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The Value of Debt in Building Wealth

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en Limba Engleză Carte Hardback – 07 Apr 2017
From the New York Times bestselling author of The Value of Debt
Praise for THE VALUE OF DEBT IN BUILDING WEALTH
"Trying to achieve financial success without using one side of the balance sheet is like trying to swim without using one of your arms: you′ll survive, but you won′t be winning any races. Tom has explained how to strategically and prudently use debt to build wealth and live a better life."
Raj Date, Former Deputy Director, U.S. Consumer Financial Protection Bureau, and Managing Partner, Fenway Summer Ventures
"The invention of debt fueled all of the Enlightenment, the Industrial Revolution, and Silicon Valley, and has resulted in almost every innovation and invention that man uses today. Nobody gets this. Tom Anderson gets this. A valuable book to understand a controversial topic."
James Altucher, bestselling author of Choose Yourself and The Power of No
"Given how many people get trapped in the cycle of oppressive, high–interest rate debt, it′s easy to dismiss all debt as inherently bad. The Value of Debt in Building Wealth shows us both practically and mathematically that the right kind of low–interest debt can help grow wealth. Debt can and should be used to invest in growth: a home, a business, or your own education, and if your return on investment exceeds the cost of debt. This book will give you a plan."
Aaron Patzer, Founder of Mint.com
"There is a wealth of deep knowledge in finance on the value of debt for both corporations and individuals and how the judicious use of debt can ensure that its benefits exceed its costs. However, much of this knowledge remains within academia and is not readily accessed by households and individuals who have much to learn from it. Tom′s book does a great service by taking this knowledge, combining it with his own vast experience in financial markets, and presenting it in a refreshingly new and persuasive way. It should be a valuable tool for people who want to learn how to optimize the way they use both sides of their balance sheets to build and preserve their wealth for a better life."
Dr. Anjan Thakor, Director of Doctoral Programs, and John E. Simon Professor of Finance, Olin School of Business, Washington University
"Tom encourages us to look at how using both sides of the balance sheet can help us achieve our goals. The real–world case studies will have you wondering why you′ve never heard about debt in this way before. You′ll close this book feeling more empowered about your financial future."
Dr. Michael Gibbs, Clinical Professor of Economics, Booth School of Business, University of Chicago
"Embracing debt can be a tough concept to overcome. In The Value of Debt in Building Wealth, Tom once again shows a way to break through the conventional noise by offering a thoughtful perspective grounded in proven financial theories on the strategic use of debt. Thought–provoking, digestible, and compelling, this book is for everyone who wants to get the most out of their money at each stage of their life."
Dr. Mahendra Gupta, Geraldine J. and Robert L. Virgil Professor of Accounting and Management, and former Dean, Olin School of Business, Washington University
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Specificații

ISBN-13: 9781119049296
ISBN-10: 1119049296
Pagini: 272
Dimensiuni: 159 x 237 x 26 mm
Greutate: 0.44 kg
Editura: Wiley
Locul publicării: Hoboken, United States

Public țintă

25 to 40 years olds, those with limited assets, and their financial advisors where applicable.

Textul de pe ultima copertă

From the New York Times bestselling author of The Value of Debt
Praise for THE VALUE OF DEBT IN BUILDING WEALTH
"Trying to achieve financial success without using one side of the balance sheet is like trying to swim without using one of your arms: you′ll survive, but you won′t be winning any races. Tom has explained how to strategically and prudently use debt to build wealth and live a better life."
Raj Date, Former Deputy Director, U.S. Consumer Financial Protection Bureau, and Managing Partner, Fenway Summer Ventures
"The invention of debt fueled all of the Enlightenment, the Industrial Revolution, and Silicon Valley, and has resulted in almost every innovation and invention that man uses today. Nobody gets this. Tom Anderson gets this. A valuable book to understand a controversial topic."
James Altucher, bestselling author of Choose Yourself and The Power of No
"Given how many people get trapped in the cycle of oppressive, high–interest rate debt, it′s easy to dismiss all debt as inherently bad. The Value of Debt in Building Wealth shows us both practically and mathematically that the right kind of low–interest debt can help grow wealth. Debt can and should be used to invest in growth: a home, a business, or your own education, and if your return on investment exceeds the cost of debt. This book will give you a plan."
Aaron Patzer, Founder of Mint.com
"There is a wealth of deep knowledge in finance on the value of debt for both corporations and individuals and how the judicious use of debt can ensure that its benefits exceed its costs. However, much of this knowledge remains within academia and is not readily accessed by households and individuals who have much to learn from it. Tom′s book does a great service by taking this knowledge, combining it with his own vast experience in financial markets, and presenting it in a refreshingly new and persuasive way. It should be a valuable tool for people who want to learn how to optimize the way they use both sides of their balance sheets to build and preserve their wealth for a better life."
Dr. Anjan Thakor, Director of Doctoral Programs, and John E. Simon Professor of Finance, Olin School of Business, Washington University
"Tom encourages us to look at how using both sides of the balance sheet can help us achieve our goals. The real–world case studies will have you wondering why you′ve never heard about debt in this way before. You′ll close this book feeling more empowered about your financial future."
Dr. Michael Gibbs, Clinical Professor of Economics, Booth School of Business, University of Chicago
"Embracing debt can be a tough concept to overcome. In The Value of Debt in Building Wealth, Tom once again shows a way to break through the conventional noise by offering a thoughtful perspective grounded in proven financial theories on the strategic use of debt. Thought–provoking, digestible, and compelling, this book is for everyone who wants to get the most out of their money at each stage of their life."
Dr. Mahendra Gupta, Geraldine J. and Robert L. Virgil Professor of Accounting and Management, and former Dean, Olin School of Business, Washington University

Cuprins

Foreword xi
Acknowledgments xv
About the Author xix
Introduction xxiii
Chapter 1: The Traditional Glide Path 1
In a Perfect World, No Debt! But Our World Isn t Perfect 2
You Owe a Debt to Your Future Self 3
Break the Paycheck–to–Paycheck Cycle 4
Companies Embrace Balance 5
The Power of Savings 6
A New Glide Path: Debt Adds Value 8
Finding Your Glide Path 11
The Need for Specific, Actionable Advice 12
Endnotes 14
Chapter 2: Foundational Facts 17
All Debt Is Not Equal: Oppressive, Working, and Enriching Debt 18
Paying Down Debt Gives You a Return Equal to Your After–Tax Cost of That Debt 20
Sh t Happens Value Liquidity 20
Yes, You Can Save 24
Compounding Matters For the Upside and the Downside 26
The Past Is the Past; Focus on the Future 29
Behavioral Economics Matters 30
Endnotes 31
Chapter 3: A Balanced Path to L.I.F.E. 33
Phase 1: Launch! 37
Phase 2: Independence 51
Endnotes 62
Chapter 4: Freedom and Equilibrium 65
Phase 3: Freedom 66
Phase 4: Equilibrium 76
Bonus Phase: No Debt! 80
Endnotes 82
Chapter 5: The Other Side of the Balance Sheet 85
The Probability of an 8 Percent Rate of Return Is Zero 86
Risk, Return, and Diversification 87
What about Interest Rates and Cost of Debt? 95
What about One of Your Biggest Assets? Your House 97
Three Buckets of Money 99
Risk Matters The Risk of Time 105
Factoring Leverage into Returns 107
Debt as an Integrated Part of Your Investment Philosophy 109
Endnotes 110
Chapter 6: Proof of the Value of Debt 113
The Big Picture Debt Can Be Valuable 115
Children and College Savings 127
Interest Rates and Debt Service CoverageRatios 128
Endnotes 128
Chapter 7: Conclusion 131
Taking a Stand Against Conventional Wisdom 132
Endnotes 137
Appendix A: Phi Phound Me 139
Inspiration Arrived 140
Not Perfect Makes Perfect 142
Applying the Fibonacci Sequence 142
From 13 to 8 148
From 8 to 5 150
Super Cool Math 151
Endnotes 154
Appendix B: Understanding the Power of Securities–Based Lending 155
Case Study 156
The Power of Securities–Based Lending 159
First Bank of Mom and Dad 162
Endnotes 163
Appendix C: Home Purchase and Financing Considerations 165
Don t Rush to Buy a House 166
When Home Ownership Can Go Wrong 168
Save Yourself the Anguish 169
Be Careful! 170
All Mortgages Are Not Created Equal 171
Owning Can Be Great 175
Endnotes 176
Appendix D: The Millennial s Guide to Debt and Getting Started 179
Saddled by Student Loans 180
The Best Budget: Spend Less Than You Make 182
Debt–to–Income Ratios 185
Pulling These Concepts Together 188
Endnotes 188
Appendix E: The Math Behind the Examples 191
Chapter 1: The Nadas, Steadys, and Radicals 193
Chapters 3 and 4: Brandon and Teresa 199
Higher Income 210
Endnotes 216
Glossary 219
Resource Guide 225
Bibliography 231
Suggested Reading 233
Index 235

Notă biografică

THOMAS J. ANDERSON is founder and CEO of Supernova Companies, a financial technology company providing a comprehensive platform focused on managing both sides of an individual′s balance sheet. A nationally renowned financial planning expert, he is author of The Value of Debt, which made the bestseller list at The New York Times and USA Today.