Review of: Soldier of Finance
Soldier of Finance – Take Charge of Your Money and Invest in Your Future by Jeff Rose.
Get yours on Jeff’s site .
Written by an ex-soldier and Certified Financial Planner, this book covers the basics of getting a grip on your personal finances. The book covers the basics from making the decision to tackle your financial issues to understanding credit scores, paying down debt, building an emergency fund, buying a house, investing and covering your risks with insurance.
There is a week by week 14 week strategy to control your finances, with clearly defined steps to follow at each week.
Read this book to understand and address:
If you are new to personal finance, this book is for you – especially if you have a military background. It addresses not only the what and how but also the why of managing your finances. It is well known that the psychological issues involved in building wealth are more important than the actual mechanics of credit, saving and investing. This book covers both aspects.
What I liked:
Each chapter contained a description of part of military life. This was very interesting for me, as I have no military experience. Some of the terms may have changed over the years, though, as my husband is a Vietnam era Army veteran and hadn’t heard some of them.
Each part of military life was directly correlated to something in the financial realm. Demonstrating the importance of the military life item through story and then relating it to a personal finance concept reinforced the importance of pursuing that personal finance item.
Any young person looking to get their financial lives in order could benefit from reading and taking action based on this book.
What I wished for:
I think there could have been a bit more depth in a couple of the chapters – Chapter 14 might well have talked more about asset allocation. Allocating according to your investment goals and time of life across asset classes is more important than the funds or stocks that you pick, in my opinion.
I would have liked to see a bit more information on types of mortgages in Chapter 15 and I disagreed with the stated need for umbrella insurance for everyone in Chapter 16. Although I carry umbrella insurance, I don’t feel that everyone needs it at all points in life.
“The purpose of the IET Soldier’s Handbook was to navigate us through obstacles and provide the basic knowledge necessary to become efficient soldiers. It’s single purpose was to prepare us to conquer the enemy.”
“By approaching my finances with the mindset I learned in the military, I found the resources and attitude I needed to get myself out of debt and begin a successful program of investment.”