Book Description

In her New York Times bestseller, Practical Intuition, Laura Day taught us how to use our sixth sense in everyday life.Now, in her groundbreaking new audio,Practical Intuition for Success, Laura Day creates a program to bring intuition to the world of personal finance.Successful business people use it. Investors who've made millions wouldn't make a deal without it.It's Practical Intuition, and we all have it. Now Laura Day shows you how to hone this gut instinct for your own enrichment. It's a whole new way of looking at business--and your life.

At the heart of Day's program is one empowering message: you will be most successful by being yourself.Through her unique program, you will learn to harness the inner power that can start you on the road to wealth.You'll experience how intuition can be a reliable and profitable tool.And the more you practice it, the better the results.

Use Practical Intuition to:

Make more money

Make better decisions

Unleash your financial genius

Solve problems quickly

Create winning business plans and strategies

You have within you everything you need to fulfill your ambitions and dreams. If you tune in to the integrity of your own vision, your own desires, and your own creativity, you can achieve whatever you want. And because that ability is within you, you can start right here, right now and see the results!

Laura Day is the author of the New York Times bestseller Practical Intuition.She has been teaching her seminar of the same name for more than ten years.She lives in New York City.

Practical Intuition is also available from Harper Audio. ... Read more

Reviews (3)

Reframes Thinking on Intuition
From a practical standpoint, Day separates thinking of emotions, pure logic and reasoning from intuition. She defines this intuitive thinking as logical and, essential for success. Her thoughts are quite compelling. Rather than the pure gut feeling or abstractions that generally constitute intuition, Day develops an understanding of how this skill can be cultivated from both thought and feeling. Rather than an illogical urge, it becomes a developed sense. The exercises and examples extensively developed empower the reader to adapt this skill for personal achievement. A good read.

Practical as promised
As promised in the title this book is highly practical with easy to understand exercises that train your intuition. Doing the exercises unlocks your intuitive potential and answers questions you didn't even know you were asking.
Highly recommended!

Very Enlightening!
The author opens the reader's mind to the vast potential of one's intution, and how it can be harnessed for success. She shows the reader that intuition can be relied on to answer the simplest of everyday questions to the most difficult business or professional problem. What I found most helpful in the book were the exercises. The exercises showed how intuition manifests itself in everyday life and how I could attune myself to my own intuition. Moreover, the author provided a lot of anecdotes to crystalize her points. A VERY GOOD READ! ... Read more

Reviews (1)

I actually had to listen to these tapes once ...
It was required for the first internship I ever got after high school. It may just be another Dummies product, but it does give clear, straightforward advice on finances, investing, and time management. And there's nothing wrong with shaving $50 or so off your personal expenses every now and then. ... Read more

Book Description

Online and off, David and Tom Gardner have demonstrated that Fools and their money are not soon parted. They have taught millions how to get started investing Foolishly, coming at you through their Web site (www.fool.com), their syndicated newspaper column, and their national radio show.

The Motley Fool's Rule Breakers, Rule Makers contains two wholly original investment approaches. David's approach, investing in Rule Breakers, focuses on upstart businesses that take their industries by storm, breaking all the conventions of their industries and changing the rules of the game. Recent Rule-Breaking examples are companies such as America Online or Starbucks. David lays out the attributes that all Rule Breakers share as he helps investors prepare to harpoon the next big fish.

Tom's section lays out the principles shared by all Rule Makers, stocks that offer the opportunity to reap royal returns over long periods of time. Historically, Rule Makers such as Coca-Cola, General Electric, Microsoft, Intel, and the Gap have whomped on the stock market averages for years and years. Tom puts his mouth where his money is, guiding you toward finding and understanding Rule Makers.

Thus, this latest Motley Fool audiobook is a stockpicking guide that teaches you how to locate the best investments available in today's public markets: the Rule Breakers and the Rule Makers. You can make a lot of money investing in either, but those who buy Rule Breakers and hold them all the way through Rule Maker status will make the most money of all. This audiobook is practical, rewarding, very funny, and, above all, revolutionary. ... Read more

Reviews (80)

FOOLISH investing is good investing!
I have been visiting the Motley Fool web site for about 2 yrs now and really like what I see! I began investing in mutual funds and thought I was doing pretty good until I read their first two books and found out I could do better investing for myself. I got out of my poor performing mutual funds and bought stocks through an online discount brokerage, which they advise for small investors such as myself. But before I bought my stocks I used their advise in researching the stocks before I bought them. Gardner brothers' best advice is to buy stock in good quality companies that are financially sound. Since I bought my first stocks I have been pleasantly surprised in the performance of my portfolio. This new book is a continuation of their philosophy in investing. Some of the techniques in evaluating a "Rule Breaking" company are definitley techniques that do not follow conventional Wisdom. But these stocks don't follow rules, they break them, and prove their FOOLISHNESS in stock price appreciation and long term value. I more enjoyed the "Rule Making" section of the book, it goes into great detail in evaluating a company for financial strength and dominance in its industry. I would give this book 4 1/2 stars (hey, there is always room for improvement). FOOL ON!

Entertaining and Stimulating
It seems as though the success of the Motley Fool is very much a product of the information age and the internet's foray into the stock market. It's index of funds "^MFF" has taken a nosedive over the last year or so, only coming up slightly within the last couple of months. But let us take a look at what can be learned from the printings of the two Fools: David and Tom Gardner.

For one some of the advice that they dish out can be a product of the time at which the book was written. A small portion of the book extols buying stocks when they are at their IPOs, a practice that brought investors considerable success before the advent of the dot-com debacle. Today such a practice would come under suspect just because of the lack of information most IPOs are able to offer given their nascent entrance into the business world. To be fair, the Gardners did spend a few sentences to preface their recommendations with the obvious heads up that one must do their due diligence before jumping into a stock head first.

The element of humor within the informative book serves to entertain and amuse, satisfying a promise they make from the get go. If you're a fan of Shakespeare or at least can read prose from that day in era (personally I found it difficult) then we may not get some of the quips that were intended for us. Overall it's a good read that echoes the teachings of the Sage of Omaha: buy and hold.

A Wonderful Collection of Well-Written, Poor Advice
One thing that the Gardner brothers do especially well is writing for the general public. I read my first Motley Fool book when I was ten and very little of it went over my head. Granted, I was a precocious little bugger, but David and Tom still do an excellent job of taking the abstractions of the investing world and bringing them down to earth. It doesn't take much skill to write an esoteric investment book full of jargon to make it seem intellectual. However, explaining the same issues in laymen's terms takes finesse, and I respect that.

Enough about the writing though. What matters most in an investment book is what it has to say, and unfortunately, that is where Rule Breakers, Rule Makers is most lacking. Reading this book in the midst of a recession, I couldn't help but laughing on several occasions because over and over again Rule Breakers, Rule Makers dates itself. Written at the height of the tech bubble, this book is full of overly optimistic advice that borders on lunatic at points. No one can be held accountable for what was said during the tech bubble, surely, because we were all talking crazy. However, the advice that could have been perfectly applicable at the time is far from useful or relevant now.

That's not to say that there aren't any nuggets of truth in Rule Breakers, Rule Makers, because there certainly are quite a few. However, much of the advice, particularly that involving Rule Breakers, is quite sketchy. The fact that they give high-risk investment advice in a book geared toward the average investor speaks poorly of it.

In summary, Rule Breakers, Rule Makers is a very readable book. It offers some sensible advice to its readers. However, most of its advice was only useful during the tech bubble. These days, this book has the dangerous power to encourage impressionable investors to engage in high-risk trading creating a world of problems for themselves. All in all, this book does have advice to offer, but you have to wade through a great deal of crud to get to it.

Will Be A Collector's Item Some Day
I recently saw this book on the bargain bin. This book was pure garbage, by two arrogant 20-somethings in clown suits. Basically they are saying valuations don't matter. Since they wrote the book, it has been prooven that their philosophy, approached over the long term, produces some great damaging losses. The book may be useful during the next bubble, which if history serves, will occur well after these clowns pass on to the big three-ring circus in the sky. To the dungeon with these two knaves.

Really bad advice by guys wearing clown hats....
This book is chock full of really bad investing advice. It's just another magic stock picking get-rich-quick strategy guide. The most disappoining aspect is the fact that they are so critical of other "Wise" men on Wall Street but push a similar active stock picking strategy of their own. They don't even run portfolios based on this strategy any more because it is so flawed!!

You'll also notice that these two fools (yes, that's a lower case "F" for all you fool.com readers) no longer even run their real money portforlios as of 02/2003. Here is CBS Marketwatch's assessment of their performance:

"Of course, one year does not a track record make. How have the Motley Fool portfolios stacked up over the 6-plus years the HFD has tracked the service? Taking into account several portfolios that it used to maintain but which were discontinued along the way, the HFD calculates that the Motley Fool produced a 1.3 percent annualized return between Jan. 1, 1997 and Jan. 31, 2003, underperforming the 3.4 percent annualized return of the Wilshire 5000 over the same period.

Furthermore, among the 98 newsletters for which the HFD has data over this 6-plus year period, the Motley Fool stands in 62nd place."

Really this book should be avoided. I was going to sell my copy used, but honestly I felt the information in this book is so bad and so dangerous to other investors that I decided to throw it out instead. That way at least I know nobody else would succumb to its fallacy of easy money. I suspect their other books aren't much better. Stay away and read books by Bogle, Larry Swedroe, William Bernstein and other advocates of passive indexing. You'll do far better. ... Read more

Book Description

This classic book secured Benjamin Graham's status as a Wall street immortal. the carefully honed methods for finding undervalued stocks and bonds he described here have never been equaled, and have already outlived their author by more than 20 years. Even as Security Analysis has gone through five editions and nearly a million copes, you can learn time-tested investment secrets and strategies by going back to the source - THE ORIGINAL - and paying close attention to its wisdom. Written just five years after the crash, Security Analysis's message today is just as vivid, just as lucid, and just as vital as it was in 1934. ... Read more

Reviews (35)

must read
I just finished reading Grahm and Dodds Security Analysis, and
was completely overwhelemed. If you can read this book, understand everything in it, and be able to apply it, you are golden. However, if you do not really have much background in finance and accounting, it will be VERY hard to read certain parts. As a college sophomore, who has not yet taken any finance or accounting classes, i was only able to understand and benefit from perhaps 50% of the books content. This is a book where after further education in finance and accounting, it will be absolutley essential to successful investing. Also, because of the year the first edition was written, certain terminology, and examples (ie railroads) will not seem useful, however the principles those examples demonstrate are still very much applicable.
I would recommend reading the book to anyone who is interested in investing, however do not think it is something you can finish in a weekend or even a week. It took me a month.

Everything after 1934 looks suspicious
Someone wrote reviews to this book indicating that the major downside to it is its age. The book was written in 1934 therefore it misses all the modern developments of finance - modern portfolio theory for example - and all the new techniques that Wall Street "experts" use today.

As an answer I give an anecdote from Warren Buffett's life:
When stock investments started to become popular, the volume increased ten fold, and the modern techniques to make a profit were developed, Warren Buffet was extremely worried. He remembered what happened in 1929. He loathed the new trends in investment that tried to predict the future price of a stock. Therefore he had a meeting with all his fellow Graham students, he expressly forbid to bring anything newer than the 1934 edition of Security Analysis.

This happened decades ago, but history repeats. We all know what happened 3 years ago. We all know how "experts" thought that the market was booming, and how they let it crash. We all know how they made a profit on the money that private investors lost.

Nowadays when I go shopping for a book I always look at the date of pubblication, if it is between 1997 and 2000 I'm very wary. All those books about "new economy", "digital era", "e-commerce", "dot coms", etc. have to be taken with the maximum attention. Usually they contain a lot of inflated ideas that as we look at what happened after they were written we understand how much those "experts" really understand about stock investments.

If they were wrong then, why should they be righ now?
Trust me, but more importantly, trust Graham, trust Buffett, (those that have been consistently right for 50 years) this is the book to buy, "anything newer looks suspicious."

Packed With Knowledge!
A book that has been continuously in print for nearly 70 years obviously has timeless relevance. The principles of value investing, spelled out for the first time in Security Analysis by Benjamin Graham and David L. Dodd, have made fortunes for investors since it was first published in 1934. For example, Warren Buffett calls this book his Bible. Much has changed on Wall Street since the 1930s, but the concept of buying undervalued companies has not. In addition to its lucid explanation of investment basics, the book is a fascinating picture of a time when the lessons of the Great Depression were still being absorbed. The Securities Act of 1933 had just changed the rules of financial disclosure, and most public companies were manufacturers, mines, railroads or utilities - not the makeup of today's blue-chip portfolio. We recommend this book to serious investors who want to cut through modern Wall Street jargon, and to students of financial history.

ripping off graham and dodd
In a moment of confusion, I bought the so-called "fifth edition" of Security Analysis ... what a scam! This almost unreadable text may be more "up to date" than the 1934 or 1940 editions, but it completely lacks the beautifully elegant prose of the original.

The "fifth edition" is just another fat and overpriced textbook, taking advantage of the Graham and Dodd brand to sell a quite unrelated product. By all means, buy the classic written by the original authors (1934, 1940 editions), but stay away from this "fifth edition." It's really the "first edition" of something quite different and not very impressive.

Warning: Not Light Reading
Just like Intelligent Investor, my only complaint here is that they should make a travel sized version so you can keep it with you all the time. This one is at a higher level than any other investment book out there, but it is difficult without being convoluted. If you work in investing and have never read this, you should be ashamed. Of course, people who don't read this book are the people who make the market inefficient (thanks guys!). ... Read more

Reviews (12)

Get a copy for each member of your family!
This is an excellent book. It is less than 120 pages. It reads like a story. Starting with man hacking his fake Xmas tree to bits and ending with financial freedom, a real friend, and a new lease on life! I loved it! I have sent copies to family members who have actually thanked me and implemented what they read! I plan to send out more this year. It's a funny, no-nonsense look at getting out of debt. I think I'll go and re-read it again!

best debt-reduction program available at any price!
Take an evening to read this (it's only 100 pages). It's an easy read, but be warned: if you put the 4 laws into practice, it will change your life! As a financial advisor, I have read dozens of books and attended many seminars on debt reduction (some good, some bad); NONE of which could match this book's simplicity and applicability to ANY person in ANY situation (without changing your income!). That's no exaggeration. If brevity is the sole of wit, this book is a tome of wisdom that should be required reading in every high school and college. It's a faithful adaptation of the amazingly basic, yet often overlooked principles of sound financial decision making. The examples are realistic, and the instructions easy to follow. Your greatest challenge will be re-training your brain to set your priorities differently, but believe me, it's worth it! I have given copies of this book to clients, friends, and every member of my family. Truly the most life-changing book I've read since Stephen Covey's "7 habits of highly effective people".

Cheap, simple and effective.
This book was well-written and very helpful. I recommend this book for anyone looking for a simple, but effective way to put a good dent in your debt. Don't be mistaken into thinking that it's easy. It takes a great deal of discipline, but it works and it won't empty your pocket.

Great Book easy to read and understand!
Found the book to be understandable an enjoyable to read! Liked how the authors used a game of chess between two people to convey financial lessons, that everyone needs to follow.

Simple but Effective
This book lays it so simply - how to get out of debt, including paying off your house mortgage, in five years or less. I now see how it is happening for me! And what is great is that you don't have to earn more income, it doesn't make any difference how much you earn, it's all about how you spend your money. Great book for everyone, and get the teens to read it now! ... Read more

Book Description

Hoenig is the voice of finance for Generation X - Forbes

Money Is Important. Money Is a Catalyst. Money Makes Things Happen.

You want to get in on the action, but haven't got a clue where to start. More than anything, you are unique. You need to make your own decisions about what's best for your future. How do I know? Call it karma. Besides, if you've pulled out an audio called Greed is Good, I can already tell you are not “run-of-the-mill.”

So here's the deal: I'm a 23-year-old, obsessed with money and the stock market, radio talk show host, commodities trader. I've traded and made money in everything from mutual funds to stocks.

Greed is Good will tell you everything you need to know about the major financial “products” out there: from mutual funds to money markets. You'll also learn some soft-ball money management skills, the types of tips that will help you save what you've already made. Money is important, but I think this audio makes an oftentimes dry subject a mite more palatable. I had to sit through the boring stuff, but there's no reason you should.

Bottom line? This audio is a practical but punchy ride through the money maze. And if I found my way out - so can you.

Read by the author on one cassette. ... Read more

Reviews (27)

Funny and Informative...what a novel concept!
My husband and I were trying to learn about the investing world as we started to look to the future. This book was such an easy read that is made this topic easy to understand plus fun as well. I would recommend it to anyone, especially those from our generation, to get serious and think about saving money for the future. It is not that intimidating and actually can be interesting if presented correctly. Thanks Jonathan for making our first taste of investing a delicious one!!

Hoenig is talented, smart and -- heaven forbid -- funny.
Any neckbone could write yet another 'get started investing, kids!' book. It'd be practical, perky, thorough, and sensible. And no one would read it.

Hoenig injected his personality and sense of humor into his book, turning out one of the most readable, informative and original investing primers ever. See, that's the thing about writing about money for those who don't identify themselves as money types -- you've got a few seconds to grab their attention, convince them that the topic matters and assure them that you can render it comprehensible, interesting -- inspiring, even.

As some other reviewers of this book have noted, Hoenig doesn't sound like most other money writers. How that can be construed as a flaw escapes me. Instead, Hoenig observes one of a writer's highest goals: a willingness to do whatever it takes to reach the reader. If that means pop culture references and a strange obsession with '80s music, so be it.

Jonathan Hoenig is a friend of mine. I like him and I admire him. And I quite like this book (even its mistakes are kinda charming -- misspelling the name of a CNBC anchor hardly impugns the advice). So I won't pretend any lack of bias here.

But at least I'll sign my name to my comments.

Not worth your time
Somebody recommended this book to me. I read it. The idea is good however the author is far from understanding the principles of math (one would argue about understanding economics which is half social half science). There are many wrong calculations. I tried to contact Mr. Hoenig as I am from Chicago, too. Left several messages, sent e-mails with disagreement - no response.
I don't recommend the book. It's a waste of time.

Good Book
I'd be compelled to give this book 3 stars, but due to the comprehensive information on options on futures, I choice to give it four stars. This is a great book, but it's simple, conversational style can get annoying and there can be too much substance at times to follow (sidebars, quotes, etc.). This is a good book by an up-and-coming hedge fund manager (Jonathan Hoenig). While I don't know if it would be good for kids to read, it definitely is a great book for adults who are intermediately knowledgeable about the financial markets, as it explains terms and operations in a simple, easy to understand mannerism.

A Pig on Wall Street...No Less than a Bull in a China Shop
Jonathan Hoenig is a regular analyst on one of my favorite shows, "Cashin' In" on Fox News. Frankly, I like his style. From his no-nonsense attitude toward investment advice to telling a Wall Street elder that he doesn' "know preferred stock from livestock" right there on the television screen, Hoenig is truly the financial voice of the Me generation.

Long held to be the stodgy realm of pinstriped boomers, the world of investing is an important one for we Xers to get into, if for no other reason than Hoenig's central theme in this book: we have the time. We have a lot of time left in which to make our fortunes and take our place among the leaders of this world, and while this book isn't necessarily the roadmap (nor does it proclaim to be), it is most certainly the antithesis of all the rest of the investing books out there which are little more than cobranded, self-serving brochure-ware. Hoenig tackles investing from the 20-something point of view, puts it in the proper perspective, and gives us the tools we need, but tells us to do our own work. I applaud that approach. Plus, this book is one hell of a good read, even if you couldn't care less about making money (you know who you are too..).

My only hope is that I can get Hoenig to do an interview or column for my new GenX-themed website, because after reading this book and watching him on Fox, his opinion is one I truly value. ... Read more

Book Description

Sound financial advice from the most respected name in the business.

Answers to the basic questions we all have.

In this sweeping primer that takes the mystery out of personal finance, you will get a comprehensive, easy-to-understand roadmap for everyday financial matters.

From banking, credit and home finances to planning, investing and dealing with dreaded taxes, The Wall Street Journal Guide to Understanding Personal Finance explains the universal facts you need to know to make smart decisions. Because every financial situation is different, this audio program avoids specific recommendations and yet provides sound advice. It informs, educates and warns of the possible pitfalls in every area of personal finance.

The Wall Street Journal Guide to Understanding Personal Finance is a must-listen for anyone who wants to start getting serious about their personal economic future. ... Read more

Reviews (9)

Limited introduction to finance...I expected more from WSJ
I've just graduated from college and wanted to learn how to not be poor anymore. I bought this book because I knew about Wall Street Journal's reputation for expertise and in-depth analysis of the economy etc. What I didn't expect was a book equivalent to a children's primer on personal finance. It's not bad, per se, it's just not what I expected from the Wall Street Journal.

The book covers a broad range of topics from paper money to mortgages to stocks and bonds. Unfortunately, the coverage is shallow, mostly giving definitions of what things are. The book consists of teen magazine-like layouts of pictures, graphs, and diagrams. Some of the information is helpful while some of it is interesting but trivial, and all of it is in colorful, bite-sized portions. While it's entertaining and easy-to-understand, it's also quite "fluff"-y at times.

It's a good introduction to personal finance for someone who doesn't know much about how money works beyond how to buy things. It may be ok for new high school or college grads, either as a reference or a first book on personal finance but it's not at the level for anyone who actually wants to start investing and already knows the basics. Ironically, it seems to be below the level of Wall Street Journal readers. I have since given my copy away. For someone who already knows the basics but wants a introduction to investing, I enjoyed "The First Book of Investing: The Absolute Beginner's Guide to Building Wealth Safely" by Samuel Case. It's the only other book on investing I've read (I bought it on sale on a whim), but it was clear and informative, albeit a little optimistic.

a great introduction, but that's all
this book is a great introduction to personal finance, including banking, loans, investing, taxes, and retirement planning. it covers all of the basics, provides a nice, clear description of the processes and the structures of documents, and a glossary of important terms.

however, it's just an introduction. the book doesn't spend more than a few pages on any subtopic (ie the structure of a paycheck, the basics of a tax form). for details you'll have to go elsewhere, so keep that in mind.

as such, i'd reccomend this book to someone who is just learning the basics of money and the world of personal finance. it's a big world, you don't need to start with all of the details, so this is a good place to start. but very quickly you'll find you need more information, and you'll outgrow this book.

A desk reference.
I found this book, and the companion piece Wall Street Journal Guide to Understanding Money and Investing, practically worthless. I have heard raves about this book's presentation. I think the presentation is far too simplistic. This book did not hold my attention one bit and I quickly put it down. If you are looking for a mature introduction to the Market and or Personal finance I recommend you keep looking past these two books.

Highly recommended as well as the other books from WS journa
I highly recommend thsi book, I live in Mexico, and altough some things are different in my country regarding to investing it works for me a lot (85%) I suppose that this is a great book to American people, it helps a lot understanding issues that you do no get, like calculating all kind of interests and yields.

How to turn your dough into bread.
An excellent first step to understanding your financial activities. It really does start at the beginning: your local bank and its services, checks, ATMs, savings, monthly statements etc. In the other five chapters (Credit, Home finance, Financial planning, Investing, Taxes) most of the other money matters that you'll encounter are explained.

Finance seems to be a mystery to a lot of folk so the writer's and designer's of this book have done their best to make it as straightforward as possible and rather than have page after page of what could be very dry text each spread has lots of smart graphics, colored panels and jargon-free text that flows between these visual elements. It is all very controlled and as a publication designer I can appreciate the creative input that has gone into these pages. (I liked it so much I included it in my Listmania 'Ten of my favorite well designed books').

If you think you know all about your money this is not the book for you but if you don't then get this book and find out about your finances in these very user friendly pages. The same editorial folk have done another excellent book, 'Guide to Understanding Money and Investing', using the same straightforward language and graphic techniques and although the subject is a lot more complex it is still easy to understand. ... Read more

Book Description

In an accessible, step-by-step format, Mary Rowland explains how to get the most out of a 401(k) and use it as the basis of a lifetime of financial planning. ... Read more

Reviews (5)

A concise guide to your 401K
This short book covered more than I thought it would, a must read if you are considering a 401k plan or are ready to retire.

Great help with financial planning whether you are 22 or 62
Ms. Rowland does a great job answering just about every question imaginable when it comes to dealing with your 401K plan. There is advice for getting started,switching jobs, planning beneficiaries, actually retiring, taking loans out against your 401k...everything. The book is written in a series of 2 page articles she lists as "steps" so if you want to skip around you can. While a little of the material is dated as a result of the recent tax changes, it is mostly in regards to amounts an individual is able to contribute. I felt I was fairly knowledgeable on this topic before I started reading but I found it pretty interesting and worth the time.

excellent book
This book is excellent! She explains, in-depth and in easy to understand language, exactly what a 401(k) plan is and how to use it to plan for retirement. Her book clearly explains the role of the 401(k) in retirement.

A must read if you are considering 401(k)
This is an excellent book about 401(k) plan. I found 99% of my questions answered in that book. The book is well-organized, and the author did a good job in presenting the pros and cons of 401(k)plan. The only thing I recommend to the author is elaborating more about the 401K status for non-residnts, and how can they get their money out of this plan in case they decided to leave the country.

Everything you need to know about 401(k)s is in this book.
More than 22 million Americans have 401(k) plans worth an astounding $750 billion. Chances are, most employees who sign up for this great perk do little more than read an occasional article on the subject. But big bucks -- and 22 million nest eggs -- are on the line. So if you're lucky enough to be eligible for a 401(k), you owe it to yourself to read this objective guide. In a series of easy- to-digest steps, personal finance writer Mary Rowland lays out -- including sample portfolios, reducing taxes, monitoring plan expenses, taking a loan, or making a withdrawal. ... Read more

Amazon.com Audiobook Review

The world that author Harry S. Dent Jr. presents in his narration of The Roaring 2000s is one you'll want to live in: incredible interconnectivity between electronic devices, superfast jets, and computers that transmit video images, translate voice commands--everything except make omelets. Dent, who comes off like an accountant you'd trust with your last dime, makes the future sound so wonderful that you'll feel guilty listening to him talk about it on a low-tech cassette player. (Running time: three hours, two cassettes) --Lou Schuler ... Read more

Reviews (85)

Share market and real estate
I think the basic assumption about the impact of the baby boomers is correct, but where Harry went wrong is that he encapsulated the "message" by focusing exclusively on the sharemarket. If he had said that assets, viz average share prices and average property values, will quadruple by 2008, then he will probably be right. Unfortunately he said words to the effect that the Dow Jones will go from 10,000 to 40,000 by 2008. What he didn't properly explain was that in some years real estate will go up, and down, likewise the share market. Together, over the period 2000 - 2008, the combined value will quadruple. His thesis is correct; it was the catchphase that was wrong.

How this guy ever got published is a lesson in itself...
How this guy ever got published is a lesson in itself!
I read this book back in 2000 before the crash and agreed with
some of his reasoning as to the mechanics and ideas which would be implemented in the New Millenium, but disagreed with his
belief that there would be such great prosperity,as history ALWAYS repeats itself.
But alas, no one wants a pessimist. Then he came out with the "Roaring 2000's Investor", which again was creative and showed brilliance, but proved to by flawed on many levels. Now he has another book slated to come out

"The Greatest Bull Market in History: 2003-2008: Investment, Business and Life Strategies - For the Great Boom Ahead and the Great Bust to Follow"

If his past predictions are any indication, this title itself is already filled with hindsight and error. I can tell you there will be no sustainable bull market on any of the indexes for at least the next decade.

I must admit I would like to speak with this guy. With a few real life experiences under his belt he may really hit the target, but so far the best title for a book would be "The Roaring 2000's: How to prosper by making the best seller list by publishing books that make people believe you have the answers."

Lession #1: Don't put dates in the titles of your books that try to predict the future"

What is your opinion of the economy?
It is amazing how everyone has a prediction about the economy, but few will have so many predictions come true. Start with Mr. Dent's first book "The great boom ahead", how did Mr. Dent know the deficit would be wiped out by 1998? Furthermore, I encourage the reader to really study the dow channel. Regarding the Roaring 2000's, I would encourage the reader to read (by the way this was published in 1998) page 296 "remember 2002 could see a substantial correction for adding to stock positions." Furthermore, turn to page 305 "the best years in the stock market and economy should come from late 2002 into...." The last piece of evidence you will find on page 52 "The Roaring 2000's will parallel the Roaring 20's on a two generation or 80 year lag." Do your own research, look at the chart of Intel July 1992-July 2002 and General Motors February 1912 and February 1992, you will find they overlay exactly, exactly 80 years apart. Enough said.

This time around Dent's predictions are completely wrong.
Harry Dent poses as an economist but he is not. He also poses as a demographer but he is not either. As a consequence, he develops sweeping broadbased theories without solid scientific foundation. His main theme is that the large Baby Boom generation is going through its peak spending years during this decade, and as a result it will sustain an economic and stock market boom until 2009. He concludes that it is almost certain that the stock market will earn 10% and above returns throughout this decade.

However, when you look at the record so far, Harry Dent's prediction in 1999 for the first decade of 2000's is way off. The ink was barely dry on his book when the stock market actually peaked (first quarter of 2000) and then tanked. The stock market then suffered a three year bear market. Current outlook for the stock market is for increased volatility, but reduced growth in the single digit range (not the double digit range, Dent predicted).

Dent missed a lot of things. Some of them he could not have predicted such as heightened geopolitical risk, terrorism. Some other factors, he should have predicted. These included the overvaluation of stocks as a result of the Internet Bubble, the onset of World deflation associated with the flooding of cheap exports from China, the eventual slow down of the U.S. economy among others.

Dent also pauses as a futurist. In this role, he just repeats what Alvin Toffler stated in Future Shock almost 30 years ago. Technology will reform the workplace, will boost economic productivity, etc... Nothing new or informative here.

The only somewhat valuable part of this book includes several recommendations for successful investing, including:
1) Save at least 10% of your salary;
2) Use buy and hold strategies, don't try to time the market;
3) Use mutual funds to most efficiently diversify your holdings;
4) Use asset allocation. The greatest returns result from the correct asset allocation. Asset allocation should match your personal risk tolerance; and
5) Invest systematically not emotionally.

However, the author did not support these good investment strategies with adequate useful details. For instance, using a 401K is the best and easiest way to implement all of his five strategies mentioned above. Also, within his mutual fund recommendation, he did not mention the advantages of index funds (greater diversification, lower cost). Thus, he omitted much information for this section of the book to be as informative as it could have.

The Knaves and their New Economy
Harry Dent couples an investment advisory book with a piecemeal economic analysis of the dynamics of the so called 'New Economy' in the 21st century. The author Harry Dent may drool blissfully over his portfolio (which at the time 1998 was probably doing quite well) and see a world of compounding returns and infinite growth, but we live in a real world of scarce resources and measured productivity gains which usually grow marginally each year. One thing that I find anecdotal was the chapter on human development entitled the 'The Right Brain Revolution,' which appealed to the kooky materialism of Abraham Maslow. This was just a rehashing of tired humanistic theories over man's wants and needs.

First to give a background to this book: it was written in 1998-which in Greenspan rhetoric may be deemed a time of "irrational exuberance"-so not suprisingly the author was blissfully optimistically over a booming economy. In reality there was a long-term inflationary boom coupled with a strong market for IPO's and tech stocks. Of course, the speculative bubble burst. Contrary to the harbingers of infinite economic growth, there are no new dynamics to the so called "New Economy." If companies hemorrhage money on spending-showing no prospects for profit in their foreseeable future-than they'll probably be restructuring, going out of business, or solve their insolvency problem by merging with a larger firm. Generally, the present recession has made those who believe that there are some new rules to the game come to retreat from their Alice and Wonderland economics. Granted, we're not going to be in this recession forever contrary to the prophets of eternal economic gloom. However, there are NO new rules for a "New Economy" where profit margins can be razor thin, earnings simply non-existent and profit/equity ratios are absurdly proportioned. So, now we can come back to the real world of 2003, where high government spending and half-trillion dollar deficits crowd out the supply of credit and capital.

Dent is optimistic over the labor market giving way to 'entrepreneurs,' freelancers and temps. However, it is by no means a positive sign when corporations are taking the axe to their personnel that we're in for more prosperity. In addition, some of Dent's positive economic indicators and his analysis are erroneous. For example, he sees large population growth as some positive sign that with more people, they'll be more consumption and consumer spending. But consider that in recent years, GDP growth aside, actual productivity gains have been miniscule and sometimes actually losses over the previous year. Moreover, the population growth (chiefly fueled by immigration) far exceeds productivity growth. So how is this deemed a positive sign if they're less goods and services available on per capita basis? These factors which shade the real 'New Economy,' may suggest that we will be in the economic doldrums for a little while longer. Dent ignores substantive economic indicators, which even in 1998 could have foretold the present recession. If anything, it is quite tenable that the first decade of the 21st century may resemble the stagflation of the 1970s-where inflation and unemployment are high-though not with such severity.

All things considered, the blissful optimism and absurd economic logic so popular which fueled the speculative boom circa 1998 was but a foreshadowing of the present dreary state of economic affairs. The prosperity gurus will never be able to transcend common-sense economic logic with their gospel of eternal economic optimism. Then again, their perspectives are skewed in times of boom when all they see are compounding equity returns. It just seems when some people have a run of luck in the market, they have a tendency to have their judgment clouded in seeking out more 'easy money.' Some like Dent even hope to jerry-rigged the market with a psychology of perpetual prosperity. Anyway, Dent's bullish predictions have already been disproven. (I give it a pithy 0.5/5.0 star rating ... ... Read more

Book Description

In today's world of economic upheaval, even dual-income families can barely make ends meet. Corporate downsizing and restructuring make the future of every job uncertain -- how can you plan for the rest of your life when it's difficult to plan for next week?

When you create multiple streams of income, you are forming a powerful tide of prosperity that can provide a lifetime of fortune and freedom. You won't only be helping yourself -- friends and family will also prosper from your good fortune. Robert Allen's techniques have made thousands of people into millionaires. Imagine what his amazing wealth-building formulas can do for you.

Using Robert Allen's powerful, proven techniques, you can create multiple streams of income -- income so stable and secure it can lead to a lifetime of wealth and ease. Whether your goal is to gain extra monthly income or to escape the stress of the rat race altogether Multiple Streams of Income can put you on the path to prosperity, peace, and health. ... Read more

Reviews (151)

Inspired me to take action
This is without doubt Robert Allens most under rated book. I have read Multiple Streams of Income and The 1 Minute Millioniare along with Creating Wealth and Nothing Down. I am a huge fan of Robert Allen. He is a fantastic coach,writer and businessman.

In this easy to read book, Mr. Allen teaches you everything you need to know to get into cuberspace and successfully operate an internet business. Note the word "successfully." While there are many books purported to help you get online and build a internet business, how many actually work? I have always been disappointed,e xcept with this one.

Also recommend Multiple Streams of Income for even more income ideas. I also found an interesting website that corresponds with Mr. Allen's ideas. Check it out at http://www.myxango.com/platinumteam.

Good luck and thank you Mr. Allen. I am looking forward to your next foray!

Super Book
This is undoubtly Robert Allens best book to date. So much information, so many diverse ways to make money. The naysayers are probably college graduates who would prefer to sit behind a desk for 40 years and say; "Yes master" ENT!For the entrepeneurs and business leaders, this book is a must read. You can start with network marketing, create income and enjoy the same tax benefits that bg busineeses enjoy.You can use Bob Allens Real Estate strategies and still make money in the real estate market. People who say it's over, better read this book. You can also safely invest in the stock market with Index Funds and/or covered calls with the Cooper Method. Or you can enjoy 100% risk reduced returns in the options market.Bob Allen has written a excellent book, probably his best. Don't knock it, try it.I also recommend Wall Street Money Machine for even more covered calls and option strategies and Wealth 101.

Escaped the rat race, thank you Robert
While I admire the success of people like the reviewer who precedes mine, network marketing never really appealed to me. I tried it once back in the 70's, had a lousy sponsor who didn't teach me beans and the company I was in loaded me and other distributors with soaps, shampoo's and so on.

That said, what I like about Robert Allen's book is that he recommends network marketing as a choice but also recommends other ways to create residual income, that are low risk and low cost.

I highly recommend this book by Mr. Allen. It's great.

Multiple ways of creating income and wealth
Robert Allen has written an excellent book here. For people opposed to network marketing (I'm very bullish on network marketing), that's o kay, Allen offer many other strategies to create wealth. In fact, to create Multiple Streams of Income.

For me, the best and safest way to create multiple streams of income is via network marketing. With network marketing, you can use the same power of leverage that Allen uses and suggests in his real estate books. It is the same principle that Donald Trump used to become a billionaire. In fact, speaking of Donald Trump, several years ago The Donald was on a tv talk show and when asked if he had to start over again, what would he do differently. Trump said he would find a good network marketing company and go to work!

Personally, I feel that everyone should set up a network marketing business. It's low cost, can be started part, part time and you can create a high income rapidly if you are with the right company and put forth the right effort.

Enough of network marketing. It's a winning stategy and I am glad that Robert Allen understands it and is recommending it.

Allen also discusses real estate. He explains how to buy real estate with no money down and using the power of leverage. He also discusses tax liens and discounted mortgages. Both powerful ways to create passive income and again, Allen shows you ways to invest in these power packed strategies with no money down.

Allen also discusses how to be an intropreneur (not my choice) and how to use the internet.

All in all, Multiple Streams of Income is a powerful book that can add many streams of income to your income portfolio. Much better strategy than relying on just 1 income streams---a job.

AND the good news is that anybody can start any of these strategies right now while you are working at your job. They can all be started part, part time with little or no investment and create cash flow immediately.

Great book Mr. Allen. I recommend it.

Phew! I avoided this one...
I thumbed through this one at the Sam's warehouse store. Thank goodness! It is large type and full of ads and worthless advice. I don't know the guy who wrote this book. I see from some of the other reviews here that he must have a habit of writing this type of book. I am glad that I wasn't taken in by the title. The book reads like the ads you used to see on matchbook covers "EARN EIGHT BILLION DOLLARS A YEAR stuffing envelopes from home!"

Maybe the real "Income Stream" is to write a book like this and then have people write "positive" reviews to keep the rating high. Do you think that would work?

What has me wondering is that people are posting positive comments that aren't actually useful reviews. Why would someone waste a paragraph in a review talking about his vacation instead of the book?

There is something fishy about these positive, so-called "reviews." There is also something fishy about the book. It stinks.

But hey... Why should I complain? I SAVED REAL MONEY... by not buying this book. ... Read more

Book Description

Common Sense on Mutual Funds. New Imperatives for the Intelligent Investor Forward by Peter L.Bernstein.

"Other investment executives used to roll their eyes about Vanguard's Bogle, but his rules work."—Newsweek

When Jack Bogle speaks, people listen—whether they are fans or not. As the senior chairman and founder of the Vanguard Group, one of the two largest mutual fund organizations in the world, he has single-handedly transformed the industry by championing better funds at lower costs to the investor. A leading thinker and visionary whose ideas and principles have been adopted by countless investors, his name is as synonymous with excellence in mutual fund investing as Warren Buffett's is with excellence in stock investing. Now, in Common Sense on Mutual Funds, Bogle takes a critical look at the mutual fund industry and how we invest, and charts a compelling course for change.

Written in Bogle's inimitable style, this eye-opening book examines the fundamentals of mutual fund investing alongside industry practices that are often in conflict with a sound long-term investment program. Common Sense on Mutual Funds shows investors how to revolutionize their portfolios by embracing simplicity and then avoiding industry pitfalls. Just as Thomas Paine argued for a new way of thinking about independence in "Common Sense," so Bogle sets forth a new way of looking at mutual funds. He presents a platform for intelligent investing and then uncovers the ills that beset the mutual fund industry, serious ills that thwart our efforts to accumulate adequate financial resources. He analyzes costs, scrutinizes asset size, exposes tax inefficiencies, warns of "empty suit" directors, and reveals the severe conflict between fund principles and fund pro-motion. Emphasizing long-term investing and asset allocation, Bogle finds in simplicity the solution to the riddle of fund selection by investors. From stock and bond funds to global investing and index funds, Common Sense on Mutual Funds provides insight, illumination, and enlightenment.

For more than 30 years, Bogle has championed the rights of the fund shareholder, for he believes that investing is first and last about people's hopes and fears and individual goals. In Common Sense on Mutual Funds, he speaks eloquently about individual investors and how their interests are not being well-served: "The ills and injustices suffered by mutual fund investors are not so dissimilar to those our forebears suffered under English tyranny. . . . I have no quarrel with management companies focusing on profits. But the trade-off between the profits that accrue to fund shareholders and the profits that accrue to the fund management companies seems subject to no independent watchdog, despite the fact that it is the shareholders who actually own the mutual funds."

Organized as a series of essays on the investment issues of the day, this insider's view of the industry makes vital information on mutual funds accessible to experienced investors as well as those just beginning. A veritable treasure chest filled with insight and guidance from a true leader, Common Sense on Mutual Funds is an invaluable addition to every investor's library. Bogle's message, amid the cacophony of investment advice, is clear and simple: common sense will rule the day.

JOHN C. BOGLE is the founder and Senior Chairman of The Vanguard Group, Inc., the world's largest no-load mutual fund group, with more than ten million shareholders and $400 billion in assets. He has studied mutual funds in depth since 1949, when he began the research for his senior thesis at Princeton University before joining the industry in 1951. In 1997, he was identified as one of seven of the world's twentieth century "Creator-Leaders," in Leadership in Financial Services by Steven I. Davis. In 1998, he received the Distinguished Service Award of the Association for Investment Management and Research. And early in 1999, his alma mater, Princeton University, presented him with its coveted Woodrow Wilson Award, exemplifying "Princeton in the Nation's Service." Bogle is the author of the bestselling book, Bogle on Mutual Funds: New Perspectives for the Intelligent Investor, as well as numerous articles on investing. Back Copy: Critical Praise for Common Sense on Mutual Funds.

"Common Sense on Mutual Funds marks the culmination of one of Wall Street's most inspired careers. Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors' returns, but to improve the whole fund industry. This isn't just the best book yet by Bogle, it may well be the best book ever on mutual funds."—Don Phillips, President & CEO, Morningstar, Inc.

"Buffett cannot teach you or me how to become a Warren Buffett. Bogle's reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors—while at the same time we have slept well in these eventful times."—Paul A. Samuelson, Massachusetts Institute of Technology, Department of Economics.

"After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."—James J. Cramer, Money manager and senior columnist for TheStreet.com

"Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication."—Martin L. Leibowitz, Vice Chairman and Chief Investment Officer, TIAA-CREF

"Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book he shares his knowledge, experience, and judgement to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people."—Byron R. Wien, Chief U.S. Investment Strategist, Morgan Stanley Dean Witter

"Superior in intellect, character, and performance, the investment genius who defied conventional wisdom and proved his critics wrong gives readers a wealth of practical advice."—Hon. William E. Simon, Former Secretary of the Treasury ... Read more

Reviews (47)

Superb, even if a bit Repetitive
Despite the prosaic title of the book, and the conservative investment philosophy of its author, "Common Sense on Mutual Funds" has a revolutionary aim. Vanguard founder John Bogle believes the mutual fund industry must make major changes in order to faithfully serve its customers and, by explaining his investment philosophy, he shows both why radical change is necessary for the industry and helps to precipitate it by encouraging individual investors to follow his investment advice.

Bogle thinks too many mutual fund investors are being scammed by professional managers of funds who reward their companies instead of their investors' portfolios. High fees, outrageous expenses, rapid turnover, unneeded "products", marketing costs -- all are used by countless mutual fund companies to inflate their bottom lines to the detriment of their investors' needs.

Several reviewers here have noted that Bogle repeats several key points throughout the book, especially the importance of keeping costs as low as possible. This is true. But important lessons need to be stressed, especially with so much evidence that the average investor still doesn't understand them. Perhaps Bogle feels it's a lesson that can't be said enough. After all, why would you pay more for less, unless you simply don't understand what is being done to you?

This book was somewhat prescient. Published near the end of the long bull market of the 1980 and 90s, "Common Sense on Mutual Funds" called out -- in its own quiet and understated way -- for reform of the mutual fund industry before it became fashionable to do so. While Bogle's book doesn't have an angry tone, its recommendations are essentially more radical than anything now being considered by New York's attorney general in his drive to reform the industry.

Bogle Is Dead Wrong!
John Bogle is a nice guy, but he is dead wrong about the stock market and about active management of mutual funds. His thesis: All performance regresses to the mean, therefore you cannot beat the market over time. Better to buy the market via index funds, do so at lowest cost, and hold for the long term. That approach guarantees slightly better than average performance. Much better approach: rank order all no-load mutual funds by alpha, and select a diversified portfolio of those at the top according to your asset allocation profile. Monitor alphas over time. Periodically rebalance, but especially replace any mutual fund when its alpha falls below 0 with one that has a positive alpha. You will end up with a dollar balance far above that following Bogel's advice. I am surprised that Don Phillips, head of Morningstar,Inc. does not know this.

Index funds are still managed! C'mon Bogle.
In waging his crusade against actively managed funds, Bogle loses sight of the fact that even index funds are managed nonetheless. Take the popular Vanguard 500 Index Fund, which is indexed to S&P 500. He still cannot dodge the question: Who decides which stock gets listed or delisted? It's S&P itself, which manages the index. But why does he suppose that S&P is always a better managing institution than the best mutual fund companies that actively manage their funds?

Arguably, most fund managers can't outperform the indexes, but that does NOT mean that no managers actively managing their funds ever outperform the indexes. If you have to put money in the market, why not go for the best? And sure, managers can blow up too, but you can still diversify amongst the best managed funds.

As to costs, sure, index funds have small expenses compared to actively managed funds, but index funds have a serious drawback--usually a lot more volatility that makes owning them riskier. Investing is not just about keeping expenses to a minimum--important as it is. Neither is it merely about performance. It's also about controlling risks and preserving capital. I for one wouldn't want to own a fund--even for the long term and however cheap--if it's up 40% one year, down 30% the next, and then up %25% still the next and so on. I'm willing to pay more knowing that my capital would be preserved even in a down market. No index funds can be compared to the safety and nonvolatile nature of such funds as SGENX, OAKBX, MERFX and MVALX, which have very low betas.

Bogle's indexing approach is for me a sure path to mediocrity. If you have to put money in the market, why not go for the best funds with a long-term market-beating track record and consistent returns? To reduce management-related risks, why not also diversify amongst the best managed funds?

That said, I don't mean to say that you should not own index funds at all.

Brokers Hate This Guy - He Deserves 6 Stars
If we were not a democracy someone would lock this guy up. He has spilled all the beans on the fake financial advisors and financial and insurance sales people that want to sell you the grotesque front end loaded mutual funds and those annuities that make piles of money for everyone except for the investor. Bogle founded one of the biggest mutual fund groups in America - the Vanguard Group - and he is a burr under the saddle of many financial people. His advice saves you money at the expense of the broker.

The bitter truth is that over the long haul only 10% of mutual funds outperform the conservative S&P 500 index. So why pay some company a front end load fund of 5-7% to under-perform the S&P 500 plus an annual fee of 1.5% when you can buy S&P index shares or Vanguard mutual funds that have no load fees, and have very low annual expenses - often less than 0.5% per annum. You end up giving away a chuck of your money if you do not follow his sound advice.

Bogle of course does not want to stop there. He wants to reign in all those CEO perks and huge bonuses and use the leverage of the mutual fund shareholders. All great stuff,

This is a case where Amazon.com should have a special 6 star category.

Jack in Toronto

Other books to consider
Bogle's book is a classic. It eloquently discusses mutual fund fundamentals and makes a strong argument for indexing. If this topic is important to you, try also "The Great Mutual Fund Trap", "The Intelligent Asset Allocator" (emphasis on asset allocation and indexing), and the free material at ABetterWayToInvest and ETFResources. ... Read more

Book Description

The best financial planner Michelle Singletary ever knew was Big Mama, her grandmother. Big Mama raised Michelle and her four brothers and sisters on a salary that never reached more than $13,000 a year. Yet at her death, Big Mama owned her own home, had paid off a car loan, and had a beautiful collection of Sunday-go-to-meeting church hats and a savings account that supplemented her Social Security check and small pension. Most important, she had taught Michelle “7 Money Mantras for a Richer Life.” Those mantras serve as the inspiration for this straight-talking book of practical personal financial advice that really works.

The 7 Money Mantras are:

1. If it’s on your ass, it’s not an asset!
2. Is this a need or is it a want?
3. Sweat the small stuff.
4. Cash is better than credit.
5. Keep it simple.
6. Priorities lead to prosperity.
7. Enough is enough.

Michelle Singletary is a syndicated columnist for The Washington Post whose popular personal finance column appears in more than 120 newspapers. She’s also a mother of three children who understands what it’s like to live on a budget. In a plainspoken, sassy, no-nonsense voice, Michelle provides answers to the financial issues that confront almost every household: how to teach children the value of money; how to address money issues in a relationship or marriage; household saving tips; getting the best loans; and much more.
“This book is about saving enough money to have choices,” she writes. “It’s about feeling free to be cheap if you can’t afford to buy a ton of gifts at Christmas. It’s about eliminating wasteful spend-ing so you can begin to save and invest. It’s full of uncommon commonsense lessons and guidance on the way people should use their money.”
With humor and down-home financial wisdom, Michelle Singletary offers practical and realistic advice that will help you live well with the money you have.

Michelle Singletary on . . .

Romance and Money
“It’s okay to say: ‘Honey, I love you and everything, but if you need money, ask your mama.’”

Credit Cards
“We are minimizing our financial potential by making minimum credit-card payments.”

Car Buying
“If you want to save money, keep your car until you’re on a first-name basis with the local tow-truck drivers.”

Leasing a Car
“You, too, can drive a car you can’t afford and then have to give it back. It’s crazy.”

Gift Giving
“Generosity isn’t about how much you spend. It’s about how much thought you put into the gift.”

Penny Pinching
“I once bought a stick-shift car because it was $1,000 cheaper than the automatic in the same model. There was just one little problem. I couldn’t drive a stick-shift. But at least I saved $1,000!” ... Read more

Reviews (17)

you can't have a dollar without a penny!
I have been a fan of Singletary's Washington Post column for years, and have heard her relay the wisdom of her grandmother Big Mama many times. Believe me, Big Mama knew what she was talking about and it is evident whenever you are faced with a financial planning issue when some nugget of her knowledge comes back to you!

The 7 Money Mantras are pithy and smart, and are delved into in each chapter. Singletary brings up her own experiences, making a point rather than pulling at heartstrings (although I did feel teary when she wrote about caring for her disabled brother.)

I read this book in a day -- yesterday! --- and I am already telling my shopaholic friends "If it's on your ass, then it's not an asset!" Go, Big Mama and Michelle!!! Keep telling it the way it is and the way we should see it!

Breast Feeding is a Money Saving Proposition? Who Knew?
I have to admit, I am often a sucker for financial advice books of the "learn to manage your money" ilk, rather than "hey, here's how to get rich and never worry about money again" variety. A few weeks ago I heard Michelle Singletary (who is also a newspaper columnist at the "Washington Post," where she writes a column-"The Color of Money") in an interview on the Diane Rehm show on NPR a couple of weeks ago, and I quickly picked up her book. She is brash and funny and she definitely is no holds barred in "7 Money Mantras for a Richer Life," and that's a good thing.

So what are the seven mantras? They are: (1) If it's on your ass, it's not an asset!; (2) Is this a need or is it a want?; (3) Sweat the small stuff; (4) Cash is better than credit; (5) Keep it simple; (6) Priorities lead to prosperity; and (7) Enough is enough. some of those are self-explanatory and some aren't, but the general gist of the advice is: pay attention to where your money is going and don't get wrapped up in material possessions.

Now this isn't necessarily new advice, but Singletary's presentation goes a long way toward making all the advice memorable and useable. Much of the advice was handed down from her grandmother, Big Mama, who is referred to throughout the book. Big Mama brought up Singletary and her four siblings in Baltimore on a salary that never reached more than $13,000 a year. Singletary notes that "Big Mama knew the difference between buying things that improve your net worth and stuff that just makes you look wealthy." Clearly, in the area of finances Big Mama was far wiser than myself and many others.

Singletary offers some of her wisdom and experiences along the way. For example, say no to lunches out during the workday. But if you do, skip appetizers and desserts. You'll cut costs and calories. And try going a month or two without a credit card. Contrary to popular belief, when it comes to money, it's the small stuff that counts. Sweat it. She notes that Big Mama would say, "You can't have a dollar without a penny." Just think about it and it will make sense to you.

Singletary also boasts that she breast-fed all three of my children because the milk was free. In fact, she breast-fed her first two children until they were two years old. Singletary literally is giddy about all the money she saved on infant formula.

In addition to her advice and that of Big Mama, she also offers 10 pages of penny-pinching tips sent to her by readers. I'm not sure I want to try some of them, but I guess if you truly watch your money it all adds up. An example from her readers: Don't order lemonade at a restaurant. Ask for a lemon, squeeze it into your water glass and add some sugar.

She also provides concise definitions of the language of credit from cash advance to grace period to various interest rates charged. She doesn't sugar coat anything either. Getting out of debt is rarely easy, so she warns "beware of those who would 'fix' your debt."

And Singletary offers some advice my wife may have wished she had been aware of. Before you marry, exchange credit reports. Singletary thinks this is a great idea. As she says, "What better way to get to know your honey than to see how he's handled his money?" Thing is, she is probably right. She goes on to discuss other ins-and-outs of managing money in a marriage, often using her experiences in her marriage as examples. For instance, she and her husband have an agreement not to spend more than $200 without discussing it with each other first.

Her take on making funeral arrangements is brutally honest but humorous. When her grandfather died, the funeral director tried to get Big Mama to buy the casket that her husband deserved. Big Mama's response: "He won't know if I'm burying him in a pine box or a bed sheet. It doesn't make good sense to bury good money in the ground."

This is a great book for those trying to cut expenses and save. The advice is sound and of use to everyone.

Delivers what the front cover promises
Ms. Singletary delivers what one of the titles promises: "How to Live Well with the Money You Have." This book is not about getting rich. It is about learning how to save more. She has many great ideas and instructions on how to spend less. I think her ideas will help many people reduce needless consumption.

Where should you invest your savings? The author's answer? She tells you how to carefully select some mutual funds. However, I should note that careful selection of mutual funds won't protect you from risks that are inherent in the stock market.

Think about your money!
You can always justify spending. And you can keep doing it until you are so broke or in debt that you are paying other people with money you could use. At its core, that's the message of Michelle's book. She's frugal, and even cheap, but she reminds people that she does so with goals in mind -- college for her three children, retirement on her terms, protection against fiscal disaster. Do you have a plan for your money, or does your money plan you? Read this book and answer that question.

"It's okay to be cheap!"
I've considered myself a frugal spender, but Singletary puts me to shame! This book can be an eye-opener.

7 Money Mantras ("MM") offers such a unique perspective it's not a stand-alone. I recommend reading 7MM in conjunction with other books on money management, to get a well-rounded perspective. Singletary speaks to a specific target market: those who have run up credit card debts and developed unhealthy patterns that have spun their lives out of control. If her first person accounts are true (most authors exaggerate at least a little!) then she's determined to eradicate seeds of financial destruction before they take root and grow.

The best parts of 7MM are the parts dealing with family and setting limits with adult children. I never had the luxury of moving back home and have no children, but I watch neighbors and friends make huge sacrifices for kids who have no motivation to move and grow. Some of these sections are hilarious -- I laughed out loud at her response to her nephew's question, "Doesn't rent include food?"
"Well," she answers, "when you're on your own, ask your landlord when you can expect him to drop by with a bag of groceries."

Some suggestions will have to be adapted for specific lifestyles. I *love* doggie bags and enjoyed her support as I often get teased. Most restaurant meals are too big and I take half home for next day's lunch.

I choose not to have cable, which she would applaud, but I do have a DVD. As she points out, it is tempting to buy DVD's but you don't just get a better picture: the director's cut adds significantly to enjoyment, if you're a film buff.

And while she's right on the money (!) about families, she misses the mark on singles. Sure, a home-cooked meal is a welcome gift...but I would *much* rather meet someone for l