Review: Two for the Money by Jonathan and David Murray

Recently I read Two for the Money by Jonathan and David Murray. This is a book I thought I would like and one where I contacted the publisher directly and asked for a review copy. I wasn't disappointed.

Authors

Here's a bit about the book's authors from their press release:

Jonathan and David Murray, twin professional investment advisors who appear frequently on The Today Show and have spent their careers guiding boomers, give readers of any generation, a comprehensive, step-by-step guide to financial health and peace of mind in TWO FOR THE MONEY:  The Sensible Plan for Making It All Work.

David Murray is Managing Director, Wealth Management, for The PrivateBank in Bloomfield Hills, Michigan. A graduate of Dickinson College, he has also attended the University of Lancaster in England. Jonathan Murray is a senior vice president of investments for a New York Stock Exchange firm.  A lecturer at Johns Hopkins University, the University of Maryland, and Loyola College, he graduated from Dickinson College, where he has served as a trustee and Chairman of the Finance Committee. Jonathan can be heard daily on WBAL radio in Baltimore, discussing what happened on Wall Street and what it means for investors.

Book Summary

Two for the Money concentrates on three questions the authors say they hear all the time:

• Will I have enough money to retire?

• How can I pay for my children's education?

• Will I be able to take care of my aging parents?

In addition, the book covers the following:

Part one: The basics:

• Determining how much money you need
• Building a budget, getting out of debt, and developing a strategy for saving;
• Understanding investing

Part two: You and your money:

• Redefining your retirement
• Talking to your spouse about money
• Dealing with unexpected challenges
• Understanding wills, trusts and insurance

Part three: Your kids and your parents:

• Teaching younger kids about money, and teenagers about spending, savings, and credit
• Paying for your children’s education
• Talking with your elders about their money (and yours)
• Long-term care insurance and living arrangements

My Thoughts and Rating

Overall, I really liked this book. Much of the advice is basic (similar to what I cover here at Free Money Finance) but it does have some good pieces for even advanced money managers. In particular, I liked their simple, yet effective, formula for determining your retirement number. I also learned a lot as they discussed taking care of elderly parents (something more and more of us will be facing in the years to come) and highlighted their thoughts on what to put in an emergency file. I also liked their "double take" sections -- parts of the book where the twins disagreed on what the "best" financial advice was for a specific situation. Finally, the book is written in a fun, easy-to-read style, making it enjoyable as well as informative.

If there's a shortcoming in the book it's that for people who already have a decent amount of knowledge of personal finances, there are probably only 30 or so pages where you'll really learn something. In addition, they don't like index funds, so I hated that part too. ;-)

That said, I think this book is better than the average personal finance book out there. So the Free Money Finance rating for Two for the Money (based on my 0 thru 10 rating system) is: 6 Stars.

Comments

[Tim MMF]

Sounds like the type of book you sit at Barnes & Noble and read instead of buy. Good review.