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The Truth About Money 4th Edition, by Ric Edelman
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“A single source for what you need to know to put your financial house in order, an impressive piece of work, and very useful.”—Bob Clark, Editor-in-Chief, Dow Jones Investment Advisor
Ric Edelman, America’s most successful financial advisor, has revised and updated his classic personal finance bestseller to reflect the new global economic outlook. In his 4th edition of The Truth About Money, Edelman tells you everything you need to know about money—an essential, yet delightfully breezy and accessible, must-read manual for anyone who may have previously sought the financial wisdom of Suze Orman and Jean Chatzky. The Truth About Money is an indispensible guide to money matters from the man whom Barrons named the #1 independent financial advisor in the country.
Product details
Paperback: 736 pages
Publisher: HarperBusiness; Revised, Expanded edition (December 21, 2010)
Language: English
ISBN-10: 0062006487
ISBN-13: 978-0062006486
Product Dimensions:
7.4 x 1.2 x 9.2 inches
Shipping Weight: 1.8 pounds (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
275 customer reviews
Amazon Best Sellers Rank:
#28,534 in Books (See Top 100 in Books)
Book by famous financial expert who has an informative radio program. Bought it from Amazon as it is less expensive than from the author or from other book sellers. I feel in this day and age I can use all the financial help I can get. Lots of good information. Glad I added it to my reference library on money!
I have listened to Ric's Saturday morning radio show for a number of years, and in fact I'm listening to it right now, as I write this review. I also have given copies of this book to several of my family members. And I have to admit that I learn something every time I listen to his show.So, why only three stars for his book?Well, one reason is that whenever I listen to his show, I keep wondering why I should pay him over 1% of my retirement portfolio's value every year to do something I am perfectly capable of doing for myself. I have finally come to realize, and this is not an original observation, that Ric is very clever, glib, and a bit disingenuous. He does a lot of people a lot of good, and there is nothing wrong with doing well by doing good. But at the same time, he is not nearly as straightforward as he seems to be. The difficulty is that the big money in the financial planning world is not made by dispensing advice on financial planning. You can hire accountants and attorneys to do taxes and estate plans, and they can be expensive, but they are one-time expenses. When your tax return is filed, it's done. When your estate plan is complete, it's complete. It's piece work, and usually does not generate ongoing fees.The real money in the financial planning world is made by MANAGING people's money, especially RICH people's money, and managing it on an ongoing basis. One percent of a million dollars is ten thousand dollars. If you have a few such accounts, and put them all into ETF's requiring a few hours a year to manage, you are talking about a real money machine.In my opinion, Ric dispenses pretty good advice on financial management, insurance, taxes, real estate, etc., in the hopes that you will entrust your life savings to him to manage, for a fairly stiff annual fee. In Ric's defense I will say that his financial planning advice is in general pretty good. He is not a charlatan.His investment advice, on the other hand, is problematic. Here are my reservations:1. He heavily promotes ETF's as the best way to invest. There is nothing wrong with ETF's. But there is nothing magical about them. You can make (and lose) money in all kinds of investment vehicles, including ETF's. ETF's can be thought of as index mutual funds that trade like stocks, and they are very good for some purposes. Insisting on using ONLY ETF's to build an investment portfolio is silly, in my opinion. To me, it seems like a marketing device.He is also obscure regarding how he selects the ETF's for a portfolio. He advises wide diversification, which is good. He then recommends 16 or so market segments (and thus 16 or so ETF's) to invest in. Why 16 sectors? Why only ETF's? What is the specific rationale for his portfolio construction? What kind of results can be expected with his approach? Well, he sort of says, and then he sort of doesn't. And if you use his service, you have to subtract his fees, which are significant. How significant? Read John Bogle's book, referenced below, about the effect of management fees on investment performance and you will find out. If you look at the Vanguard Three- and Four- index portfolios on the Vanguard website, which I reference below, you can find all of the information about them that Ric does NOT provide about his portfolios, and then you can decide for yourself how likely it is that Ric's recommendations will do significantly better.2. He advocates having as big a mortgage on your house as you can support and putting the excess cash into the stock market. This might be good advice for some people, but it is certainly not sensible or practical advice for everyone. Many will just spend the excess cash. In that case, paying down the mortgage may function as a form of forced savings. At any rate, the use of a personal residence as an investment vehicle is a complicated subject, worthy of much thought and discussion, and many intelligent financial experts disagree with Ric's advice, for many reasons. Ric's one-dimensional approach to this subject makes me suspect that he has a hidden agenda: He doesn't get a fee on the equity in your house, after all, but he will get a fee if you liquify that equity and move it into the stock and bond markets under his management. This may not be his only motive for giving that advice, but that certainly would be one result of taking his advice, if you were his client.I gave Ric's book to my family members because I haven't found a better place to learn the basics of managing your finances. If you don't want to take the trouble to learn how to manage your own investments, then Ric's company is probably one of the better ones to consult. If I won the lottery I might well consult him or some other financial planner, simply to obtain the appropriate tax and legal advice needed for managing such a large sum of money.If you want to learn how to manage your own investments, I recommend two books:William Bernstein: The Four Pillars of InvestingJohn Bogle: The Little Book of Common-sense InvestingI also recommend the Bogleheads website.Vanguard's Three- and Four- index fund portfolio is a useful concept.The American Association of Individual Investors is a very good organization to join if you want to invest in individual stocks. The monthly magazine is very informative.The American Institute for Economic Research offers sound financial and investment advice and enlightening economic commentary in their publications.epops
This is a must read for anyone interested in Personal Finance..one of the best. Why 3 stars then ? The book was originally written in 1996 with the fourth edition as recent as 2010. However, many of the numbers (income, home prices, interest rates, etc) are so outdated it becomes a distraction (for the knowledgeable) and perhaps a genuine point of confusion (for the novice). Additionally, some of the "recent" stories of corporate or financial news items are so dated, one would need to be at least in their mid 40s if not older to remember them. So Ric, realize you are busy guy, but hire a junior editor who is about 25 years old (he or she will work cheap) and have them do a 5th edition.
This book was amazing when I finally had the time to read it. It is not only informative, but Ric Edelman teaches you in a very entertaining way. He often guesses at what you would probably do or think about a certain situation, then tells you why you are wrong. He has stories to back the information and explains just about everything you will need to know about getting out of debt, investing, maintaining cash reserves and he addresses these things (and others) by your personal situation, married, single, widowed, divorced, old, young, retired, working, and with grown children living at home! Can't begin at touching on all he shares, but it is worth it whether you think you know it all or not. Get another perspective and do yourself a big favor! It was written in 2016 or 17 so there may be changes in some areas, but the basics are explained well.
I'm nearing retirement. Like oh so many people "I wish I had known these ideas and started aggressively saving when I was much younger"! You will never be younger than you are now, so start now!There is no shortcut. Start your loved ones off now on the right path. No kid likes to listen to old Dad talk about saving for retirement - don't let that stop you. If you love them - teach them! This book (and others from Ric) are invaluable and can really lead to wealth - not in the short run, but will assure success in the long run which no other path really can. And even if you are more than half-way to retirement, the ideas Ric presents can make your future brighter!Go to a fee-based independent financial adviser today, regardless of your financial condition. They can only help make things better. Be honest with yourself - don't let embarrassment stand in your way! Go! You'll be glad you did.And read all of Ric's books. Compared to the improvement in your financial condition that will result by following the ideas he presents, these books are a wonderful bargain.
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