What does all of this new technology and hyper speed change mean for your financial planning? Does what always worked before still have a chance of working in this new world of digital currency, the sharing economy and identity theft? Ric Edelman, national bestselling financial expert drives home the point that we aren’t in Kansas any more. The Truth About Your Future: The Money Guide You Need Now, Later, and Much Later presents all of the modern advancements that have and will continue to change your life for the better. Though primarily an exercise in opening your eyes to change, he offers some solid points on how to prepare for a future of more change.
A future to consider.
Most of his previous books as well as his radio show focus mainly on how to invest. He wants your to be smart now so that you can be financially secure in the future. He helps his clients and readers take a look at how they could make changes to build a solid financial foundation. With wit and knowledge he leads them to a better understanding of money and what it means in their lives. This book, however, is weighted more to the possibilities that we face rather than certain realities. The potential for financial disruption is real. It just might unfold differently than he proposes–and some of the possibilities may never fall into your financial reality.
A different approach.
I have enjoyed Ric Edelman’s approach to money management and the wit with which he delivers it. There really is only one point on which I diverge from his philosophy: the big mortgage. By the numbers, he is right. The mortgage rates are so low that it would be easy to take money you would have spent on extra principle and put it to work in the market. As long as you make over 4% you are in the black. If you are comfortable with the risk of owing the bank, then his approach will probably work well for you. My own thought on it correlates with Dave Ramsey’s approach to the mortgage: it is the only acceptable debt that should be attacked as soon as possible once you have a good rainy day fund and regular retirement and child education investments going. Ramsey holds firmly to the belief that the debtor is slave to the lender–and that debt is a spiritual chain that should be broken. I ascribe to this view of the mortgage rather than Edleman’s dogma of bigger is better. For a view into Dave Ramsey’s philosophy, you can check out The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness.