Money Management Skills

Money Management Skills

6 hours 9 minsMoney management can be intimidating, but the good news is that the newest research into the human brain can help us understand why we make mistakes and how we can create an effective plan to meet our financial goals. Learning to navigate complex financial markets and create good financial habits is essential to the all-important goal of gaining control/>Money...

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Title:Money Management Skills
Author:Michael Finke
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Edition Language:English

Money Management Skills Reviews

  • Phoenix

    Incredibly helpful. Definitely in my top 3 from the Great Courses.

  • Jay

    Great overview of personal finance. My only criticism is that I suspect that the life-cycle finance theory espoused in these lectures, although logically consistent, might get a lot of people in trouble. The idea is smooth consumption over a lifetime, so one could or maybe should transfer money from their older selves to their younger selves by borrowing money when they're young and presumably broke, then paying it back and saving in when they're a bit older and presumably making more in their p

    Great overview of personal finance. My only criticism is that I suspect that the life-cycle finance theory espoused in these lectures, although logically consistent, might get a lot of people in trouble. The idea is smooth consumption over a lifetime, so one could or maybe should transfer money from their older selves to their younger selves by borrowing money when they're young and presumably broke, then paying it back and saving in when they're a bit older and presumably making more in their prime earning years, using that savings as a transfer to their older selves, allowing them to consume roughly the same amount per year their entire lives. Although I like the theory, I'm weary of encouraging debt for young people, who are generally pretty stupid about consumption. All in all though, a great series of lectures covering inviting, retirement plans, taxes, insurance, and more.

  • Trung Nguyen Dang

    A very basic course on personal finance which covers almost all relevant topics including tax, and estate management. The tax portion is US-centric though.

    The new thing I learn, but do not necessarily agree with, is the life-cycle theory. The theory advocates for smoothing out consumption over time. In addition, the theory is also based on the decreasing marginal utility of money, which means a dollar when you're young and poor is worth a lot more than when you're old and rich. The theory advoc

    A very basic course on personal finance which covers almost all relevant topics including tax, and estate management. The tax portion is US-centric though.

    The new thing I learn, but do not necessarily agree with, is the life-cycle theory. The theory advocates for smoothing out consumption over time. In addition, the theory is also based on the decreasing marginal utility of money, which means a dollar when you're young and poor is worth a lot more than when you're old and rich. The theory advocates for more spending, including borrowing to spend, when you're young, which is a bit scary for a saving-mindset like mine. I guess the theory makes more sense in some developed countries with pensions, but definitely not in any countries where retirees have little or no incomes at all.

    Other than that, the rest seems ok.

  • Kristopher Kerwin

    Very good advice on many different aspects of personal finances. Beware if you don't live in the U.S. however. You'll want to skip a couple chapters which are very country specific.

  • Dejon

    Money management is the process of budgeting, saving, investing, spending or otherwise overseeing the capital usage of an individual or group. Money management can also be used to have financial stability in your life. This book taught me to not just to save money but to invest it into your daily life, one of the main points that really stuck to me was when Michael finke said if you buy something make sure you can buy it 3 and 4 times before you can buy it once , that really stuck to me because

    Money management is the process of budgeting, saving, investing, spending or otherwise overseeing the capital usage of an individual or group. Money management can also be used to have financial stability in your life. This book taught me to not just to save money but to invest it into your daily life, one of the main points that really stuck to me was when Michael finke said if you buy something make sure you can buy it 3 and 4 times before you can buy it once , that really stuck to me because as a small child i really liked saving my money and thought it was a great thing to do and was a great tool for me to use in my adulthood. by de'jon smith

  • Yulia

    This provides a very good introduction to personal financial planning for the general public in the US.

    Actually, the target audience is not the average American making the median household income. The course is of most relevance to those in the upper middle class who can afford to live where they do, have no trouble paying off credit card balances at the end of each month, and are not so stressed by their financial situation that they can make long-term plans for themselves. If you do happen to

    This provides a very good introduction to personal financial planning for the general public in the US.

    Actually, the target audience is not the average American making the median household income. The course is of most relevance to those in the upper middle class who can afford to live where they do, have no trouble paying off credit card balances at the end of each month, and are not so stressed by their financial situation that they can make long-term plans for themselves. If you do happen to be among this group, then I'd recommend the book as a good introduction to financial planning.

    While the course covers what is included in most introductory financial planning curricula, I was surprised by the instructor's endorsement of the life cycle approach to spending. This approach suggests that the way to maximize utility, or happiness, throughout your life is to level the amount you spend in each phase of your life by factoring in how much you're projected to make throughout your lifetime. Divide that sum by the number of years you expect to live and you'll get your permanent income, or the amount you should spend each year to maximize your well-being. When you're just starting out and not earning much, you may be better off by borrowing from your future self (by taking out college loans, for example).

    Unfortunately, the brief discussion of the topic makes it too easy to take the advice out of context and may encourage a listener who does not have much self-discipline to use this as an excuse to run up credit card debt or splurge on their dream wedding. That's why I believe this book is best for those who don't already have spending problems or unmanageable debt, but just want to know what else they can do to be smart about their money decisions.

    If, however, you've been born into fortunate circumstances and/or are a saver by nature and have always kept your expenses to the very minimum, it may make sense to allow yourself to spend more on what matters to you, like creating good memories with loved ones or donating more to those who are not as fortunate. I personally regret not having attended my college friends' weddings when we were in our 20s because it didn't make sense to spend money when I wasn't earning anything. But it's easy to see that in hindsight now that I'm in more secure position.

    (Do note that the tax numbers mentioned in this course are approximations, so you'll have to look up current figures for tax, education, retirement and estate planning.)

  • Thomas

    Most of the information here is pretty basic, common-sense level advice and instruction that I have already managed to gather over the years, though I did learn a few new things. The financial power of a pension, for one.

    I would recommend this lecture series to any young person though, particularly because Finke is reasonable about how people, especially young people, spend money. He doesn't advise a 25 year-old person to save every spare dime because that's when young people really need the mo

    Most of the information here is pretty basic, common-sense level advice and instruction that I have already managed to gather over the years, though I did learn a few new things. The financial power of a pension, for one.

    I would recommend this lecture series to any young person though, particularly because Finke is reasonable about how people, especially young people, spend money. He doesn't advise a 25 year-old person to save every spare dime because that's when young people really need the money to spend, not to save. Saving and investment come later, because the goal is long term financial security, not glorious riches. He approaches money management from the long perspective, a person's lifetime. It's a healthy approach, and like most healthy things, kind of boring. Eat your greens, kids.

  • Mahmoud Ghoz

    The course is very basic and has good insights. Highly recommend for youth who has just finished their school before deciding the college.

    There are a lot of things related to the American law which made me feel uncomfortable.

  • Aditya Y.

    Bad math, bad advice. Early in the book, he says something like: an average person makes $2.5 million over the course of a lifetime, which means $40k/yr. So if you're making $40k/yr or less, you shouldn't save, because you will presumably make more than this some year, and the goal is to even out the amount of money you make every year.

    Except this doesn't take inflation into account. $40k/yr in 2010 is very different from $40k/yr in 2050. Accounting for inflation, $2.5 mil translates

    Bad math, bad advice. Early in the book, he says something like: an average person makes $2.5 million over the course of a lifetime, which means $40k/yr. So if you're making $40k/yr or less, you shouldn't save, because you will presumably make more than this some year, and the goal is to even out the amount of money you make every year.

    Except this doesn't take inflation into account. $40k/yr in 2010 is very different from $40k/yr in 2050. Accounting for inflation, $2.5 mil translates to $13,319 per year. So that person making $40k/yr right out of college should be saving like crazy!

  • Jamie Suter

    Struggled through this book because I feel the fundamental theory that this is based on is flawed. The author/teacher states that it is all about happiness and that your spending is related to your happiness. He also bases his theory on the idea that over time your spending capacity will increase. In today’s society, unless you are in upper middle class or beyond, this is not necessarily true. He goes on to state that going into debt early in life is fine because you will make more later in life

    Struggled through this book because I feel the fundamental theory that this is based on is flawed. The author/teacher states that it is all about happiness and that your spending is related to your happiness. He also bases his theory on the idea that over time your spending capacity will increase. In today’s society, unless you are in upper middle class or beyond, this is not necessarily true. He goes on to state that going into debt early in life is fine because you will make more later in life to pay it off and it will all balance out in the end. I feel like the last thing we should encourage is youth to incur more debt.

    The later topics about mortgages and retirement are informative and helpful, but he threw me off at the beginning by his original lifetime spending/happiness ratio.

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