WEALTHIER

Solin presents a concise and comprehensive guide to do-it-yourself investing.

The author astutely observes that while millennials generally want to retire relatively early, they often adopt strategies inconsistent with that goal. Afraid of volatility, they avoid the stock market and embrace far riskier alternative options like cryptocurrency investments. The good news, per Solin, is that most of them would be served by a simple, DIY approach to investment that doesn’t rely upon costly and often exploitative financial planners. In short, the author recommends buying two exchange-traded funds, one populated by stocks and another by bonds; the former is an engine of growth while the latter is a bastion of security. In language accessible to even the most inexperienced investor, Solin provides a thorough elaboration of this strategy, covering a wide array of topics including retirement planning, the dangers of nonfungible tokens, and the distraction of “lottery-like returns.” He convincingly argues that financial media is profoundly unreliable and that professional investors are often deeply incentivized to betray the interests of their clients. Unfortunately, Solin follows the business-book trend of gratuitously and shallowly citing the findings of contemporary neuroscience and furnishes this counsel regarding the tyranny of the amygdala: “Engage logical thinking. The amygdala hijack overrides rational thought, so it’s essential to engage your analytical mind consciously. Remind yourself of the facts and consider the situation more objectively.” Despite this tedious detour, the book does offer an abundance of “sound, no-nonsense wisdom.” Solin is entirely right in asserting that the average investor simply does not need a surfeit of professional financial guidance, and that his simple strategies are likely appropriate for most.

A clear and sensible guidebook to investing.