Book Review: Safe Money in Tough Times

Authored by; By Jonathan D. Pond

Safe Money in tough times by Jonathan Pond contains simpler and detailed financial advice that everyone needs to survive the financial crisis. Planning for a secure financial future requires a lot of information and financial knowledge. Definitely we want to tackle special situations, be recession proof, get the strategies to cope in tough times and most importantly achieve financial peace of mind. He perfectly illustrates and give details on how we can begin to take some action to help us through the great recession so that you can take advantage of the prosperity. Often, majority of people are scared of depression (severe decline in the economic activity that last for years). Fortunately, today we have safety nets like unemployment benefits, federal reserves, social security and welfare programme to shield us. If the situation gets dire the government can intervene. We all agree that tough times affect all of us but unfortunately some suffer more than others. There are number of things that we can do
today to prepare for the future, they include:

• Budgeting and record keeping: keep track of your expected future expenditures and receipts for evaluation. When you budget it motivates you to live beneath your means and you spend less than you earn.

• Taking insurance: when taking insurance one should shop around for the best premium prices and pay only for the policy features and options you need.

• Debt Management: You keep wondering where your paycheck goes to, you spend less but you seem to have a lot of debts to pay, one has to be careful on which type of debt they take. Good debt can finance the loan and still earn you profits.

• Tax planning: understand your country’s tax policies this will enable you to save on taxes as an individual or business.

• Retirement planning: retirement should not be viewed as an old age occurrence, it can happen at any age or anytime. Preparing for such time will give you peace of mind, saving for retirement is important.

• Saving and Investing: it is always hard to save money but as time gets tougher, your expenses may grow faster than your income. It gets even harder to make ends meet. Everyone’s saving and spending habits can be improved, you need to account for your spending and income. Saving is not only enough but proper investment is also essential.

Coping with tough times requires some level of self-discipline, building up your savings , getting your debts under control , maintaining you insurance coverage ,saving for retirement, keeping diversified portfolio, getting help when adversity strikes and being positive that the economy will recover. Jonathan Pond illustrates in details different types of investment portfolio that you can invest in during your lifetime and what you expect during recession, understanding what kind of investor you are, essentials that you need to consider when deciding where to put your safe money and ways you can follow to overcome anxiety when tackling special situations like job loss. Most people tend to undergo psychological and emotional stress. They panic, feel guilty, lack self-worth and they become angry at the world. “If you are well positioned you will benefit from the recovery, you will eventually look back to the great recession as a minor annoyance” You can be a survivor in tough times.

Review by Effie Odhiambo

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