Smart and Simple Financial Strategies for Busy People. Whew, what a long title. I was putting off reading this book because it seems like ‘just another personal finance book’ by another so-called Money Guru. (I’d never heard of Ms. Quinn before getting this book from the publisher.) And in many ways it was. But I also learned a couple of new things.
I found it amusing that she makes fun of David Bach’s “latte factor”, while the rest of her book is so similar to his Automatic Millionaire book. Save a certain percentage of your money automatically every month. Invest it into diversified index funds. Let it compound happily. Sound familiar?
Overall, this book is pretty basic, as it tries to fit in everything from life insurance to retirement to homebuying into 200 pages. I mean, she tries to explain how the stock market works in 3 pages?! Another book you could compare it to is Suze Orman’s Money Book For the Young, Fabulous, and Broke. Of course this book is a little less in your face.
Still, I did learn some new things. One is that some term life insurance policies have the option of converting to a whole life policy. While this may not matter for most people, there are times when it could be very beneficial. I also learned that, subject to certain conditions, that you can cash out your savings bonds tax-free into a 529 college account for your kids. Definitely an option to remember. Finally, she reminded me that I need to check on the beneficiaries of all my various accounts. If something happens to me, setting up proper beneficiaries can help prevents lots of headaches.
She does make a somewhat significant error that The Happy Capitalist also picked up on. In talking about 401(k)s, she states:
…there’s no income or Social Security tax on your [401(k)] contribution, so you’re investing money that otherwise would go to the government.
Well, actually, you do have to pay Social Security on your contributions. In the end, I think the time spent reading the book was worth it for me. It’s not the best personal finance book ever, and there are no new groundbreaking revelations, but for beginners it can serve as a good start and a reference.
Overall Rating: 
(ratings explained)
Second Opinions
AllThingsFinanical has his own review and a great collection of other blogger reviews as well.
Make Your Own Opinion / Giveaway
Thanks goes out to the PR company of this book for giving me a pre-print copy and supplying me with another one especially for you the readers! Just leave a comment with your e-mail for your chance at getting a crisp, new copy of Smart and Simple Financial Strategies for Busy People shipped to you for free.
* Fine print: One entry per person. You can leave multiple comments with the same e-mail, I’ll just enter you once. I’ll pick randomly. Giveaway ends 1 week after this is posted. You must leave your e-mail so I can contact you (you can stop it from showing online by typing something in the URL form). Book will be sent via Media Mail free of charge. U.S. Residents only, sorry. Your personal information will not be shared or sold as per my privacy policy.
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Just a little observation. Your privacy policy says that you do not share personal information yet, you post the email addresses of posters on your site in clear text (Just click the link where it says Posted by:) which would seem to be inconsistent with that policy.
I’m thinking that setting up proper beneficiaries only really matters if you’re not single or dependants. Life insurance also falls into this area for me.
Sorry, the e-mail showing is just this blog software, I don’t know how to fix that. The fine print also says “you can stop it from showing online by typing something in the URL form”. Note that my e-mail is not showing for this comment. So one extra keystroke and you’re fine. I don’t collect e-mails and sell them to other companies.
Jonathan,
Surprised you never heard of Jane Bryant Quinn.
She wrote the BIBLE of personal finance – ‘Making the Most of Your Money’. Copyright 1991,1997 by Simon and Schuster. It runs 1,066 pages and is more of a reference book. It is a very detailed and well written book.
thanks
I too am surprised that you’ve never heard of Jane Bryant Quinn…. she’s kind of like the mother of personal finance. Until a few years ago, she was one of the most – if not the most – widely syndicated personal finance columnists in the US… she was part of the Washington Post Writers Group. Even though she retired from that gig, she continues to write for Newsweek.
Nice review. I enjoy your blog quite a bit.
hey thats pretty neat that they gave you two copies. kudos to them.
I’m busy…and in for the book draw!
Id love to get a book.
I guess that dates me then =) In 1991 I was in middle school, and 1997 I was a doe-eyed freshman in college. I only read my first personal finance book in 2004.
damn yougins.
but yeah maybe thats why I’ve never heard of JBQ till her recent book. keep up the reviews! they’re very helpful. I just picked up Four Pillars at the library, cant wait.
In for a copy!
Put me in for the draw. Nice blog, just found it today via WaiterRant.
Put in for running for the book.
Love your website….some very useful information.
WW
Making the Most of Your Money is a phenomenal book. Also, JBQ, unlike her contemporaries, isn’t selling anything but her books. She’s not luring you in to buy some crappy product like the Rich dad guy or Orman.
Cap has won this drawing. Sorry for the delay in picking winner, but thanks everyone who entered!