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Where to Put Your Money Now by Peter Passell
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Not sure where to invest your hard earned money? Not even sure if you should invest it? Where to Put Your Money Now by Peter Passell is the latest in a line of books focused on that very issue. It’s a mere 130-something pages written by a Senior Fellow of the Milken Institute, a well-respected independent economic think tank, and a fairly quick read.
My favorite chapter has to be the first one where Passell explains how the crash of 2008 happened. It’s not only easy to read, but it’s right and his explanation fairly disperses the blame to all the parties actually deserving it.Mortgage brokers, Wall Street suits, state and federal regulators, and everyone else in between shares a bit of the blame for how we arrived at 2008 and the subsequence economic recession. I like that he doesn’t pick one group and how he explains otherwise complicated topics in an easy to understand manner, something mainstream media has failed to do throughout the crisis (then again, they gotta sell papers right?)
If you want to get the gist of the book, read chapter 2. Passell explains how your approach towards your entire financial world should be adjusted because of the new rules. He points to the impact inflation will have on your savings, how too much interest in your investments is as dangerous as too little, and how you should be investing in your best asset – yourself. Once you read the overview, you’ll get a sense of his style and whether you want to read more. The later chapters get into applicable advice and ideas that you can do immediately.
Overall, I thought it was well written, succinct, and applicable; three qualities I admire in a book. It’s even valuable if you know nothing about personal finance, because Passell does a good job explaining the basics like Coverdale accounts and Certificates of Deposit. It’s a book worth pulling from the bookshelf to find out if you like it.
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Thanks; I haven’t heard of this one yet, but I’ve been curious as to how any “new rules” really change the investing game. Wonder how much of it is strictly relevant only to a U.S. audience or not? Sounds like the kind of book I’d like.
What a difference a bubble can make. As recently as the spring of 2007, those nice folks in charge of Wall Street – the ones with $350 haircuts — were convinced they were the Masters of the Universe. Dozens of investment firms, some dating from the 19th century, were largely ignoring their traditional businesses, preferring instead to sell whiz-bang financial products cooked up by computer geeks. And why not? You didn’t have to burn the midnight oil for those profits – they just poured in!
After reading your review, I went on Amazon and ordered the book. The book is worth a read, but I would suggest getting it from your library. I’ve read about half and haven’t picked it up in a while now.