The wrong way to achieve wealth

The wrong way to achieve wealth

For anyone starting out in life, Your Total Wealth is the ideal read. It is the most unique and accessible financial advice resource I’ve ever seen and goes well beyond how to make money. I just finished reading the answer to what Karl is searching for.  It’s Your Total Wealth: The Heart and Soul of Financial Literacy, by former university business professors Lyle Sussman, Ph.D. and David Dubofsky, Ph.D., CFA.

The authors give us a window into what “total wealth” means, how to achieve it, and demonstrate that it is much more than mere numbers. Total wealth is greater than the “stuff” we own or the balance in an investment account. Annuity: A financial annuity is a predictable payment stream, such as a retirement annuity offered by insurance companies, designed to pay for as long as you live.

Your Total Wealth has a feature that I’ve never seen before. Pages on the left provide definitions, such as, Margin, Short Selling, Dollar Cost Averaging, Leverage – terms that most people do not understand, with examples. Pages on the right give readers a life lesson connected to the term just defined.  Here’s an example from the book: The Life Lesson: An emotional annuity is a predictable, human bond of caring, commitment and concern. It says, “I’m here for you.” The next time you see an elderly couple walking down the street with smiles on their faces, holding hands, you are witnessing an emotional annuity payment.

Applying Financial Definitions to the Real World – An Emotional Annuity I wish that I had this book years ago, or as I tell my friends, “When I had hair.”

Your Total Wealth is filled with insights like that, financial terms and life lessons that get you thinking about living a richer life. When adult children take care of aging parents, those children are making an emotional annuity payment.

Sussman: Failure to understand the cost of obsessively focusing on monetary wealth. I asked the authors to discuss some of the things people do in the pursuit of financial wealth that lead to disappointment and failure in life. The Search for Monetary Wealth Has Its Own Costs

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