A Simple 12- Step Plan for Getting You Financial Life Together…Finally
This book is aimed at young aspiring American women who want to take control of their finances. If you’re a young aspiring American women then this book is for you. If not, there may be other personal finance books better suited for you. Not to discredit Lapin, a former anchor of the popular business network CNBC, she provides a lot of valuable information in this book. However, it is very focused on the American finance system, which knocks out chunks of the book that focus on American specific finance for example their retirement vehicles such as the 401k.
She does break down some essential investing concepts into very easy to understand examples such as even if you are doing a great job saving your money, if it’s sitting in a bank account earning 1% interest and inflation is at 3% you are effectively losing money.
Let’s say you invest $10000 in a 1% savings account. In ten year, you’ll have about $11000 but in ten years you will need more than $13000 (accounting for an average 3% inflation) to get the same amount you got today for $10000. P258
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