YOUR MONEY MILESTONES: A GUIDE TO MAKING THE 9 MOST IMPORTANT FINACIAL MILEVSKY M. / DECISIONS OF YOUR LIFE Księgarnia

Your Money Milestones illustrates how four principles inspired by basic arithmetic can be applied to manage the most important financial decisions (money milestones) people face over their entire financial lifecycles.

Addition: Identify the true value all of your financial resources.
Subtraction: Budget for the hidden liabilities in your future.
Division: Spend your total resources evenly over time.
Multiplication: Prepare for many alternative and unexpected universes.

This book offers a complete framework for thinking about money that’s every bit as provocative as Freakonomics.

Drawing on the newest research into psychology and personal finance, Milevsky helps you identify the true value all of your resources; budget for hidden liabilities in your future; plan to spend your total resources smoothly over time; and prepare for unexpected events that could upend even the most careful planning. You’ll discover why children are short-term investment liabilities but may be long-term pension assets, why winning the lottery may increase your chances of going bankrupt, and why giving up control of your retirement nest egg might actually make you happier. The insights are fascinating and useful throughout your life whether you're deciding what to study, contemplating your first home purchase, deciding whether to keep contributing to your 401(k), or considering when and whether to retire.

Moshe A. Milevsky, Ph.D. is a tenured finance professor at the Schulich School of Business at York University (www.yorku.ca) in Toronto, Canada, and the executive director of the nonprofit IFID Centre (www.ifid.ca). He is also the president and CEO of The QWeMA Group (www.qwema.ca), a software company that develops intellectual property and numerical algorithms for the financial services industry. He also writes a monthly column for Research Magazine that is read by financial advisors and planners in North America.

Table of Contents

Acknowledgments xv

About the Author xvii

Prologue: Financial Deicide xix

Introduction: Human Capital: Your Greatest Asset 1

Chapter 1: Is the Long-Term Value of an Education Worth the Short-Term Cost? 13

Chapter 2: What Is the Point of Saving Money Forever? 35

Chapter 3: How Much Debt Is Too Much and How Much Is Too Little? 53

Chapter 4: Are Kids Investments and Can Marriages Diversify? 69

Chapter 5: Government Tax Authorities: Partners, Adversaries, or Bazaar Merchants? 85

Chapter 6: Can You Eat Your House or Will It Ever Pay Dividends? 101

Chapter 7: Insurance Salesmen and Warranty Peddlers: Are They Smooth Enough? 113

Chapter 8: Portfolio Construction: What Asset Class Do You Belong To? 129

Chapter 9: Retirement: When Is It Time to Shutter the Well and Close the Mine? 147

Conclusion: Four Principles to Guide All Financial Decisions and Money Milestones 169

References 177

Index 185

224 pages, Paperback

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