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Reviewed by Tommy Wong for Readers' Favorite
The Balance: An Old Guy Offers Some Random Thoughts On Money by David Penna is an insightful book on money management throughout one’s entire life. Some of the advice is specifically for Canadians, while many others are general in nature. So, The Balance is good for all kinds of readers. When David Penna wrote The Balance, he was over 50 years old; this is why there is the “old guy” in the sub-title. This also means that David Penna had a lot of real-life past experiences to drawn on when he wrote the book; this is why it is so practical. In The Balance, David Penna shares his financial advice in chapters called “Money Mumbling”. There is a total of 28 money mumblings. Even though in the sub-title, it says they are random thoughts, the book is actually very well organized and the mumblings are in a logical sequence.
The focus of The Balance by David Penna is how to balance spending for the present and saving for the future when one is earning so that there are sufficient savings for retirement. Who doesn’t like to have a financially secure retirement? This is why The Balance is such an important resource. I particularly like the differentiation between good debt and bad debt in Money Mumbling 2: Good debt, bad debt; the peril of instant gratification in Money Mumbling 4: You Want It All, And You Want It Now; and the danger of peer pressure in Money Mumbling 5: The Lone Wolf. David Penna also gives concrete advice on where to invest in Money Mumbling 8: Stocks, Bonds, Funds, Shares, Trading, And The Market. This is sound advice. A highly recommended read for those who are interested in saving and growing their money for retirement.