How Much Math Is Used In Being A Financial Advisor New Book Offers Practical Tips for Achieving Financial Security

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New Book Offers Practical Tips for Achieving Financial Security

In Your Money and You: How to Increase Your Chances of Financial Security, Deborah Ellis, a longtime Certified Financial Planner (CFP), offers readers a wealth of insight into stocks, bonds, savings , investment, allocation of your investments and even individual. advice for people from different sectors. Although the book is packed with information, it is also written in a very accessible way. Ellis shares her personal stories about how she started saving money when she was young and young, how her aunt taught her to invest and buy stocks, and how things have changed in the decades since she started saving. His personal experiences then transform into his professional experiences with clients and years of investment in the market.

I know investing can be scary and confusing, but it’s usually due to a lack of information or the fear that we don’t understand the information. As Ellis shows us, investing really isn’t that hard. In fact, anyone who has passed high school math classes can figure this out. What’s harder is learning how to save and breaking down some negative beliefs we may have about money so we can stop working just for money and learn how to make it work. The book opens with a quote from Napoleon Hill, author of the classic book Think and Grow Rich, which says, “If you let it, you’ll be surprised how money attracts money.” Nothing could be more true, and Ellis shows us how it can be true for all of us. She states, “I think the stock market is a gateway to opportunity in America today. I think it’s a way for almost anyone in any walk of life to build wealth and participate in the American dream.” Your Money and You shows you how to walk through that door.

The opening chapters of the book teach us how to take a leadership role with our money. Ellis helps us learn how to plan for retirement and what to expect. It explains the elements of a financial plan. It then has us take financial inventory of where we currently stand so we know what we have to work with and what it takes to reach our goals. It teaches us how to come up with a savings and spending plan, and finally how to put together a team to help us, a team that might include an accountant, a financial advisor, maybe a lawyer, and so on. We do not give away our finances. to these people, but we learn to lead them so that they help us achieve our goals. Ellis warns us “if one of your team members has different priorities, a bias, or wants you to go in a direction you don’t agree with, you need to find another team member!” This is just one example of how Ellis tells it like it is. Another example I love and know to be very true is “if you want to charge for something you can’t pay in full, you can’t afford it.”

Next, Your Money and You gets into the full meat of investing. Ellis explains the power of compound interest and how investing can benefit us over time. It explains the differences between stocks, bonds and mutual funds. She clarifies exactly what the stock market and market indices are, and teaches us to understand how different companies and their stocks are valued.

Once Ellis makes sure we understand the market, he gets into the more personal aspects of investing. It helps us understand our risk tolerance for investing, how to diversify our assets, and all the different scenarios we might encounter, from inheriting money to winning the lottery, and ultimately, how to retire.

The book closes with some chapters for people in special situations, such as the military, those in industries like film and television where you can go from feast to famine at different times, and those who are self-employed. A bonus section includes several articles on how to achieve financial security.

Your money and you is the perfect book to start saving and investing your money. Don’t stop reading it; it’s time to invest in yourself. As Ellis warns us, “money is not static. If you nurture it, it will grow. If you neglect it, you’ll end up with very little. It’s up to you.” What’s more, Ellis tells us that “investing isn’t hard. Developing an investing mindset can take a little more effort.” You and your money can help you develop this mindset, and once you do, your money will start working for you because ultimately you won’t have to work.

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