Thursday, September 23, 2010

Making Bank by Claudio Ghipsmann

Making Bank: The Personal Finance Lessons They Never Taught Us in School

Up until this year, the high school curriculum in Louisiana mandated 1/2 credit in civics and 1/2 credit in free enterprise.  This year they combined the classes into a one credit course with the emphasis on civics.  Is it any wonder our kids don't understand economics  or how our economic system works?  The news has had articles about companies dropping "child-only" health insurance policies because of the new rules that do not allow them to turn away folks with pre-existing conditions.  This shouldn't be surprising to anyone who knows anything about economics and insurance.  

Claudio Ghipsmann, a former Wall Street vice president wrote Making Bank: The Personal Finance Lessons They Never Taught Us in School, an easy to understand, reasonably comprehensive book about personal finance.  In less than 300 pages he covers money and banking, basic accounting and balance sheets (and what they mean), income and expenses, budgeting, investing, debt, taxes and insurance.  His language is down-to-earth and his advice, practical.  He defines financial terms like risk and shows how they work.  He goes through a tax return and de-mystifies it.  He explains the different types of insurance you can buy and who needs what types. He goes through different investment vehicles as well.  In short, this is a relatively short primer on personal finance and one definitely worth reading.  Grade:  B+

Thanks to the folks at Phenix & Phenix for my review copy.

1 comment:

  1. Thanks!
    Seems like something I will buy two twenty ish people for Christmas.
    They got the frugal from upbringing- now what to do with the money they are making and how taxes work.
    Neither had an economics course other than the one I taught in seventh grade.


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