With financial markets in such uproar, this might actually be a good time for a reader to evaluate what it is he or she wants to accomplish beyond “getting by.” There are no easy solutions as ballyhooed by late-night infomercials. But there are answers: The new piece of the puzzle is that we need to make “investments in life assets, and those assets may result in saved time and increased effectiveness…” This does mean that we have to assume responsibility for our own lives and successes, whereas in the past we could blame our failures on our jobs, our bad luck and our lack of opportunities. It also means avoiding some of the spending traps condoned by a retail culture—traps cleverly camouflaged with tasty-looking bait: “borrow and spend,” “save and spend,” “deferred spending", “expense-generating possessions.” The first step, if you are going to become wealthy, rather than just look wealthy—is to live below your means.

There is a practical list of suggested readings at the end of the book. I am familiar with three or four of these and they convey the same common sense, “you can do it,” attitude of “The Flow of Time and Money.” The diagrams on pages 82 and 83 are a little less clear than the explanations of the benefits of incorporation. And it is interesting to look over the “Sources of Wealth” in light of the present recession. My guess is that Watts wouldn’t change any of these but he might add some cautionary footnotes under “stock market investing” and “real estate” that might not have been necessary in happier times.

Still, the concepts he explains are good to understand in good times and bad and the principle of establishing passive income is the answer to self-sufficiency. The last section, “Realizing Your Dreams,” reaches beyond the topic at hand. It may seem a little “over-achiever” for some, but realistically who is going to read this book if not a person striving to improve his or her life and looking for the tools to do it. And there is real insight in his conclusion about the synergy between skills. This would be a great book for couples to discuss together. Better yet, for families. If we, as teenagers, got the kind of financial education “The Flow of Time and Money” provides, we would not be in such dire economic straits today.