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Insider Secrets to financial Well-Being
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Displaying 1 - 2 of 2 reviews
November 15, 2022
Straight to the point, no BS. How to take control of your financial situation. I loves the last part (4), which was the most new-to-me. All other parts are great too, and part 1 had some interesting highlights as well regarding the math behind the compounding effect.
May 11, 2024
I read the Swedish edition "Nyckeln till en hälsosam ekonomi".
I already know much of the material in the book, like the importance of automatic, regular investing ("månadsspar"), the power of compund interest, the value of index funds etc. However, once in a while it is important to be reminded, and I am also interested in finding books on the subject that I can recommend.
This book is very short (125 sparse pages), which is good, but still manages to convey all the important points of basic investment advice. What sets it a bit apart from other investment books I have read is the second half (chapters 3 and 4). Chapter 3 talks about psychological reasons why it is hard to follow the advice. There are 3 main reasons: it takes effort, we are loss-averse, and it is easier to focus on the moment, rather than the future. There are good explanations of how and why this happens, with references to research papers.
Chapter 4 is also very good. It discusses how to get the most happiness out of money. The 4 keys are: spend on experiences rather than things, spending money on others brings more joy than spending on yourself, several small pleasures are better than a few big ones, and finally looking forward to something brings you joy for free.
One thing I'm missing is on the subject of saving for your pension. In Sweden there is state pension, and often supplementary pension ("ITP") included in your salary, and it would have been good to read how the author thinks this should be considered when saving for your pension.
Over all though, a good book on how to save and spend, and one I will recommend going forward.
I already know much of the material in the book, like the importance of automatic, regular investing ("månadsspar"), the power of compund interest, the value of index funds etc. However, once in a while it is important to be reminded, and I am also interested in finding books on the subject that I can recommend.
This book is very short (125 sparse pages), which is good, but still manages to convey all the important points of basic investment advice. What sets it a bit apart from other investment books I have read is the second half (chapters 3 and 4). Chapter 3 talks about psychological reasons why it is hard to follow the advice. There are 3 main reasons: it takes effort, we are loss-averse, and it is easier to focus on the moment, rather than the future. There are good explanations of how and why this happens, with references to research papers.
Chapter 4 is also very good. It discusses how to get the most happiness out of money. The 4 keys are: spend on experiences rather than things, spending money on others brings more joy than spending on yourself, several small pleasures are better than a few big ones, and finally looking forward to something brings you joy for free.
One thing I'm missing is on the subject of saving for your pension. In Sweden there is state pension, and often supplementary pension ("ITP") included in your salary, and it would have been good to read how the author thinks this should be considered when saving for your pension.
Over all though, a good book on how to save and spend, and one I will recommend going forward.
Displaying 1 - 2 of 2 reviews