- Shopping Bag ( 0 items )
Most Helpful Favorable Review
1 out of 1 people found this review helpful.
Awesome book! A great primer on investing!
posted by Anonymous on June 20, 2005Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Most Helpful Critical Review
1 out of 2 people found this review helpful.
A Well-Intended Idea Fails Greatly
posted by Anonymous on January 2, 2004Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted January 2, 2004
A Well-Intended Idea Fails Greatly
The subject matter, the 'basics' of financial well-being, is important to millions of people. However, the message is lost in the hundreds of unnecessarily words. The book (3rd edition) describes how the main character, who finds out his wife is pregnant, has an 'epiphany' and realizes that he needs to learn the basics of financial well-being (due to his growing financial responsibilities). The story centers on the main character, his rich sister, and a friend as they collectively seek the counsel and wisdom from a 'lowly' barber (and associated peanut gallery), who happens to be one of the richest people in town. Each month, while the barber applies his craft, he also educates everyone (inclusive of the reader) on one important aspect of financial well-being such as forced savings, the need for wills, how to determine the right amount of life insurance, etc. So allow me to digress without falling into the same drivel trap like the author. While the books does educate people on the important financial issues, it can be accomplished with 50 pages rather 211 pages. By employing a story format, the book helps those individuals seeking entertainment value while gaining financial advice, but alienates those individuals that wanted simple, factual answers in a common sense approach. My recommendation would be to buy another personal finance book that communicates the fundamentals of financial well-being directly while covering more areas. The basics of financial well-being is living within one's means and investing wisely, i.e. the old tried and true concept of thriftiness and prudence.
1 out of 2 people found this review helpful.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted September 28, 2004
This book does a very neat job of providing the well-known and 'conventional' way for the average middle-class Joe Six-pack to attain financial independence. It's a typical study of 'invest 10% of your income for long-term growth'. Nice. But that's fine for those who wish to remain Joe Six-Pack. The problem is that no one knows what the future will hold. That's the ultimate gamble. Anyone who was planning to retire with thier investments and 401ks in the year 2000 knows what I'm talking about. Many people lost over half the value of thier investments when the stock market tanked. Also, no one knows what the tax rates are going to be like in 20 or 30 years. Tax-deffered investments represent tremendous risk, as does this idea that capital gains taxes will stay low. People......Social Security is going to bite us all. No one is going to stand in front of 80 million old geezers and tell them 'tough luck'. Also, everyone better accept the fact that a national health care system is coming. Get ready. The baby boomers control everything, they're getting old, they're going to want it, so the rest of us are going to have to foot the bill. The Federal Reserve Bank can only print so much money before the buying power of the dollar is reduced to toilet paper. Our income taxes are going to go UP and they will go UP even MORE. Then in 20 years you'll see that over 80% of your precious 401k and IRAs are going to get eaten up in taxes. Got a cool million in that 401k? Got your eye on that nice piece of property? Too bad. Uncle Sam is gonna clean your clock. This has all been meticulously planned out a long time ago. The only thing you can really do to ensure capital appreciation and long-term equity is Real Estate. They ain't making any more land. Forget the stock market. What you have to do is discover how the rich have been getting rich for the past 200 years, and it ain't with the stock market. I have worked in financial services for years and you would not believe what really goes on there. You would not believe the truth about banking/investments that only the insiders who run the scam really know and foist upon us every day.
0 out of 1 people found this review helpful.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.