Do you speak money? You should. It is the world s most important language. It s spoken everywhere. Speaking or at least understanding this language allows you to follow the real conversations in politics, business, and at work. Understanding money and speaking the language fluently is critical to preparing for a comfortable retirement, building a small business, planning for college and a career for your children. Everyone speaks it differently, with different dialects. Some are riskier than others. Some want to save their money; others want to see it grow. There is no one accent, but understanding the differences will make couples, business partners, and coworkers happier and wealthier. Authors and CNN financial experts Ali Velshi and Christine Romans speak the global language of money and translate it every day for hundreds of thousands of viewers. And they are here to teach you, too. It s easier to learn than you might think. Speaking money affects every area of your life. It s more than simply your savings or the investments you may have. It involves the way you think about money, the way you teach your children about it, and the way you were taught about it yourself.
It s about the way you spend it, save it, invest it, use it, need it and want it. The book will: * Shed light on the male and female spending and investing disparity * Discuss emerging international economies * Weigh the financial hurdle of student debt culminating in a successful job * Explain how to budget wisely and build wealth * Show how to plan appropriately for retirement How to Speak Money is an easy-to-read, practical book that helps readers become fluent in the world s most universal language.
Ali Velshi is CNN's Chief Business Correspondent and host of Your Money. His in-depth reporting on the auto industry was honored with a National Headliner Award for Business & Consumer reporting in 2010. He anchored CNN's coverage of the attempted terror attack on a flight into Detroit, for which CNN was nominated for a 2010 Emmy. He is the author of Gimme My Money Back: Your Guide to Beating the Financial Crisis. Christine Romans is the host of Your Bottom Line, CNN's Saturday morningpersonal finance and lifestyle program and the money reporter for CNN's AmericanMorning. Her reports are carried on CNN's platforms worldwide. Among her awards is an Emmy for her reporting on outsourcing American jobs. From Timothy Geithner and Venus Williams to Tony Hawk and Russell Simmons, Romans interviews a diverse range of public personalities on financialissues facing Americans. She is the author of Smart Is the New Rich (Wiley), based on her experience covering the financial crisis.
Acknowledgments xi Introduction xiii Chapter 1 The Big Picture 1 Money Is Everywhere 2 Understanding Money 4 Where Are You? 5 Getting to Where You Want to Go 6 Getting Started 7 The Key to Wealth: Live Below Your Means 9 Change with the Times 10 It s Up to You 11 Different Strokes, Different Folks 12 Making Your Plan 12 Chapter 2 We Fight About Money, Too 15 A Failure to Communicate 17 How Do You Have a Difficult Conversation? 18 Chapter 3 Gendernomics 27 Shifting Roles 29 Are You Sure We re Talking about the Same Thing? 30 Why Do Smart People Buy Stupid Things? 32 Women and Investing 33 Gendernomics in the Workplace 35 Chapter 4 Speaking Money around the World 39 A Brief History 40 Climbing Up the Ladder 42 A Fish Story 44 Globalization: Good or Bad? 45 What Goes Around Comes Around 48 Who s Zooming Who? 49 Chapter 5 Speaking Money at Work 53 Speak STEM 55 Dirty Jobs 57 Green Jobs 58 Women and Work 60 Getting a Job 61 The Long-Term Unemployed 65 You Wanna Start Something? 67 Not-So-Happy Campers 68 Chapter 6 Speaking Money on Campus 71 High School Then, College Today 72 A College Degree Never Hurt Anyone 74 The Future Starts in Grade School 75 Education for Life 76 How Should You Look at College? 77 Thinking of Changing Fields? 81 Chapter 7 Speaking Money in the Market 87 Cash Equivalents 89 Let s Speak Bonds 91 Price versus Yield 92 The World of Stocks 94 International Investing 95 Stepping into the Market 97 Mutual Funds 98 Index Funds 99 Exchange Traded Funds (ETFs) 102 Do Your Homework! 102 Chapter 8 Speaking Money to Investment Principles 107 Principle 1: There Is a Direct Relationship between Risk and Return 107 Principle 2: Time Is Your Friend 114 Principle 3: Diversification Lowers Your Risk and Improves Your Return 114 Asset Allocation: The Key to Results 116 Chapter 9 Speaking Money in Your Own Portfolio 119 Your Investment Questionnaire 120 Your Model Portfolios 125 The Importance of Rebalancing 128 Financial Advisors Yes or No? 129 Chapter 10 Speaking Money on the Home Front 135 Buying a Home 138 Rent versus Buy: One Man s Story 145 What If You re Selling? 146 When Is the Best Time to Buy? 149 Chapter 11 Speaking Money on Budget 153 Software Makes Budgeting Easier 155 Here Comes the Rain 156 What Does It Cost to Live? 157 Getting Out of Debt 160 Chapter 12 Speaking Money in Retirement 163 The Historical Perspective 164 Retirement Is Expensive 166 Programs to Fund Your Retirement 168 Play a Waiting Game 171 Social Security: The Nation s Safety Net 173 Summing It Up 174 Living Your Golden Years 175 Afterword 177 Bibliography 179 About the Authors 181 Index 185
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