For those skimmers out there, scroll down for the giveaway
Following the Goods is a book written by a 28 year old Canadian, Adam Goodman and it was just published earlier this year. He sent me a copy for review here on my blog and it arrived this past Saturday; I finished reading it that same day.
The book was a breeze to read through. It is well written but in a way that just about anyone can pick it up and read it without any trouble, despite being a book about finance and covering topics that even include taxes. It is somewhat short but it packs a good punch and I think it does a great job doing what the author meant it to do, which is teaching the basics of finance to young (or old) people especially those who have absolutely no clue.
The author had a ‘privileged upbringing’ meaning that his parents were pretty well off and he never wanted for anything, or was uncomfortable financially. He was the eldest child and wanted to set a good example so he got a job during high school but never managed to save any of the money.
After graduating from high school he went to college during the dot-com boom and was making over $100,000 a year and yet still managed to spend every penny he earned. After college he was met with the grim reality that most dot-com companies faced, every good thing comes to an end, and he was stuck in a job making just over half what he earned as a college student.
To avoid retelling the first two chapters of his book here, which are actually available to read for free on his website, I will get to the point. After all his early success, the author ended up 28 and broke, living in his mother’s basement. To help others learn through his experience and help them not end up broke and living back at home at 28, he wrote this book.
The book covers topics from budgeting to credit to investing. Some of the chapters are fairly shallow, such as the chapter on taxes. I am sure this is intentional as the book is meant for younger people and everyone knows anything that has to do with taxes can get a little dry for people of any age. The rest of the chapters give a good look into the beginner aspects of many of the other areas of finance.
Most of the material directly relates to the author and young people in general as all the chapters contain real life examples of things that happened to the author and lessons he learned from those experiences. This is one of the best, most enjoyable aspects of the book, and probably why the name of the book contains “..for the Young and Ambitious”.
Another part of the book that I found very informative and useful is the formulas and interactive exercises. The formulas and exercises, which are spread throughout the book, are used to figure out different monetary outcome for different things such as compound interest or how much one actually takes home after all the deductions from pay.
I also found the chapter about all the different Professional Designations for financial professionals and how to tell them apart especially useful. I had no idea there were so many different titles and duties for financial professionals.
The author did an excellent job at explaining some of the more confusing aspects of financial management such as the difference between compound and simple interest (with examples of interest when borrowing or investing), the basics of retirement accounts and how credit works.
I think the book is great. The author writes with a breezy sense of humor about his past, his experiences and his mistakes. The book is a great window into the intricacies of personal finance. The book is easy to read and and will leave you with a good foundation to build on when dealing with your own finances. There are definitely some people that I know that I would recommend reading this book.
The book does leave you wanting more in some areas as it is fairly short. In the book is a link to FollowingTheGoods.com which is a good place to go to compliment the material in the book with even more great information. Or you can come back here 😉 The book goes hand in hand with my post here about starting on the road to debt recovery.
Update: The author has generously thrown in two autographed new copies instead of the copy I read 😉 so the stakes are raised! Get one of the two autographed copies using the methods below!
I would like to share the love and give away this copy two autographed copies of Following the Goods: Financial Management for the Young and Ambitious. The contest will run for one week, ending next Monday the 20th of April. There are a few ways to enter:
- Comment on this post. (1 entry)
- Tweet the following on Twitter: RT @pffirewall Following The Goods Book Giveaway. Check out the review and enter to win a copy http://ow.ly/2J9M (2 entries)
- Sign up for Tip’d if you haven’t already and tip this contest using the button at the bottom of this page. (3 entries)
- Create a blog post about the contest linking back here. (4 entries)
After doing any of the above, leave a comment back here with your Tip’d or Twitter user name or link. Doing all of the above will get you six entries into the contest. On Monday, two winners will be randomly chosen and emailed for a mailing address and the book will be shipped.
Even if you don’t win, check out Following the Goods: Financial Management for the Young and Ambitious. It is a great book especially for those without any clue, and would make a great gift for your financially challenged friends and family.