A lot went through my mind when I was informed that the book the 5 Money Myths was going on a blog tour, and that it was actually going to stop by my blog. So, I started reading a book about tested money principles and retirement plans with a fear at the back of my mind, the fear of not ‘getting’ what the book was about. BUT I actually found it very interesting, even though I am not in the US, and I am not someone who really thinks about retirement…. until now that is. So, what’s this book about?
The 5 Money Myths by Ed Kinsley and Marc Roethel.
The book talks about current retirement plans in the US and how they are failing to help people retire comfortably. It addresses 5 myths of money and then shows us the connection between money myths and saving for retirement.
What are the myths anyway?
Myth #1 You will get around to saving later.
Myth #2 We should weather the ups and downs of the market.
Myth #3 We should pay for everything with cash
Myth #4 Defer taxes any chance you get
Myth #5 Only the wealthy can achieve this.
(Kinsley and Roethel, 2015)
Each of these myths is looked at closely and analysed in a very comprehensible way.
What did I get from this book?
An urge to save money for my retirement (especially since I am in Greece).
I started thinking about my relationship with luxury. I do not need the latest technology nor the latest luxury bag. Luxury can/should be part of our lives, but it is not always a necessity.
I always pay my bills first and then by the end of the month I run out of money, so no savings.I need to ‘pay’ myself first and then worry about my bills
I shouldn’t just jump into a plan. The internet and forums shouldn’t be my sole advisor. I need to get advice on finances, insurance and retirement plans
What I liked about the book
I am a finance dummy. I don’t really care that much about savings/retirement plans, but this book did give me a clear picture of how the ‘retirement plan scene’ in the US works and it was done in a way that was like a story. What do I mean by story?
Well, the writers talk about money, retirement plans, money principles, what you should and shouldn’t do in a way that an everyday person like me gets it! They talk about money as if it is a narrative, a story.You have the young couple trying to scrape by, the couple that lost lots of their savings and so on. Each story is connected to a myth and suggestions on how to end up with a successful retirement plan are made. Yes, there are numbers, but they are explained in a way that does not leave you baffled and running away from the book.
If you are in the US, this book gives you a clear picture of what to do in order to retire comfortably. It talks about 401(k) programme and IULS. There are lots of helpful links and suggestions on where to look for advice on your retirement plan. If you are not in the US, like me, this book is still for you because what is discussed has to do with money and we use it all around the world. We all (well, hopefully all), do retire at some point. Of course, this book is not a novel or a book you’d take on the beach and read while drinking a mojito. It is a book about money though that can be appreciated by the everyday reader. *You can purchase the book here.
The Giveaway & $100 Amazon Gift Card
Now, as I mentioned earlier, this blog is part of the 5 Money Myths blog tour and part of the tour is a 10 book giveaway and a $100 Amazon card giveaway! All you have to do is enter the giveaway by clicking on the link
The winners will be announced on the 31st of January.
I think this book makes understanding money principles easy to understand. Gives a clear picture as to how to go about making a retirement plan and makes even someone like me, the shopaholic Greek girl start thinking about retirement plans and savings.
Thanks for stopping by.
This is not a sponsored post. I was sent the book to review. I have not received any money for this review. Views expressed are my own. * I use Amazon affiliate links. You do nto pay extra for a product, I just make a small amount of money off your purchase.