Economical sphere is one of the most significant spheres and is closely interacted with all others. Nowadays world market is supersaturated by the literature covering the financial aspects of economy. The importance of successful business running lies in realizing all the details and secrets, advantages and disadvantages of economical sphere. To reach this aim one should study all the possible resources of this field. As an example of such books one can compare two different authors’ books devoted to the economical and financial aspects: “The Wealthy Barber” by David Chilton and “Personal Finance for Dummies” written by Eric Tyson. Both of these books are based on the question of being financially independent.
“The Wealthy Barber” is written by David Hilton who tried to show a clear view of financial side of our life. This book teaches everyone the basic means of building wealth. It can be really helpful for those who strive for knowing all the peculiarities of business building and are planning to be involved into this process. The main points covered by the author concern the ways of correct money usage in case of a constant income. It teaches to save the money and get a profit out of this. The author managed to describe such problems as insurance of the family, wills, protection from the risks, tax reduction, cases of house buying and many other money operations. David Chilton opens some secrets of investment even for those who never consider it to be a profitable business. He explains how to perform money operations and make even small investments in order to get profit and become financially independent. To exemplify his statements the author describes the reasons why people should save their money; if people save some money they may be doubled in a certain period of time, in case they spend them they get nothing but losses. According to the author this rule should always be followed by people if they want to reach independence and careless financial condition. This book can be important for those who are eager to connect their job and the whole life with investment because it provides with all the aspects which should be known by the beginning investor.
To recognize differences of viewing the financial peculiarities of two outstanding authors David Chilton and Eric Tyson one should analyze all the points covered in the book “Personal Finance for Dummies”. This work teaches ordinary people, who are not busy with finance to keep their budget correctly and in a rational way, some useful ways out for those who are in debt or feel financial difficulties. The author calls everyone to invest in order to have a happy and secure future without seeking the ways of putting oneself together. There are some points covered concerning the purchase of real estate and sound advice in making your choice. Eric Tyson provides with effective methods of getting rich in a short period of time. The problem of controlling personal financial situation is especially stressed by the author. He considers that it can help to become financially educated and be more confident in the future life. The book is basically concentrated on the financial support which should be provided personally without any help and dependence. If one plans to start out this very book can become a helpful guide in the financial development. The description of tax benefits, advantages and disadvantages of tax system, governmental aid provided for those who run business and some other aspects present a full realization of taxation in general. They say that if one makes money he compulsory needs this book. Eric Tyson provides the reader with important financial information and presents some pieces of advice concerning tax system. He calls to avoid starting business because of the possibilities to get some tax deductions as to personal expenses. One should try to follow the author’s recommendations concerning tax benefits legitimating as to rational saving and spending. To fulfill this, the writer recommends selecting a skilled financial planner who can properly organize the whole system of savings and spending of money. This book can compulsory meet all the expectations of the financial beginner.
A brief review of two financially important books allows to see a lot of common aspects and methods the authors used and followed. First of all it is important to stress the common theme of these works and the purpose they are aimed at. Both the books cover a very important and widely distributed problem concerning investment and all the related questions. They explain to ordinary people, no matter what your qualification is, that to become rich and get finance independence is possible for everyone. There are some aspects which unite these two works.
Disclosing a great number of useful topics: The authors managed to cover as many points in the sphere of finance as possible: insurance, tax system, will peculiarities, investment, business running, wealth building, the methods of gaining financial independence, all the variants of money operation, debt problems, some kinds of risks which can be faced, education and house buying, the methods of providing financially safe future etc.
The usage of a simple language and successful structure: Though Eric Tyson and David Chilton used different manners of information presentation they created an understandable and simple sources which can be easily read by anyone even if a person is not a specialist and has never been involved in economics. The great strength of these works lies in a thorough technique; in comparison with the majority of literature sources in finance they impress by a detail and not complicated information whereas other books seem to be very superficial and general. The involvement of ordinary characters into the content of the finance system description allows understanding even the most difficult aspects of money operation. The narrative style is a big advantage of the presentation manner of the authors as it makes a reader to be completely involved in all the details of the books.
The ability to read in a short period of time: A good planning of the structure and the description only of the main and life problems take not so long to read and understand the peculiarities of finance independence. The authors tried to avoid too general phenomena and boring description of special notions but expressed the information concisely and briefly in order not to make the books boring and complex.
Inspire to start building the wealth: Having read the books it is impossible to remain indifferent to the main aspects and it can really encourage thinking about the future life without financial problems. They involve the readers in the financial sphere of life and make think about building the wealth immediately. The books provide everyone with the desire to move and reach the goals, to become financially independent and to understand the importance of the investment system which is considered to be the basis of the financial field of the economics.
They help to avoid financial difficulties: The detail description of all kinds of possible risks warns the readers to be more attentive and cautious while performing money operations.
Prevention from being in debt: Financial independence covers the important life methods of avoiding the great debts which can result in troubles and financial instability. The detail characterization and brief description of debt problems prevents readers from serious life mistakes. The realization of the main points in financial life will compulsory bring good results and careless future. What is important is complete understanding of the would be difficulties of money operation and some aspects of their overcoming in order not to go bankrupt in business running and to fell losses of invested money. One should carefully read and remember the peculiarities if he wants to use these knowledge in life.
Provide with sound advice helpful in any financial problem: These works were initially aimed at providing the most cost-efficiency and objective financial advice in order to help those who are not wealthy and strive for cloudless life without thinking about their financial instability. According to some researches both the authors coped with their tasks successfully and really helped a lot of people to overcome financial difficulties.
The plot is rather satisfying and can help everyone to reach success. It is important for the beginning investors to be directed correctly. At the start of the career business people always dream to get as much as possible from their business and at a short period of time otherwise they fall into despair. The financial guides teach the most important: they explain that the processes of money earning and business building are slow and need time to start bringing profit. Understanding this rule one never feels difficulties in organization of a proper company structure and making it work earning money.
The idea of “Ten percent Solution” presented in the book “The Wealthy Barber” is considered to be one of the best secrets of building wealth. It proves that time helps in becoming financially independent and explains why time is money. The investment of ten percent income will not bring rough changes into one’s financial situation and lifestyle but it can provide most families with a wealthy future. The only question is time.
Eric Tyson in his work “Personal Finance for Dummies” tried to stress the finance stability not on the investment but on some other points which can be helpful and take less time. He showed how to achieve financial independence spending low savings at a short period of time. He described appropriate methods and strategies of money operation, devoted some information to different financial risks and bankruptcy law, presented excellent ways out of a high-interest debts. Eric Tyson successfully and in all details worked out the qualities which should be presented in the independent person describing realistic goals and the ways of minimizing banking charges.
The topics covered in the literature of finance sphere will help to overcome problems connected with welfare standards providing ordinary people with useful advice and involving them into the sphere of finance operations. It can really help to obtain certain skills and realize the possibilities of everyone to earn enough money, to build one’s own wealth becoming financially independent.
These books encourage non-professionals to dive into depth of finance operations and ways of getting profits out of low money contribution. The beginning investors and just those who are interested in being wealthy should use the financial sources as the most important guides in business problems solution as they contain useful and realistic advice which can compulsory help to find a way out of any difficult and problematic situation.
References
Chilton, D. (2005). The Wealthy Barber, 3rd Edition: Guide to Becoming Financially Independent.
Tyson, E. (2006). Personal Finance for Dummies.