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Your money milestones: a guide to making the 9 most important financial decisions of your life

Author: Milevsky, Moshe A. Publisher: Pearson Education, 2010.Language: EnglishDescription: 198 p. ; 23 cm.ISBN: 9780137029105Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HG179 .M55 2010
(Browse shelf)
001274141
Available 001274141
Total holds: 0

Includes bibliographical references and index

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Your Money Milestones A Guide to Making the 9 Most Important Financial Decisions of Your Life Contents Acknowledgments ................................................................... xv About the Author.................................................................. xvii Prologue: Financial Deicide ..................................................xix Introduction: Human Capital: Your Greatest Asset ............ 1 Is That Glass Half-Empty or Half-Full? Valuing Human Capital ........................................................... 3 Mark Yourself to Market ............................................ 6 Is This a Cynic's Value or True Worth? .................... 7 An Appreciation That Grows with Age ..................... 8 The Nine Milestones................................................... 9 Money Milestones over Your Lifetime ................... 10 Summary................................................................... 12 Chapter 1: Is the Long-Term Value of an Education Worth the Short-Term Cost? ........................ 13 Investing in a Gold Mine...Called Anastasia . . . ..... 14 Should We Allow Human Capital Derivatives? 14 Securitizing Human Capital .................................... 16 Are College Graduates Truly Wealthier? ................. 18 The Best-Paying Careers? ........................................ 19 Minor Initial Differences Magnify over Time . . ..... 20 How Investing in Human Capital Pays ....................21 Human Capital Investments over Time .......................... 23 College Grads Learn to Buy Different Assets ... ..... 25 Could the Fortunes of College Graduates Wane? ..................................................... 27 Does the Ivy League Pay Greater Dividends?. ........28 Distinct Groups of Students--And "Fun Capital"............................................................ 31 Did Anastasia Accept the Offer? ............................. 32 Summary................................................................... 32 Chapter 2: What Is the Point of Saving Money Forever? ...............................................35 The 25-to-25 Jackpot: What Would You Do?............ 36 Guiding Principle: Smoothing Consumption. . . ...... 38 How Does Income Smoothing (Long Division) Work in Practice? ..................................................... 40 Advice That Goes Against the Grain--but Smoothes?.... 41 We Are Not Mr. Spock in Star Trek ................................43 Do People Who Win the Lottery Behave Rationally? .................................................. 44 The Perils of Not Smoothing ....................................47 The Smoothest Population of All.............................. 49 Where Does All of This Leave Us? ......................... 50 Summary................................................................... 51 Chapter 3: How Much Debt Is Too Much and How Much Is Too Little? ................................53 Americans Have Diverse Debts................................ 54 These Eggs Belong in One Basket............................ 55 Optimal Debt Management Strategies Across Space and Time............................................. 56 Liability Silos Compared ................................................. 57 Bottom Line: Debt Diversification Destroys Value.......................................................... 60 Should You Borrow from Yourself? ......................... 61 The Borrowing Sweet Spot: Age 53 ................................ 63 Oh, and Being Slim Can Help as Well ............................ 65 Debt Literacy as Distinct from General Financial Literacy......................................................66 Concluding Thoughts: Is Debt Soothing or Smoothing?........................................................... 67 Summary................................................................... 68 Chapter 4: Are Kids Investments and Can Marriages Diversify? ......................................69 Children: Explicit Liabilities, Hidden Assets . . ...... 70 Inducing More Children........................................... 71 Children as Pensions--And a General's Revenge .... 73 Thwarted by Good Intentions ................................... 75 Is Marriage a Safe Investment on the Balance Sheet? .........................................................78 Two Plus Two Equals a Very Safe Four........................ 80 Fiscally Fatal Attractions ........................................... 81 Birds of a Feather May Not Flock Together ... ............ 83 Summary................................................................... 84 Chapter 5: Government Tax Authorities: Partners, Adversaries, or Bazaar Merchants? ............. 85 How Do Taxpayers Behave if "Big Brother" Is Watching? ............................................. 87 Treat Your Tax Filing Like a Trip to the Bazaar ................................................................ 88 Tax Authorities as Lifetime Partners in Your Business........................................................... 90 Tax Lessons from Uruguay (a Beautiful .............................. 90 Another Puzzle: People Prefer Big Tax Refunds.............................................................. 92 The After-Tax Return Matters .................................94 Reversals of Fortune ................................................. 96 Bottom Line: Get Tax Savvy ....................................98 Summary................................................................... 99 Little Country in South America) Chapter 6: Can You Eat Your House or Will It Ever Pay Dividends? .................................... 101 Floating Debt Obligations and Sinking Values........................................................ 102 Back to the Holistic Balance Sheet ....................... 103 My Strong Bias: Many Homeowners Should Have Rented.............................................. 105 Housing over Time: A Human Capital Approach .......................................................... 107 The Missing Factor: Housing and Social Capital ...................................................108 Investing in Social Capital.....................................110 Summary................................................................111 Chapter 7: Insurance Salesmen and Warranty Peddlers: Are They Smooth Enough? . . . ..113 Insurance from Babylonia to Today...................... 115 Insurance Purchases: Another Form of Smoothing .............................................................116 Life Insurance as a Hedge for Your Human Capital: When Young ........................................... 118 Life Annuities as a Hedge for Your Financial Capital: When Old................................................. 120 What and When Do People Actually Insure? .......122 Create Your Own Insurance Company: The "Small Risk Fund".......................................... 125 Behavioral Economics in Practice ........................126 Summary-.............................................................. 128 Chapter 8: Portfolio Construction: What Asset Class Do You Belong To? ............................ 129 What Went Wrong?............................................... 131 Are You a Stock or a Bond or Something in Between?........................................................... 133 How Does Your Allocation Measure Up? ............136 Avoiding Robert's Outcome ................................. 139 Human Capital Impacts Financial Capital Well Before Your First Job .................................. 140 Can You Take Diversification Smoothing Too Far?.................................................................143 History of Ideas: Credit, Where It's Due ...................... 144 What About the Rest of Us? Back to Human Capital 144 Summary................................................................145 Chapter 9: Retirement: When Is It Time to Shutter the Well and Close the Mine? . . . . 147 Why Are Pensions So Important? ......................... 149 Pensions Are a Dying Breed .................................. 150 Retirees with Pension Annuity Income Are Happier........................................................... 153 Florida's Elderly, Pension Choices, and My Brush with Bush............................................. 155 Investment Plans Versus Pension Plans--What Would You Choose? ............................................ 156 Do Retirees Smoothly Transition into Retirement?.......................................................... 158 Don't Count on Pennies from Heaven to Smooth Your Retirement Ride .............................. 160 Is It Better to Get a Lump Sum? The Military View.................................................. 161 Taking Their Lumps................................................. 163 Women and Annuities .............................................. 165 Final Recommendations: Get a Pension, from Somewhere................................................... 166 Summary................................................................ 167 Conclusion: Four Principles to Guide All Financial Decisions and Money Milestones ................ 169 Create a Decision-Making Process for All Money Milestones ........................................... 171 The Perfect Job for Me! ........................................ 176 References ............................................................................. 177 Index ...................................................................................... 185

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