Are You a Stock or a Bond?: Identify Your Own Human Capital for a Secure Financial Future, Updated and Revisedby Moshe A. Milevsky Ph.D.
You must be aware of the value, potential return and risk of your own human capital (your job, career and what you do for a living as opposed to stocks and bonds or other investment choices) as well as financial capital and investments to plan a secure future. Human capital is the most valuable asset that you will own over your lifecycle. You need to balance all… See more details below
You must be aware of the value, potential return and risk of your own human capital (your job, career and what you do for a living as opposed to stocks and bonds or other investment choices) as well as financial capital and investments to plan a secure future. Human capital is the most valuable asset that you will own over your lifecycle. You need to balance all financial decisions with the characteristics of your human capital. The key trends identified in the first edition of the book namely, the decline of Defined Benefit (DB) pension provision, the continued increase in human longevity and the risk of personal inflation, are as relevant today as they were five years ago. The financial crisis has taught us that all types of capital – human, financial and even social – are key to a secure financial future. If your career has "stock-like" growth and risk characteristics, Milevsky helps you balance your "portfolio" by tilting investments towards safer "bonds." If your job is more secure but offers lower financial upside, you'll learn to tilt your investments towards stocks that compensate for your lower earning potential. Either way, Milevsky shows you how to integrate investments, insurance, annuities, and retirement plans to generate the safe and reliable income you'll need. This Edition's updates include:
• New 2012 data, charts, figures, and references • More coverage of incorporating "human capital" into financial planning • Advice reflecting the aftermath of the financial crisis • Easier, more usable techniques, and less math!
- Pearson Education
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As a former investment advisor, I was very familiar with Milevsky's name and many of his articles and newsletters. I was interested in reading this book to get a fresh perspective on balancing my own family's finances (as well as clients if/when I return to the business.) For my purposes, I thought the book was great. For people who consider themselves financial and insurance novices (or worse), this book could be over your head, or at least a bit too detailed and should not be among the first few books you read. It was a very fast read, fairly comprehensive, and good for a brush up on financial planning.