Book Report on "Money Game E-Book"
Book Report 7 pages (2514 words) Sources: 1
[EXCERPT] . . . .
Money Game: Play to Win, Put the Odds in Your Favor by Charles Green. Specifically it will contain a book report of the book. This e-book helps educate people about their finances and how they can be more financially secure. It is applicable to just about everyone, and it gives the reader some hope that they can be financially successful, no matter what type of situation they face. It is a handbook for financial success that is motivating, as well.The author, Charles Green, is an expert in money management and personal finance, and he works from 33 years of experience in the field. He states his purpose in writing the book in the Preface. He says, "This book has something for everyone to improve their finances and achieve financial freedom, no matter where you are in life and what your current financial circumstances are" (Green 5). He then goes on to tell people to develop a "millionaire mindset" that includes putting your dollars to work for you. One of these major recommendations is to create a budget, no matter what stage of life or circumstances you are in. He states, "Got budget? Your journey to financial freedom starts with a simple budget. If you do not have a budget, then financial freedom just becomes an odyssey, rather than a destination" (Green 17). Budgeting shows you where your dollars are actually going, and how ineffectually you are probably managing them.
The book is full of good financial advice and suggestions for putting your money to work. The author writes, "Did you know that for every dollar spent today, there is an opportunity cost of $11 over your lifetime? Yes, you lose $10 for every $1 you spend when you consider the long-term opportunity cost: cap
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The central theme of the book is how to create a successful financial future, and how to get your finances in order. It does a very good job of giving the reader resources to use to get healthy financially, and the author gives a lot of information throughout the book. He keeps the theme in mind throughout the chapters, and does not deviate from the theme. He also has several underlying themes in the book, and one is the credit card companies, who he calls Precreditors, which is a mix of credit and predator. He writes, "The greed of banks and financial institutions provided bountiful credit for everyone, but in the aftermath of the Financial Crisis of 2008, they are now taking away the apple cart and making you pay dearly for the apples you already consumed" (Green 52). Throughout the book, he shows his contempt for credit card companies and most financial institutions, and gives reasons why you should get rid of your credit card debt as soon as possible. He also shows that saving even a dollar a day throughout your life can ultimately lead to financial freedom, and he uses that theme throughout the book, too.
The theme is consistent, even if he does repeat himself quite a bit, and his ideas are consistent, too. Another of his consistent pieces of advice that seems very sound is his advice to pay off your home in 15 years. That way, you save quite a bit of interest on the mortgage, and you free up your payment for savings and investment, which can lead to financial freedom in the end. This seems like extremely good advice for anyone thinking about buying a home, and he also tells homeowners how to turn their mortgage into a 15-year plan by paying more on the principle each month. That is good advice, too.
The major issue in the book is financial freedom, but the author writes the book partly in reaction to the recession that began in 2008, so it is a timely book, too. He refers to the fall of the stock market, loss of investments, and the other repercussions of the recession, and talks about attempts to control it through credit card legislation and bailouts. He writes, "The problem with the Financial Crisis of 2008 was not the collapse of the banking system, but the failure of individuals and government to save" (Green 57). Because the book is timely, it makes more sense to the reader and it addresses problems and concerns that just about everyone has today.
One of the nice things about this book is that while it is about finances and managing money, the author includes other ideas, too. For example, he writes, "[L]astly, take care of yourself and exercise daily to maintain good health, energy level and mental prowess. These intangibles are just as important as the tangibles things you can do to improve your financial health. More than 50% of all bankruptcies are due to health issues" (Green 33-34). It is interesting that he includes other information like this, which shows that he is interested in all types of health, not just financial health.
Some people might think the author just talks about finances, but he does not give any concrete ways for people to change their finances and become more secure. He gives a four-step process that can start things off. He writes, "The four life savings steps to stabilize finances that are in critical condition are: start the breathing; stop the bleeding; protect the wound; and treat for shock" (Green 78). Then he gives examples of how to do this so your credit rebounds and you can begin to save money.
There is one piece of advice that the author refers to several times in the book, and that is buying a house as your major form of investment. He writes, "Your house is your castle; it's financial security and a safety blanket for you and your family when you cannot be sure about anything else. Your house is your castle and will stand the test of time when other assets may not be there when you need it" (Green 46). That does not seem to be very good advice right now, because so many homes have devalued so much, and homeowners are "under water," which means their homes are worth far less today than they were when they bought them. He talks about the housing bubble in the book, so he is aware of the devaluation, but his advice seems like it is not so good.
Today might be a good time to buy a home when prices are low, but the people that already own have seen their values tumble, and this advice really does not address how they can gain from their investment. That is something that is lacking in this book and in the author's advice. He uses a time period from 1989 to 2009 to show how much homes have increased in value, but many homeowners today have not owned their homes since 1989, so this seems to be one place where the author's advice just does not add up.
In a surprising look at the housing market, he does advise people who are extremely upside down to walk away from their homes. He believes that it will take 10 years for home prices to return to 2005 levels, and that in 10 years, people can rebuild their credit and be in much better shape financially if they walk away. He also believes that people in very dire financial straits should declare bankruptcy, largely because of the same reasoning. He writes, "However, bankruptcy is not a death sentence, and it could get you back on track much sooner than the time it would take to pay off the debt" (Green 85). They can start to rebuild their credit immediately, and have a sizeable return in 10 years if they manage their money effectively. This might seem surprising, but he rationalizes his ideas by saying that holding on to your house or belongings to "save" your credit is not productive, and all you are doing is paying more money to your creditors, when you could be paying it to yourself. He writes, "Excuse me if I do not show much deference to creditors and the financial industry. Maybe it's time to put your interest first and follow their lead" (Green 83). Ultimately, his advice is… READ MORE
Quoted Instructions for "Money Game E-Book" Assignment:
The goal of the book report of The Money Game is to assess your retention and application of the knowledge gleamed from the book. The book bridges the gap between *****what***** (the basic information) you get in your textbook and *****how***** to apply the knowledge in real life. It helps you to put the odds of financial success in your favor by playing to win the Money Game. Information without real-world context for practical application does not help you to succeed. It*****s not that easy, and this is where many people fail; the odds are not in their favor. The Money Game will bridge this gap and give you an action plan to succeed.
The book report should discuss the central theme, issues and background (current events) from which the book is written. The book report should also have in introduction, connect to the material in the body of the book (use of quotes and explanation is good for this), and end with a conclusion. There is allowance for creativity, and you can incorporate your own experiences or ideas on the subject. Before writing a draft, create an outline to focus your responses. It should be 7*****10 pages, 12-point font and double-spaced and should be written in professional style in accordance with the guidance below:
Observe MLA writing style:
*****
How to Reference "Money Game E-Book" Book Report in a Bibliography
“Money Game E-Book.” A1-TermPaper.com, 2010, https://www.a1-termpaper.com/topics/essay/money-game-play-win/6593. Accessed 28 Sep 2024.
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