The Magic of Money

Name: The Magic of Money
ISBN: 9787521748109

Lawrence J. KotlikoffCITIC Press2023

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Chapters: 12
ISBN: 9787521748109

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Summary

The Magic of Money is an accessible personal-finance book for general readers by Laurence J. Kotlikoff, an economics professor at Boston University and a fellow of the American Academy of Arts and Sciences. Originally published as Money Magic, it treats personal finance not as a set of technical maneuvers—picking a few funds, buying a few insurance policies—but as a framework for financial decision-making that combines economic principles, modern tools, and attitudes toward wealth, one that readers of any age or income level can apply at any time. The book's discussion of money spans life's major milestones: how to choose a career that maximizes lifetime earnings; how a young person should weigh a low-paying job in a low-cost city against a high salary in a high-cost city; when to retire and how to determine one's optimal retirement age; how to plan Social Security and annuities to maximize lifetime benefits; how to arrange retirement accounts to reduce taxes; how housing can become a tool for building wealth; and how life choices that seem unrelated to finance—marriage, divorce, student loans—reshape a person's cash flow and standard of living over the long run. The author emphasizes why to do something, not just what to do, and wants readers to think like economists: to weigh lifetime income, spending, risk, and security along a single standard-of-living curve, so that limited resources buy a steadier, more secure life. A chapter titled “Create Your Own Money Magic” closes the book with fifty concrete suggestions, making it easy for readers to pick out what they can act on in their own situation. The book has ten chapters, preceded by a preface and an introduction; the Chinese edition runs about 346 pages.

Editor's review

大多数理财书教你怎么挑产品，这本书教你怎么挑人生选项。科特利科夫是波士顿大学经济学教授、美国人文与科学院院士，长期研究社会保障与代际经济问题，他把学术研究里的“生命周期模型”翻译成了普通人能读的语言：不是问“现在该买什么”，而是问“这一辈子怎么花钱才最平稳”。书里最见功力的地方，是把那些被理财书忽略的“大事”摆到台面上：读什么专业、去大城市还是回老家、什么时候退休、结婚还是离婚、要不要为孩子的学费贷款。这些事情对一个人终生生活水平的影响，往往远大于选对一只基金。作者也不回避制度细节，关于社会保障、退休金账户、年金与税负的章节，虽然以美国制度为背景，但“先算终身账、再谈投资”的思维方式对中文读者同样成立。值得一提的还有作者的写法：几乎没有公式，多用具体家庭情境与数字推演，读起来像一位经济学教授在耐心地陪你算账。第十章归总的五十条建议，最适合带着自己的收入与负债情况逐条对照。对想摆脱“跟着大V买”的读者来说，这是一本换脑子的书。

Who it's for

A good fit for

三十岁上下、刚进入收入上升期，想系统规划职业与储蓄的职场人。
对理财有兴趣但不满足于“买什么产品”，希望理解背后决策逻辑的读者。
正在纠结城市选择、是否深造、何时退休等重大人生决定的读者。
需要为家庭做长期财务安排，关注住房、保险、年金与税负的中年读者。

Not a good fit for

希望直接获得具体股票、基金、理财产品推荐或操作技巧的读者。
期待本土化中国社保、公积金、税制细节指南的读者，本书制度背景以美国为主。
偏好轻松故事型理财读物、不愿读数字推演的读者可能会觉得偏“硬”。

Reading tips

先读前言、引言与第十章，建立整体框架，再回头细读与自己处境最相关的章节。
准备一张自己的“终身收支表”：写下当前收入、预计退休年龄、主要负债与家庭负担，边读边算。
读到美国社会保障、退休金账户等章节时，关注其推理逻辑，而非照搬具体税率与制度规则。
把第十章五十条建议当作清单逐条自评，挑出三条当下就能执行的事项落地。

About the publisher

CITIC Press China · Founded in 1988

Founded in 1988 and affiliated with China CITIC Group, CITIC Press focuses on business and economics, social sciences, literature and children's books, with common categories covering social sciences, finance, literature, Eastern philosophy and literary appreciation. Its library holds 91 titles, including Yuval Noah Harari's Sapiens trilogy, Thomas Piketty's Capital in the Twenty-First Century, Wu Xiaobo's Thirty Years of Strife: Chinese Enterprises 1978–2008, Nelly Sachs's The Weight of Butterflies: Selected Poems of Nelly Sachs, as well as New Interpretations of the Analects and Chiang Hsun's lectures on Dream of the Red Chamber. Its authors and translators include Lin Junhong, Ba Shusong, Chen Li and Chang Fen-ling. Overall, the press introduces influential works in finance and social sciences while balancing classic translation and local appreciation in literature and Eastern philosophy, combining academic depth with accessible reading.

Preface
Introduction
Chapter 1 My Daughter Became a Plumber—How to Choose a Lucrative Career
Chapter 2 Inside and Outside the Fortress of Work—The Right Choice About When to Retire
Chapter 3 Social Security—Ten Secrets to Maximizing Your Lifetime Benefits
Chapter 4 Reasonable Tax Avoidance—Adjusting Retirement Accounts
Chapter 5 Building Wealth Through Housing—Living with My Mother and Other Sensible Moves About Where to Live
Chapter 6 Marrying for Love—Money Isn't Everything, but a Good Marriage Also Needs Material Security
Chapter 7 Parting Amicably—What to Watch Out for in Divorce
Chapter 8 Choose Student Loans with Care
Chapter 9 Invest Like an Economist—Take Control of Your Standard-of-Living Curve
Chapter 10 Create Your Own Money Magic—My 50 Secrets

FAQ

这本书适合完全没有理财基础的人读吗？

可以。全书不依赖复杂公式，作者多用具体家庭情境和数字推演来说明道理，起点是“怎么规划一生的收支”，而不是投资技术。不过涉及社会保障、退休金账户等章节以美国制度为背景，零基础读者可以先跳过细节，先把握“先算终身账”的框架。

中文版信息是怎样的？

中文版由常可翻译，中信出版集团2023年8月出版，ISBN 9787521748109，平装约346页，中图法分类为F830.59（投资通俗读物），原书名为 Money Magic。

书里的建议在中国适用吗？

需要区别看待。作者关于职业选择、城市与收入权衡、退休时机、婚姻与教育投入的分析逻辑具有普遍性；但社会保障、退休金账户、年金与税制等具体制度以美国为背景，中国读者应结合本地社保、公积金与个税政策自行换算，不宜直接照搬数字。

读这本书需要按顺序从头读到尾吗？

不必。十章基本各自独立，可按当前人生阶段选读。比较高效的顺序是先读前言、引言和第十章把握整体框架，再挑与自己最相关的两三章细读，最后用第十章的建议清单做一次自评。

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