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Your Money Ratios: 8 Simple Tools for Financial Security at Every Stage of Life Paperback – Bargain Price, December 28, 2010
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From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
-Wall Street Journal
"By focusing on making readers' money work for them, and with the use of simple, clear numbers, Farrell does a wonderful job of taking the worry and stress out of number anxiety-no calculator necessary."
"Everybody wants to know, 'Am I on the right track?' Thanks to Charlie Farrell and his delightfully simple Money Ratios, the answers are just a few pages away."
-Jonathan Clements, author, The Little Book of Main Street Money
"What I like about the use of ratios is that it imposes discipline on emotional spending decisions. When you do the math based on specific goals, real household income and exact time frames related to age, it becomes crystal clear that you really can't afford to blow out the back of your home to expand the kitchen, no matter how attractive or tax- deductible the financing may be."
-Laura Rowley, Yahoo Finance
"Your Money Ratios is a no-nonsense, comprehensive resource for those ready to grab the reins of personal finance once and for all."
"Why not manage your family finances as you would a business? Farrell is a money manager who makes a convincing argument for that approach. He uses ratios more common in the business world, such as the debt-to- equity ratio and the capital to income ratio so that readers can figure out how they are really doing. The book is direct and numbers-focused, and offers answers to questions like "How much should I be saving?" and "How much insurance do I need?"
Top Customer Reviews
He then goes on to discuss savings, debt, investment and just about everything else you'll need to know to save enough for retirement. He actually tells you to spend as little as possible on a car because, even though it's necessary for you to have in order to generate income, it also ends up worthless after ten years (generally speaking). He has essentially the same advice for housing: buy only what you need rather than a McMansion.
Since I read quite a few business and investment books, some of the material (stock and bond investments, for example) covered very familiar ground, but there's nothing wrong with a little refresher now and then.
Thank you, Charles Farrell, for writing this book.
(Note: you can take the capital to income ratio (CIR) data he provides--which is only in five-year increments--and type it into Excel, then plot it, then calculate the equation for the CIR so that you can come up with numbers based on your exact age. Instead of that, you can go to yourmoneyratios.com, input the code he provides in the book and use the web tool.)
Mr. Farrell offers a very clear explanation of how everyone should address financial issues. If more people had read this book prior to the phenomenal crisis we currently endure, none would have lost their homes, their cars, or their job. Private industry and banks would not have fired anyone, instead they would still be hiring more workers. We would remain the pillar of financial strength that irresponsible behavior destroyed.
The author's argument places the financial responsibility for our future needs squarely on each of us. He provides the reader with a blueprint for the meeting of long-term financial goals. His philosphical position is almost a Libertarian argument--except for the acceptance of Social Security as a pillar of virtue, which most Libertarians would argue against, especially in light of the abuses perpetrated by the ever-increasing waves of pillagers in Congress. Nonetheless, his suggested cures for the ills of the system as we face them today are sensible and should be heeded with immediacy.
The work is well conceived, albeit a tad repetitive at times, yet understandably so; most individuals tend to forget from one minute to the next the importance of thoughtful financial planning and a strict adherence to a plan.Read more ›
Introductionn - A Simple, New Perspective
1. The Capital to Income Ratio
2. The Savings Ratio
3. Social Security
4. Where to Save Your Money
5. The Debt Ratios
6. The Investment Ratio
7. Stocks and Bonds
8. Ignoring Wad Street
9. The Disability Insurance Ratio
10. The Life Insurance Ratio
11. The Long-Term Care Insurance Ratio
12. Health Insurance
13. Getting Professional Health
14. Putting It All Together
Appendix - Special Situations
Most Recent Customer Reviews
I'm in my mid-forties and trying to figure out where we "should" be in terms of how much we should have saved by now, can we afford to get a more expensive house or do we... Read morePublished 8 months ago by momto3
Good simple financial book and provides an easy to understand sanity check on your finances.Published 10 months ago by Nathan L. Wichmann
I highly recommend this book to all who are interested in managing their retirement expectations. It is easy to understand and is most valuable to those starting out with their... Read morePublished 10 months ago by Timmy Boy
A quick read. Fun to plug in ratios at the end of the year and see if I am on track with author's recommendations. Not sure I agree with all of his numbers, though. Would buy againPublished 11 months ago by Amazon Customer
Good book. Very informative. However, I feel like this book should be renamed "how to retire successfully". Read morePublished 13 months ago by Jose Vargas