Charles Farrell J.D. L.L.M. - Your Money Ratios: 8 Simple Tools for Financial Security
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A troubled economy calls for answers. Forget complicated, abstract philosophy-- people need sound financial advice thats easy to follow and can be implemented immediately. For the first time, a leading financial adviser has developed a remarkable set of guidelines to give individuals the same kind of objective insight into their personal finances that successful businesses have. Your Money Ratios will help readers effectively manage debt, invest prudently, and develop a realistic and effective savings plan to ensure both financial success and security. Readers need only plug their income and age into Farrells ratios in order to get an instant picture of their savings status and overall financial health, as well as a roadmap for the important choices they must make in the future. Heres what you will find in this book: IF YOU ARE IN YOUR 20s OR 30s Your Money Ratios will tell you how to get started and what you need to do over the next 35 years to stay on track. If you are lucky enough to read this book when you are young, you will have a clear vision for where you need to go throughout your working career. By setting yourself on the right path, you wont have to work so hard later in life to meet your goals. IF YOU ARE IN YOUR 40s You can benchmark your own financial circumstances against the ratios and see how you are doing with respect to your savings, debt, investments and insurance. You have plenty of time to make adjustments if necessary and plot out your path to retirement. IF YOU ARE IN YOUR 50s The formula will provide you with a realistic assessment of your ability to retire. It will help you make the important decisions about how to allocate your financial resources over the next 10 to 15 years, and how to put on the final push for retirement.
Charles Farrell J.D. L.L.M.: author's other books
Who wrote Your Money Ratios: 8 Simple Tools for Financial Security? Find out the surname, the name of the author of the book and a list of all author's works by series.
Charles Farrell J.D. L.L.M.
Peter Komolafe
Stephanie W. Mackara
Pat Robertson
Terry Savage
Glen James
Jane Bryant Quinn
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Table of Contents
INTRODUCTION
A Simple, New Perspective
What does the word retirement mean to you? If your first thoughts were of complicated financial statements and watching the stock market with anxiety, youre not alone. Many Americans are intimidated by the idea of building a financial foundation for a secure, enjoyable retirement. While retiring early to a life of leisure is perhaps the true American Dream, its beginning to feel more remote than ever: according to the Employee Benefit Research Institutes 2009 Retirement Confidence Survey, only 13% of workers are very confident about saving enough money for a comfortable retirement, down from 18% in 2008 and 27% in 2007. As the economy gets shakier, our confidence in our ability to plan for retirement has done the same, but it doesnt have to be that way.
Its possible to lead a healthy financial life today and set yourself on the path to a secure retirement. The secret is having a perspective on your money that is both simple and productive, allowing you to gain a clear understanding of your most critical financial decisions and take action that delivers consistent, positive results. You dont have to become an investment expert to manage your financial life wisely; thats why people like me are in business. You just need fresh tools, and thats what makes Your Money Ratios unique.
The Magic of Ratios
This book presents a series of elegant, simple formulas for managing the most important aspects of your personal finances, all with the goal of helping you make steady progress toward a secure retirement while living more securely and sensibly today and being buttressed against disability, disease, tragedy, or downturns in the future. The key is the simple ratio. Dont lapse into a high school math class coma; this is easy to grasp. A ratio is nothing more than the relation between two numbers expressed like this: 2:1.
The beauty of Your Money Ratios is that it turns all those mind-numbing financial calculations into simple ratios based on your age and household income. Thats the fresh tool. Nothing more complicated than that. If you know how old you are and how much you make, you can master your retirement planning. You do know how old you are and how much you make, right?
If you would like to lead a healthy financial life and set yourself on the path to a secure retirement, then this is the book for you. While there are many books about personal finance and retirement, this book is unique. It provides a simple and clear framework for understanding what you need to do today to prepare yourself for a more secure future.
Your Money Ratios will help you understand how to manage the four core areas of personal finance:
1. Savings
2. Debt
3. Investments
4. Insurance
To lead a healthy financial life and position yourself for a secure retirement, you must manage these four areas in concert. In theory, this is not difficult to do if you understand the methods and reasons behind it. The trouble is that money is an emotional issue. Even experienced financial professionals become caught up in the emotional ups and downs of the real estate market or the stock market. Witness the financial crisis of 2008 and 2009. A great deal of that turmoil came about because even the Wall Street whizzes allowed their desire for profit to overcome their good sense and convince them that somehow, the real estate market would keep appreciating forever. Well, 100 years of financial data have showed us that nothing appreciates forever, but emotions blinded many to this truth, and the result was the worst financial meltdown since the Great Depressionexacerbated by emotion as people quit spending out of fear and pulled their money out of the falling stock market out of blind panic.
The formulas you will learn in this book are designed to help you take the emotion out of your retirement savings as much as possible. By following them steadily and consistently over the years, you will avoid making bad decisions based on irrational exuberance, or fear. For example, when the stock market is up, many people increase the size of their investments, forgetting that what goes up must come down. And when the market plummets as it did in late 2008, people who are making their decisions based on emotions tend to get out, believing they can time the market and get back in just as stocks are about to rise. The truth is, no one can time the market. The only thing you do by pulling your money out of a down market is increase the odds that you will make another bad decision on when to get back in, one that could cost you tens of thousands of dollars or more.
Your Money Ratios takes emotion out of saving for retirement. You simply follow the numbers consistently, year after year, and do your best to ignore what everyone else is doing or where the market goes. Over time, if you invest and make your financial decisions this way, you are likely to reach your goals. A century of financial and economic facts bear this out, time and time again. When it comes to your money and your future, you want to be Mr. Spock, not James T. Kirk.
The Five Questions
If you are like most people, you find it difficult to answer the following questions:
1. How much should I be saving each year?
2. How much should I have saved at my age?
3. How much debt should I carry?
4. How do I invest my savings?
5. What insurance do I need?
Even with the substantial amount of information available on these subjects, most people are completely confused about how to manage a modern financial life and prepare for a secure retirement. There are two primary reasons for this. First, financial services companies have a vested interest in marketing their products to us. Second, todays financial markets and suites of investment products are so complex that rocket scientists and neurosurgeons are left saying, Huh? Yet these are the most important questions in your entire financial life.
At this point you may be holding up your hands and saying, Whoa, Charlie, I dont know this! This is why I hire a financial advisor! Thats exactly my point. You need to answer these questions in order for your financial advisor to do his or her job well. But even with the substantial amount of financial information available on these subjects, people are confused about how to manage a modern financial life and prepare for a secure retirement. Theres a lot of noise and very little signal. Yet your financial future depends on knowing the answers.
Your Money Ratios provides the answers. It takes all the complex questions of todays finances and reduces them to a simple set of eight financial ratios. The ratios are based on your household income (pretax) and age. Thus, the ratios can be used by anyone at any age to help determine how much you should be saving, how much you should have saved at your age, how much debt you can carry, how to invest your savings, and what type of insurance you need at each stage of life.
Your Money Ratios provides you with an incredibly simple and practical tool for managing the most important aspects of your financial life. The ratios cover the time frame from ages 25 to 65, and help you make the important decisions in the four core areas of finance throughout your adult working years. This isnt about getting rich; its about developing a long-term perspective for prudently managing your finances and steadily building assets for retirement. It is based on sound financial principles that have stood the test of time, not gimmicks.
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