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Money Mindset: Formulating a Wealth Strategy in the 21st Century


Take control of your personal wealth with a 21st century mindset

Money Mindset presents everything you need to take ownership of your finances in order to fuel the life you want to live. The speed at which financial markets move today can be overwhelming, especially when you consider all the different ways the average person can invest. In this must-read guide for everyone who hopes to retire one day, personal wealth expert Jacob Gold demystifies the complexities of investing and provides actionable steps you can take to reach financial independence, without relying on the outdated and possibly non-existent income sources of past generations.

By the end of this book, you will understand managing money and creating wealth isn't rocket science, but it does take planning and discipline. Start providing for your future right now by letting Money Mindset connect the dots to the financial freedom you deserve.

Praise for money mindset

"If you want to expand your financial knowledge, read Money Mindset and then read it again."
—Joe O'Boyle, Money magazine contributor

"Everybody wants to make sure they have enough money but few people understand how to make that happen or have a strategy to get there. This book fixes that! Practical, easy to understand, a MUST read."
—Larry Winget, 6-time New York Times and Wall Street Journal bestselling author of You're Broker Because You Want To Be

"Many financial books are either too technical or too simplistic. But Jacob Gold has managed to walk the delicate line to achieve the best of both approaches. He writes in such a conversational style that the reader understands the concepts without having to work at it all. For those who are seeking a systematic and methodical approach to managing money in the 21st century, it is a MUST read!"
—Larry Divers, Executive Vice President of Cannon Financial Institute

"Gold explains challenging but critical financial concepts, such as compounding, dollar-cost averaging, the importance of rebalancing, and much more, in easy-to-digest nuggets. That makes the book a helpful guide for novices, especially young adults who need to fill gaps in their money knowledge."
—Russ Wiles, Personal Finance Writer, Arizona Republic and USA Today

JACOB GOLD is the President of Jacob Gold & Associates, Inc., a private wealth management firm located in Scottsdale, Arizona. He and his team provide personalized, comprehensive financial guidance in the areas of retirement planning and wealth preservation.

As a third-generation wealth manager, CERTIFIED FINANCIAL PLANNER practitioner, and adjunct professor of finance at Arizona State University, his understanding of financial planning and investing seems to be embedded in his DNA. He was mentored by his father and grandfather at a young age and learned the fundamentals of the flow of money, the management of money, and the psychology of money that have helped him throughout his life and career.

Gold is also a trusted source for market-related commentary and shares his knowledge with some of the largest names in the media world. In addition to his regular personal finance articles for U.S. News & World Report and the Huffington Post, he regularly shares his financial philosophies with a number of media outlets, including the Wall Street Journal, USA Today, the New York Times, Newsweek, and CNBC.

Foreword xi

Preface xv

Acknowledgments xix

Chapter 1 Money Is Energy 1

There Is No Silver Bullet 4

Building Your “Financial Foundation” 5

What’s Ahead? 6

Note 7

Chapter 2 The Psychology of Money 9

The Science of Fear and Greed 13

What’s Ahead? 16

Note 16

Chapter 3 New Retirement Paradigm 17

The Coming Crisis in Retirement Planning 20

Why Is Retirement So Different Today? 20

The System Is Running Out of Energy 23

What’s Ahead? 25

Notes 26

Chapter 4 The “Why” of Financial Management 27

What’s Your “Why?” 30

Not Planning Is the Same as Planning to Fail: Where to Start 31

Be Prepared for the Thunderstorms 32

What’s Ahead? 34

Chapter 5 The Power of Compound Interest and the Erosive Effect of Inflation 35

The Power of Compound Interest 38

Make Time Work for You 40

The Cost of Procrastination 40

The Story of Larry and Earl 42

The Erosive Effects of Inflation 43

Looking at Inflation Today 44

The Shrinking Dollar 45

Memory Lane 46

What’s Ahead? 46

Note 47

Chapter 6 Building Your Wealth 49

The Financial Engine of Your Wealth Creation 52

Asset Allocation 55

Importance of Asset Allocation 56

What Does Salsa Have to Do with Asset Allocation? 58

Rebalancing Your Portfolio 59

Measuring Volatility 60

Be Smart about Recovery Times 63

Dollar Cost Averaging 64

Systematic Withdrawals 65

Where Does Real Estate Fit In? 66

What’s Ahead? 66

Note 67

Chapter 7 Taxes and Insurance 69

Taxes 71

How to Calculate Your Effective Tax Rate 74

Insurance 75

Health Insurance 77

Long Term Care Insurance 77

Life Insurance 79

Types of Life Insurance 80

Disability Insurance 81

Automobile Insurance 82

Renters or Homeowner’s Insurance 83

Deductibles 84

Overinsured or Underinsured? 85

A Defensive Strategy 86

What’s Ahead? 86

Notes 87

Chapter 8 Estate Planning 89

Simple Estate Planning Documents 92

Beyond the Basics: A Living Trust 94

Chapter 9 Do You Need a Financial Planner? 101

Do You Need Help? 104

Your Financial Education 106

Note 107

Appendix Economic Energy 109

The History and Future of Energy in the United States 112

Energy Forecast for North America 119

Notes 126

Glossary 127

About the Author 137

Index 139