The Ten Truths of Wealth Creation: How to Achieve Your Money Goals Sooner and Safer in Good Times and Bad


This back-to-basics guide by investment guru John E. Girouard reveals how investment industry sales people give shoddy advice and sell poorly-designed investment "products" aimed at enriching themselves and their firms at customers' expense. "The Ten Truths of Wealth Creation is not a recipe for getting rich, but an honest look at the common mistakes many make in thier financial lives, and how readers can unlock the natural money-growing opportunities that those selling investment "products" never talk about. ...
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This back-to-basics guide by investment guru John E. Girouard reveals how investment industry sales people give shoddy advice and sell poorly-designed investment "products" aimed at enriching themselves and their firms at customers' expense. "The Ten Truths of Wealth Creation is not a recipe for getting rich, but an honest look at the common mistakes many make in thier financial lives, and how readers can unlock the natural money-growing opportunities that those selling investment "products" never talk about. Girouard explains how income is often taxed multiple times, how financial choices can minimize those taxes, and how those saved dollars can add up and grow wealth. Girouard shows how simple, common sense choices can help readers reach their money goals sooner and safer, in good times and bad.
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Product Details

  • ISBN-13: 9780979157905
  • Publisher: Girouard
  • Publication date: 7/1/2007
  • Pages: 224
  • Sales rank: 810,508
  • Product dimensions: 6.30 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

John E. Girouard has been President and CEO of CAPITAL Asset Management Group, based in the Washington, DC metropolitan area, since 1984 and is the founder of the Institute for Financial Independence, which offers educational programs and other resources to individuals and corporations about financial goal-setting, planning, and investment. He is a frequent speaker at industry and association meetings, and conducts classes at financial learning centers in Maryland and Delaware. He has earned numerous industry awards and certifications. He earned his BA in Economics from the University of Maryland at College Park and has been a member of the Board of the school's College Park Foundation. He has also been active with the National Children's Center, Inc., a Washington, DC-based nonprofit providing services and opportunities to people with developmental disabilities.
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Table of Contents

About the Author     iii
Acknowledgements     v
Preface     vii
Introduction     xi
The Ten Truths of Weahh Creation     1
How Ownership Drives Wealth     3
Why You Shouldn't Bank on Banks     15
The Ownership Paradox     21
Wealth Creation Boot Camp-Setting Goals and Strategies     27
Seven Keys to Financial Growth     29
How Much is Enough?     37
Your Financial Blueprint     49
Being Your Own Bank     57
Stocks and Stats: Myth vs. Reality     63
Myths of Averages, Benchmarks, and Indexing     65
Risk, Emotion, and Lost Opportunity Cost     79
The Real World of Real Estate     87
The Good, Bad, and Ugly of Real Estate     89
Making Good Mortgage Choices     97
Unlocking Hidden Wealth in Real Estate     107
The Mortgage vs. Insurance Match-Up     113
Mortgage Types and How to Use Them     121
Making Sense of Insurance     135
All Insurance Is Not Created Equal     137
A Brief Guide to Life Insurance     145
The Life Insurance Purchase You Never See     157
Life InsuranceFAQs     161
Integrating the Parts     169
Taxes Are an After-Tax Payment     171
Discipline & Single-Decision Solutions     177
The Foolish Old Man Who Moved Mountains     183
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Sort by: Showing all of 2 Customer Reviews
  • Posted November 24, 2009

    Good Press for a Great Book!

    John Girouard's Ten Truths of Wealth Creation is a clear-cut and inspiring guide to getting the most out of your financial assets. I was convinced to purchase a copy of the book after reading a positive review that was published recently in a lifestyle magazine in my area called 'Bucks County Living.'

    Here's some of what the reviewer, J. Henry Warren, had to say:

    "...[This] book, though published a few years ago, is still relevant. It could have saved millions of people hundreds of thousands of dollars during this last economic meltdown. The book: The Ten Truths of Wealth Creation, by John E. Girouard, is for the most part a fast and easy read and worthy of the extra caffeine consumed when I stayed up late blasting through his easy to understand pages, damn, I should've known this last year.

    If I had used these strategies a year and a half ago I would be a decade closer to comfortable beach retirement instead of still pounding computer keys and being a few dozen years far broker than usual. John E. Girouard exposes in this book how our investment industry, Wall Street, mutual fund companies, banks with CDs, online trading houses, and so on, offer we investors hope, but not much more.

    I was reminded that, forgotten in our latest 1990's and 2000's gold rush, is the fact misleading statistics and hidden conflicts of interest are very common on the Street, and they most often rob people of opportunities to create wealth and achieve financial independence--no matter how one defines it. The solution, suggested by author Girouard, is to always invest in things you own and know, including old-fashioned participating whole life insurance. Yikes, did I say that? Yes, much of it makes great common sense.

    Girouard mathematically and entertainingly explodes a series of theories recently thought set in stone, proving, for example how cash for a car can cost more than to finance it. The secret is to put the cash in an account that pays more interest than the finance charges. He shows how people can become their own banks, and then pay themselves interest, earn untaxed income, stop paying taxes on income already taxed before, all without taking excessive risks.

    In a short telephone interview, Girouard noted his The Ten Truths of Wealth Creation are simply a collection of basic rules he learned over a quarter-century of showing thousands of clients his investment strategy, while exposing all the industry hype and practices which actually rob people of their money. He assured me that financial peace of mind can be achieved reducing confusion and worry.

    Sure, we would have like to have known this a few years ago, but later is better than never, (at least this is what my folks and experience have taught me.)

    Girouard said, "the spirit of change and vision is celebrated in medicine, industry, the military, and fine arts--but not in the investment industry," which he defines as the industry that makes its money by shuffling yours around. "In fact, its success depends on the absence of change and on investor confusion." Very strong statements from a financial advisor, in my opinion.

    So, here, for your own opinion, in an economic period of pointing fingers and uncertainty, is Girouard's Wealth Creation Truth No. 10: "Minimize Future Decisions." Sounds right to me, and thanks to John Girouard who challenged me rethink my relationship with money, the future, and to remember wealth should se

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  • Anonymous

    Posted August 29, 2007

    Girouard hit this one out of the park!

    Great Book! I am already starting to incorporate Mr. Girouard's advice into my life. I wish I read this book years ago!

    Was this review helpful? Yes  No   Report this review
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