Random House ZA
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Become Your Own Financial Advisor: The real secrets to becoming financially independent Kindle Edition
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- ASIN : B07TKCPJS6
- Publisher : Zebra Press; 1st edition (July 1, 2019)
- Publication date : July 1, 2019
- Language: : English
- File size : 776 KB
- Text-to-Speech : Enabled
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 155 pages
- Lending : Not Enabled
- Best Sellers Rank: #307,805 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
Top reviews from the United States
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So helpful having a wide range of retirement funding and investments explained so clearly.
Would highly recommend this book to anyone who is starting to take control of their personal finances or who wants to improve the way they deal with money.
Who shouldn't buy this book: Anyone who regularly reads financial websites like fin24, moneyweb, businessday etc. You have a fair understanding of shares, RA's, ETF's, budgeting, retirement funding and are already a reasonable good saver, budgeter and have your financial issues largely under control.
Unfortunately, I fall into the later category and learned almost nothing new by reading this book. While I can see that someone with no money sense could benefit from this light read, I feel that any reasonable competent person can read pretty much everything contained in this book for free on the internet. There is nothing much that hasn't already been written about in the last year or so.
The other reason for my average rating is that, while the author attempts to put concepts and examples into simple language, sometimes the examples given are too simple and for that reason, actually dangerous in their promise. Issues like tax a frequently absent and some examples given are downright irresponsible. e.g The author advocates borrowing money to buy shares! This is not for novices! An example around purchasing a property vs renting comes to a definite conclusion (which I won't spoil here), but there are no facts and figures mentioned explaining why this conclusion was reached. I fear that the novice would pick out these sound bites and conclusions as 'hot tips' for their next family gathering without understanding the nuances involved in these complex decisions.
I also found some inconsistencies in the various chapters. In one case, the author will give suggested values on an investment topic, yet in a later chapter will use different values for the same example. Perhaps some more editing is required. The last third of the book is nothing more than a financial dictionary and I was disappointed to see that this serves little purpose but to act a a quick reference to words used in earlier chapters. I mostly skimmed through this section as a quick google search will explain what a 'share' or an 'endowment' is.
I would consider this book more of a 'motivational' book, than a serious, financial game plan for newbies. For me, the most ironic thing by far is the fact that the author spends the last part of the book explaining why you shouldn't be your own financial advisor and need professional help.
Perhaps the publishing house decided on the book title to make it sell well, I don't know. But I can absolutely state that this book is in no way a manual on how to become your own financial advisor.
In summary, I applaud what the author is trying to achieve - educate the beginner on some of the best ways to get ahead with their money matters and understand some of the things they can do to become wealthy. But I feel that it was a little too light on the nuts and bolts on actually going about constructing a financial plan.
Bottom line - if you learned a lot from this book, please do not become your own financial advisor. Seek professional help! I read it in about 4 hours over 2 days and didn't really see much value for my money. It would be a good gift for someone who really is clueless about money though. All in all, it's a decent read for the layman or young person starting out, but does not deliver on the promise of you becoming your own financial advisor.
Warren is also not afraid to use real life figures and examples that makes the book a great balance of theory and practical applications.
Worth a read for anyone looking to get better equipped with their finances.