There’s an old saying that if all the economists were laid one end of the world to the other, they would never reach a conclusion. More often than not that does seem to be the case, however, if you’re going to read a book on finance this year, author and economist Lawrence Kotlikoff put together a must read. Kotlikoff is also the co-author of the definitive book on Social Security, “Get what’s yours” and has struck gold once again with this gem.
I typically expect to be bored out of mind when reading financial publications, but Kotlikoff has the rare ability to make complicated financial matters understandable and debunks a great deal of Wall Street mumbo jumbo. His personal explanations and matter of fact style truly of how the financial world really works made me want to read more. For example, have you ever wanted to tell your children that it’s insane to take on student debt to get a degree in a field that can never repay that debt plus interest? I know, I know, nobody wants to stifle their kids’ dreams of a career in fine arts or history but are we handcuffing them by not sharing this with them? Kotlikoff shares how to get the facts about careers that have increased earnings potential based on demographic changes like aging, or how to avoid being replaced by robots or outsourced. As the saying goes, the world needs ditch diggers and plumbers too!
Here’s a few more nuggets that might entice you to give this a read:
- The chapter titled Get House Rich explains the long-term impact of deciding where you’ll live and how the money you don’t spend on housing can be leveraged for your future financial security. He provides creative ideas to make sure you understand the true costs of your housing decisions.
- Another chapter on the traps of Social Security and factual mathematical reasons as to why you should wait as long as possible to claim your benefits. He also highlights a Scam noting that Social Security Admin office has been calling people who are waiting to take maximum benefits and offering them a few payments in advance to start before the age of 70! That enticing offer if taken results in a permanent 6.7% benefit loss over the rest of your life!! His website maximizemysocialsecurity.com has accurate decision-making software you can access.
The author’s real target is the financial planning industry, as he reveals the costs and motivations of Wall Street, which now ties to accumulate assets and charge fees. I mean why else would a planning firm advise you to take Social Security early (see ramifications above) while taking your roll-over money to make it grow? Kotlikoff has another website if you’re ready to make your own smarter planning decisions visit maxifiplanner.com. From mortgages to student loans to calculating the true cost of divorce and understanding the real risks of stocks Money Magic has the answers you’re looking for.
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Source: Terry Savage registered investment adviser and author of The Savage Truth –
