I believe this book would make an excellent gift for someone graduating and starting to earn real money. The second group of people who should read this book are those who believe their finances are a mess. Typically, these are people with high levels of consumer debt and no plan for managing their money.
Glen James, author of Sort your money out and get invested is a former financial adviser who now hosts a podcast called Money, money, money.
Not only does Glen give gems of wisdom from his personal experiences, but he provides a detailed step-by-step guide to each step of the process in paying down personal debt and then investing for the future. The book gives the reader valuable information on how to invest, whether it is investing directly or through various forms of managed funds, ETFs and superannuation.
The books will show you how to build you sound financial house, starting with the foundations, and moving upwards towards investing.
Glen calls this process of investing, LOOT- Life On Own Terms.
The ten principles you will learn are:
- Setting up the “Sound Financial House”
- Remove all consumer debt
- Share markets, ethical investing and asset allocation
- Superannuation
- Insurance
- Estate Planning
- Mortgage Structures and Offset Accounts
- Real Estate – home and/or investment property
- Develop a mindset and make the most of your income
- Get out of debt and make the most of your life
While Glen recognises that “not everyone needs a financial adviser, but everyone needs a financial plan”. This book will give you the skills to create a financial plan and start the investment process. Once you have developed a money mindset, some readers will elect to pass their money management to a financial adviser. Having read this book and started the process of getting your money affairs in order, you will be better equipped to have a meaningful discussion with your financial adviser, if you choose to take that path.
I would recommend this book to anyone who wants to understand the investment process and may also want to manage their money independently of a financial adviser.
Glenis Phillips SF Fin – Good Financial Reads
Disclaimer: Financial Mappers does not have an Australian Services License, does not offer financial planning advice, and does not recommend financial products.
