Books for Dudes: Surviving This Hellish Economy

E-Mail This Link

Enter recipient's e-mail:

Close

Email

Print |

Reprint/License |

Subscription |

RSS |

Share | |

Douglas Lord, Connecticut State Lib., Middletown -- Library Journal, 10/23/2008

So I’m on this century ride, and a dude pulls up next to me, and we start chatting about the headwind (strong) and the temperature (brisk), and, as conversations among cyclists seemingly always do, we get around to Iceland. I know what you’re thinking—the grandeur of Reykjavík’s fishing fleet, the thermal spas, and the unadulterated prowess of the Icelandic women’s indoor handball squad.

But, no, today’s conversation is about Iceland going bankrupt. Flat broke. Worse than Willie Nelson on a 1990 weed bender or Suge Knight’s ignominious Death Row Records flameout. It comes out that neither of us dudes has much money in the bank. Then, other dudes on the ride start piping up, which makes it apparent that there’s a general shortage of scratch. "My quarterly statement is down about 25 percent," complains one (he’s on a Jamis). "Equity?!" cries another (Cannondale). "I have to refinance every five years to keep afloat!" mourns blue Trek.

What I’m hearing is that while some of these dudes have a grasp of the most basic personal finance principles, others not so much. And those of us who fall into the former group don’t always have a strategy for future security ("Retirement?" scoffs one: we hear him). With the markets spazzy and Federal Reserve Chairman Ben Bernanke talking his "risk of a protracted slowdown" smack, we’re all a little worried. We’re not bumbling fools, mind you (hey, we can ride bike!); we’re just not experts on investing.

Yes, America is the land of opportunity, but it’s fallen from its lofty economic perch. And, anyways, capitalism wasn’t exactly designed to let everyone win. Still, dudes got a right to strive for the gold. In uncertain times, we have a responsibility to school ourselves in the proper care and handling of the benjamins. I know personal finance isn't kick-back-in-the-hammock-friendly, and it's certainly not going to be typical of my column, but it's important. The selections below take into account your low boredom and complexity threshhold (no insult intended!). A belated happy Halloween from me and the kiddles.

---

Andrew, Douglas R. & others. Millionaire by Thirty: The Quickest Path to Early Financial Independence. Business Plus: Grand Central. 2008. 256p. ISBN 978-0-446-50184-2. $22.99. ECON
In a narrative format, Andrew and sons mix classic personal finance counsel—e.g., cut and track your spending—with nontraditional thinking along the lines of "don’t pay down your mortgage, or you’ll lose all the tax write-offs." Reminding dudes that time’s on their side (this is not for baby boomers), the authors keep the big picture paramount. Their attitude is "buy and hold," not "buy and mess around with your long-term investments every week." While the main method they promote might be tough in a recession, the basic concept (real-estate appreciation) has held true since…well, the Mayflower. The unabridged versions, read by the authors, are worthy as well. Check the Kindle version, too.

Block, Sandra & others. The Busy Family’s Guide to Money. Nolo. 2008. 288p. illus. index. ISBN 978-1-4133-0836-5. pap. $19.99. ECON
This book delivers on its title, presenting material that’s as easily understood as the USA Today newspaper for which its authors write as columnists. It’s the quick and dirty (okay, maybe not dirty, perhaps unkempt) on a variety of personal finance issues: spending plans, debt control, real-estate matters, tax breaks, etc. It takes the entire family into consideration, so if dudes are looking for at-a-glance info on planning for the kids’ college savings, it’s here. (See LJ’s original review.)

Dunnan, Nancy. How To Invest $50–$5,000: The Small Investor’s Step-by-Step Plan for Low-Risk, High-Value Investing. 9th ed. HarperCollins. 2007. 239p. ISBN 978-0-06-12982-7. pap. $14.95. ECON
This deserved classic remains encouraging, concise, readable, and, perhaps most important, doable for average dudes. Dunnan educates us on the entire range of investment vehicles, from banks to bonds to annuities and trusts, as well as the risks and possible payoffs of each. He packs the text with sensible tips and ideas (e.g., book summer camp in February; shop for air conditioners in March). With this, a dude can transform his small stash into a hoard.

Fisher, Sarah Young & Susan Shelly. The Complete Idiot’s Guide to Personal Finance in Your 20s and 30s. 3d ed. Alpha: Penguin Group USA. 2005. 376p. ill. index. ISBN 978-1-59257-332-5. $18.95. ECON
This entry in the "Complete Idiot’s" series effectively covers the meat and potatoes of personal finance: cash, banking, credit use, retirement, mortgages, homeowner’s insurance, and more. As a workbook, it has an inherent scribble-in risk factor, but it’s slight. Watch for the fourth edition, due out in June 2009.

Fowles, Debby. The Everything Personal Finance in Your 20s & 30s Guide: Erase Your Debt, Personalize Your Budget, and Plan Now To Secure Your Future. 3d ed. Adams Media. 2008. 308p. illus. ISBN 978-159869-634-9. pap. $14.95. ECON
Prolific finance author Fowles here focuses on the fundamentals—budgeting, saving, banking, credit cards, buying a home, cars, income taxes, and beginning a retirement account. Clearly presented, understandable, and with an uncommonly practical attitude, this is a great starting place for the clueless.

Garrett, Sheryl. Investing in an Uncertain Economy For Dummies. Wiley. 2008. 384p. ISBN 978-0-470-40116-3. pap. $21.99. ECON
Annuities, commodities, and diversification are all tools and strategies that can help dudes weather economic cycles. In writing about them, Garrett is concise and clear, tending toward practicality and preserving a dude’s financial well-being; indeed, her titles feel like one-stop shopping for dudes. Of particular note is her excellent Starting Out: Your Roadmap to Life’s Financial Crossroads. It’s a levelheaded, practical, and unfortunately out-of-print resource, so look on eBay.

Heady, Robert K. & Christy Heady with Hugo Ottolenghi. The Complete Idiot’s Guide to Managing Your Money. 4th ed. Alpha: Penguin Group USA. 2005. 256p. illus. index. ISBN 978-1-59257-298-4. pap. $18.95. ECON
As with most books in the "Complete Idiot’s" series, this one comes across clearly; dudes will feel like they can accomplish something. Coverage of the usual suspects—credit, budgeting, simple investments—is thorough but not overdone. More information is available from the author’s recommended readings and web sites.

Little, Ken. Personal Finance at Your Fingertips. Alpha: Penguin Group USA. 2007. 418p. illus. index. ISBN 978-1-59257-644-9. pap. $16.95. ECON
Little’s no-nonsense manner almost renders this a reference book. But his lack of prose flair is made up for by his clarity. In addition to the basics, he adds sections on debt reduction, vacations, second jobs, and renting. The book is easily navigated with a great table of contents. For the extemely cut-and-dried in DudeLand.

Nissenbaum, Martin & others. Ernst & Young Personal Finance Planning Guide. 5th ed. Wiley. 2004. 540p. illus. ISBN 978-0-471-68724-5. pap. $19.95. ECON
This great, thick book walks readers through personal finance issues ranging from the simple (e.g., basic budgeting, goals, assets, savings) to the moderately complex (e.g., stocks, mutual funds, IRAs, bonds, planned investments). It also helpfully covers these same concepts as milestone "life events" occur (read: marriage, divorce, buying a home). While workbooky, the potential for scribbling-in is low. This is optional, but only due to its age; if you have it, it’s authoritative enough not to weed.

Templar, Richard. The Rules of Money: How To Make It and How To Hold on to It. Financial Times: Prentice Hall, dist. by Pearson Education. 2007. 229p. ISBN 978-0-13-239410-9. $16.95. ECON 
As in his previous books in this series (The Rules of Life), the pseudonymous Templar presents his material as a list of 100 "rules." He explains each rule concisely and directly over the course of one to three pages; dudes might consider them as positions or attitudes about the topic at hand. While some are decidedly old school ("Spend Less Than You Earn" ; "Decide What You Want Money For"), some get a little freaky ("Understand That Wealth Is a Consequence, Not a Reward"; "Play Your Hunches"). The approach is the kicker; different than the standard "personal finance 101," it will appeal to dudes who enjoyed Sun Tzu's The Art of War and Stephen Covey's The Seven Habits of Highly Effective People.

Winget, Larry. You’re Broke Because You Want To Be: How To Stop Getting by and Start Getting Ahead. Gotham: Penguin Group USA. 2007. 224p. ISBN 978-1-592-40334-9. $20. ECON 
The irascible host of A&E’s Big Spender—a pull-yourself-up-from-your-bootstraps kind of dude—Winget differentiates between poverty (a chronic condition) and merely being broke. The broke are either overspending or underearning; Winget argues that the broke can be fixed, challenging me and my ilk to take a good, hard look at ourselves, our habits, and our personal finances, leading us down the road to balance. Winget rejects any form of whining and demands that readers accept responsibility. Direct confrontation works on reality TV; as long as dudes are willing to be honest, it works here, too. Gotham’s $14 paperback is coming in December. Car commuters might like the unabridged audio versions read by the author.