A Whole New Way to Look at Your Money…and Make It Grow! “Here is a lively new guide that offers fresh and actionable ways to approach everyday financial problems. Whether you’re rich or just getting by, starting your career or winding down, you’ll benefit from the author’s insightful observations and suggestions—all delivered with warmth and wit.” —Evan Cooper, Deputy Editor, InvestmentNews “The author’s unique gift is to make complex ideas from the world of high finance simple to understand, and his new book gently coaches readers in how to think about their personal finances. Best of all, readers can use Milevsky’s financial calculators online to test these ideas, so they can make choices with confidence. Investing in this book might be the wisest financial decision you make this year.” —Gil Weinreich, Editor, Research Magazine “The author has accomplished the near impossible. He has made the complicated, confusing, and often contradictory world of personal financial planning easy to understand. More importantly, he’s made it easy to act on his ground-breaking advice and guidance and has made it easy for readers to address their most important financial decisions in a thoughtful, practical, and painless manner.” — Robert Powell, Editor, Retirement Weekly and Retirement Columnist, www.MarketWatch.com/retirement “What are the nine crucial financial decisions every person must make over the course of a lifetime? If you don’t know, read this book. The author’s nine choices revolve around his core concept of human capital and how it must be gradually converted to financial capital to achieve a successful retirement.” —Jonathan Chevreau, National Post Columnist and Author of Findependence Day “Your Money Milestones helps just about anyone see life’s most important money decisions in a fresh and completely rational light. If you want a smart, practical roadmap to a financially sound future, you need this book.” —Eric Schurenberg, Editor-in-Chief, BNET Your Money Milestones illustrates how four principles inspired by basic arithmetic can be applied to manage the most important financial decisions (money milestones) people face over their entire financial lifecycles. <ul>
<li> Addition: Identify the true value all of your financial resources.</li> <li> Subtraction: Budget for the hidden liabilities in your future.</li> <li> Division: Spend your total resources evenly over time.</li> <li> Multiplication: Prepare for many alternative and unexpected universes.</li> </ul> This book offers a complete framework for thinking about money that’s every bit as provocative as Freakonomics. Drawing on the newest research into psychology and personal finance, Milevsky helps you identify the true value all of your resources; budget for hidden liabilities in your future; plan to spend your total resources smoothly over time; and prepare for unexpected events that could upend even the most careful planning. You’ll discover why children are short-term investment liabilities but may be long-term pension assets, why winning the lottery may increase your chances of going bankrupt, and why giving up control of your retirement nest egg might actually make you happier. The insights are fascinating and useful throughout your life whether you're deciding what to study, contemplating your first home purchase, deciding whether to keep contributing to your 401(k), or considering when and whether to retire.

Your Money Milestones: A Guide to Making the 9 Most Important Financial Decisions of Your Life

Business & Money

Milevsky, Moshe A.

Personal Finance

Ft Pr

“Moshe Milevsky offers an original and clear re-thinking of the most fundamental concept in one’s financial lifetime: the management of risk, in all of its not-so-obvious dimensions.”—Nick Murray, author, Simple Wealth, Inevitable Wealth “This book is another example of Moshe Milevsky’s ability to make the complex understandable...an excellent primer—for both advisors and their clients alike—on the ‘How Tos’ of effective retirement income planning.”—Jim Rogers, CFP, 2008 President, The Million Dollar Round Table (MDRT) “In this new book, the author presents a holistic framework for investors and advisors to think about critical issues that impact investment decisions, such as human capital, mortality risk, and longevity risk. But even more importantly, Milevsky presents practical solutions that we can all follow to achieve financial security throughout our lives. This book is a must-read for everyone in the financial services industry.”—Peng Chen, CFA, Ibbotson Associates “This is an extremely timely and valuable book. Our financial lives have never been more complex, and the challenges for many are daunting. Milevsky provides a new perspective that can really help people make better financial decisions and attain a greater level of financial security.”—Matt Greenwald, President, Mathew Greenwald &amp; Associates “The author has written an instant classic that will help people become better-educated retirement customers and also help financial advisors improve their professional skills.”—Francois Gadenne, Chairman of the Board and Executive Director, Retirement Income Industry Association (RIIA) “Milevsky delivers one of the best books to date on personal financial planning—a refreshing blend of content, conceptual correctness, and clarity. Buy it. Read it. Do it.”—Richard M. Ennis, Chairman, Ennis Knupp &amp; Associates; Editor, Financial Analysts Journal In an era when traditional corporate pensions are disappearing, Social Security’ s sustainability is in question, healthcare costs are skyrocketing, and society is dumping more and more financial risk squarely onto your shoulders, Moshe Milevsky helps you comprehensively integrate all the opportunities and risks in your life: your career risks, your portfolio risks, your housing risks, and even your personal inflation and longevity risks that could lead you to financial regret and a ruined retirement. Then, he introduces a powerful, new framework for thinking about and managing your financial future that you can use to systematically reduce your vulnerability to each of these risks and, thus, generate long-term financial security. To maximize your investment returns and protect yourself and your family, you must learn to think of yourself as a small company, with assets, liabilities, a balance sheet, an income statement, and real shareholder equity. The composition and choices you make with your financial capital should reflect the nature and security of your career or job, which is your unique “human capital.” So, for example, if You, Inc. is like a “stock,” make sure your retirement savings are tilted toward “bonds.” If your job is more secure and You, Inc. is essentially a “bond,” then make sure your retirement savings are tilted toward “stocks.” Get personal with your investments and make your financial capital serve and protect your human capital. Factoring in your unique “human capital” adds a new dimension to financial planning which is a critical next step for sound and effective investing.

Are You a Stock or a Bond?: Create Your Own Pension Plan for a Secure Financial Future

Investing

Pensionize Verb. 1. To convert money into income you can't outlive. 2. To create your own personal pension, a monthly income that lasts for the rest of your natural life. 
With the subpar performance of the markets, record-high personal debt levels, and shockingly low savings rates, it's clear that many Canadians expecting to retire in the next decade simply don't have a sufficient nest egg to ensure a worry-free retirement. Making matters worse, only about one-third of Canadians currently belong to a formal, or registered, pension plan; and even a large number of that "lucky third" will not retire with a guaranteed pension income. If you no longer have the time to wait and hope for your traditional investments to pay off, the answer is to "pensionize your nest egg" using the new technique of product allocation set out in this book. Pensionize Your Nest Egg explains how to <ul>
<li>Recognize if you really have a pension or just a tax-sheltered savings plan.</li> <li>Become informed about the new risks you and your nest egg face in retirement and why asset allocation, despite its value in the accumulation stage of life, is not sufficient to protect you and your money.</li> <li>Measure your retirement sustainability quotient (RSQ) and your Financial Legacy Value (FLV)-then choose a retirement income plan on the Retirement Income Frontier.</li> <li>Understand how product allocation differs from asset allocation, how to allocate your nest egg across three product silos, and learn about the new financial products that are available to protect against the new risks you face.</li> <li>Follow a seven-step process to close your Pension Income Gap and convert your retirement savings into a secure stream of lifetime income.</li> </ul> Whether you do it yourself or work with a financial advisor, Pensionize Your Nest Egg gives you a simple plan to create a guaranteed retirement income-for life.

Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life

wiley

The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance

This 2006 book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.

Finance

Cambridge University Press

Strategic Financial Planning over the Lifecycle: A Conceptual Approach to Personal Risk Management

This book on personal financial planning and wealth management employs the lifecycle model of financial economics. The central idea of "consumption smoothing" is used to connect chapters and topics such as saving and investment, debt management, risk management, and retirement planning. The first part of the book is nontechnical and aimed at a wide audience with no special technical background. The second part of the book provides a rigorous presentation of the lifecycle model from first principles using the calculus of variations. The accompanying website is found at http://www.yorku.ca/milevsky/?page_id=185.

Charupat, Narat

Huang, Huaxiong

In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors. As tontine nominees died, the income of survivors correspondingly increased. Morbid, perhaps, but this was one of the earliest forms of longevity insurance in which the pool shared the risk. Moshe Milevsky tells the story of the first tontine issued by the English government in 1693, known as King William's tontine, intended to finance the war against French King Louis XIV. He explains how tontines work, the financial and economic thinking behind them, as well as why they fell into disrepute. Milevsky concludes with a provocative argument that suitably modified tontines should be resurrected for twenty-first century retirement income planning.

King William's Tontine: Why the Retirement Annuity of the Future Should Resemble its Past (Cambridge Studies in Comparative Politics (Hardcover))

Economics

King William's Tontine

The 800 years of scientific breakthroughs that will help salvage your retirement plans Physics, Chemistry, Astronomy, Biology; every field has its intellectual giants who made breakthrough discoveries that changed the course of history. What about the topic of retirement planning? Is it a science? Or is retirement income planning just a collection of rules-of-thumb, financial products and sales pitches? In The 7 Most Important Equations for Your Retirement...And the Stories Behind Them Moshe Milevsky argues that twenty first century retirement income planning is indeed a science and has its foundations in the work of great sages who made conceptual and controversial breakthroughs over the last eight centuries. In the book Milevsky highlights the work of seven scholars―summarized by seven equations―who shaped all modern retirement calculations. He tells the stories of Leonardo Fibonnaci the Italian businessman; Benjamin Gompertz the gentleman actuary; Edmund Halley the astronomer; Irving Fisher the stock jock; Paul Samuelson the economic guru; Solomon Heubner the insurance and marketing visionary, and Andrey Kolmogorov the Russian mathematical genius―all giants in their respective fields who collectively laid the foundations for modern retirement income planning. <ul>
<li>With baby boomers starting to hit retirement age, planning for retirement income has become a hot topic across the country</li> <li>Author Moshe Milevsky is an internationally-respected financial expert with the knowledge you need to assess whether you are ready to retire or not</li> <li>Presents an entertaining, informative narrative approach to financial planning</li> </ul>
Understanding the ideas behind these seven foundation equations―which Moshe Milevsky explains in a manner that everyone can appreciate―will help baby boomers better prepare for retirement. This is a book unlike anything you have ever read on retirement planning. Think Suze Orman meets Stephen Hawking. If you ever wondered what the point of all that high school mathematics was, Moshe Milevsky's answer is: So that you can figure out how to retire...while you can still enjoy your money.

The 7 Most Important Equations for Your Retirement: The Fascinating People and Ideas Behind Planning Your Retirement Income

See the best price to sell, buy, or rent books by Milevsky, Moshe A.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Milevsky, Moshe A.

See the best price to sell, buy, or rent books by Milevsky, Moshe A.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Your Money Milestones: A Guide to Making the 9 Most Important Financial Decisions of Your Life

Are You a Stock or a Bond?: Create Your Own Pension Plan for a Secure Financial Future

Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life

The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance

Strategic Financial Planning over the Lifecycle: A Conceptual Approach to Personal Risk Management

Strategic Financial Planning over the Lifecycle: A Conceptual Approach to Personal Risk Management

The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance

King William's Tontine: Why the Retirement Annuity of the Future Should Resemble its Past (Cambridge Studies in Comparative Politics (Hardcover))

King William's Tontine

The 7 Most Important Equations for Your Retirement: The Fascinating People and Ideas Behind Planning Your Retirement Income