WealthBuilding: Investment Strategies for Retirement and Estate Planning
Author: David R. Reiser, Robert L. DiColo
List Price: $16.95
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ISBN: 0471215430
Publisher: John Wiley & Sons (01 February, 2002)
Sales Rank: 175,646
Average Customer Rating: 4 out of 5
Customer Reviews
Rating: 3 out of 5
What you will NOT find. . .
Some crucial elements are LEFT OUT of this book. If you just want to read some "happy happy" account of this book, check out the other reviews, but I'm trying to give something constructive here. First of all, consider the bias: these authors are both on the payroll of PaineWebber. Now that's not necessarily BAD, but it's probably going to color their assessment of how to build wealth. So first up, they insist that attaining a secure retirement is too complicated for the average person, so you need to hire professional help. Now again, that's not necessarily bad advice, but it probably isn't advice that is going to suit everybody. And of course they're going to steer you exclusively toward stocks and bonds because that's how they and others like them get paid.
I gave it three stars because indeed I found their concept of "You Inc." helpful. Also, they push modern portfolio theory to the max, and that's also a prudent way to go for the conservative long term investor. But what I found lacking was their total neglect of real estate. After all, the book is subtitled "Investment strategies for retirement and estate planning". Don't you think real estate might fit in there SOMEWHERE? At least there should be some discussion about rental property or buying your own home and paying off the mortgage. Isn't it a large piece of financial security in retirement to have your own home paid for? Since "wealthbuilding" is the subject, don't you think rental properties deserve at least SOME mention? After all, the real estate millionaires in this country far outnumber those who made their wealth in stocks/bonds. So consider the bias: you got a couple of PaineWebber guys pushing ONE ASPECT of wealthbuilding. They focus on financial planning and modern portfolio theory to generate consistent longterm gains for the conservative investor and the theory that they give in the book is highlighted by numerous "case studies" of real people putting these principles into practice. Very good. That one thing they do, they do well. But for a comprehensive approach to "Wealthbuilding", I'd look elsewhere. At the very least, supplement this information with the info that it is lacking.
Rating: 5 out of 5
Highly beneficial, whatever your income level and age
I've read so many books that supposedly help you get wealthy. What distinguished this book was that it puts you in the driver's seat to get you there. From the outset, the book urges you to define what wealth is to you. That resounded loudly with me; the authors didn't foist upon me their definition of wealth. They explain that it's not necessarily a set dollar figure, it depends on what you personally are trying to achieve. The worksheets in the back of the book are invaluable and I would highly recommend that anyone serious about setting up a financial plan fill them out. They help you focus on what you have and where you want to get to financially. The real-life case studies in the book confirm for me that the advice is tried-and-true. I'm glad I found this book while I'm still pretty young and it can really impact my investment program. It seems like a very sensible approach to help propel me to where I want to be.
Rating: 1 out of 5
Shameful attempt at self-promotion
This book is nothing but a thick marketing brochure. It discusses the basics of financial planning, but it incorporates the authors' own subjective analysis and opinions, which, based on their reasoning, often times borderlines dangerous. It leaves unrealistic expectations on the readers with no real academic backing and no real insight or intelligent commentary. Rather a lot of ignorant comments, hypocritical recommendation, and poor order of discussion. I feel by reading this book, you may actually becomer dumber than had you read nothing at all. The authors clearly designed this book to be a celebration of self-promotion. Normally, I give books away when I'm done with them, but I would be insulting whoever received this by doing so - so into the garbage it goes! Please don't waste your money on this one - you're far better off with books by Burton Malkiel, William Bernstein, Larry Swedroe, Jonathan Clements, Thomas Stanley.
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