This is a very practical and actionable read. Use it right now to get your personal finances in order, on track, or tuned up. It isn’t too long of a read, and the author does a good job approaching readers with a broad level of experience. There is something here for everyone pursuing and developing Mêtis in their Money Matters!
Andrew Tobias’ excellent book, “The Only Investment Guide You’ll Ever Need” is another favorite of mine. I have a copy ready for use at any time, and highly recommend adding it to your personal financial library!
This post may contain affiliate links. See my disclosure policy here.
AN OVERVIEW OF THE INVESTMENT GUIDE
Table of Contents
- 1 AN OVERVIEW OF THE INVESTMENT GUIDE
- 2 PRACTICAL APPLICATION OF THE INVESTMENT GUIDE
- 3 CLOSING THOUGHTS ON THE INVESTMENT GUIDE
Essentially, and true to the name, Mr. Tobias provides a utilitarian investment guide from which readers can find answers for almost all their personal finance questions. It is a proverbial one-stop shop. However, I also recommend deeper levels of research into various topics as well. I use this book as a great starting place and then dig into the individual points as needed. I also enjoy his lighthearted and balanced approach to the material. For example, the book is dedicated as follows: “To my broker — even if he has, from time to time, made me just that.”
Get a copy of Andrew Tobias’ book, today!
Resource Richness & Readability
This book is more of the “mile wide and a few feet deep” approach to personal finance. That is not to say those “feet” aren’t valuable. Quite the opposite. This book will help you cut through the basics, establish a footing understanding of what you are after. From there, you’ll be better equipped to tailor the knowledge to your individual situation.
The Investment Guide covers myriad topics, including Risk, Tax Strategies, Stock Market Tips, Family Planning, and various other similar points. This review is as much a testimonial as it is an objective summary. Many of these points have helped my wife and me get our personal finances on track. There are a lot of resources presented within the book, and almost all of them are easily accessed: either few clicks away, or an example contained within the paragraph.
Mr. Tobias makes this point clear, and I think it is worth reiterating. There isn’t “one path” to success, riches, and worry-free life. Additionally, we are all (at the very least) in slightly different financial situations. Even when armed with this helpful guide and all of the advice found therein, the reader still has to execute the choices at hand.
Application & Adaptability
As I mentioned previously, this is a very practical and easy-to-use book. As an example, I think his approach to listing resources in each of the sections is helpful. It gives the readers something to go off of. There are helpful websites listed throughout the book, across various sections. Points of contact and recommended resources abound, and that is wonderful!
Mr. Tobias offers thoughts on topics including insurance, car purchases, and student loans (just to name a few). He also recommends things like a fully functioning budget, thriftiness, and using goals to accomplish your financial goals. He suggests and demonstrates his points with various anecdotes (I always appreciate authors who bring their points to life this way).
Each of the sections exists on its own, and in the support of the overall approach to the Investment Guide. In my opinion, because readers can flip to the section of interest, read and glean the information without reading the whole book, there is added value. (However, I highly recommend reading the whole of it!)
PRACTICAL APPLICATION OF THE INVESTMENT GUIDE
I started on the first page, and read the whole thing. In my opinion, the cover-to-cover approach is the only way to go! Each topic, even the ones I thought I had a good handle on, provided thought-provoking insights. Mr. Tobias also takes a balanced approach to his advice, providing readers with action items as well as rhetorical statements to make his points clear.
Here are some of the practical points that I thought would pique your interest:
The Importance of a Financial Education
This is certainly not the only book to promote this concept, but it is an important one. I firmly agree with the importance of educating yourself, whether formally or informally, in personal financial matters. This book does a great job supporting that theme, and it will serve the reader well in that regard.
Keep in mind, even with the knowledge in hand, the choice to act resides with you, the reader. You are uniquely and effectively equipped to answer those hard questions, dig deep, and march along your own personal financial journey!
10 Recommendations from the Investment Guide
The entire book is full of things you can do today to start improving your financial situation, cultivate Mêtis, and start changing your family’s future for the better.
- Consider using Intuit’s Mint program for your budgeting purposes. Interestingly, I also recommended using Mint. I was using Mint before I read Mr. Tobias’ book and it was encouraging to realize he also appreciated the value.
- Financially Educate yourself, and then pass that along to your next of kin. Teach your children to be responsible with money!
- Consider using a 529 Plan for College Savings (certainly read the whole section on college).
- Take Advantage of your 401(k) or 403(b) plan if you haven’t already
- Avoid Annuities as a Rule (there are a few caveats) — in his exact words, “Don’t buy them”…
- If possible, do your own taxes. Some of the resources recommended are J.K. Lasser’s “Your Income Tax Guide”, H&R Block’s online program, TurboTax, or TaxACT.
- Consider no-load index funds for the majority of your investment needs, and keep a long-term perspective in your approach.
- Read Mr. Greenblatt’s “The Little Book that Still Beats the Market,” which I’ve also reviewed.
- Start working on a plan to care for your parents before it is “too late” and none of the paperwork is ready.
- Have a plan… for the extra money, or otherwise! He has a great section “What to do if you inherit a Million Dollars; What to do Otherwise.”
CLOSING THOUGHTS ON THE INVESTMENT GUIDE
The Investment Guide is fantastic and has something for everyone. It is one of the most technically sound, practical, and yet easy to read books I have come across. I recommend adding this Investment Guide to your personal financial library, today.