Wealth Management magazine: Peter Neuwirth’s “Money Mountaineering” named The 12 Best Business Books of 2021 for Advisors
Wealth Management magazine, Nov. 22, 2021: Peter Neuwirth’s “Money Mountaineering” has been named one of 12 Best Business Books of 2021 for Advisors.
This very personal book about finance ends with a description of the author’s Sonoma County, Calif., residence being burned to the ground in 2020 by the fearsome Glass Fire. Peter Neuwirth had 15 minutes to evacuate. What to take? In every room, there were objects of different value, utility and sentiment. Into a suitcase went his passport, will, some family photos, laptops, and notebooks. Also, some baseball cards and Grateful Dead concert ticket stubs. Even actuaries can’t account for sentiment. Finally, he grabbed two books. The titles are a clue to the author’s intellectual heritage.
In Money Mountaineering, Neuwirth, trained as an actuary, reveals his investing philosophy. He shares in considerable detail how he has organized his finances. Rarely has a business author been so self-disclosing. Readers get a tightly argued discourse on investing, debt, uncertainty and the future of money. Most fun is his takedown of popular financial gurus such as Suze Orman and Dave Ramsey, whose collective advice Neuwirth demolishes as mistaken and dismisses with relish.
Key Chapter
Chapter 5—“Charlatans, Fools, and Snake Oil Salesmen”
Key Quotes
“Every person’s values, objectives, and financial situation is unique and multi-dimensional.”
“Debt is neither good nor bad but is always important—as important as your money or any other asset that you may own.”
“It is important to take full ownership of your own financial situation. Know what you can’t do yourself, and make sure those you hire are 100 percent on your side.”
“Learn to live with uncertainty and have a financial strategy that has flexibility and optionality built into it.”
“Organizing your financial life to survive a severe economic or life event is essential for long-term financial health.”
“Financial health comes from fearless self-awareness and acknowledgment of our cognitive and emotional limitations as human beings.”