In Wealth Odyssey, author Larry R. Frank Sr. uses his extensive financial background to provide a universal road map that will help you determine the wealth you need to support your chosen lifestyle. Frank discusses such topics as:
The Wealth Rule
The Earning-Spending-Saving Formula
Using debt wisely
Wealth Odyssey is a practical, no-nonsense guide that will help you develop a personal definition of wealth and create an effective strategy for long-term financial success.
Personal finance guidebooks are often more confusing than helpful; Frank provides refreshing relief. Frank, a Certified Financial Planner in California, offers a concise, precise guide to "prudent thinking" about personal finances, along with simple tools to estimate how much is required for a comfortable retirement. Frank does not share investment secrets. Instead, he offers insights into insurance needs and taxes, and he lays out a straightforward plan that anyone can follow to reach their "wealth" plateau. (He's not talking about yachts and sports cars. Wealth, he says, is having sufficient assets to carry out your plans and live according to your "Standard of Individual Living." Being rich, he adds, is having an excess of wealth.) In Frank's view, determining what size "asset reservoir" you require for a "wealthy" retirement can be done using simple math and having a realistic understanding of your wants and needs. Frank says his years of experience in the business have taught him, "People are not saving enough for retirement, so they will have to work longer than they realize." A sound guide designed to help people make sensible plans for a successful retirement.
Most Helpful Customer Reviews
Like most people, you probably already know that you should be concerned about your financial future. You likely realize that your company pension isn¿t going to allow you to live a comfortable life. Possibly, you¿ve tucked away a little money in RRSPs, mutuals, or bonds. Maybe, most of your current paycheck is being spent long before it gets to the savings account. Wealth Odyssey is meant to guide the reader towards reasonable, realistic financial goals based upon his or her current income. I like that the author does not give a blanket amount for retirement based upon some sort of perceived norm. Instead, this book guides the reader in examining and calculating his or her own needs so that he or she can create a financial plan. Moreover, the author does so in a way that is easy to understand and more importantly in a way that is practical and easy to put into daily practice.
OUTSTANDING! To sum it up in ONE word. As somebody who is really ummmm, not smart financially, this has helped me get on track. I've already started using Mr. Franks information to start saving for the future and plan for retirment. You have just got to get this book. It's definetly worth the money!
I liked the discussion about using a person's own standard of living as a very good way to measure how much a person needs in retirement. This, combined with the Wealth Rule calculation, helped me determine when I could retire. I also liked learning how to factor into my retirement the question about how Social Security effects retirement (now that I know how to calculate what the book called SOIL) and how to easily calculate having all of Social Security, some of it, or none of it. I also liked how the book showed all the issues I face in planning and how they are all really interrelated and effect one another.