Book Review: Personal Finance Workbook

This recession has shocked a lot of people into looking at their financial situations and deciding to take action to make improvements. If you are looking to improve your personal finances, you might start with The Complete Idiot’s Guide: Personal Finance Workbook by John P. Napolitano, CPA, PFS, CFP.

This book is a great addition to any personal finance library — and family library. After all, getting your finances in order is serious business. The book features a number of worksheets (and a CD-ROM) that can help you take stock of where you are and make a plan for where you are going with your finances. It is one of the most practical books for do-it-yourself financial planning out there.

I especially liked the chapter on cash flow. This is a chapter that focuses on helping you take stock of your income and expenses, and ask the question “What of?” to encourage you to make emergency plans. As you would expect, there was information on debt, as well as saving. Other chapters that I found quite helpful were those on insurance, taxes and investing. Finally, the book closed with insightful information on planning (retirement, education, estate) and tips on choosing a financial adviser, should you decide that professional help is needed.

Professional help is never a bad idea, even if you are in pretty good shape. And, if you read the Personal Finance Workbook and use the worksheets to make a solid financial plan, you can get yourself on the path to financial freedom.