Customer Reviews

Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner [CANADIAN EDITION]

5 star:		(27)
4 star:		(8)
3 star:		(4)
2 star:		(1)
1 star:		(1)

 

 

This book is aimed at those who have no financial knowledge, are overwhelmed by it all, or who do not talk with their partner about finances. It does not go in depth, but provides the good, solid, timeless basics. There's nothing new under the sun between the covers. People with more knowledge of finances may find the book a bit simplistic in some descriptions, or the peppy tone mildly annoying -- I kept wanting to see the "meat" of the book.

BUT.

This book's primary goal is to get couples talking together about their money. It got my husband, who for all his life has steadfastly ignored finances, to actually understand and care about RRSPs, disability insurance, emergency funds, and saving for our dreams. It encouraged him to take a part in our financial future, and to set goals and look for ways to achieve them. For this reason, the book has proved invaluable. There are other, more in-depth books out there that provide a plethora of specific information, but for the couple just starting out, this book is where to start. It's easy to read, easy to do (the steps are so small and simple you feel guilty for NOT doing them), and brings partners together to discuss a topic that normally divides them. Make no mistake, you will eventually move on from this book into deeper and grittier territory. But it's not a bad place to start. It's an excellent motivator!

My only complaint about the book is that it seems to be aimed at couples in their thirties or later who already have a moderate income. As a couple in our early to mid twenties and as (debt-free) students, we are already quite frugal, both in income and cash spent. This makes some parts of the book are harder to relate to than they would be otherwise. We would be extremely grateful if someone could recommend to us a book aimed more specifically at our demographic.

I have to admit, the many 5-star ratings here for this book puzzle me. The best I can figure is that they come from a bunch of people like the (supposedly real) financial dum-dums in chapter 4, who found they were spending $85.75 PER DAY on double nonfat lattes, muffins, candy, video rentals, and take-out dinners. If you have that kind of money to throw around, then you can probably use the advice that David Bach offers in this book. (Or call me, and I'll charge you HALF the price of the book for some really helpful financial advice over the phone!)

But if you already are USING YOUR HEAD on where your money goes, but STILL find yourself living from paycheck to paycheck (like my family, and I suspect many others), then this book will only frustrate you. If we did everything Bach says we "MUST" do, I'd have about $200 left for paying the bills each month. Yeah, thanks for the advice, Mr Bach. I'm afraid water and electricity and mortgage comes before maxing out my 401K AND setting aside a cushion of 3-months worth of cash AND buying disability insurance AND then some long-term care coverage AND "sweeping at least 3 percent of my take-home pay into my 'dream basket.' (And, yes, the list goes on.) Wish I could. Maybe someday.

Bach has written a nine-step plan for couples that should not be overlooked by any couple doing financial planning. The book is written on two premises: (1) that the issue of finances cause couples the most stress of any issue in a relationship; and (2) everyone can become wealthy, no matter how much you currently make. The nine steps walk you through what you need to do to set up emergency reserves, and start investing, so that you can retire a millionaire. His plan is not revolutionary - it is essentially the same mantra of dollar cost averaging, invest in mutual funds, and invest at least something on a regular basis. But Bach adds a new spin by gearing his book to couples, and encouraging people to do financial planning with their partner, rather than independently. This is not a hard book to read or understand, and it is a relatively quick read. People who have read other books in this genre will recognize the theories and themes, but I think you will find that Bach adds enough new information and new slant on old ideas that you will learn from and enjoy this book.

I am a CPA and my wife is a full-time education student. I enjoy reading about accounting and finance. She does not. I like to pay the bills and do the household bookkeeping. She does not. However, my point is, we BOTH agree that this book is the one to have if you want to learn about saving and investing, building a nest egg for retirement, and having the financial independence to realize dreams, AS A COUPLE. I found this book very easy-to-read and informative, and I know I will use it often for future reference. As a CPA, I am accustomed to reading finance books and articles that are loaded with technical finance jargon. However, David Bach presents this information in a much more refreshing manner, and in a way that is easy for those unfamiliar with financial terminology, to understand. It gives you a wealth of information about 401(k)s, life insurance, trusts, wills, mutual funds, DRIPs, and much more. Most importantly, Smart Couples Finish Rich emphasizes personal financial planning and management as practically a lifestyle, not just an exercise or process. It shows you how to determine, as individuals and as a couple, what values you hold dear and how your view of money, investing, consumption, etc., should be aligned with your values. It really helps the reader to see that everything that one does in his or her life is a reflection of their values, including how one plans and manages his/her financial future. I highly recommend this book to those couples who are looking for an effective tool to learn more about personal finance and how to provide for their rich future together.

This book helped my wife and I get on the right track. Regarding our finances, we didn't know what to do our how to do it. We were renting an apartment living paycheque to paycheque making under $40,000 each - but with no savings!!!

Now, three years later I own my own business (but still making under $40,000 each) and we bought our first house! We have Medical & Dental Inurance (paid for by my business), Life Insurance (just in case) and setup an automatic RRSP savings! To boot, we have NO DEBT (except for our mortgage)!!

We now have goals set, better spending habits and are living within our means! While our friends rent and drive expensive cars, I drive a 1989 VW GTI and own a house! The fancy car can come when I retire!

This book was great, I recommend buying 2 so you and your spouse can read it the same time rather than share.

We found it eye opening and simple. We went from saving $50 a month to $350 a week!! ON THE SAME SALARY!! We saved enough to go to Europe for a month and now we are having our first baby in August!

This book isn't instant success, it's over time. PLUS, you have to want to succeed. It's all how much you want to put into it.

This is a very good read if you are a couple and want to become smarter in your relationship as well as finances!

The approach for this book is great but it can not be applied to us as a couple...we are polar opposites. The concept of doing it together is great, but....in reality....well. You know. If you are a woman, just go ahead on without "him". He'll just have to follow or he'll be eating your dust!

_____This book is great to have if you are a novice to the world of personal finance. The text is geared toward married couples, but that doesn't mean a single person cannot read it and learn a lot from it (i.e. the advice generally applies to either singles or couples, with some extra information for couples).

_____The information contained is truly minimal when you compare it to many other books on the shelves. But for a novice I think that is good - Bach himself stresses that the information is meant to present to the reader the aspects of personal finance, while providing links to sources for more detailed information.

_____While I agree that pretty much all of the information contained can be found for free on the internet, the value of this book is in the fact that it contains brief synopses of that information, all gathered into one place, with the added bonus of providing a purpose for all the different aspects of personal finance. Not just "what" and "where," but also "how" and "why."

This is an excellent book to use when planning your family's finances. Obviously, given the power of compounding, to which the author repeatedly refers, the earlier in your life you start planning for your financial future, the better off you will be. I recommend the book to anyone with the understanding that it follows a conservative, fairly conventional path toward financial security.

If you are a finance whiz, you will find parts of the book too conservative and too plain. If you try to magnify your investment returns by trading options, for example, or you invest in real estate, or any other kind of investment other than 'plain vanilla stocks and bonds' you will find the book limiting.

That said, the book provides an excellent organizational structure for any one trying to get a hold on his financial picture.

This is one of the only financial planning books I've ever purchased and actually read. It was an easy read, and I would say that Bach's plan is easy to follow. It's nothing incredibly unique, but it's a good message to youger people like me (I'm 30) who seem to these days not have good financial basics or the ability to save. I am somewhat in this category and have plenty of friends who are as well.

The lessons are simple. Find where to save, save a little each month, invest it wisely (preferably in your companies 401K or a mutual fund), and pay down your debt before racking up more. However, Bach seems to put it in a manner where he does show how this can pay off, and even gets you half-way motivated to do it yourself. Ultimately though, it will be up to the reader to buckle down and prepare for their financial future.

I have recommended this book to my friends. I also hear that Bach is working on a 'Get Rich for Older Couples' type book and I will probably get that for my parents.