Book review "The Yellow Brick Road to Your Financial Security"
Founder and chairman of Wizard Home Loans, successful property investor and author of The Yellow Brick Road to Your Financial Security, Mark Bouris, reveals industry secrets to anyone who needs courage, heart or the knowledge to unlock the possibilities of their future wealth and wellbeing
The Yellow Brick Road to Your Financial Security
Author: Mark Bouris
Publisher: Allen & Unwin
Price: $26.95 RRP
Reviewed by: Agnes Gajewska
As the population in Australia ages and the pension decreases, it appears we're not in Kansas (in a retirement sense) anymore.
Bouris argues that a part of living in a 'lucky country' is that we have a particular standard of living - the only problem is that our mandatory 9% Super Guarantee contribution alone is not enough to maintain this throughout our retirement.
Having assessed his own situation - not only financial but also physical and mental - and spoken to various experts, Bouris uses personal experiences mixed with professional advice to suggest that readers should follow a three-part approach: 1 - goal, 2 - strategy, and 3 - discipline.
To help readers apply the core theory, the book is divided into relevant sections. These are dedicated to understanding the share market, risk portfolios, super contributions and interest, the property market, legal and insurance issues as well as health and wellbeing.
And although Bouris covers a wide range of areas, he does so in an easily comprehensible way, with each chapter laden with examples, useful websites tips and charts to bring home and clarify each point.
The only downfall of the book is the timeliness of some of its points - for example he mentions that Australia is currently enjoying a period of low interest rates, which he says will only get lower in the future.
Although Bouris does a good job at keeping the content as relevant as possible, readers have to keep in mind that changes have occurred within the industry since the book was published - perhaps a revised an updated edition is on the cards.
Overall though, at a time in which brokers are increasingly called upon to understand other finance products and diversify, this book may come in handy.
It may make good sense to recommend this book to clients who are unsure of where to head with their finances, as well as a good way for them to brush up on the basics.
On a personal level, every broker, as an Australian (and a retiree-to-be) can draw out useful suggestions from one of the industry's most successful and respected business leaders and thinkers.
