It would be hard not to recognise the name Noel Whittaker in Australia.
However some of you may not know that his first book Making Money Made Simple was listed in The 100 Most Influential Books of the Twentieth Century. Any book written by a man of this stature is going to give you sound advice.
There should never be an excuse for anyone to say they can’t manage their money because is too hard to understand. Noel Whittaker gives every Australian his lifetime of blue chip advice as written as a financial columnist in his book 25 Years of Whitt and Wisdom.
Major Financial Events in History
People tend to think that what happened last year is what will continue in the future, however last’s year’s performance has been proven to be one of the worst indicators of what will happen next. Noel gives a 25 year history of major financial events both in Australia and overseas. This history has been collated into various themes. These are divided into five sections – Money Matters, Wealth Health, Tools of Wealth, Enemies of Wealth and the Golden Years. Each section is demonstrated with articles written over the last 25 years.
By following this history and reading Noel’s notation as to the current situation, he gives great insight into the complex world of both government and personal finance. I like the way he compares government actions to that of a home owner, making it so much easier to understand the effect of some of the government’s bad decisions.
For people of my vintage who were actively investing in bonds, shares and real estate over this time period, it will bring back many memories. Who would have thought back in the early years when interest rates on loans were 18.5% and more for some, that today those interest rates are less than 5%.
Investing for Beginners
From an investment point of view, Noel lays out the simple basics of investments. They are not hard to follow and he demonstrates how anyone, regardless of how little they earn can provide financially for their future and still have a balance been lifestyle spending and long term saving. The book lists seven rules of investment. These rules are easy and simple to follow. Throughout the book, the articles keep referring back to these simple rules and what a difference they will make to your financial future.
Real Life Examples
Where this book is different, Noel uses real examples of people’s financial misfortune and how the loss of money happened because they did not understand the consequences of their actions or trusted the wrong people for advice. I found myself having empathy with all of these people. Fortunately Noel was able to help many of them through sound advice, or having the influence to get the attention of banks and government authorities where inappropriate actions had been taken by financial institutions or con men. One thing is for certain. When you read about someone losing their life’s savings, you will certainly take a mental note not to let yourself get into the same situation. It is surprising how quickly financial decisions can go so horribly wrong. But a few simple rules will prevent this from happening to you.
Who is this book for?
There is something in this book for everyone. I believe that if you take away, just one piece of advice from this book, the cost of the book will be saved many times over. I would suggest that you should read the whole book, highlighting the items important to you. Then keep it in a place where you can read a column every day. It will only take a few minutes, but the lessons to be learned and remembered are extremely important.
As Noel says in his book, one of the biggest dangers to one’s financial health is procrastination and inertia – the failure to seize the moment and be proactive. If you never read anything more, this is the book you must read. So please take action today. Read the book and start a plan of action using Noel Whittaker’s seven simple rules. You can build this plan with Financial Mappers.
Are you interested in reading another book review? Check out ‘Get a Financial Grip – A Simple Plan for Financial Freedom’ written by Pete Wargent.
This book was reviewed by Glenis Phillips F Fin.
Disclaimer: Financial Mappers does not have an Australian Financial Services License, does not offer financial planning advice and does not recommend financial products.
(Image via noelwhitaker.com.au)