Money Mindset: Formulating a Wealth Strategy in the 21st Century by Jacob Gold

Description: Harness the power of your money with a 21st century mindset The speed at which the world is evolving is compounding exponentially each day, leaving individual investors wondering how to appropriately plan for their financial future. The financial norms that helped prior generations retire with grace are quickly evaporating or have already been replaced with new difficult realities. Money Mindset is an expert-led guide to growing your wealth, protecting your wealth, and transferring your wealth to future generations. Written by a third generation financial planner who is also an adjunct finance professor at the W.P. Carey School of Business at Arizona State University, Money Mindset helps readers understand important financial concepts and theories of the 21st century. * The science and psychology of money * The 'WHY' of personal financial management * The rule of 72, asset allocation, dollar cost averaging, and the erosive effects of inflation * How to manage a diverse investment portfolio to minimize macroeconomic vulnerability * How to create a legacy through proper estate planning Money Mindset explores the idea that money can be looked at as an energy source. In order to truly harness its powers, one must acquire and maintain a certain money mindset. Everyone wants financial independence--having enough money to consistently fuel their everyday life. Money Mindset clears a path through the increasingly convoluted and ever-changing world to show how to finally become financially secure. Foreword xi Preface xv Acknowledgments xix Chapter 1 Money Is Energy 1 There Is No Silver Bullet 4 Building Your "Financial Foundation" 5 What's Ahead? 6 Note 7 Chapter 2 The Psychology of Money 9 The Science of Fear and Greed 13 What's Ahead? 16 Note 16 Chapter 3 New Retirement Paradigm 17 The Coming Crisis in Retirement Planning 20 Why Is Retirement So Different Today? 20 The System Is Running Out of Energy 23 What's Ahead? 25 Notes 26 Chapter 4 The "Why" of Financial Management 27 What's Your "Why?" 30 Not Planning Is the Same as Planning to Fail: Where to Start 31 Be Prepared for the Thunderstorms 32 What's Ahead? 34 Chapter 5 The Power of Compound Interest and the Erosive Effect of Inflation 35 The Power of Compound Interest 38 Make Time Work for You 40 The Cost of Procrastination 40 The Story of Larry and Earl 42 The Erosive Effects of Inflation 43 Looking at Inflation Today 44 The Shrinking Dollar 45 Memory Lane 46 What's Ahead? 46 Note 47 Chapter 6 Building Your Wealth 49 The Financial Engine of Your Wealth Creation 52 Asset Allocation 55 Importance of Asset Allocation 56 What Does Salsa Have to Do with Asset Allocation? 58 Rebalancing Your Portfolio 59 Measuring Volatility 60 Be Smart about Recovery Times 63 Dollar Cost Averaging 64 Systematic Withdrawals 65 Where Does Real Estate Fit In? 66 What's Ahead? 66 Note 67 Chapter 7 Taxes and Insurance 69 Taxes 71 How to Calculate Your Effective Tax Rate 74 Insurance 75 Health Insurance 77 Long? Term Care Insurance 77 Life Insurance 79 Types of Life Insurance 80 Disability Insurance 81 Automobile Insurance 82 Renters or Homeowner's Insurance 83 Deductibles 84 Overinsured or Underinsured? 85 A Defensive Strategy 86 What's Ahead? 86 Notes 87 Chapter 8 Estate Planning 89 Simple Estate Planning Documents 92 Beyond the Basics: A Living Trust 94 Chapter 9 Do You Need a Financial Planner? 101 Do You Need Help? 104 Your Financial Education 106 Note 107 Appendix Economic Energy 109 The History and Future of Energy in the United States 112 Energy Forecast for North America 119 Notes 126 Glossary 127 About the Author 137 Index 139

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