Product Description
FROM THE BACK COVER: Are you caught up in the financial thinking of the last century? That's when we learned to buy a home and pay it off as quickly as possible. It made sense in the conditions that existed back then. It doesn't make sense today. How would you like to: 1) Safely leverage and compound assets you didn't realize you had? 2) Become your own bank and build family wealth? 3) Pile up stock market gains, but never take the losses? 4) Lock-in a rich, secure and carefree retirement? 5) Transform the IRS into your wealth-building partner? 6) Create real wealth, empowering you to help others? 7) Get to your existing retirement funds with little or no taxes? 8) Leave a fortune to your heirs? STOP SITTING ON YOUR ASSETS make these strategies crystal clear -- and you can apply them with security and ease. If you own a home, you owe it to yourself to know about today's new reality: You are sitting on a potential fortune that can safely and confidently be put to work to build a massively abundant financial future. A future so rich that -- before STOP SITTING ON YOUR ASSETS -- could have only existed in your dreams.
Customer Reviews:
Home Owner Beware.......2007-10-17
This will be short. I have already wasted enough time ready the book (actually I stopped reading in Chapter 9) At first, I thought the examples were funny and than I realized there may be people reading this book that actually are taking notes. This is intended for those few. Seek out the help of a Professional Financial Advisor. This book should come with a warning label.
don't waste your money on this book or its strategy.......2007-10-05
First of all, the author has enough material for a magazine article at best and she has padded and stretched it into a book. That makes for an annoying read.
Secondly, her math is deceitful. She says to borrow the equity from your home at 8% and put that money to work getting an 8% return and you will end up with a huge pile of money. What about the payments? Oh, yeah. She subtracts those as a lump sum at the end from your pile of money. Everyone knows the payments have to made every month so if you're borrowing at 8% and getting an 8% return you're simply going to break even. If you're as smart as a fifth grader you know that math calculations have to be performed in the correct order or you'll get the wrong answer. She also gives an example of someone who could pay cash for a house but takes out a mortgage anyway and invests the money. She conveniently ignores the fact that the person could simply pay cash for the house and then invest what they would have made in payments each month and that money would grow to almost the same amount as her "safety fund"
The third problem with this strategy is that the only way to get this 8% tax free, totally safe return is to buy a questionable insurance product that she or her friends will be happy to sell you. Then you'll have the IRS looking over your shoulder.
I'm not a big fan of a mortgage free house for a number of reasons but if you're going to harvest equity and invest it, you'd better know what you're doing. For the average person it's way too risky.
Start saving some money by NOT buying this book.
This book has been done before, called Missed Fortune 101.......2007-09-22
Sad to see people trying to ride the coattails of another book and rip it off so blatantly. The orignal book called Missed Fortune 101 introduces the world to these strategies. Well Stop Sitting comes in and basically changes a word here and a word there to try and be different. For example Missed Fortune 101 talks about "going down the highway of life with one foot on the gas and one on the brake" Ms. Snow talks about going down the highway with 4 flat tires and a broken windshield...Come on!
Read Missed Fortune 101 Missed Fortune 101: A Starter Kit to Becoming a Millionaireto read the real story first, Read Stop Sitting for a rehash, if you like that kind of stuff...
I know I'm gonna write a book called Elbib and have it start out with a guy named Aaron and a girl named Emily who live in the jungle, then get kicked out of the jungle for eating the forbidden vegetable...
Looking for answers.......2007-08-19
I, too, was in awe after reading this book. The ideas are presented in a simple, easy to understand way, and it seems to me to be very logical. I'm no financial genius, rather a former math teacher and the numbers seem to work on paper. But, really, after the awe has worn off and reality hits, what's the catch? This seems too easy. If this idea has been in existance for several years, then why hasn't it caught on with the "masses?" Why don't more financial advisors recommend this? Is there something I'm missing or does it really work that simply and just nobody knows about it? Somebody....give me the real scoop!
Very, Very dangerous book.......2007-08-02
As I began to read this book, my first challenge was to get over the unearned arrogance of the author. Marion Snow may have a "scientific mind" and have a little experience in the mortgage industry selling people mortgages, but she is no financial planner.
The book is absolutely full of errors and misrepresentations of how some very complex financial products work. She literally demonizes financial planning professionals who have spent years of their lives helping clients and studying the ever changing landscape of both financial planning, estate planning, as well as the Internal Revenue Code.
Some of her VERY dangerous errors are as follows:
First, nearly all of her calculations discuss saving taxes at a 30 or 33% tax rate. While this sounds good, the average American is nowhere near the 33% tax bracket. The 33% tax bracket does not begin for most married Americans until they have over $195,000 of annual income.
Secondly, the insurance products that she describe do not function as she indicates. On page 110, she casually mentions that her insurance strategy will work as "long as you are careful not to deplete your cash value." She does not mention that the "tax advantaged policy loans" she advocates are 1)charged interest by the insurance company, and 2) taxable if the policy lapses in later years. Additionally, she neglects to mention that Universal life policies have increasing costs which will cause them to lapse using her strategy.
Third, all of her calculations are "assumed and hypothetical." They do not address real numbers. About halfway though the book she indicates she "got her insurance license" just to verify her findings. Unfortunately, an insurance license is viewed by most credentialed financial planners with the same reverence that training wheels are viewed by Olympic bicycle racers...
Fourth, her mortage strategies advocate taking illegal tax deductions - the tax deductions she describes are not allowable to the degree the advocates, in the tax brackets she uses as examples. The deductions "phase out" well before a taxpayer can use them to the degree she illustrates. Simply put - the numbers are INCORRECT.
Ms. Snow should spend a few years in school and learn what she is talking about - and a few more years working with real world financial clients -before being arrogant enough to throw stones at those who do.
She is flat wrong in many areas and will hurt a great many people who take her cutesy approach to financial planning seriously.
Jon - CFP, ChFC
Amazon.com
The rich are different from the rest of us, if for no other reason than U.S. tax and securities laws allow them to invest in ways that keep us from catching up to them. That's why 90 percent of all corporate shares of stock are owned by 10 percent of the people. Kiyosaki believes it's possible for anyone to move up into that 10 percent, but it takes a different view of investing than most people have: it takes a plan to be a successful investor. And a plan is more than simply buying and selling, or collecting "assets" that bring in no cash and are thus more akin to liabilities. The way most people invest, "they might as well be pushing a wheelbarrow in a circle," he writes. A plan is "mechanical, automatic, and boring," a formula for success that has worked historically for most of those who've used it. Kiyosaki's "rich dad" (actually, the father of his best friend) tells him the simplest analogy is the game Monopoly: buy four green houses, trade them for one red hotel, and repeat until you become rich.
The overall message of Rich Dad's Guide to Investing is that this is an abundant world, full of opportunity for the sophisticated investor. However, it sometimes takes a while to find this point. Much of the book is told in dialogues between young Kiyosaki and his rich dad, and these conversations can ramble. There are rewards for the careful reader--for example, in the middle of a section on the basic rules of investing, Kiyosaki's rich dad compares investor education to toilet training: difficult at first but eventually automatic. But getting to these inspired metaphors means wading through a lot of repetitive dialogue. It's a bit ironic that someone who advocates investor discipline should show so little as a writer. But by the end of the book, even the rambling starts to make sense. By the hundredth time you read that the rich don't work for money, and that you don't need money to make money, both concepts start to make sense. It still looks difficult to apply these ideas, but Rich Dad's Guide to Investing certainly makes the case that they'll work for anyone bold and smart enough to practice them. --Lou Schuler
Book Description
The rich are different from the rest of us, if for no other reason than U.S. tax and securities laws allow them to invest in ways that keep us from catching up to them. That's why 90 percent of all corporate shares of stock are owned by 10 percent of the people. Kiyosaki believes it's possible for anyone to move up into that 10 percent, but it takes a different view of investing than most people have: it takes a plan to be a successful investor. And a plan is more than simply buying and selling, or collecting "assets" that bring in no cash and are thus more akin to liabilities. The way most people invest, "they might as well be pushing a wheelbarrow in a circle," he writes. A plan is "mechanical, automatic, and boring," a formula for success that has worked historically for most of those who've used it. Kiyosaki's "rich dad" (actually, the father of his best friend) tells him the simplest analogy is the game Monopoly: buy four green houses, trade them for one red hotel, and repeat until you become rich. The overall message of Rich Dad's Guide to Investing is that this is an abundant world, full of opportunity for the sophisticated investor. However, it sometimes takes a while to find this point. Much of the book is told in dialogues between young Kiyosaki and his rich dad, and these conversations can ramble. There are rewards for the careful reader--for example, in the middle of a section on the basic rules of investing, Kiyosaki's rich dad compares investor education to toilet training: difficult at first but eventually automatic. But getting to these inspired metaphors means wading through a lot of repetitive dialogue. It's a bit ironic that someone who advocates investor discipline should show so little as a writer. But by the end of the book, even the rambling starts to make sense. By the hundredth time you read that the rich don't work for money, and that you don't need money to make money, both concepts start to make sense. It still looks difficult to apply these ideas, but Rich Dad's Guide to Investing certainly makes the case that they'll work for anyone bold and smart enough to practice them. --Lou Schuler
Download Description
'Rich Dad's Guide to Investing' follows the New York Times bestsellers 'Rich Dad, Poor Dad' and 'Rich Dad's CASHFLOW Quadrant'. Most of us know that the best investments never make it to market. This book discusses what the rich invest in that the poor and middle class do not. What follows is an insider's look into the world of investing, how the rich find the best investments, and how you can too. Robert Kiyosaki and Sharon Lechter show . . .· Rich Dad's basic rules of investing · How to reduce your investment risk · Rich Dad's 10 Investor Controls · How to convert your earned income into passive and portfolio income · How you can be the ultimate investor!
Customer Reviews:
A good book if you're already rich.......2007-10-15
There is very little useful info in this book for everyday investors. Instead, I would recommend: THE LITTLE BOOK OF COMMON SENSE INVESTING by John Bogle and THE MILLIONAIRE NEXT DOOR by Thomas Stanley.
Uri Gofman reviews Rich Dad's Guide to Investing.......2007-08-08
i happen to be a big fan of Kiyosaki. while light on specific acts to do or procedures to follow, this book helps one "think" in a manner that is compatible with creating wealth and success. it is unquestionably inspirational and inspiring. the next step is up to you!
ANOTHER HOMERUN BY RICH DAD!!!.......2007-07-23
Robert Kiyosaki has done it once again!!! Being an avid reader of business/ personal development and finance books for years, I always love reading the Rich Dad books. Robert's style is straight forward, friendly, and highly coversational. Anyone interested in understanding the mindset that one needs to create before beginning their personal conquest down the roads to wealth and freedom should read every Rich Dad book they can get their hands on!
Make Kiyosaki Rich and Yourself a Little Poorer.......2007-06-30
Make Kiyosaki Rich and Yourself a Little Poorer by buying this book. It amazes me how people buy the dream of becoming rich, yet make themselves poor. Kiyosaki certainly takes advantage of this by catering to greed and desire.
Case point: you are reading this book because you are poor. People rich in money and knowledge do not buy his junk.
Interesting read.......2007-05-22
Pros:
- easy to read
- keeps you interested
- you find some good info here and there
Cons:
- too vague about the subject
- repetitive
- too situational to US market
Fine read for a holliday.
Customer Reviews:
received an old edition - very disappointed.......2007-05-21
I'm very disappointed with my order with Amazon. Two co-workers and I all ordered from Amazon and we all got different editions of this textbook; none of them being the most recent. I am going to send mine back.
Full of information but dense.......2007-05-09
I received this book in the high hopes of having everything explained to me in clear English. For the most part, my expectations were met. The downside is that the reading is quite dense in most parts. In addition, being a Tax Professional, I found a few, minor errors in the Tax Planning section. Otherwise, the book has been a tremendous help in my studies to become a CFP(R).
CFP Course 1.......2007-03-24
Good book to form the foundation for the CFP training and exam. It's too expensive, however. My guess is that it is priced assuming most students get reimbursed by their employers. For those of us who have to pay for the book out of our own pockets, it is too expensive.
Typical Textbook.......2007-02-21
textbook was purchased new. It is a large softcover which I am not sure will hold up for the length of my studies and I have found that much of the tax information is of course out of date and there are a couple of references that are incorrect. Time for a reprint.
Pretty good.......2006-07-25
A lot of good info. Fills in the gaps in my knowledge of investing, finance, banking, estate planning, retirement options, etc. There are quite a few typos, however, and a lot of awkward sentence structure. Strange because it's nothing that MS Word wouldn't catch. It needs a pro writer re-write.
Book Description
Real Estate Advantages is for first-time as well as seasoned real estate investors. It reveals the tax and legal loopholes available and most important, how they can be used together to not only maximize your income--but accelerate your income from real estate investing. Sharon Lechter and Rich Dad's Advisor Garrett Sutton team up for the first time to deliver practical, proven strategies and formulas--from the perspective of successful investors, CPAs and asset protection attorneys--for acheiving the greatest leverage from real estate investing. Written in easy-to-understand language, this book de-mystifies the legal and tax aspects of investing with easy-to-follow, real life examples. Real Estate Advantages reveals how you can find good advisors, create steady monthly income, reduce your risk, pay less in taxes, make more money with your banker's money and, best of all, the government helps you!
Customer Reviews:
Loaded with Helpful Strategies .......2007-08-26
Very informative. This book is full of great strategies of how to maximize your return and how to protect your real estate investments and retire comfortably. You will learn how to choose the right asset protection for your investments, how to maximize your real estate investments to your retirement advantage, the use of 1031 exchange to pass on assets to your kids without paying capital gain tax, how to mix and match business entities if you have multiple RE investments in different states, learn the advantages and disadvantages of a Nevada, Wyoming, California, Texas corporation or LLC. After reading this book, I attended a seminar with the co-author lawyer, Garrett Sutton, at a National Real Estate Investment Club Expo in L.A Convention Center. We had a Q&A after his presentation. This guy really knows his stuff. He seems to be a nice and humble person. If you are a RE investor or thinking of becoming one, I highly recommend this book. I also recommend that you consult with his office for asset protection. He does business over the phone for all states. You can also get lots of tips and info in Garrett Sutton's websites.
A Solid Foundation for launching a RE Investing career..........2007-08-20
Of all the Real Estate "How To" books and programs I've purchased over the years, one thing was always lacking...the legal aspects of holding and protecting the property. A few may have touched on it, but nothing as meaty as this book. Very informative and easy to understand. Buying real estate without reading this book would be like going into combat without weapons and body armor...at some point you're going to end up getting killed ( or sued ). In this day and age where people are suing fast food restaurants for making them fat, or cigarette companies for giving them cancer, don't think some tenant won't sue you some day for something equally as stupid. This book is super cheap insurance...buy it if you're seriously considering real estate investing.
Road to sucess!.......2007-06-10
The money you will save buying this book will save you thousands!It is a reference book that help you avoid all the common tax and legal problems when investing in real estate.
The ultimate get started book.......2007-04-10
This has been one of the best books on real estate I have ever read. I am just about to get started and will definately put this book into action. It is hard to get all of the topics for real estate into one easy to read format, but the Rich Dad advisors have done it and with a little flare. It is an easy read and good for anyone serious about getting started or if you have made mistakes along the way.
Great Stuff for the Money wise!.......2007-04-10
Full of great information if you want to know how to avoid costly mistakes for managing your excess funds.
Book Description
This is the landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations - now revised and expanded. "A masterpiece. No one is more astute than Jay Hughes about the topics of family wealth and family life." - Charles W. Collier, Senior Philanthropic Adviser, Harvard Univesity.
Customer Reviews:
Great Treatment of Family Wealth Topics.......2007-09-28
I really enjoyed this book. It's a great treatment of key issues facing families transitioning significant wealth across generations.
This is not a tedious discussion of dry, technical strategies requiring an LLM in taxation to understand. Rather, it is an analysis of ways to maximize the long-term positive impacts of wealth on a family while minimizing the negative ones.
While this book would be a helpful read for anyone concerned about leaving heirs more than just money, I think families with estates over $5MM would find some of the advice most directly applicable to the challenges they face.
Family Wealth - Keeping it in the Family.......2007-02-16
As an advisor, preparing for my first Family Meeting, I found this more helpful than most other books on Family Governance. I really liked the way in which it talks about not just financial capital, and social capital, but human & intellectual capital as well. It resonated well with me and with my Family Office clients. It gives more of a structure for developing the governance model than other books I've seen.
Immensely valuable for members of a family business.......2007-01-03
Chapter 1 applied most directly to my situation, and this chapter alone makes the book worth having on my shelf. Hughes' perspective, from both his own family and his experience advising other families, gives the book authority.
Often family wealth seems to be treated as a "dirty little secret" where money concerns trump people concerns. Hughes provides a framework where financial, human, and intellectual assets can all be considered. He shows that family wealth can be a path towards growth of individuals, families, and their wealth, through investments, philanthropy, and professional development.
Bravo!
Hands on, long term familiy peace.......2006-08-19
I profound and comprehensive book on long term principles and practices to preserve family wealth (human an financial).
A must reading for medium family businesses.
Addresses issues of significant importance in the wealth management process.......2006-08-18
As principal of a financial planning and wealth management firm, I highly recommend this book for families who have acquired wealth and want their children and future generations to be concerned about their human, intellectual and social development in addition to the growth of their financial resources.
Family Wealth does a good job of addressing issues of importance to wealthy families such as the need to create and establish mission statements, plan for family governance and how to create a mutually rewarding relationship with trustees and financial advisors.
As someone with practical experience in planning and/or supervising all aspects of a client's financial planning needs with the goal of protecting and enhancing retirement assets and estates, I especially like the emphasis by Hughes on the need for long-term thinking and how personal and intellectual development is just as important as financial decisions in the family organization.
This book has added a new dimension to our multi-disciplined practice. Along with our principal specialty, retirement income and retirement plan distribution strategies, we now help our clients think of ways to use their financial capital to nurture and enhance their human and intellectual capital.
Book Description
In the grand scheme of things, money's not that important. It's important only to the extent that it allows you to enjoy what's important to you. And not worrying about your finances is critical to having a life that excites you, nurtures those you love, and fulfills your highest aspirations. If you want to make smart choices about money, based on what is important to you--your core values--this book is for you.
This informative and well-written book will help you build a financial strategy, starting with your own unique values--what is truly important to you. By defining these unique values, you can create a plan that not only looks good on paper, but spurs you to follow through and achieve your goals. Values-Based Financial Planning: The Art of Creating and Inspiring Financial Strategy will help you realize what's important to you, align your financial choices with the great life you want, and become inspired to do whatever it takes to have that life.
Customer Reviews:
Excellent Book "Must Read".......2007-10-07
I have been investing over 18 years with a this concept. Love it, It pays, I sitting on a very nice nest egg. Trust, your values are the key to successful plan. I have many friends that think they can do this by themselves and are broke. All the trades online will take you down the drain. I have seen it. The book is on target. It is a quick read, to the point. After reading this one read the book Elephant in the Room.
My advice to you is...........2007-07-30
If you are an Advisor, read the book for the good of your clients. If you are a client, read the book for your benefit and the benefit for your Advisor. The main focus is on personal values, but the issue of the Client-Advisor relationship is explored as well. You may be a nightmare Advisor, or you may be a nightmare Client. Find out, and if so, fix it!
Give Credit Where Credit Is Due.......2006-06-16
As a financial professional who strives daily to help my clients make smart choices about their money, I am impressed by Bill's personalized approach to helping people take control of their lives by showing them ways to create and implement a viable foundation for their ideal financial future. There are many approaches of course, perhaps infinite, to planning wisely for your future. No one method or process is perfect. However, if you're truly serious about taking financial control over your future, whether you invest for yourself or work with a competent professional, then seek ideas and methods that are focused on helping YOU fulfill what's important to you in life. Bill's work talks directly about doing this and in beneficial ways that can help you make real progress towards achieving your lifetime goals and fulfilling your values.
Solid and broad-picture financial book for investors.......2005-05-26
Bachrach does a great job at helping investors identify their own personality type and recognize what is really important to them in investing. You wont find stock tips in this book but you will find the tools needed to create an overall roadmap and financial plan to help you meet your true root financial goals. This is the important part. One of my favorite points that Mr. Bachrach makes, one that I emphasize with people I advise is that there are certain things you can't hire someone to do for you: spending time with your family, exercise, travel etc. There are some things you can delegate- financial planning is one of them. Bill Bachrach also has a healthy and objective view about advice for investors who are not sure if they want to use the services of an advisor.
If you want the book with the hot trading tip of the day to add to your 500 book collection of investing books, this is not the book for you. If you are looking for an overall strategy to help meet your financial goals then this book is recommended.
Live your life following what's most important- Your Values.......2004-03-01
Bill Bachrach's book can help all investors, young and old, to reach all their financial goals so they can live the best possible life. Because everyone is different, that best life will be different for everyone.
Even the "do-it-yourself" investor can make better decisions by understanding that investing is not about getting the highest returns all the time, because no one can do that, but, it is about getting the returns they need to reach their financial goals without taking undue risks.
"Collaborators", those who like to get ideas from, and bounce ideas off, an investment salesperson, can make better decisions about where to invest their money.
Finally, "Delagators", those who want to spend their time on those things that are more important than money, such as their health, their important relationships, and their career or retirement, can have a way to find a "Trusted Advisor" who will help them reach their financial goals by preparing a proper investment, tax, and estate plan and coach them to implement the plan.
Inside, the reader will find a blank "Financial Road Map" to complete at home, or, with their advisor. There is also a valuable comparison of a "Trusted Advisor" and a "Salesperson" to help in the selection of someone to help implement the plan.
Bill Bachrach has developed this approach over the last fifteen years. Bill has been recognized as one of the most influencial people in the financial services industry in the U.S.A. He has coached hundreds of advisors in North America and around the world in his process. His stated goal is to help change the financial services industry to become more client oriented.
Book Description
Most investors spend too much time trying to outguess the market and not enough time thinking about their long-term financial futures. That’s why today’s retirees (and soon-to-be retirees) need strategies, not stock tips. Nationally recognized Certified Financial Planner®, radio talk-show personality, and author
Raymond J. Lucia shows you little-known concepts that can fatten your savings and boost your standard of living in retirement.
In an easy-to-understand and often humorous style, Lucia details how ideas such as nontraded real estate investment trusts, 72(t) elections, and equity-indexed annuities can give you, the investor, a leg up on the path to retiring in comfort and safety. Lucia brings his 30 years of experience to bear in revealing how and when to tap your retirement plans, ways to use your home as a source of retirement dollars, and how to lower taxes on appreciated company stock. He’ll also explain how investing in low-income housing tax credits can help you tax-wise even as you assist others.
Filled with hands-on, in-depth insights and practical advice, this book will give you all the tools you need to win at the retirement game.
Customer Reviews:
Helpful book !.......2007-10-01
This is the follow up to buckets of money. I learned a lot and enjoyed the approach. Some sections will be difficult for new investors to understand.....but stick with it, very good info and it is now one of my new reference books to review and share with others. Thanks Ray
Nondirected approach.......2007-09-10
The information given is a little disjointed and a common theme in integrated throughout without proving it.
ready-set-retire.......2007-09-09
Well written. In-depth analysis of bucket two strategies including annuities and complex trust/insurance alternatives. Recommend reading "Buckets of Money"- author's first book- prior to reading this book.
Good Book, but...........2007-07-09
Ray pretty much has a one size fits all philosophy. He is simply trying to get his name out there to promote his firm, which is not always known for doing what is best. He hosts a Radio show as well. If you are going to trust a radio guy, then make it Moe Ansari of Marketwrap.
Ready Set Retire.......2007-06-27
It was 5 star item for me as I have saved and have
< 10 years to retirement. It is easy to read and understand. It is a practical and conservative plan for a secure finacial retirement. You will want other books to cover other aspects of retirement but for a investment plan it is the best I have read.
Book Description
From financial expert Douglas R. Andrew comes an extraordinary book that challenges the most basic and fundamental concepts of personal investing in a user-friendly format.In the 30 years Douglas R.Andrew has worked as a successful financial analyst, lecturer, and retirement consultant, he has routinely questioned and challenged the accepted tenets of personal finance. His conclusions are absolutely startling. In 23 informative chapters, Andrew reveals his no-nonsense, yet unconventional, financial growth strategies that challenge widespread money myths and make his clients rich with advice like: * You shouldn't pre-pay your mortgage* Don't expect your 401Ks and IRAs to cover retirement* You can (and should) buy a home with no money down* and more!Originally self-published as MISSED FORTUNE (Paramount Publications, 7/03) and targeted towards a more professional financial audience, the first edition of this book sold 10,000 copies. In 4/04, it was published in Warner Business Books trade paperback (0-446-69350-2). This new hardcover edition has been significantly condensed to appeal to the average personal investor.
Customer Reviews:
Very educational--dispels a lot of finance misconceptions.......2007-10-10
Go pick up it up and read the whole book. It will open up your eyes on what finances are all about, and dispels many myths about money, taxes, and retirement planning. In fact, insist that your CPA, financial planner, insurance agent and estate attorney read it too.
Extremely interesting.......2007-10-10
I'm probably your typical Joe American with a marraige, kids, a house, car, etc. As I'm getting older I'm thinking more about running my personal finances like a business. I've reduced expenses significantly (no downsizing the family yet, though sometimes I could deal without the kids for a couple days! haha) and have tried to maximize idle money and active investments. Basic stuff I've done without professional help.
I've highly recommended this book to friends and family if for no other reason that it's includes a bunch of real thought-inducing topics that go against conventional financial wisdom. Namely to throw cash at your house to pay it off as fast as possible which truly does sound like a grand plan, but after reading the book sounds downright stupid.
Things I've taken away after reading this book:
* Deductible interest is good, at least when compared to non-deductible. No duh. But I never really thought it through to the ends.
* Your house will either appreciate or depreciate regardless of your mortgage rate, your monthly mortgage payment, or how much equity you invest into the house. If your house is worth $100K today and $110K tomorrow you gained $10K in equity. But it would've done that regardless of your mortgage.
* Money makes money. Pretty basic concept. But your money makes money a lot faster outside of being invested in your home equity which is what you're doing sending an extra $200/mo to your mortgage holder. That's $200/mo your throwing into a non-interest bearing account. Doesn't sound so smart now does it?
* There's a variety of retirement savings vehicles available outside the standard 401K and IRA. Well, obviously. But the book goes into depth on the advantages and disadvantages of them.
* One big thing the book pushes is Universal Life Insurance as the retirement vehicle of choice. There's a lot of agreeable arguments made towards this choice but there's no specific plans referenced and I haven't checked into the actual numbers to see if they stack up. But the overall theory seems pretty sounds. You throw your money into the policy, it compounds tax free, and you can withdraw it via loans tax free. People will argue that the policy costs money to run, and you have to pay a marginal interest rate against the loan, but you're still saving a TON via the tax savings which is the general argument for this policy.
I'm not saying I'm on board 100% with all the arguments made in the book. But many of them seem completely reasonable and logical. Pay $20K down on your house to save $100/mo in mortgage? Or take the $20K and invest it? It'll make $100/mo today in a 5% CD. And it compounds and thus makes more and more each month. And even more if the investment churns out more than 5%. And your house equity will likely increase regardless as housing values typically increase historically and will do so regardless of your mortgage.
Unlike some advisors Mr. Andrew walks his talk! .......2007-10-02
I have had the occasion to meet Douglas Andrew and he is his own biggest client. He seems to be one of the most straight forward, straight shooting people I have ever met. I was a stock broker with my insurance license, a mortgage wholesale rep, as well as a real estate broker and I have to say the strategies that are espoused in this book are all... right on! Hey, nothing is completely risk free but this comes close. I took my own home equity out [by selling my home] before the prices went down. I am glad I did. Most of it I will put into this strategy over the next 4 years and some will be saved for a down payment when I think housing prices have bottomed. When that home goes up I will take the equity out and start another plan like this. It makes little if any sense to have your home equity sitting there doing nothing. I mean would I leave $100K or more sitting in my checking account, earning zip? NOT! Well money that was sitting in my own home was making me nothing. It's the same to me. Hey, if I can borrow at a simple interest rate and have it accumulate and grow [even tax favored maybe] and compound over time into a large sum, I am all for it. The idea of using home equity to grow wealth is not new but until now I have never seen a strategy that I was comfortable with. This book turns life insurance upside down and shows us how to maximum fund a contract and therefore use it as a great 'living' benefit rather than buy the most death benefit for the least amount of money and possibly outlive the insurance just when we are nearing the 'benefit', if you want call it that, since one has to die to get it. But let's face it, we all need life insurance and I know no better way to have it. The way Mr. Andrew explains it, if structured properly Uncle Sam is paying for it. The strategies in this book are varied and flexible. He also shows us how our qualified plans [401K, IRA, 403b, etc] may very well not be serving our best interest. This book is a must read for anyone that is willing to think for themselves [outside the box] and especially if you have been around long enough to understand what Douglas Andrew means when he says 'sometimes it's what we don't know that we don't know that can hurt us.'
Please be careful..........2007-10-02
I think I would sign up for this if I had a lot of money and have as a small part of my portfolio - but for the most of us this would mean putting all our eggs in one basket, and not be able to take them out again.
I had 2 telephone appointments with the author's son contemplating signing up with their method. I expressed our concerns about our liquidity if another disaster of some sort happens. When 9/11 happened our income went down significantly for 1-2 years afterwards, and if it happened again we would not be able to pay the much higher mortgage we would have if we re-financed according to his plan. He swiftly explained that we would just file for bankruptcy(!). We have worked hard for ten long years putting our sweat equity into making our little house our dream home that we never want to leave - you can't buy a view like ours for a mortgage of $800/month anymore - why would we want to gamble with that?? The negative amortization loan he suggested would easily be covered by the continually rising house values here in Southern California, he explained. I protested that nothing can keep going up and up forever, and I didn't want to sit with an upside-down situation in my house at re-finance time. He didn't agree - just look at history he said - it keeps going up! Fast forward a few weeks and the whole foreclosure heaven came down, and our house is worth a good $100.000 less than just a year before...
Boy are we happy we didn't put blinders on and get too gullable!
We will find another way to provide for our retirement, thanks.
Also his projections of payouts in retirement are not adjusted for inflation so it really doesn't tell you much. $70k might sound like enough today but what will it be in 30 years...?
Please look into your options, consult a few traditional financial planners and ask them to explain the differences and in particular the high fees associated with this method. We found out that we'd be pretty well off just by investing the difference between our current mortgage payment and the one we would have re-financed to. Also have an equity line on your house and you will have the liquidity the book tells you you can't have unless you go with their method.
Utter Garbage.......2007-10-01
Every flimflam man knows that the con must be carefully layered around a kernel of truth for credibility. Missed Fortune 101 by Doug Andrew succeeds in this by wrapping a number of preposterous ideas and prevarications around three basic and true axioms. They are: (1) income is taxed in what are essentially "chunks," (2) the only relevant tax rate for decision making is the marginal rate, and (3) tremendous wealth can be created by borrowing at one rate and investing at a higher rate. Everything else in this book is not only utter nonsense, but potentially lethal to one's financial health.
The author arrives at two basic conclusions. We should borrow out of our homes and invest the proceeds at a higher rate. Universal life insurance serves as Andrew's means to this end. We should also suffer the consequences of withdrawing from our IRAs and other retirement plans now rather than later, since the tax from such withdrawals will only get worse. Naturally, the leftover funds (heavily diluted by taxes) should be invested in the same insurance policies, which supposedly offer a higher--and safer--yield than whatever the retirement plans were invested in. By page 5, I realize I'm reading a book-length sales pitch and con that has the potential to wreak havoc in my clients' lives (disclosure: I've been an Enrolled Agent tax professional and Certified Financial Planner licensee for almost three decades).
Anything this full of nonsense is difficult to critique. Short of writing a book-length retort, I've settled on the idea of listing the multitude of problems by category and providing examples from each.
A far more comprehensive review is available at my personal sites; just Google my name to find me. This is an abstract from that review. Serious readers will want to check out my books to see what links may exist between financial abuse and the field of addiction. You may wish to start with Drunks, Drugs & Debits: How to Recognize Addicts and Avoid Financial Abuse or Alcoholism Myths and Realities: Removing the Stigma of Society's most Destructive Disease.
Highly misleading examples
(2) "A $6,000 interest expense deduction on an itemized tax return has the same impact as a $6,000 qualified plan contribution. They are simply reflected in different sections of the return." Aside from numerous other issues, the tax savings from the interest deduction may be zero if you don't already itemize deductions.
(3) He implies that ordinary investors can double their money for 20 periods by comparing one dollar pre-tax and one dollar taxed-as-earned, doubling each "period" for 20 such "periods." The number of humans who have done this or something equivalent numbers perhaps a few thousand, which wasn't accomplished by investing in insurance contracts.
Faulty and twisted logic
(4) "...Your home may likely sell much more quickly and for a higher price with a high mortgage balance rather than a low mortgage balance." What the heck does the balance on my mortgage have to do with what a buyer is willing to pay me for my house?
Broad, sweeping and misleading generalizations
(2) Andrew advises that we all sell our homes and repurchase with 100% financing with the goal of freeing up equity to invest in his recommended universal life policies. He ignores the higher interest and property mortgage insurance costs on such loans, overlooks possible increased property taxes and disregards fixed transaction and moving costs.
(4) "Unfortunately, non-spouse heirs far too often end up with only about 28 percent of the money that was left in their parents' IRAs and 401(k)s." This is scare-mongering.
Questionable predictions and grand assumptions
(3) "Conservatively, [our cozy retirement] cabin will double in value every ten years..." and our $100,000 cabin will be worth "$800,000 in thirty years." Very few areas in the country even during the late real estate boom of the last three decades have done that well. What would qualify as "aggressively"?
Assertions and generalizations that may be lethal to your retirement
(1) "Home equity has no rate of return when it is trapped in the house..." This is outright nonsense. The return is what you save in interest or rents.
(5) He concludes that if not done before, "roll-outs" from IRAs commence at age 59 ½ over a five year period and that some younger people under age 50 should commence withdrawals despite the imposition of early withdrawal penalties. The value of tax-deferred growth is ignored, as is the fact that "repositioning" of funds shrink the amount available for investment by the tax paid, which greatly distorts his calculations.
Inane or incorrect assertions
(2) He states that the interest on an equity line used to purchase universal life insurance from which you contemplate borrowing is deductible. Under IRC section 264(a)3, it isn't).
Sloppy editing of facts
(2) "One requirement [for withdrawing tax-free income from a Roth IRA] is that a distribution may not be made until at least five years after the first contribution is made." This is incorrect. Principle contributions, which are withdrawn before earnings, can be taken at any time at no cost in tax or penalty.
Poor writing and berating of those who disagree with him
(2) "There are two ways to handle information: ignore it as false or increase your level of understanding to accommodate new ideas." Obviously, we are supposed to accommodate his ideas or we're complete idiots.
(3) There are probably hundreds of examples poor writing. "...Premium payments can be varied, fluctuated, and adjusted according to circumstances..." should be, simply, "Premiums can be adjusted."
Throughout, Andrew uses variations of the typical bunko-artist salesman ploy: scare you into agreeing to do whatever he says because life will be filled with disasters if you don't. On the contrary: your financial life will likely turn into a catastrophe if you do.
Book Description
The Cashflow Quadrant is the follow-up guide to finding the financial fast track that best works for you. It reveals the strategies necessary for moving beyond just job security to greater financial security by generating wealth from four selective financial quadrants.
Download Description
'Rich Dad's CASHFLOW Quadrant' will reveal why some people work less, earn more, pay less in taxes, and feel more financially secure than others. It is simply a matter of knowing which quadrant to work from and when. Have you ever wondered . . .· What is the difference between an employee and a business owner? · Why do some investors make money with little risk while most other investors just break even? · Why do most employees go from job to job while others quit their jobs and go on to build business empires· Why, in the Industrial Age, did most parents want their children to become medical doctors, accountants, or attorneys . . . and why, in the Information Age, are these professions under financial attack? Have you noticed that many of the brightest graduates from our universities want to work for college dropouts . . . dropouts such as Bill Gates, Richard Branson, Michael Dell, and Ted Turner? Dropouts who today are the mega-rich of society. This book will answer some of these questions and also assist in guiding you to find your own path to financial freedom in a world of ever-increasing financial change. It is a book written for . . .· people who are ready to move beyond job security and begin to find their own world of financial freedom · people who are ready to make deep professional and financial changes in their lives· people who are ready to move from the Industrial Age to the Information Age It's time to get out of the rat race. 'Rich Dad's CASHFLOW Quadrant' shows you how.
Customer Reviews:
A Little Boring.......2007-10-18
Pros:
Affordable
Not too lengthy
Cons:
Too Wordy
At times complex
Rocks you to sleep
over charge.......2007-09-03
You over charge me! You charge my charge card twice!
Please fix this problem.
Thanks,
Steve O'Brien
I am currently following his advice.......2007-08-08
This book opened my eyes. It seems that everything he says is common sense, but the way he taught it really inspired me. After reading his book I decided to stop being an employee and move to the self-employed quadrant. I started my own corporation and I now have enough money to start investing in Real Estate following another of his books. I highly recommend this book to everybody.
Very Informative And A Highly Recommended Reading For EVERYONE.......2007-08-08
This one book from Robert T. Kiyosaki really opened my mind and eyes, I will have to read it again & yet again to really get a complete understanding of the Information he has in this book, And anyone that says reading it once is enough, READ It again and you will be surprised at what pops up out of the pages as do read this book. So If you are truely tired of the old RAT RACE and feel there is got to be a better way then read this book.
Uri Gofman's review of Cashflow Quadrant.......2007-07-30
this is one of the most significant books for any aspiring entrepreneur. a must have for anyone contemplating going into business for themselves.
Amazon.com
Like many savvy business people of the 21st century, David Bach offered his first pearls of financial wisdom to women, in his bestselling book Smart Women Finish Rich. Recognizing that these women are often accompanied by significant others and that money arguments are the number one cause of divorce in America, Bach has now broadened his scope. Presumably intended to help change this depressing statistic, Smart Couples Finish Rich is a well-written financial planning tool, packed with useful charts and information, inspiring examples, and practical advice.
For people who've been disappointed by the shallowness of some of the "quick tips" self-help books out there, the subtitle of this book is a little misleading. Bach's nine steps are not instant change techniques or chirpy little quips to recite to yourself whenever you go to balance your checkbook. Instead, the first few steps include a series of exercises that will help you determine what you know (and don't know, or understand) about saving and investing, what role money should play in your life (which includes understanding your values), and how to work together toward a common financial goal. From there, Bach teaches his readers how to account for "disappearing" money, how to build retirement, security, and dream baskets of wealth (providing detailed options for all three), and how to avoid the most common financial mistakes most couples make. Though the focus of the book is predominantly on working with your existing income, Bach includes a final chapter entitled "Increase Your Income by 10 Percent in Nine Weeks."
Bach's writing style is engaging and his advice is user-friendly. A successful financial planner, he obviously believes passionately in all the "fringe" benefits of being financially responsible but employs a no-nonsense approach that makes financial smarts available to everyone. So whether you're 25 and just starting out on the earning, saving, and spending road or you plan to retire next year; whether you've recently got hitched for the first time or you've just entered your fourth marriage; and whether financial planning comes first or last on your list of fun things to do, the advice in Smart Couples Finish Rich is worth heeding. It's not about becoming a money-obsessed bore, it's about getting smart... and rich. --S. Ketchum
Book Description
From first-time newlyweds to people on their second or third marriage, couples face an overwhelming task when it comes to money management. Nationally renowned financial advisor and bestselling author David Bach knows that it doesn’t have to be this way. In Smart Couples Finish Rich, he provides couples with easy-to-use tools that cover everything from credit card management, to investment advice, to long-term care. You and your partner will learn how to work together as a team to identify your core values and dreams, creating a financial plan that will allow you to achieve security, provide for your family’s future financial needs, and increase your income. Together, you’ll learn why couples that plan their finances together, stay together!
Download Description
Fighting about money is the number-one reason for divorce in America. David Bach knows that it does not need to be this way. In Smart Couples Finish Rich, David Bach makes his tips available for everyone trying to navigate the complex joint-finance waters.
Customer Reviews:
Pretty Good. Pretty, pretty good........2007-10-20
Since reading this book, I have earned a 10% raise--no small feat as we're in the middle of a corporate merge and have increased my contribution to my 401K from 6% to 10%. I have also opened a money market account where I keep my emergency fund. The book motivated me to take the necessary steps to do so. I have also focused in on my dreams and try to make sure the money I spend is helping me achieve them. I've made small steps so far--and I know that if I stay focused it will happen. Bach emphasizes the importance of small steps--not just in achieving financial goals--but in achieving life goals as well. I plan to re-read this book in a year's time to re-motivate myself and of course congratulate myself on the progress I've made. :)
Helpful for all couples planning a future.......2007-09-04
Much of this information can be found elsewhere. I like his idea of dividing savings into the retirement, security, and dream 'baskets'. Many people do not understand that there are different types of savings and that they are all needed to live a happy and healthy life. He even gives advice on the types of investments for each 'basket'. Most of his advice is invaluable and the book is well worth it.
Self Help Finance.......2007-08-25
If found this book very helpfulas a new married couple. It is an easy read without all the financial jargon and is something you can read and actually put into use. Great resource!
Time Waits For No One..............2007-07-12
I originally purchased this book for my son and his wife, but after a month went by and I discovered that it was still laying near the computer where he left it, I picked it up and read it in one day. The information contained is concise, relevant, on-time and indispensable for any couple at any stage of their relationship, hey, as indicated by a scenario by the author, it might even save their relationship. My son and his wife are young, she budgets and is a spend-thrift but he is Houdini with his money, it just diappears: he can never account for his spending and he has not disciplined himself to save. I take the blame for this lack of discipline because I did not always actively encourage him to save his money. The book even addresses this issue, advising parents how to actively involve their children in financial matters. I wholeheartedly agree with David that financial issues should be taught in school. There should be a curriculum designed to address this deficiency in the American educational system. I just wish that I had had this book when I was married. It would have given me a head start, a tremendous guideline, a map, a light in the tunnel to the financial issues that have confronted me over the years. Young couples, married or not married, sit down and read this, it's practical and it is doable and you will not regret it, believe me...time waits for no one.
get control of your finances.........2007-06-27
This is the book which helped me priortize and organize my financial records and life. The information is organized into 3 baskets(retirement, security & dream) based on their priority. It has helped me immensely to
have discipline and control in my financial life. I followed the steps, plan to maximize my retirement contibution this year, now have a security fund, bought life & disability insurance to secure my family and organized my financial records using inventory planner.
Books:
- Stop Telling, Start Selling: How to Use Customer-Focused Dialogue to Close Sales
- Stop Telling, Start Selling: How to Use Customer-Focused Dialogue to Close Sales
- Style: The Basics of Clarity and Grace (2nd Edition)
- Technical Communication
- The Agenda: What Every Business Must Do to Dominate the Decade
- The Elements of Style, Fourth Edition
- The Everyday Writer
- The Experience Economy: Work is Theater and Every Business a Stage
- The Fast Track One-Day Detox Diet: Boost metabolism, get rid of fattening toxins, safely lose up to 8 pounds overnight and keep them off for good
- The Fifth Discipline Fieldbook
Books Index
Books Home
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Investments
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| Business & Investing
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The Last Chance Millionaire: It's Not Too Late to Become Wealthy
Missed Fortune 101: A Starter Kit to Becoming a Millionaire
Untapped Riches: Never Pay Off Your Mortgage--and Other Surprising Secrets for Building Wealth
Ordinary People, Extraordinary Wealth: The 8 Secrets of How 5,000 Ordinary Americans Became Successful Investors--and How You Can Too
The New Rules of Money: 88 Simple Strategies for Financial Success Today
