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Financial Reckoning Day: Surviving the Soft Depression of the 21st Century
By Tony George
One of the books that I didn't like was the "Financial Reckoning Day: Surviving the Soft Depression of the 21st Century", by William Bonner. I bought it because it seemed to have all the information on how to survive, maybe even thrive, in our current economic downturn. When even the President says we'll have a tough road after throwing a trillion dollars at the problem, it's probably going to be bad. I read a long diatribe of historical booms and busts. From the 1600s Tulip bust to multiple land rushes and speculations in the American colonies to further land rushes and booms in 1800s America, there was a lot of historical information. However, I had not bought a book with the intention of learning economic history; I wanted to know about the economic reality of today, and hopefully, prepare for tomorrow. Finally, last chapter. There's excitement, there's a boom, there's inflation or oversupply, and then they're bust. That was over 200 pages of this book. Now we're at the end. Will you please, please give me the advice you do have for today? Last page, his advice for the future. Literally, last page. I'll summarize that last page for you. "Buy gold". For the price of this book and the worthlessness of the advice, I think the man should just sell that advice page for a quarter and refund my $16. I wish I had never read it because it felt like such a rip off. A book I did enjoy? The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey. A plan to get out of debt, get control of your finances, and build up a nest egg. It isn't great on very long term investments, but if you do need to be debt free before you can have the cash to invest long term. His advice is real world. His worksheets are fantastic, as are form letters on how to deal with everything from budgets to creditor / collection letters. |
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May, 2012
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