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New Book Offers Practical and Easy Tips for Saving and Investing Wisely
In Spending Your Way to Wealth: Setting Your Compass Course to Real Wealth, Paul Hayes demystifies investing myths and superstitions from facts and practical strategies to help you learn how to save, spend, and invest wisely. As we continue to face the financial crisis caused by the recent coronavirus pandemic, this kind of knowledge has not been needed since the Great Depression.
Hayes acquired a wealth of investment knowledge during his tenure as Smith Barney’s vice president. He was also a flight instructor who taught others how to do complex and sometimes boring things thoughtfully and calmly. This makes Spending Your Way to Wealth an easy-to-follow guide that any would-be investor can benefit from. Learning how to invest properly takes a little thought, and as Hayes explains in these pages, you get a strong ability to stay calm when the market isn’t doing what you want it to.
Hey, it starts with where you meet your readers. He explains that the actions people want to take when investing are normal, and explores the psychology behind why we make the decisions we do. As he shows, there is nothing wrong with being normal, but when we learn to limit ourselves to avoid the consequences of normal behavior, we want to achieve a state of “normal plus.” He uses the metaphor of Ulysses and the Sirens to describe our need for tyranny. Ulysses ties his men to the mast of a ship as they pass by the Sirens, so he can hear their beautiful music, but resists the temptation to join them, thereby causing his destruction. Similarly, we must tie ourselves to the stake when it comes to investing, preventing short-term decisions that will negatively affect our long-term goals.
Before discussing investments, Hayes asks us to look at how we spend our money and how it shows that we’re OK. I especially appreciated his introduction to the concept of “spilling”. Overspending is spending more than we should. For example, a generic brand of spaghetti sauce can satisfy our needs. Expensive name brands are more than we need. The difference between the price of a generic brand and a name brand is our spilled money that we didn’t have to spend and could have saved and invested. However, it’s normal for us to think that a name brand is better, so we’re willing to spend money on it. Hayes’ research shows that people enjoy less expensive wines more when they’re not told the price, but we tend to do things like think of more expensive bottles as more expensive.
One of the biggest ways we drain our cash is credit cards, which allow us to buy things we don’t need or can’t afford. Heys offers advice on how to manage your credit cards and only 35% of people pay off their credit cards every month, so we need help. The rest of us just pay the minimum down payment, pay high interest rates and burn money, and buying a generic brand of spaghetti sauce charged on a credit card makes it many times more expensive than buying our name brand. Hayes discusses the difference between cost and value and how understanding it can teach us to avoid spillovers. He also encourages keeping a monthly journal so we know how much we’re shedding. Above all, he makes us understand how a little spill can harm our future. For example, if we leave an unnecessary light on for twenty-four hours, it costs 14 cents. Over time, that adds up to $77,680 over a lifetime and $367,895 if invested over forty years. Who couldn’t use more than a third of a million dollars? So why do we leave our lights on and throw them away? Turning off that light could mean the difference between living the lifestyle we’re used to in retirement and watching every penny.
Hey, I’ll give you some investment advice later. It’s more detailed than I can explain here, but he looks at investment behavior and investor behavior, demystifying risk and looking at unrealistic things like, “Don’t invest more than you can afford to lose.” He advocates investing in index funds for the long term — advice straight from Warren Buffett. He also reminds us that everything is relative, so we shouldn’t let others define the value of an investment – it’s not about the price, but the ability to meet our current and future needs. If a low-risk investment with a 10% return meets our retirement needs, we don’t need to chase after a high-risk investment with a 25% return. I find this advice comforting.
I was grateful for these next chapters on investing to bring back the idea that, above all, we have to rein ourselves in—we have to tie ourselves to the stake when we invest. We can learn this limitation by reducing the noise. We don’t need to follow the stock market every day; we can stop listening to all the experts on TV; We don’t need to see our notifications daily, weekly or monthly. Seasonally enough, we can adjust if necessary. The key is to believe that the market will always rise over time, and if we are in this market for the long term, it will benefit us to stay in that direction.
All in all, Spending Your Way to Wealth is the only book that fully exposes the many myths and misconceptions most of us have about investing. I was relieved after reading the book because I realized that what I had to do was much easier than many people thought. I don’t have to be a stock market expert. I just need to find a reliable financial advisor to help me find the right assets. Then I have to contribute regularly to these funds and let them grow without trying to micromanage them. The message in this book is clearer and more relevant than any other financial advice book I’ve read, and I’ve read many of them.
Why aren’t these things taught in our schools so we can all start saving early? Spending Your Way to Wealth would be the perfect graduation gift for any high school student. In fact, anyone interested in investing—we all have to retire at some point—and no matter how new or experienced an investor, will benefit from reading this book. In addition, Hayes provides valuable information on his website, including an investment calculator to help you calculate how much your investment will pay off in the long run. Check it out.
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