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Dollars and Sense: Summer Reads

By Roberta L. Nestor

Reading about money and finance does not have to be boring!  The selection below is a combination of unique reads that you might find informative, fun and some worthy of a page turner at the beach this summer.

“You’re Only Old Once!  A Book for Obsolete Children”, by Dr. Seuss

The illustrations are priceless, the rhymes funny and oh so true.  Geared toward baby boomers and the laughable process of going for a check-up at the doctor’s office.  What may start as a basic physical, goes on and on…a fun read for anyone over 50 or for those of you who are taking care of an elderly family member.  On taking the hearing test: “My dear fellow, you’re deafer than most, but there’s hope, since you’re not quite as deaf as a post.  We’ll study your symptoms.  We’ll give you a call.  In the meantime, go back and sit down in the hall.”

“Ponzie Scheme:  The True Story of a Financial Legend”, by Mitchell Zuckoff

A well written narrative that is filled with the rich history of Charles Ponzi who immigrated to the United States from Italy in 1903 with $2.50 in his wallet.  Ponzi’s successful schemes began in Boston.  This book takes its narrative from the hundreds of interviews Ponzi provided for the newspaper giants like the New York Times, Boston Post and Chicago Tribune.  The name of his first company he used to promote his scheme was called the “Securities Exchange Company”.  That was in January, 1920 and in his first month he collected $1800 from investors.  By June of that year, people had invested $2.5 million in Ponzi’s scheme.  Fascinating history of greed and deception.  (Note:  There is a “Ponzi Scheme Board Game” that is unique and fun.  The goal:  The players are fraudsters all trying to build the biggest shell company before someone else in the game goes bankrupt.)

“Get a Financial Life:  Personal Finance in your 20s and 30s”, by Beth Kobliner

This is a must have book for millennials!  As a generation that now exceeds the baby boomers in size, millennials are holding more financial debt than any other generation in history.  These young adults need to be more financially educated and, unfortunately, neither high school nor college required courses include personal finance.  Basics of health insurance and how health insurance works, your credit score, buying versus renting a home or buying or leasing a car are just a few of the hot topics this book addresses.

Favorite chapters include:  Dealing with Debt, Basics of Banking, Breaking down your paycheck and filing of tax returns.  It is an easy read with current and relevant recommended websites as well as apps to appeal to this tech savvy generation.

“The Pros and Cons of Flying the Coop” by Lisa Spain

While this book is geared toward baby boomers who want to relocate during retirement, it really applies to anyone who is considering relocation.  Many young families are finding themselves house poor and without the resources to enjoy their lives – relocation is more and more common well before actual retirement.  So, what things should be considered, and what is the process?  How do we get there?  Lisa Spain has a direct approach and gives guidance for not just the positives, but also the negatives you may face with relocation.

Happy reading!

Roberta L. Nestor is a financial advisor practicing at 491 New Haven Avenue in Milford, CT offering retirement, long term care, investment and tax planning services.  She also offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network – a member FINRA/SIPC and a Registered Investment Adviser.  Fixed insurance products offered through Nestor Financial Network are separate and unrelated to Commonwealth.  Commonwealth Financial Network or Nestor Financial Network does not provide legal or tax advice.  You should consult a legal or tax professional regarding your individual situation.  Roberta can be reached at Nestor Financial Network, 203-876-8066 or roberta@nestorfinancial.com.

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