Book Review of

Consumer Reports Money Book, The

How to Get It, Save It, and Spend It Wisely

Author : Janet Bamford, Jeff Blyskal and others

Pros : This would make a good reference book. Good coverage of insurance.

Cons : Not really interesting or unique information.

Grade : B Good, comprehensive reference, but not exactly a page turner.

Contents : Jump to review...

Part 1 : Banking

1. Checking Accounts
2. Savings Accounts
3. Loans
4. Charge Cards
5. Banking Alternatives

Part 2 : Money Management

6. Budgeting
7. Financial Planning
8. Credit Rating
9. Bankruptcy

Part 3 : Taxes

10. Tax Planning
11. Special Tax Situations

Part 4 : Insurance

12. Health Insurance
13. Life Insurance
14. Homeowner's Insurance
15. Automobile Insurance
16. Other Insurance

Part 5 : Investing

17. Principles of Investing
18. Stocks
19. Bonds
20. Mutual Funds
21. Your Home
22. Other Real Estate

Part 6 : Retirement Planning

23. How to Plan for Your Retirement
24. IRAs and Keoghs
25. Social Security and Pensions
26. Wills and Trusts

Review :

This book is a comprehensive introduction to almost all aspects of personal finance. Major topics include banking, budgeting, taxes, insurance, investing in securities, and retirement planning.

The vast majority of the advice is solid and informative. For example, the book believes that financial markets are quite efficient, and that it is very difficult to "beat the market." Various types of insurance (life, health, homeowner's, automobile and others) are discussed in detail, with lots of real numbers which show how much coverage might cost.

The book, however, is dispassionate. Information is presented in a bland, matter-of-fact manner, and no effort is made to MOTIVATE the reader to save or invest wisely. Humor is nonexistent.

The book also devotes too much time to marginal topics. Twenty pages of text regarding mundane banking accounts can be summarized with, "Watch out for fees and shop around." The book needlessly goes into excruciating detail about how to create a budget.

Still, if you're looking for unbiased and useful information, this is a good book to have.

Reviewed by David Luhman, MBA, EA

Published 1995 by Consumer Reports Books. ISBN 0-89043-763-7
Length : 561 pages.