Guru Ratings
Eric Tyson
Meh.
Remember my ratings criteria. I’m not judging these gurus on “global” or moral values, but very specific criteria. Many of my favorite books would be rated “bad” by my criteria for self-help (probably, because they are not self-help books). My ratings don’t reflect how well an author met his own goals, but how well they met my criteria for useful, accurate self-help.
Personal Finance for Dummies
A wise beginner’s guide that will help you:
- Measure your financial state.
- Budget.
- Save money.
- Deal with taxes.
- Invest wisely.
- Buy insurance when you need it.
Tyson avoids hype and bullshit. He takes a moment to debunk dangerous gurus like Wade Cook. Heck, Tyson even writes on how to not make money too important or waste too much time on financial administration!
Highly recommended for money beginners. As with all finance books, be sure to get the latest edition.
Investing for Dummies
Investing for Dummies is a weaker book. Maybe it tries to cover too much in too little space.
It also isn’t quite as sound. Read some detailed criticism here.
Mutual Funds for Dummies
A no-nonsense approach to mutual fund investing. Presents investing within “the big picture.”
Nothing here will surprise seasoned investors, but of course this is a beginner’s book. And we need basic, no-nonsense books like this. Trust me, it’s hard to find 350 consecutive pages of bullshit-free financial advice.
You can get a sense of Tyson’s approach with a selection of his “Mandates for Mastering Mutual Fund Investing”:
- Fix your finances first.
- Regular saving and investing is more important than picking the best performers.
- Avoid fees. Investing is one industry where you don’t always “get what you pay for.”
- Don’t try to time the markets.
One important principle Tyson left out is don’t lose money.
As always, buy the latest edition.
Home Buying for Dummies
Not recommended. Confusingly organized and incomplete.
Mortgages for Dummies
A useful overview of mortgages, but repeats much of the information from Home Buying for Dummies. Also, it is light on how-to details where these would be useful.
Let’s Get Real About Money
Tyson lays down good common sense about money management. He debunks hyped-up gurus who make big promises and give bad advice.
Here’s my advice. Read just one money book. A bullshit-free one like this. Then read it again and again until you’ve got it. That will do you more good than reading 100 books by famous “gurus” who give you conflicting and potentially dangerous advice.
A brief summary of the book:
- Money isn’t everything.
- Why we put off learning about money. How to overcome that.
- Look at your history with money, and your beliefs about it.
- Develop money goals.
- How to plan.
- How men and women handle money differently. Money, marriage, and divorce.Money and the family. How to teach kids about money.
- Buy less. Save more. This is the most important thing.
- Track your spending.
- How to spend less.
- Reduce your taxes.
- Good ways to borrow.
- How to mortgage.
- How to deal with debt.
- How to choose wide investments.
- Avoid fees.
- Avoid pundits.
- Assess your portfolio.
- Selecting good mutual funds.
- Insurance to buy. Insurance not to buy.
- Managing risks.
- Conquer expensive addictions.
- How to get good advice. How to avoid bad advice and advertising.
- How to hire financial help.