A well thought out and inspiring book, written in a way that is accessible whilst providing practical solutions to investing for the long term. Given the complex nature of the subject Andrew Craig has done a great job in breaking it down into approachable sections, providing easy to understand elements whilst dipping into more complex areas so that those who are more experienced will stay engaged. A definite recommend!
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Throughly enjoyed reading this, don’t think I’ve ever gotten through a book as quick. Very informative, set out in plain English, not finance jargon. Has definitely got me interested in the world of finance!
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This is a book that I think everyone should read. It also made me realise how lacking the general British public are about money and investing, even people who have high 6 figure salaries, highly educated and in positions of significant corporate responsibility. This is proven by the fact that 70% of ISAs in the UK are cash ISAs which in my opinion are a complete waste of time (unless you hold more than about £20k in cash) even now with interest rates back to normal levels after being ridiculously low for 15 years, investing in stocks and shares is still better. It covers the key points: Diversification, the power of compounding and that time in the markets is more important than what you pick (within reason). Good points: - explaining why inflation is really only understood by less than 1% of the population - why you will be a slave to working for the rest of your days unless you invest at least 15-20% of your income. I particularly liked his suggestion that if you can't put 15% away each month because of your mortgage then you should sell up and move! Also, buying a new car, especially on finance is just foolish. - different types of assets (Equities, bonds, property, commodities, cash, crypto etc) - Why diversification is so important - why a S&S ISA is an incredible way to build wealth, especially now given that one can save in multiple S&S ISAs in one year (I have a HL one for funds, a Vanguard one for low cost funds and a Trading212 for individual stocks and ETFs) - how to get going with investing for your future and seeing your money grow - understanding fees in investing and how they can erode gains if not considered properly - taking ownership and having an investment plan (I want have a portfolio of X amount by the time I am XX) Points I don't quite agree with: - Arguing that renting can be better than owning a property... whilst I agree that the obsession with owning a home and house prices in this country (and in the US) has created deep social and structural issues that will probably never be resolved (e.g. NIMBYism, big mortgages, house builder company CEO bonus' being +£100m), I disagree that renting is better than owning purely on the fact that when you are renting, you will always be paying the cost of ownership + profit which goes to the landlord. Provided you buy well and live in it a long time, owning your home should be a good investment although it should not be your pension. - Owning precious metals... I do follow his advice and purchase some gold each month by DD through BullionVault (although less than the % Andrew recommends) which has made a decent above inflation return over the two years I have been doing it. However I am uncomfortable with the fact that buying gold is simply storing value and there is nothing actually 'useful' that comes from it and that the mining of precious metals contributes to some pretty dire environmental and social consequences (mercury poisoning, child slave labour) that I am indirectly contributing to just to build individual wealth (compared to say investing in a company that develops cancer treatments) - Plugging his own fund... I brought some two years ago and to be honest it has gone nowhere compared to cash in a 5.5% saving fund. Something also worth bearing in mind that the last edition was written during the ~15 years of ultra low interest rates, cheap money, and Quantitative Easing... those days are gone and so some of the points in the book are no longer relevant. Overall though this book is worth its weight in gold and I have brought it for several friends and family. It has changed my outlook on money, I have moved my works DC pension contributions into more diversified and higher performing funds and have orientated my life around sticking to a long term investment plan.
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A must read for anyone who wants to take control of their finances. Lots of great advice, easily digestible and in, well plain English 👍. Top read for someone like myself with very limited financial knowledge I til now anyway.
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My prospective: Early 60s, with 2/3 of my wealth as indexed fixed income and 1/3 available for investment - solid retirement - novice investor. As others has said, book is an easy read and excellent for beginner. I doubt anything will go badly wrong by following the main direction giving as essentially it's the investment direction Employer Pension Funds used to follow - i.e. low increments every year with no surprises, plodding but safe. However the books make a number of very key points that are by no means obvious or media friendly. (A) the government's estimates of inflation are on the low side and this can have a huge impact on your future. (B) There has never been a easier time for ordinary people to gain the wealth creation advantages of the rich than now. (C) Generating wealth from working is a less successful long-term strategy for future richness than doing so from creating and investing excess money to produce more money - even if you start with small amounts. Point (D), you have no need nowadays to only look within the UK for investment, you can span the whole world. Point (C) will be near impossible for younger folks to appreciate as it is completely counter to social, media and political beliefs, where in the UK the only real investing people make is their own home. On the negative side, I would have liked a more concise coverage of risk assessment as I find this the most difficult aspect of simple investing, whether assessing my own risk appetite or that of the items I invest in. I also think more could have been done to prepare new investors for what is can be a fairly rough initial years even in good conditions. The relative value of investment returns are only really apparent after a few years and this can be very difficult to appreciate at the start. Investment is truly a long-term process and can't really be sped up, without significant increased risk.
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I felt such a mix of emotions reading this book. I felt so empowered about how to make my money work for me, but equally so mad with myself that I hadn't learnt more about money and financial literacy before now. The book is incredibly easy to read and Andrew has done a wonderful job of putting things in plain English. I loved the fact there was an example in the book from Sex and The City!
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Ottimo libro , assolutamente da leggere ...ho imparato molto leggendolo piu' e piu' volte
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Best book ever! I wish i reas this yeara before. Helps you to plan your route to financial freedom and change your mindset. The information are really valuable. A must read for everybody who is newby to world of finance. Only drawback is too focused for people living on UK, but still very helpfull.
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Need to read this book, it wakes you up from how government is stealing your wealth via inflation (not CPI, REAL inflation) and how to fix it if you want to keep your whealth and even take advantage of this investiments to become wealthier
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I have very little knowledge in finance. This book explains it very well and in an entertaining way. I feel much smarter already and hope to prove it through my actions in the near future. Should be a must read in school. Thank you Andrew!
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This book was as inclusive as it can be for a introductory investment book. I highly recommend it to anyone who are in progress of putting their finances in order.
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