“Mr. Beaver, I am finally starting to earn real money in my medical practice but don’t know the first thing about investing. I need concrete advice on handling money, building wealth, but don’t want to become a slave to money.
“I have met with financial advisers, but lack a grasp of the terms they use and, frankly, am afraid of looking stupid, so I don’t ask them to explain. Do you know of a book that is meant for people like me, who need a basic education in personal finance, but that has a ‘human’ touch as well? Thanks, Karl.”
I just finished reading the answer to what Karl is searching for. It’s Your Total Wealth: The Heart and Soul of Financial Literacy, by former university business professors Lyle Sussman, Ph.D. and David Dubofsky, Ph.D., CFA.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
For anyone starting out in life, Your Total Wealth is the ideal read. It is the most unique and accessible financial advice resource I’ve ever seen and goes well beyond how to make money.
The authors give us a window into what “total wealth” means, how to achieve it, and demonstrate that it is much more than mere numbers. Total wealth is greater than the “stuff” we own or the balance in an investment account.
I wish that I had this book years ago, or as I tell my friends, “When I had hair.”
Applying Financial Definitions to the Real World – An Emotional Annuity
Your Total Wealth has a feature that I’ve never seen before. Pages on the left provide definitions, such as, Margin, Short Selling, Dollar Cost Averaging, Leverage – terms that most people do not understand, with examples. Pages on the right give readers a life lesson connected to the term just defined. Here’s an example from the book:
Annuity: A financial annuity is a predictable payment stream, such as a retirement annuity offered by insurance companies, designed to pay for as long as you live.
The Life Lesson: An emotional annuity is a predictable, human bond of caring, commitment and concern. It says, “I’m here for you.” The next time you see an elderly couple walking down the street with smiles on their faces, holding hands, you are witnessing an emotional annuity payment.
When adult children take care of aging parents, those children are making an emotional annuity payment.
Your Total Wealth is filled with insights like that, financial terms and life lessons that get you thinking about living a richer life.
The Search for Monetary Wealth Has Its Own Costs
I asked the authors to discuss some of the things people do in the pursuit of financial wealth that lead to disappointment and failure in life.
Sussman: Failure to understand the cost of obsessively focusing on monetary wealth.
Consequences: Think of the Midas touch parable. If you are consumed by making money and greed, realize the cost you’ll pay. You lose family, self-esteem, happiness. These things often become unintended consequences of acquiring financial wealth.
Yes, we need money to live comfortably, but studies show that when our basic needs are met, more income does not mean greater happiness. I have met millionaires who admit missing something despite their great monetary wealth.
Dubofsky: Failure to be happy in your job and constantly chasing higher-paying jobs.
Consequences: You will pray for Fridays and hate Mondays! People with total wealth understand they must actively earn money in a way that does not result in losing the things they enjoy, friends and family. If you are madly working just to pay one bill, another will be due later in life.
It is the one that asks, “Did you achieve a balance between acquiring financial wealth and personal fulfilment? Did you wake up every day happy to go to work”?
It is the fortunate person who realizes early in life what results from being dedicated to income alone. They have the wisdom to look into the future, when they are older. And they ask, “What will be my legacy?”
Sussman: Using credit for the wrong purposes. Borrowing money to go on an expensive vacation. Buying something unnecessary that you can’t afford.
Consequences: You will forgo future financial security. Borrowing money for a house is a sound use of credit, but not for an unaffordable vacation. Leasing a car is fine – but don’t go overboard and lease something well beyond your means just to look successful. There are lots of “successful” people in bankruptcy court.
After reading the book, I can see it has a lot of sound advice that can help many types of people. Your Total Wealth is about living and how to use money to improve our lives and the people we care about. Giving a copy to young, new clients, would be a great way for a financial adviser to begin a professional relationship.
-
Dow Soars 600 Points as Trump Retreats: Stock Market TodayAnother up and down day ends on high notes for investors, traders, speculators and Greenland.
-
12 Tax Strategies Every Self-Employed Worker Needs in 2026Your Business Navigating the seas of self-employment can be rough. We've got answers to common questions so you can have smoother sailing.
-
7 Hybrid Adviser Services, ReviewedThese hybrid adviser services aim for a sweet spot that combines digital investing with a human touch.
-
This Overlooked Diversification Tool Can Build Resilience Into Your PortfolioMunicipal bonds can provide a steady income and stability that's separate from federal shifts and global economic headwinds.
-
What Will Happen to Your Business When You Retire? How to Exit Successfully and Thrive in RetirementStepping away from work is extra challenging when you're a business owner, and a successful retirement requires planning that looks beyond the financials.
-
Beyond the Bar: Your 5-Step Guide to Discovering Whether a Lawyer Is ShadyResearch shows you can't rely on some state bar websites to vet a lawyer you're considering hiring. Here's how to check out a lawyer before you hire.
-
6 Practical Steps to Help Keep Your Student Focused on College Rather Than the Financial StrainToo many students drop out due to financial strain. This plan can help families plan for the costs and get timely aid that sees students through to graduation.
-
Are You the Doer or the Visionary of Your Advisory Practice? Here's How You Can Make the Leap to Chief Vision OfficerThe key is to transition from a tactical "doer" to a strategic "chief vision officer" by building the teams, processes and brand so your practice can grow.
-
You've Heard It Before, But This Investment Advice Still Pays Off"Time in the market beats timing the market" — been there, done that, right? But don't write off the underlying advice. There's a reason it's a popular saying.
-
Are Clients Asking About Adding Crypto to Their Retirement Plans? This Is How Advisers Can Approach This New 401(k) FrontierAdvisers need to establish clear frameworks to address client interest, navigate risks like volatility, and ensure they meet their fiduciary responsibilities.
-
3 Niche Oil and Gas Investments for Next-Gen Wealth BuildersLesser-known segments of the oil and gas sector present unique opportunities for next-gen investors and family offices, as long as they're vetted thoroughly.
