Money Mindset
Formulating a Wealth Strategy in the 21st Century
Published on 22. December 2015
Book
Hardback
176 pages
978-1-119-13605-7 (ISBN)
Description
Harness the power of your money with a 21st century mindset
The speed at which the world is evolving is compounding exponentially each day, leaving individual investors wondering how to appropriately plan for their financial future. The financial norms that helped prior generations retire with grace are quickly evaporating or have already been replaced with new difficult realities.
Money Mindset is an expert-led guide to growing your wealth, protecting your wealth, and transferring your wealth to future generations. Written by a third generation financial planner who is also an adjunct finance professor at the W.P. Carey School of Business at Arizona State University, Money Mindset helps readers understand important financial concepts and theories of the 21st century.
* The science and psychology of money
* The 'WHY' of personal financial management
* The rule of 72, asset allocation, dollar cost averaging, and the erosive effects of inflation
* How to manage a diverse investment portfolio to minimize macroeconomic vulnerability
* How to create a legacy through proper estate planning
Money Mindset explores the idea that money can be looked at as an energy source. In order to truly harness its powers, one must acquire and maintain a certain money mindset.
Everyone wants financial independence--having enough money to consistently fuel their everyday life. Money Mindset clears a path through the increasingly convoluted and ever-changing world to show how to finally become financially secure.
The speed at which the world is evolving is compounding exponentially each day, leaving individual investors wondering how to appropriately plan for their financial future. The financial norms that helped prior generations retire with grace are quickly evaporating or have already been replaced with new difficult realities.
Money Mindset is an expert-led guide to growing your wealth, protecting your wealth, and transferring your wealth to future generations. Written by a third generation financial planner who is also an adjunct finance professor at the W.P. Carey School of Business at Arizona State University, Money Mindset helps readers understand important financial concepts and theories of the 21st century.
* The science and psychology of money
* The 'WHY' of personal financial management
* The rule of 72, asset allocation, dollar cost averaging, and the erosive effects of inflation
* How to manage a diverse investment portfolio to minimize macroeconomic vulnerability
* How to create a legacy through proper estate planning
Money Mindset explores the idea that money can be looked at as an energy source. In order to truly harness its powers, one must acquire and maintain a certain money mindset.
Everyone wants financial independence--having enough money to consistently fuel their everyday life. Money Mindset clears a path through the increasingly convoluted and ever-changing world to show how to finally become financially secure.
More details
Persons
JACOB GOLD is the President of Jacob Gold & Associates, Inc., a private wealth management firm located in Scottsdale, Arizona. He and his team provide personalized, comprehensive financial guidance in the areas of retirement planning and wealth preservation.
As a third-generation wealth manager, CERTIFIED FINANCIAL PLANNER (TM) practitioner, and adjunct professor of finance at Arizona State University, his understanding of financial planning and investing seems to be embedded in his DNA. He was mentored by his father and grandfather at a young age and learned the fundamentals of the flow of money, the management of money, and the psychology of money that have helped him throughout his life and career.
Gold is also a trusted source for market-related commentary and shares his knowledge with some of the largest names in the media world. In addition to his regular personal finance articles for U.S. News & World Report and the Huffington Post, he regularly shares his financial philosophies with a number of media outlets, including the Wall Street Journal, USA Today, the New York Times, Newsweek,and CNBC.
As a third-generation wealth manager, CERTIFIED FINANCIAL PLANNER (TM) practitioner, and adjunct professor of finance at Arizona State University, his understanding of financial planning and investing seems to be embedded in his DNA. He was mentored by his father and grandfather at a young age and learned the fundamentals of the flow of money, the management of money, and the psychology of money that have helped him throughout his life and career.
Gold is also a trusted source for market-related commentary and shares his knowledge with some of the largest names in the media world. In addition to his regular personal finance articles for U.S. News & World Report and the Huffington Post, he regularly shares his financial philosophies with a number of media outlets, including the Wall Street Journal, USA Today, the New York Times, Newsweek,and CNBC.
Content
Foreword xi
Preface xv
Acknowledgments xix
Chapter 1 Money Is Energy 1
There Is No Silver Bullet 4
Building Your "Financial Foundation" 5
What's Ahead? 6
Note 7
Chapter 2 The Psychology of Money 9
The Science of Fear and Greed 13
What's Ahead? 16
Note 16
Chapter 3 New Retirement Paradigm 17
The Coming Crisis in Retirement Planning 20
Why Is Retirement So Different Today? 20
The System Is Running Out of Energy 23
What's Ahead? 25
Notes 26
Chapter 4 The "Why" of Financial Management 27
What's Your "Why?" 30
Not Planning Is the Same as Planning to Fail: Where to Start 31
Be Prepared for the Thunderstorms 32
What's Ahead? 34
Chapter 5 The Power of Compound Interest and the Erosive Effect of Inflation 35
The Power of Compound Interest 38
Make Time Work for You 40
The Cost of Procrastination 40
The Story of Larry and Earl 42
The Erosive Effects of Inflation 43
Looking at Inflation Today 44
The Shrinking Dollar 45
Memory Lane 46
What's Ahead? 46
Note 47
Chapter 6 Building Your Wealth 49
The Financial Engine of Your Wealth Creation 52
Asset Allocation 55
Importance of Asset Allocation 56
What Does Salsa Have to Do with Asset Allocation? 58
Rebalancing Your Portfolio 59
Measuring Volatility 60
Be Smart about Recovery Times 63
Dollar Cost Averaging 64
Systematic Withdrawals 65
Where Does Real Estate Fit In? 66
What's Ahead? 66
Note 67
Chapter 7 Taxes and Insurance 69
Taxes 71
How to Calculate Your Effective Tax Rate 74
Insurance 75
Health Insurance 77
Long? Term Care Insurance 77
Life Insurance 79
Types of Life Insurance 80
Disability Insurance 81
Automobile Insurance 82
Renters or Homeowner's Insurance 83
Deductibles 84
Overinsured or Underinsured? 85
A Defensive Strategy 86
What's Ahead? 86
Notes 87
Chapter 8 Estate Planning 89
Simple Estate Planning Documents 92
Beyond the Basics: A Living Trust 94
Chapter 9 Do You Need a Financial Planner? 101
Do You Need Help? 104
Your Financial Education 106
Note 107
Appendix Economic Energy 109
The History and Future of Energy in the United States 112
Energy Forecast for North America 119
Notes 126
Glossary 127
About the Author 137
Index 139
Preface xv
Acknowledgments xix
Chapter 1 Money Is Energy 1
There Is No Silver Bullet 4
Building Your "Financial Foundation" 5
What's Ahead? 6
Note 7
Chapter 2 The Psychology of Money 9
The Science of Fear and Greed 13
What's Ahead? 16
Note 16
Chapter 3 New Retirement Paradigm 17
The Coming Crisis in Retirement Planning 20
Why Is Retirement So Different Today? 20
The System Is Running Out of Energy 23
What's Ahead? 25
Notes 26
Chapter 4 The "Why" of Financial Management 27
What's Your "Why?" 30
Not Planning Is the Same as Planning to Fail: Where to Start 31
Be Prepared for the Thunderstorms 32
What's Ahead? 34
Chapter 5 The Power of Compound Interest and the Erosive Effect of Inflation 35
The Power of Compound Interest 38
Make Time Work for You 40
The Cost of Procrastination 40
The Story of Larry and Earl 42
The Erosive Effects of Inflation 43
Looking at Inflation Today 44
The Shrinking Dollar 45
Memory Lane 46
What's Ahead? 46
Note 47
Chapter 6 Building Your Wealth 49
The Financial Engine of Your Wealth Creation 52
Asset Allocation 55
Importance of Asset Allocation 56
What Does Salsa Have to Do with Asset Allocation? 58
Rebalancing Your Portfolio 59
Measuring Volatility 60
Be Smart about Recovery Times 63
Dollar Cost Averaging 64
Systematic Withdrawals 65
Where Does Real Estate Fit In? 66
What's Ahead? 66
Note 67
Chapter 7 Taxes and Insurance 69
Taxes 71
How to Calculate Your Effective Tax Rate 74
Insurance 75
Health Insurance 77
Long? Term Care Insurance 77
Life Insurance 79
Types of Life Insurance 80
Disability Insurance 81
Automobile Insurance 82
Renters or Homeowner's Insurance 83
Deductibles 84
Overinsured or Underinsured? 85
A Defensive Strategy 86
What's Ahead? 86
Notes 87
Chapter 8 Estate Planning 89
Simple Estate Planning Documents 92
Beyond the Basics: A Living Trust 94
Chapter 9 Do You Need a Financial Planner? 101
Do You Need Help? 104
Your Financial Education 106
Note 107
Appendix Economic Energy 109
The History and Future of Energy in the United States 112
Energy Forecast for North America 119
Notes 126
Glossary 127
About the Author 137
Index 139