Are you still short of an idea for a useful Christmas present?
Money and investment books are always a good choice; either to get someone started, build on existing knowledge or just challenge some pre-conceived ideas.
At this late stage though, it may be the case of a gift voucher at the local book store, but if you can get your hands on one of these books at any time of year they’ll be well worth the read.
The Clash of Cultures: Investment Vs Speculation, by John C Bogle.
Bogle is the founder of the Vanguard Group, the pioneers of low cost index funds.
Bogle has long been a champion of investors and has previously called active fund managers ‘rent seekers’ because of the lack of value they bring to the investment process for the fees they charge.
At 84 he’s seen a lot and he offers that wealth of experience to remind investors to focus on a common sense investment strategy, particularly one that avoids excessive portfolio turnover and cost the investor in the long run.
Pound Foolish: Exposing the Dark Side of the Personal Finance Industry, by Helaine Olen.
While more focused on the USA and their big name media personal finance gurus, many of these big names have large enough profiles that they’ve become visible in Australia.
And the analysis can be applied to any Australian personalities who are trying to set up their own brand.
Olen shows that much of the media and book advice from these gurus is vague, conflicted, unreasonably optimistic or just plain stupid.
The implication is they’re offering very padded and general advice with little substance, with their message being more about financial motivation than actual workable financial strategy.
Of course their real business is selling books and running seminars.
Now that you know what to buy, have a Merry Christmas!
Peter Mancell is a director of Mancell Financial Group and FYG Planners AFSL/ACL 224543, www.mfg.com.au This information is general in nature and readers should seek professional advice specific to their circumstances. Looking to reach your goals with one of Australia’s highly rated financial advisors?
