simplifying many of them. My biggest problem with the book, isn't really Mr. Tyson's fault, it's the "Dummies" format. I find all the icons and the supposedly friendly format annoying and confusing. A few other ways I think the book could be better: First, it's often repetitive (I think it could be a 1/4 to a 1/3 shorter--even if they left in all the icons and cartoons); Second, the writing is a bit sloppy at times, and third, I wish he'd be more definitive with his recommendations. Of course, choice is nice, but us "dummies" need more direction. I actually preferred The Mindful Money Guide; this book masterfully simplifies financial matters, while still remaining comprehensive. It's extremely well written, has a good sense of humor, and doesn't forget there's more to life than the bottom-line.

They don't teach personal finance in schools. In this book, author Tyson teaches what every high school in the nation should teach anyone who plans to earn money.

This book provides excellent advice on how to save your money and how to set your savings and spending priorities. In particular, Tyson takes into account the tax advantages and disadvantages of various approaches, and he gives an easy to implement way to maximize the tax benefits that the government provides to encourage wise financial decisions.

It is true that the author likes Vanguard's mutual funds and his book clearly recommends them (along with some others). He's in good company: Consumer Reports also recommends some of Vanguard's mutual funds, and Vanguard consistently has the lowest costs in the mutual fund industry.

Finally, a word of advice: Avoid, avoid, avoid any book that recommends dubious tax evasion schemes like starting your own fictitious business for the purpose of taking tax deductions on personal expenses. Instead, buy this book and follow Tyson's recommendations on taking advantage of legitimate tax benefits associated with wise saving and spending.