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Where to Put Your Money Now by Peter Passell

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 [3] 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 [4], 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.