“At what point do you become an adult? As a culture we’ve laid out milestones: graduating from formal education, moving in with a significant other or perhaps bringing new life into the world. Next question, how do we make the right choice when confronted with so many options? As children we relied on parents to be our compass, but as adults the responsibility rests within. Professor Robert T. Michael of the University of Chicago set out to answer some of these questions in his book, The Five Life Decisions.”

Forbes

“Michael pairs basic economic concepts such as opportunity cost with data on Millennials from the National Longitudinal Survey of Youth (NLSY) to walk the reader through the trade-offs inherent in life decisions in five areas: schooling, work, marriage, parenting, and health. While there are several nice things about this book, its use of NLSY to show the importance of sound economic decision-making, even when an individual is given a bad start in life, is an important point to raise in a book aimed at helping individuals succeed.”

Choice

“Provides guidance on how to think about five big life decisions that young adults make regarding education, occupations, relationships, parenting, and health, and considers how economic tools can help them to make wise choices.”

Journal of Economic Literature

“What do you get when you cross an esteemed economics scholar with the trials and tribulations of everyday life? The answer: this guide, by the University of Chicago’s Robert Michael. The Five Life Decisions offers a handy introduction to powerful economic concepts by applying them to the pragmatic, real-world choices that young people have to make.”

Beth Kobliner, author of Get a Financial Life: Personal Finance in Your Twenties and Thirties

"Bob Michael, who has spent his distinguished career gathering and interpreting data, cogently uses decades of research to add light to our really important choices in life.  In the process, he reminds us that economics is not just about graphs and fancy math. It is about understanding human behavior and helping us to live better."

Charles Wheelan, author of Naked Economics: Undressing the Dismal Science

“This is a fantastic book that every young person should read. Michael equips us to think harder about fundamental life decisions. When it comes to difficult choices, the scientific research summarized in The Five Life Decisions can truly help.”

Annamaria Lusardi, academic director of the Global Financial Literacy Excellence Center at George Washington University