A New York Times correspondent shares his financial successes and mishaps, offering an everyman's guide to straightening out your money once and for all.
Money management is one of our most practical survival skills—and also one we've convinced ourselves we're either born with or not. In reality, financial planning can be learned, like anything else. Part financial memoir and part research-based guide to attaining lifelong security, This Is the Year I Put My Financial Life in Order is the book that everyone who has never wanted to read a preachy financial guide has been waiting for.
John Schwartz and his wife, Jeanne, are pre-retirement workers of an economic class well above the poverty line, but well below the one percent. Sharing his own alternately harrowing and hilarious stories—from his brush with financial ruin and bankruptcy in his thirties to his short-lived budgeted diet of cafeteria french fries and gravy—John will walk you through his own journey to financial literacy, which he admittedly started a bit late. He covers everything from investments to retirement and insurance to wills (at fifty-eight, he didn't have one!), medical directives and more. Whether you're a college grad wanting to start out on the right foot or you're approaching retirement age and still wondering what a 401(K) is, This Is the Year I Put My Financial Life in Order will help you become your own best financial adviser.
Completely useless. The first chapter looked promising enough, but it turns out this book is far less about useful financial advice and mostly just one long ramble about the author’s personal life and impossible luck. It’s an engaging read, but almost none of this advice applies to anyone without connections in high places and/or a wealthy family — a very long way from the “Everyman can do it” premise this book was billed under.
Don’t believe me? Here are just a few examples:
- Deep in credit card debt? Good thing your new book about bioterrorism is coming out right after 9/11; the book advance is worth tens-of-thousands and coming your way just when you need it!
- Badly underwater on a co-op apartment in another city that you can’t sell, and are facing near-certain bankruptcy? Never mind, you can just magically convince the bank to give you a mortgage on a new house, pour in money to fix it up, then flip it and instantly earn a cool $200k. (You do live in a high cost of living area in the middle of a real estate boom... right?)
- Your child badly needs $3k+ in orthodontic work that insurance won’t pay for? No problem! You can just sell off some of your wife’s family’s mineral rights in oil and gas country. (You know, because everyone has those!)
- All your children want to go to expensive out-of-state state universities? You could sit down with the kids and explain to them why out-of-state tuition is a challenge... or you could magically come up with the money anyway through a combination of sweet-talking family friends in the admissions office into awarding them scholarships, then cover the rest by drawing on the three generous college savings accounts your wife’s dad had put aside. Problem solved! :D
Available as an 11-hour unabridged audio download.
Disclosure: The author is, as they say on Facebook, a friend of friends. I have met him a few times.
This is an informative and well-read audiobook, but I was disappointed that they used a professional reader rather than the author himself. I listened to the author read one of his previous books which, like this one, draws heavily from his home life. I thought the knowledge that the author was reading his own work added a sense of immediacy, even if the sound of his voice was not familiar to you.
The author professes to be “afraid of money”, which I don’t understand, but then again I have friends who are afraid of birds and I don’t understand that either. However, I have concluded that my lack of imagination, which I often view as a curse, may also be a blessing.
Being unafraid of money, some of the revelations that came to the author later in life (e.g., investing in index funds is the best solution for the lazy amateur investor) came to me earlier. Still it’s good to be reminded of what you already know, and listen to somebody else’s reason for arriving at the same conclusions.
However, some parts of the book reminded me rudely that I have been grossly negligent about important but boring parts of life (e.g., making a will) and I needed to get on the stick. I asked a person I regard as one of the most responsible adults I know for a recommendation for an attorney, and was astonished to find that she (although she has some property and a child) had also failed to make sufficient preparations. On my recommendation, she downloaded a copy of this audiobook.
The book is also vastly more entertaining than the average book on the topic. Worth listening to if you are acting like an adult now or considering acting like an adult in the future.
I'm at a strange part of my life where I've read enough financial planning books for them to not make much of a difference any more in my strategies (they all seem to fall into the same themes without much advice to distinguish them), but where I haven't put much of what I've learned into action. I think part of the issue is we don't often see first-person accounts from non-experts who've gotten their finances in order. Besides some podcasts I listen to, I haven't heard many stories of the mistakes people have made in their financial lives where they learned and grew and turned out all right in the end.
I think this book is important in that it's not written to give you the secret to maximizing your retirement accounts or finding the perfect property to rent out or giving you the advice to cut out your lattes and avocado toast so you'll one day be able to afford your house. Instead it's about a pretty average upper middle class guy managing his money and raising his family and navigating finances within his marriage.
There's plenty in here that most people won't get much out of. He's pretty privileged, and it shows. But society trains us to not talk about our money. To not talk about our salaries or retirement savings or the fact that there are many people who were really lucky with the timing and families they were born into. Schwartz owns this; he admits that he's lived a pretty charmed life, even when he and his wife felt that they were on a financial precipice.
I got a lot out of reading this book just following along with their financial ups and downs and seeing the financial reality of how a higher social class than mine lives. I hope that this prompts other people to write about their financial lives. Society needs to see the truth of how we're all living.
For someone who may be in their 30s or early 40s who may have been dabbling in saving/investing, but hasn’t put together a structured path to follow for their financial goals, this is a must read.
If you’re already maxing out your 401ks & Roth IRAs with low cost index funds, have spent your life living below your means, and have tidied up loose ends by setting up a will and taking care of health insurance, you likely won’t gain much from the book.
Better yet, this should be a gift for recent college grads who have the time horizons to take advantage of all the sage advice and lessons learned before mistakes are made.
If you read this book, you'll reach one of two conclusions: 1. The author seems to be constantly worried about money. Which, of course, is a general problem for most of us. And obviously, Schwartz was smart enough to take charge of his finances and comes out quite scathe free. So, he wants you to learn from his mistakes as well as the steps he took putting his finances in order. 2. But it's difficult to trust his intentions in writing this book. The book comes across as another money-making scheme. A means he can earn additional cash to solve his money challenges, especially the funding of his life insurance savings.
If you are afraid of money, so was the author, and this is an ideal book for the person who knows they need to get it together but fear has paralyzed them. The author is vulnerable, smart and funny. It’s a great read. I find most financial books written by people who are pretty full of themselves; you can’t help liking this guy.
Common sense guide to money management, told in a narrative form, with many literary illusion. Schwartz tackles this subject with a light hand, making the information easy to take in. Save early! Contribute as much as you can to your 401K!
I have this as an audiobook. It took me a long time to get through it as I would only listen to a chapter or two at a time. I liked how transparent the author was and he provided tips in a direct way. Some strategies are things I'm already doing, so this is tailored more to those who do not have their financial life together yet. Nonetheless, I still recommend.
This is a terrific book to give as a gift for college graduates. It is a primer that takes you step by step through basic financial planning that will “pay back” in the future. The explanation of why people should have pension funds, insurance and even wills is written clearly and in an entertaining way as John Schwartz explains his ineptitude at all things financial and how it can cause major problems. I read this as a fan of John Schwartz’s writing as opposed to getting his financial advice. Also look for his articles in the New York Times and read Oddly Normal.
Your mileage may vary, depending on where you are in life and what you already know about personal finance.
That said, a conversational read and an easy-to-follow way to start getting familiar with personal finance and how you might approach money matters in your own life. More memoir-ish than a how-to book, so if you're looking for a checklist to follow, this isn't that.
Would recommend for someone who is thinking about getting their financial life in order, at whatever stage of life, and doesn't know where to start. Certain sections may not seem very relevant if you're in the young adult crowd, though, especially if you live in certain urban areas with no intention of moving and without dual income (good luck owning your own home anytime soon).
I’m a bit of a nerd and enjoy reading personal finance books. I saw a NYT article recommending three such books (see link), which I immediately put on hold at the library. https://www.google.com/amp/s/mobile.n...
The first one on the list (Badass) is complete rubbish. The second one, this book, was very well done. The info is very basic and geared towards a reader who does know much on the topic. So, while not particularly instructive, the authors’ tale of his own financial mistakes and mishaps was humorous and engaging. About to crack the binding on the third book (Invested).
I love this book, and I am appreciative that the author was so transparent of his financial mistakes - some of which was massive. From this, we can learn a lot!
Yes, some complain that he is privileged and lucky to have come out on the other side in good shape anyway, but the author made it clear that he does have privilege that many do not have. Still, it’s not the kind of over-the-top privilege aka “my dad is a bazillionaire and gave me an apartment building as a birthday gift” kind of privilege.
I think in the end, the book teaches us that managing finances - it is full of challenges. Sometimes you make mistakes. Pretty bad ones, at times. But in the end, it’s your attitude to the challenge that determines how you will succeed in the end.
See, the author spent YEARS ignoring his spiralling financial mess. If he hadn’t decided to settle that mess one year, he would’ve been in worst shape. So whatever situation you are in today - you have to act. You may not end up in the heights of victory or success, but at least you would be changing your life.
John Schwartz has a distinct and entertaining writing voice. I enjoyed this book more for his writing style than the actual content. The book may be more useful for someone who is older, although there were some good pieces of advice for younger readers. The main value of the book is that it encourages readers to look at their finances and stop putting off important financial tasks out of fear from the point of view of someone who is/was also scared of doing so, rather than a financial expert .
The book was ok. It was nice hearing from an older couple about the mistakes they have made in their lives and took them assomething I should try to avoid. The little investment advice given wasn’t anything new I havent heard in other books but it doesnt hurt to keep hearing it.
"This is the Year I Put My Financial Life in Order" by John R. Schwartz is a personal finance book that aims to help readers take control of their financial situation and make positive changes in the way they manage their money. However, it falls short in delivering its promises.
While the book does offer some useful tips and information about budgeting and saving, the advice is often generic and lacks depth. The author fails to address specific challenges and obstacles that many people face in their financial lives, making it difficult for readers to apply the advice to their own situations.
The writing style of the book is also not very engaging, making it a struggle for some readers to get through. The author presents the information in a dry and uninspired manner, which can be quite boring for those who are looking for a more lively and entertaining read.
In terms of organization, the book is also not very well structured. The chapters jump from topic to topic without a clear sense of flow, making it hard for readers to follow the information and retain what they have learned.
Overall, "This is the Year I Put My Financial Life in Order" by John R. Schwartz receives a 2 out of 5 rating. While the book may have some useful tips and information, the lack of depth and engagement makes it difficult for readers to benefit from it.
I am not someone who enjoys or seeks out financial books but I found this one entertaining. Mr. Schwartz talks about financial concepts and personal finance using examples/stories from his life. It's a great model/teaching tool for someone like me who enjoys memoirs/personal narratives but doesn't have the biggest interest in finance and didn't seek out financial education when I was younger (I really should have!). Honestly, for me, this book was probably about as enjoyable as a personal finance book could possibly be. I know there has been criticism because Mr. Schwartz is a Baby Boomer with a pension plan (something the vast majority of Gen X-er's and Millennials will unfortunately never be able to reap the benefits of) but I don't think it's fair. He's writing about his personal experience-it's not emblematic of everyone's experience and he also appears sympathetic to those of us in younger generations who have had to deal with the higher price of college education, student loan debt, etc.
He gets a star taken off for being a baby boomer and having an old school pension that is saving his ass in retirement and therefore is not helpful advice to anyone else. But the rest of it (making a will, planning for ageing parents, saving for college, etc...) is all good advice and he walks us through how he stumbled into doing the right things eventually. I was surprised by some of the bad decisions he confessed to and equally surprised by the incredible good fortune that always seemed to come his way just when he needed it. He also bought DC area real estate before the boom and sold it for a COUPLE HUNDRED THOUSAND more than he paid so....again his experience is not relevant to many of us. I'm also unimpressed that he struggled to live on $10,000 per month. GTFO.
I do recommend reading it because it is a good wake up call and very engaging and humorous. I appreciate the "punch lists" he creates at the end of every chapter. Time to get my financial life in order!
This book isn't a five-star book for everybody, but it was for me. If you are already comfortable with money, have a financial advisor, and/or have somebody you know to guide you through money decisions, this might not be the book for you. But, if deep down, money scares you, you don't have a financial advisor but you are in a place where you are able to pay the bills without worrying about it, this might be the book for you.
It took me forever to read the book even though it was interesting to me because the chapters about retirement and wills hit me at the same time as my dad's cancer diagnosis. So depending on your level of sensitivity, you might think about reading it when you aren't in the middle of an existential crisis.
Finally, I enjoyed the writing because the author is a journalist. He knows how to tell a story. He isn't a slick-talking financial guy. He knew how to speak to me without being condescending but rather relatable.
I'm going through a very unusual phase right now where I'm actually super interested in money and finances (this is... really not typical for me). Anyway, after all my heavy reading on investing last month, I decided to try something a little broader and more about just finances in general. But this book... was not helpful. Okay, maybe I learned a few things I didn't know before (I actually was inspired to ask my husband what our stock to bond ratio was in our 401ks and IRAs), but mostly, I feel like I'm miles ahead of this guy and did not need to be turning to him for financial advice. I guess that's the idea of this book, that he's a bit of a financial failure and therefore you should learn from his mistakes. But man, even though I feel like I know very little about finances, I know way more than this guy. So I guess that can make me feel good.
I'm glad I did not look up the ratings on Goodreads before I started my journey with this book. Had I done so, there would be no journey. I was surprised by the amount of dislike for this title but being a non-American, I would not know the pain points which others (presumably Americans) had with this title.
I'm appreciative of the author's transparency with his own financial issues. While the advice that he had dished out are not new, however I find this Title to be an interesting read. I had for the longest time ever, bypassed all books related to $$ and Economics because I perceive them cumbersome and tedious to digest; this will be the first to kick start my foray into a new genre which I have avoided for years.
I really didn't enjoy this book at all. I understood when he bought the house in New York was a money pit and the struggle to get out. But it was like he didn't learn anything from that. His oldest kid is a lawyer. Good on her but she is now in $200,000 in debt. The author went debt putting his kid through a state school that is out of state. "but she really wants to go to this school" Good on the financial aid person said, "sometimes, we can't all get what we want." Just reading this is like watching a train wreck to happen. He finally got term life insurance but it is just enough to cover mortgage. But he is the breadwinner. if something happens to him, his wife would have to get a more paying job. Not a cross walk guard job.
More useful to an American reader than an European one (people are not usually in debt after college education and there is a safety net in an universal healthcare avoiding you being bankrupt if something goes wrong) but there are some interesting tips and universal wisdom on the management of money and forward thinking about your retirement years. A few useful lessons to take home: population is ageing everywhere and clearly the basic retirement is not enough and it's clearly never too early to think about this aspect. Saving and investing in basic secure funds is at the reach of many people but most of us are not aware of. And finally you don't need to be obsessed by money, neither an innate investor to learn about all this.
To be fair I didn't really finish this book, I mostly skimmed it but honestly it came off less as a useful advice guide and more about how the author lucked into his financial security because he happens to be a part of the generation that helped to dismantle the middle class. It's not exactly reassuring or helpful, although I do feel like he did a fair job of showing the other side of the coin, with how people are having increasing trouble paying bills and living comfortably. Still I didn't find it particularly helpful or revelatory.
This is essentially a financial memoir. While it offers some good advice for making sure your financial life is in solid shape, I wish he had recognized and discussed more how different life circumstances affect these decisions. For the most part, the advice in this book is geared toward married couples with kids. While much of it applies to those who are unmarried and/or without kids, I wish more emphasis had been put on what would be different for those with different situations from the author.
An entertaining read - part memoir, part how to. He talks about his life story, searches through the different areas of getting your finances together, and tells who he talked with and what he learned. He gives a checklist for each section for you to move forward. Not the most in depth book, but it's fun. Bonus: he starts the chapters with quotes from literature and uses examples of finances from classics. Now I want to make or find a list of the books (financial and otherwise) to consider reading.