Book Review: The Lazy Person’s Guide to Investing
A Book for Procrastinators, the Financially Challenged, and Everyone Who Worries About Dealing with Their Money
by Paul B. Farrell, JD, PhD
BFN Book Reviews
Over the years, I have found it tremendously helpful to see what other people with similar interests have been reading on the topics of personal finance. That is why I am periodically publishing my own reviews - to hopefully be helpful to others. I will provide a brief overview of the book and the author, touch on the good and bad in the book, and finally, give you my personal recommendation for whether you should borrow the book, buy the book, or neither.
What is this book about?
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Help! I’m Trying to Determine My Asset Allocation
I recently transferred a Rollover IRA and some mutual funds in a taxable account to new Vanguard accounts. Unfortunately, I have not actually done anything with either account yet. The taxable account currently consists of two funds - a S&P 500 Index fund and a global equity fund - and some cash. The IRA is completely in cash.
Asset allocation is key
After some mistakes over the past few years (more on those in a future post), I have decided to go the way of ultra-low expense index funds for these two accounts (that is why I transferred them to Vanguard). The most important component of any investing plan (other than doing something) is the asset allocation plan. That is not to say that there is one magical asset allocation that works for everyone in all situations. Rather, choosing a plan for your situation and sticking to it through thick and thin usually leads to good long-term investing results. Click here to continue reading…
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