Book Description

As the baby boom begins to withdraw from the labor force, ensuring a secure retirement income becomes an increasingly important issue, the number of people over age 65 is expected to double by 2030. That trend will continue, accompanied by worries about stock market volatility, corporate malfeasance, a rapidly changing economy, and the viability of Social Security. In Coming Up Short, two experts on retirement policy analyze 401(k) plans, the fastest-growing type of employer-sponsored pensions and a vital source of retirement income for the American middle class.

Alicia Munnell and Annika Sunden chronicle the development of 401(k) plans, now the dominant form of private pensions. In accessible language, they explain how such plans work and discuss their popularity. For employees, these plans are appealing becuase they have more control over their own retirement funds, and the plans are portable. For employers, the plans are generally less costly than defined benefit plans.

Despite those advantages, there are some significant downsides to 401(k) plans. These plans shift all the risk and responsibility to employees, who must decide whether to join, how much to contribute, how to invest, whether to "cash out" when changing jobs, and how to manage their nest egg in retirement. These are difficult decisions, and while in theory 401(k)s could be an effective savings vehicle for retirement, in practice many people make mistakes at every step along the way.

Coming Up Short discusses why these mistakes are made and proposes various reforms to ensure that the aging population will have adequate retirement income. Comprehensive and up-to-date, Coming Up Short is an essential resource on 401(k) plans for financial service professionals, policymakers, academics, and individuals planning for their own retirement. ... Read more

Reviews (4)

Exploring the emergence and impact of 401(k) plans
In Coming Up Short: The Challenge Of 401(k) Plans, co-authors Alica H. Munnell and Annika Sunden collaborate in exploring the emergence and impact of 401(k) plans, the fastest-growing type of employer-sponsored pensions, with respect to the American public and national economics. Written with an especial eye toward the risks and challenges of a post-Enron scandal nation, Coming Up Short covers the special case of company stock, leakages from 401(k) plans, withdrawing from 401(k) funds at retirement, how to make pension plans do their job, and much more. Researched in-depth and filled with charts and graphs revealing its findings, Coming Up Short is a highly practical resource for not only financial service professionals, students and policymakers, but also lay individuals planning their own retirement. Highly recommended.

Where will tomorrow's money come from?
In this concise volume, the authors first lay out a bleak assessment of the future of private retirement funding in the United States, and then provide a clear roadmap to reform with straightforward remedies that will lead to better funding and more secure futures for retirees.This is not a diatribe against 401(k) plans, but rather a clear explanation of the shortcomings both in current law and in the strategies (or lack thereof) employed by individuals in such retirement savings vehicles.A good choice for an anyone with a 401 K plan, a great choice for anyone interested in the public policy of retirement.

Comes up just a little short
The authors, currently academic economists, trace and bemoan the demise of traditional defined benefit pension plans and make the case that 401(k) plans, which have significantly supplanted the "DB plan" on the employee benefit plan menu, will not, without a number of changes, adequately take the DB plan's place in providing retirement income for an important number of today's American workers.Citing a broad range of studies and the developing literature on 401(k) plans, the book explains in a workmanlike way the legal underpinnings of 401(k) plans (accurately enough for the authors' purposes), how 401(k) plans might operate, in theory and, most importantly, how they seem to operate in practice.(I say "seem" because, as the authors point out more than once, good data is hard to come by.)There is a large gap.

That is, there is a gap between what 401(k) plans could, theoretically, provide in the way of retirement income and what it looks like they will in fact provide.Employees (and, it is fair to say, employers) don't contribute enough to 401(k) plans in the first place.Employees, who are almost invariably asked to decide how to invest their 401(k) plan accounts, don't invest wisely.(In the case of investments in "Company Stock," the employer's own stock, employees often aren't even given the chance to invest wisely.)Finally, at the end of the road, premature withdrawals and the failure to annuitize account balances means that the opportunity to maximize what there is of the 401(k) plan's retirement benefit potential is often squandered.The discussion of annuitization, that is, the conversion of a single sum account balance into a fixed stream of income for life, may be the most useful material in the book.

Although the Munnell and Sunden offer several suggestions for "reform" of the pension system ("change" would have been a more appropriate word to use here), they conclude that their real goal is "to stimulate a debate that we hope will generate other ideas and options."To the extent that the book accomplishes this purpose it will be useful.However, long on data and data analysis and short on thought provoking discussion, I'm not sure that's going to happen.

Another difficulty I have is that I uncertain who is going to read "Coming Up Short."What's the market?It is certainly not written for the typical employee who wants practical information that he or she can use in understanding and making the most of his (or her) employer's 401(k) plan.(Not that we need another book on that subject right now.)Moreover, the politicians, bureaucrats and other inside players in the employee benefit plan game -- actuaries, accountants, lawyers, consultants, record keepers and the financial industry, primarily mutual funds and insurance companies -- are already well aware of the shortcomings of 401(k) plans as retirement plans.After all, neither by law are 401(k) plans required, nor by employer choice and design (except in rare instances) are they intended, to be retirement plans.The challenge for those of us who are interested in pension or retirement income politics is to first take one step backward and to acknowledge that 401(k) plans are not retirement plans.

Balanced and Informative Report
Dire predictions over the future of social security divert attention from a more immediate reality. The fact is that social security benefits only replace about forty percent of pre-retirement earnings for the average worker retiring at sixty-five. Future retirees, our current generation of baby boomers, will need to develop other sources of reliable income to maintain their standard of living. The obvious supplemental program for workers atempting to build wealth is the voluntary 401(k) salary reduction plan. Technically this is a "defined contribution" plan, different from a defined "benefit" plan, with greater potential to accumulate wealth. Unfortunately a quarter of eligible workers fail to sign-up for it. Many do not begin to seriously save until they are fifty. Fewer than ten percent contribute to their maximum permitted level. And those who do contribute make basic investment errors at every step of the way according to the authors.

Among the authors' other findings:

Many employees expose themselves to excessive risk by aggressively stuffing their plans with their company stock. A misplaced sense of worker loyalty or a desire to emulate the success of their corporate leaders may partially explain why participants ignore the first rule of risk reduction, diversification. On the other hand a recent study concluded that twenty-eight percent of all participants had no stock exposure despite the undisputed historical outperformance of stocks over bonds.

Few employees buy an annuity with their plan assets. But an annuity contract addresses the biggest risk faced by retirees, namely that they will outlive their nest egg. It is telling that the main purchasers of annuities are large sponsors of defined benefit pension plans whose paramount purpose is to guarantee retirees a life-long stream of income. Surrendering control of a significant sum of money after years of accumulation is a wrenching decision. The choice of an annuity is particularly difficult for those who believe they are skilled at managing their money or who want to maximize their bequests once they pass on. Retirees may also fear extraordinary healthcare expenses that would not be covered by an annuity. My guess, however, is that participants who have never considered an annuity might be swayed here to consider a partial commitment to one.

The authors see the need for a set of default choices based on sound financial planning experience that addresses each of the shortcomings they discuss. Participants overwhelmed by their options need some structured simplicity in the process. These are choices that can be confirmed or declined. Workers can only benefit from more professional guidance and education, but employers should not risk liability if the desired investment results are not achieved. COMING UP SHORT has a grasp of the current research on its subject and clearly (albeit dryly) outlines the issues. Experienced financial planners will find this book sobering but will not likely be surprised by its findings. Policy makers will find this a balanced and objective study. Lastly, 401(k) participants who just skim it will be motivated to do more on their own behalf. ... Read more

Book Description

Asha Tyson's own rise from homelessness at 17 to prominence deems her an expert on personal achievement. Now she reveals the secrets of her success by offering you an easy-to-understand blueprint that can afford you the lifestyle you always wanted.

Here Tyson examines and shatters the mold of traditional retirement ideas that reek of defeat; she demonstrates a winning and fresh philosophy that is effective for anyone at any age.

How I Retired at 26! provides an eye-opening practical process for obtaining personal, professional and financial freedom all in this one astonishing book!

With her coaching, you will learn new techniques that rid you of worry--for good! You can apply these proven principles and begin living a life that most people only talk about and dream of! ... Read more

Reviews (8)

You can only fix you!
This book was a revelation for me. I felt as though Asha was reading my mind. She answered so many question that I never asked anyone but God. I open my eyes and my mind to see persons for who they are, not who I was trying to make them be. I realesed the negative person in my life and held on to the good ones. The book was absolutly excellent. I am waiting to see the movie.

Absolutely..A must read
This is by far one of the best inspirational, self-help books that I have read! Asha has taken a down home approach into helping people realize their goals. It can be done! She overcame defeat and rebounded on top, despite all of the odds that were against her. The beauty of it all is that she shares her story with all of us. It has been a true blessing to have this story fall into my lap. Anyone who is not comfortable with their present situation and wanting to effect a change should read this book. It is packed with self-help, no nonsense, easy-to- read advice. I could not put it down. What I liked most is that it got right to the point and the advice she gives, with a little self determination anyone can be successful. Good job, ASHA!!! I am looking forward to more books from her on this subject.

the most inspirational book i've read this year
If you are not moved by this book then you either have a heart of stone or you've given up on life completely. The story of how young Asha Tyson pulled herself up from a hellish childhood (every terrible thing that could happen to a little girl did happen to her)to a successful, joyful life is amazing. Asha, who knows about hard times discusses what I think is one of America's biggeset problems: the celebration of victimology. Instead of wasting her adult life going "poor me" Asha Tyson got up and gotgoing. Her book gently but firmly explains how its readers can do the same.

Kimberley Lindsay Wilson, author of Work It!

No Excuses - No Regrets
Prepare to have your excuses for not being as successful as you want to be, totally taken away. In my opinion, this book is destined to become a classic! Asha Tyson did it. She went from a (to say the very least!) dysfunctional and often brutal upbringing, to homelessness, to enlightenment, to a life of joy . . . while still in her twenties!

This is not a "financial planning book" in the George Clason ("Richest Man In Babylon") sense of the word (although that is certainly very well worth reading as well, as the author mentions). Instead, it's more of a holistic, inside-out method of "curing" oneself first, and then allowing material wealth to manifest.

The recurring theme from the author is personal responsibility. She acknowledges that bad things do happen, others can cause you problems, and that life certainly is not fair (and she can personally attest to that), but she admonishes the reader not to let that stop them.

When the author speaks of "retirement" she's not necessarily talking about having to amass incredible sums of money, and she's definitely not talking about not working. She stresses the importance of having something to live and work for. She is simply talking about freedom; "freedom to design the lie you've always wanted as a gesture of gratitude for having a life at all." I love this quote on page 81: "I retired 'from' self-defeating thought forms that have long stopped working for many of us, and I retired 'to' the life of my dreams! . . . I retired by comprehensively pursuing happiness with my whole life . . . and it's just a bonus that it brings wealth."

I'm hesitant to offer specific pieces of advice from the author because, individually, you might be tempted to say, "Oh, I've heard that before." But, put together as part of her "inside-out" personal development system, it will make such a difference in your life that it's worth just buying into it and doing it.

She describes the following as the foundation of her message:

"By dumping emotional dead weight, unlearning self-defeating beliefs, and discovering your passion for life, you will position yourself for financial gain beyond what you hay have ever imagined. You 'can' live the life you have always wanted right now and always."

Just a few of her many gems:

"You never stop earning when you do what you love."
"Reinventing yourself is the core of your first investment."
"If your belief system has not molded the life you desire, how you think will need to change."
"You will need to decode your emotional DNA."
"It's your emotional DNA that determines our values, goals and beliefs. The question is, does your emotional coding help you make healthy choices that render favorable outcomes, or does it yield pain?"
"The average person cringes at the thought of hearing criticism, but it can be quite valuable if you stay focused on the big picture."
"To hold on to animosity is like you taking poison and hoping {the other person} will die."

On pages 110-112 she gives some advice on parenting that is probably the best I've ever read. It begins with the quote, "Someone once said, 'Children learn what they live.' It is my belief that 'children learn what YOU live'." And she provides some excellent examples that are profound!! I believe this example alone is worth the price of the book if you have children.

Again, personal responsibility is a key in this quote, dealing with a person who has borrowed money and has not yet paid it back: "The borrower should chase the lender until the debt is clear, not the other way around."

She even invents a word. To "de-excusilize" is to stop making excuses for why things don't work. It's to give up justifying and blaming. It means that you now are committed to finding reasons why you can make it happen and why you can deliver, as opposed to having excuses for why you can't.

Only at the end does the author go into any type of discussion of money-management and such. And for good reason; by the time you get to that part of the book, you've already changed your attitude about money and are already becoming rich on the inside. From there, manifesting material wealth will be easy.

My suggestion is to buy this book for anyone you care about; especially your children. It will touch the life of anyone who owns it, reads it, and listens to Ms. Tyson's advice.

how I retired at 26
I was under the impression that at my age and with all my international experince, there is nothing a 26 year old could tell me that was worth my time or patience.
Asha Tyson changed all that. She kind of reminded me of an African proverb that says: A young person sometimes can give advice to an elder but the young should never insult nor disrespect the elder.
The principles that Asha writes about are universal and will truly work for anyone. She impressed me mostly by overcoming all her trials and challenges, and living to be a proof that 'It is not what happens to you that makes or destoys you; it is how you react to what happens to you'. It is taking complete responsibility to all you failures and triumphs. To all events in your life.
I have children older that Asha and I had them read the book.

Mike Kamuyu ... Read more

Book Description

DIY Portfolio Management describes the advantages of doing your own portfolio management, and gives you suggestions for matching and for beating the market.

Individuals who manage their own portfolios have less overhead and the financial incentive to get market beating performance.That is not enough, knowledge and confidence are also important.The individual Do-It-Yourselfer’ needs a knowledge based plan for success, and the book DIY Portfolio Management can feed that plan.

The just released DIY Portfolio Management explores approaches to beating the market.Some ideas presented are refined, but this is not rocket science, and unlike brain surgery this is something you can do for yourself.DIY Portfolio Management stresses that successfully management of a stock portfolio requires strategy, discipline, and time to work.This is a book about managing your nest egg, where discipline and intellect are complementary ingredients.The individual Do-It-Yourselfer needs confidence in their plan for success, and the processes DIY Portfolio Management recommends facilitates building that confidence. ... Read more

Reviews (2)

Knowledge breeds power
If you don't know the difference between a Savings GIC or CD and a balanced fund then this book is definitely not for you. Written to an audience of more savvy investors, DIY is designed to help experienced investors make the transition from a professionally managed portfolio to a self managed, successful investment future. DIY- Do it Yourself or Direct Invest Yourself is not for the faint of heart.

Knowledge breeds power and this book will help empower the DIY investor; filled with strategies designed to help the reader develop creative investment principles in a disciplined, intelligent manner. The book is written in three parts: Background, Trend Regression Portfolio Strategy and Portfolio Management Issues. Topics covered include: Market Timing, Stock Picking, Trading History and Risk and Reward, just to name a few.Investors are shown how to access and use MS Excel portfolio tracking spreadsheets to produce a comprehensive portfolio workbook. Sample graphs, models and illustrations are explained in detail. Many references and quotes from Robert F. Drach's, High return Low Risk Investment as well as the Drach weekly newsletter are included throughout the book.

Author, Lyle Wilkinson is Canadian earning his BBA and MBA in Hawaii where he now lives. In 1999, he began researching a disciplined, mechanical system's approach to the stock market. The result of that research is DIY-Portfolio Management.

Considering taking your portfolio into your own hands? This book is an excellent learning tool and a practical, comprehensive guide for remodeling your financial future.
Reviewer: Shirley Roe, Allbooks Reviews

Great book for technically oriented stock analysis
It should be no surprise to anyone these days that over time money funds tend to track the stock indexes.Some do better, some worse, but over time they tend to track the average.So, how do you do better than average?How do you beat the indexes?Lyle Wilkinson proposes that the answer is really fairly simple.If the stocks tend to track toward a mean then trends can be examined to see where a stock is located on its mean.This fancy term for this is trend regression analysis.In his book "DIY Portfolio Management" Mr. Wilkinson provides a great explanation of trend regression analysis - what it is, what it is not, why it makes sense, and how to do it.For those who like statistics he builds the complete formulas and rationale, for those who don't he points out that many services provide trend analysis on their sites.You don't have to calculate the trend regression but you do need to understand what it is and how it works if you want to use it.This book shows how to use the information to pick a stock that is likely to rise or fall.However, this is not the only analysis in the book.He includes information on TRiPS, market timing, risk analysis, cycles, and even an action plan."DIY Portfolio Management" takes a very technical subject and makes it available to the layman.Lyle Wilkinson's excellent and thorough job of explaining trend regression analysis and its use in the stock market is the primary reason "DIY Portfolio Management" is a highly recommended read for the technical investor looking to take control of his investments. ... Read more

Reviews (22)

You'll wonder why our accountant never told you this
I bought two copies of this book; one for myself and one for my accountant.I found out very early in my business career that tax preparers go to school to lean how to fill out tax forms and accountants only fill in the numbers. After reading this book, I found legal deductions that my accoutant never told me about...I had to suggest it to him.Once you begin applying the strategies that Wade teaches in Real Estate Money Machine and the Wall Street Money Machine series, you'll need to integrate these srategies to protect yourself from overpaying your taxes.You'll also need to protect yourself against lawsuits. This book shows how.I also recommend Wealth 101 and Loopholes of the Rich by Kiwosaki.

What a Eye opener! Saved Thousands of $$$.
The biggest expence we face, more than our mortgages, putting children through college or buying cars is taxes. This excellent book by Wade Cook saved me $... last year.So much information: Nevada Corporations, income splitting. entity integration, tax credits, gifting and so much more. I have always advocated filing the long form, not the short form while filing your taxes to make taxpayers more tax aware. This book really lets out all the stops. You really can get rich despite the tax laws if you follow Wade Cooks advice. Brilliant Deductions is a brilliant book that will open your eyes to what is available. Use what you can now and then add more strategies as they apply to you.Last Fall, I invested in section 29 tax credits for the first time. While a minor strategy, I recieved a major gain 100%, plus a nice dividend and a tax credits to offset taxable income. I know some people who still spend money to create tax deductions.... Not too shabby.Great book for anyone who wants to minimize taxes.

One of the best tax reducing guides available today!
If you are serious about reducing your taxes..pronto, then read Brilliant Deductions by Wade Cook. I also recommend Tax Loopholes in the Rich Dad Advisor series and Money Mastery. These books will make you tax smart and add to your cash flow.

Exciting and very well written.
I have seen other books by Wade Cook and wasn't all that impressed. This one really did impress me and is a worthwhile read.

In this book you will learn about Nevada Corporations, income splitting and more. Cook also writes in an easy to read style and makes the information jump to life. He is an excellent writer.

I also recommend How to Inc. & Grow Rich by C.W. Allen, How to Own Your Own Corporation by G. Sutton, Loopholes and Inc. Yourself.

You've got to KEEP IT, if you want to SPEND IT!
"Brilliant Deductions" is just that...BRILLIANT! Inside you will find MANY legal and ethical tactics to avoid giving your money to the government. As Robert Kiyosaki's Rich Dad said "It's not how much you make, but how much you KEEP that counts!". I recommend this book to everyone who has any ambition to increase their income--which you will do simply by keeping more of what you already earn! Wade Cook is a master at educating people to the tactics and processes of both MAKING money, and KEEPING it once it's made. You will also profit greatly by reading Robert Kiyosaki's "Rich Dad, Poor Dad" and its two sequels "Cashflow Quadrant" and "Rich Dad's Guide to Investing". All of these basically allow you to discover, understand, and apply what the TRULY RICH in the world do to make, maintain and increase their fortunes. ... Read more

Book Description

Every employee with a 401(k) plan should read this book.

The 401(k) plan is one of the best benefits your company provides. If you haven’t signed up, this book will show you how to join the plan and make important investment decisions. If you already participate in a 401(k), but have questions, Your 401(k) Handbook will help you:

Decide how much to save.
Understand what you need to know about stocks and bonds.
Allocate your savings based on your age and other factors.
Avoid financial mistakes that could leave you with too few dollars to retire.
Increase your savings by rolling over your money to another 401(k) or IRA when you change jobs.
Determine when you should take a loan from the plan.
Minimize your taxes when you contribute to the plan and withdraw your money later.
Take advantage of special funds that are only offered in a 401(k) plans.
Evaluate the performance of your plan’s investment options.
Maximize the retirement benefits from your 401(k), IRA, and pension plans.
Navigate your plan’s rules and IRS 401(k) regulations.
Understand the brochures and materials your company provides. ... Read more

Reviews (1)

An invaluable and "user friendly" instructional guide
Current for 2003, Your 401(k) Handbook is an invaluable and "user friendly" instructional guide to investment decisions for employees which authoritatively covers the basic fiscal rules for taking charge of one's 401(k) plan and making personal savings grow. From basic rules such as "diversify" and "ignore fads" to the advantages of a 401(k) including flexibility and tax deferment of contributions to learning how to evaluate investment options and view how they are doing and much more, Your 401(k) Handbook is an extensively detailed financial handbook written especially to be accessible to non-specialist general readers of all experience levels ranging from the novice to the more experienced wage earner in the constantly changing world of finance. ... Read more

Book Description

Praise for The Independent Fiduciary "Rusty Olson is a pioneer and leader in wise investing for pension funds. Institutional executives in all nations should study his experienced advice." —John M. Templeton Founder, Templeton Investment Counsel "Rusty Olson has provided a reader-friendly tour through the complex jungle of investing, pointing out both the opportunities and pitfalls that lie before the independent fiduciary. At once constructive and skeptical, his common sense—particularly the wit and wisdom of Chapter 18, ‘Aphorisms’—shows through this thoughtful book." —John C. Bogle Founder, The Vanguard Group "Rusty Olson is one of the best managers the fund sponsor side has ever produced. He understands the risk and reward of diverse asset classes and has the stomach to follow his convictions. He is in every sense a professional investor." —William Crerend Founder, Evaluation Associates, Inc. "I can highly recommend Rusty Olson’s new book on the basis of almost twenty years’ experience with him. He touches on all the bases of possible intelligent investment, by no means limiting his responsibilities to the active market of the stock exchange, NASDAQ, etc. It would seem essential that every library in the country should want to own this volume." —Roy R. Neuberger Founder, Neuberger Berman "Rusty Olson is a wise fiduciary. Drawing on his vast experience he introduces the language, concepts, and issues that every fiduciary must understand and suggests solutions to many thorny problems." —Barr Rosenberg Chairman, AXA Rosenberg Group LLC "Rusty Olson has been one of the most intense students and brilliant executors of investment opportunities and risk assessment for retirement funds. BARRA RogersCasey has had the honor to serve Rusty and Eastman Kodak for over twenty years—always learning from him. The Independent Fiduciary will evolve into Retirement Fund Investing 101 for newcomers and experienced practitioners alike." —John F. Casey Chairman, BARRA RogersCasey ... Read more

Book Description

This is the first book of lifestyle and financial strategies fashioned expressly for those want to retire in fifteen years or less but have little or no money saved to do so.

Late-start investors are the 51 million baby boomers who don't have nearly enough money put aside for retirement. They envision life after work differently(to some it is those years to be spent playing with grandchildren on the beach, to others it's the freedom to travel or enjoy a hobby that may bring in a few dollars. There is one certainty however: Those Golden Years sure can't be lived on a mere $3,000, which is the average amount fifty-year-olds in this country have saved. But there is no need to panic. With its unique combination of facts, wisdom, questionnaires, and real-life anecdotes, The Late-Start Investor is the key to a future of secure fulfillment for those playing catch-up.

John Wasik's optimistic and effective advice does more than simply guide readers through the lifestyle assessment and planning; it also helps them create the "perfect" investment program for their vision of the future. His pointers reflect this group's need for limited risk, but keeps their dollars outpacing the ever-present enemy(inflation. The Late-Start Investor outlines what Social Security and pension funds contribute to the picture and how best to supplement them with stocks, bonds, and mutual funds. This book will give readers the confidence and knowledge to stop living in fear of the future and start saving for their dreams. ... Read more

Reviews (1)

Here's how to retire well if if you haven't planned earlier
For years, retirement and financial pundits have presented their mandates for financial planning for retirement. Unfortunately, for most of us, we read these books as they shower us with guilt if he had not started saving ten percent of our salary from age eighteen.

John Wasik knows better as a senior editor with Consumer's Digest magazine. We are each and all imperfect against the mandated forumlas and ponderous pundits. In this book he tackles the subject for the gain of the arrives or is about to arrive at retirement age having started saving too late which, I trust, includes most of us.

The author/expert allays our fears and then provides the most practical analyses and recommended steps I've read anywhere. And,he writes not in complex formulas but in a straightforward and easily-understandable way.

From his recommendations, I've been able to accelerate my own retirement finance program. I have bought the books for others, each who has told me that they have gained by it.

A remarkable book. ... Read more

Book Description

Now completely revised and updated, the Jorgensens' classic guide to increasing wealth provides solid advice on investing, paying taxes, buying insurance, and more...in good times and bad.

You can get rich -- regardless of age, income, or marital status -- by simply following the advice of financial duo Jim and Rich Jorgensen. It's Never Too Late to Get Rich explains how to apply their tried-and-true rules of financial planning in any financial climate, taking you through a process built on nine foolproof, easy-to-follow strategies:

• Pay yourself first

• Don't be a lender

• Kill those credit cards

• Be willing to accept some risk

• Build a rock-solid investment portfolio

• Invest with technology

• Delay your taxes

• Buy adequate life and disability insurance

• Work with a financial planner

Here too are invaluable guidelines on saving and investing in a crashing or soaring stock market, on minimizing taxes, and on preparing for big expenditures like education and retirement. Fully updated with information on new ways to earn interest, the latest financial websites and resources, and much more, It's Never Too Late to Get Rich is your reliable guidebook toward the financial security that you've always dreamed of. ... Read more

Reviews (8)

A most needed guide
Sara and I have struggled with financial planning particularly as a result of the recent market turmoil. The Jorgensens' book has served as a much needed guide to managing our money. It emphasizes the basics and is understandable. Unlike other investment books which fail to encompass the whole picture, this book is complete and thorough. We would recommend it to anyone interested in taking a proactive role in managing their money.

This book is a must have!
I read Jim Jorgensen's book and found it very enlightning! It is written so everyone can understand it and can make money by following his nine points to building wealth. The best part about this book is it takes a conservative and sensible view of investing! Anyone can make money by following Jorgensen's advise, no matter how much money you have to invest!!!

This book is a must have!!!
Jim Jorgensen wrote a book that everyone can understand and best of all, can profit from his sound advise. His advise is conservative and makes so much sense. His steps to getting rich are concise and easy to follow. I am working on enriching my wealth with his advise!

Its Never too Late to Get Rich - Great book!
This book was a great tool for me in my financial planning. I found this book to be informative, well written and not restricted to one audience. I am in the early stages of planning my future financial needs and this book was an awesome guide.
This book is a great investment for anyone!

Easy to read and get motivated
I found this book to be an easy read and very easy to understand. I was somewhat intimidated about changing my investing habits, but after reading this book, I felt that I had the tools I needed to move forward and get started. This book motivated me to really look at my investments and make an action plan ... Read more

Book Description

People who work for themselves often neglect to plan for their retirement. Yet failing to stash away money is like ignoring your taxes or keeping poor records -- it's financial roulette!

Fortunately, it's not difficult to establish a nest egg. Nolo's new book, Creating Your Own Retirement Plan, provides the straightforward information you need to select, establish and operate a retirement plan. It covers:

*simple IRAs

*SEP IRAs

*traditional IRAs

*Roth IRAs

*profit-sharing plans

*defined benefit plans

*401(k) plans

In plain English, the book explains how to select the best plan, set it up, make contributions, administer the plan, and then -- finally -- receive distributions. The latest edition is completely revised to reflect the massive changes wrought by the 2001 Tax Law, which altered many of the rules and regulations governing retirement plans. ... Read more

Reviews (1)

Don't read this book if you have any employees
I have used Nolo Press books in the past and found them extremely helpful, detailed and precise. So, I was excited to find this title which sounded like it was exactly what I was looking for. And it is just as good as any of the other Nolo Press titles I have seen, so I was very disappointed to find this statement on page 2 of the introduction..."If you have any non-owner employers in your business, this book is not for you." It would have been more helpful if the sample pages had included the introduction, which clearly lays out the intended audience and use of this book. That said, I recommend this to other self-employed people because every option is clearly laid out for your consideration, along with good instructions for taking action on your decisions. It could be called "Retirement Plans for Not-So-Dummies." ... Read more

Book Description

- How much is enough for your retirement?
- Will your portfolio expire before you do?
- Are your retirement dreams appearing more and more to be false dreams?

A fresh look at retirement portfolios, based on one hundred years of market history. Extensive research using real data from 1900 to 1999 reveals that your retirement plan may be too optimistic.

Different techniques are analyzed for optimizing your portfolio. Empirical data reveals what you can expect from markets, setting aside all the hype from the financial-media complex.

You can also download a free retirement spreadsheet to estimate your best and worst-case scenarios after retirement. ... Read more

Reviews (2)

Everything you NEED to know about retirement!
I read the book cover to cover. While the first chapter was a little too basic for me, it helped tie the advanced strategies together. This is far and away the most comprehensive modern book on retirement. In addition to being easy to read, every claim is backed up with independent data. The author paints a clear and convincing strategy for prosperous retirement. Buy three and give two to your best friends so you'll have someone to help you enjoy your second "unsupervised" childhood!

Great Book on Retirement Today
Easy to read, comprehensive, and it gave me a fresh and useful understanding of modern American retirement. The author, describes modern retirement, and shows how it differs from the retirements of earlier generations. Then he highlights the new challenges in modern retirement, and debunks many of the cliches that have kept retirees from really understanding the kinds of problems they are likely to encounter. Stein then goes on to give his advice, based on a long career as a financial planner, including some advice on the non-financial aspects of retirement. It's hard to imagine how a book on modern retirement could be much more helpful. ... Read more

Book Description

For the many Americans who want to retire early, this revolutionary investment and lifestyle guide shows the way.

Retire Early turns the traditional plan of delayed gratification -- work hard so you can retire in old age -- on its head. According to John F. Wasik, millions of Americans are in a position to retire early and start living their dreams much sooner than they thought possible. In this invaluable guide, Wasik provides solid financial advice on how to save, invest, and cut costs; how to target personal retirement goals; and, finally, how to realize them. He includes sections on how to raise children without going broke, how to insulate a long retirement with insurance and investment portfolio protection, and how to keep the money coming in by beating the market most of the time. Retire Early is an inspired blend of financial and lifestyle wisdom that redefines how we see retirement and helps us start living the lives we want today. ... Read more

Reviews (6)

Book Fails To Deliver Expected Quality
Having read several recommendations for "Retire Early," by John Wasik, as a good book on retirement issues, I as anxious to read it. Maybe it's like being told a movie is good before seeing it, then being disappointed, because after having read "Retire Early," I can't see what all the fuss is about.

The book's preface gets things off to a good start, as there is hardly a mention of how to accumulate or magnify one's nest egg and all that financial stuff that can be found in so many other "retirement" books. Here we get goodies like, "There is clearly another path that is more satisfying than the one we know," and "...for most of us, it's hard to break the chains that make us wage slaves." This is promising stuff.

But after a first chapter, which is also promising, the good stuff ends abruptly.

Unfortunately, the bulk of "Retire Early" is a compilation of all the financial basics you can get from a million other sources. And like so many of the "new" retirement books emerging, covering all the bases of financial advice seems to be the name of the game. Thus, we get advice on determining your nondiscretionary expenses, buying a car, using only one credit card, paying cash for meals, and on and on. And how about this for great advice: "For most people, real wealth is accumulated only if they spend a lot less than what they make." Now, there's something you can take to the bank with you on your next trip.

This stuff goes on for about 150 pages: All kinds of financial dribble that, like many other books of this nature, surely includes something to offer to most. But the point here is that I was told this was a really good book on retirement. When do I get to that? Surely there is more to retirement than all this financial stuff!

Bingo: Like an entirely different book, that last 30 pages are a hodgepodge of advice and information from nearly every conceivable angle other than financial. The problem is that it is too little too late, and much of it seems more appropriate to a "drop out" persona than a retiree. Some of it borders on just plain weird, like the author's suggestion to write down a list of one's failures in life. With this he says, "throw it in a drawer or file and review it later." Boy, that would be a valuable way to start your retirement plans. And how about his comparison of his "New Prosperity" with "Traditional Retirement?" Two of the entries here are "Chance to pursue passions" vs. "Chance to play golf all the time," and "Part of a global community" vs. "Member of gated community." Where are we going with this? Are we about to define "alternative retirement?"

Then, to end the rambling, non-financial stuff, there's a chapter on happiness, where we find quotes from 14 books in just five pages, as if the author did a quick skim from books off his favorite bookshelf.

I'm sorry, folks, I think the book is a mess, and I hope that this onslaught of retirement primers that start off with financial basics and all their inconsistencies, then end with rambling advice on how to be happy and fulfilled, soon will run their course.

I'll stick with my two old favorites: "The Joy of Not Working," by Zelinski, and "breaking the watch," by Savishinsky. While there will probably never be the perfect "retirement" book, I think those two are at least valuable contributions to the quest. I don't think this Wasik book holds a candle to either.

Simply Excellent
I loved this book so much I read it four times. Mr. Wasik takes the reader through all the steps neccessary to plan for an early retirement. The whole book is engrossing.
One thing is dated a bit though: I dont think that a technology mutual fund is the best bet right now...but I guess I could be wrong.
If you read this book you will figure out what you will do when do retire. This helps you to visualize more clearly and make you want to achieve your goal that much faster. It may also prevent much boredom in those years.
Like I said, this book is excellent and I read it four times.
The reference section is excellent. And I loved that Wasik covered the guy who runs the Retire Early Homepage.
Wasik makes a wonderful suggestion at the beginning of his book: Develop your skills, interests, and abilities, and have great faith in your dreams.

Covers all the bases...
The financial planning in this book was excellent, but the added value to me was the advice Wasik provides on how to enjoy and prosper with early retirement. He spends several chapters discussing the value of work and personal pursuits. How to form a personal ecology that balances growth, spirituality, and life passions. He also recommends many intriguing titles for further exploration of the topic. I'm 48 and ready to move on, and this book was just what I was looking for.

Retire Early - and Live the Life You Want Now
I have read several books on this subject and all seem to have some overt or hidden agenda to preach. John Wasik presents a very doable plan with common sense steps for achieving your goal. No hidden agenda here, just solid advice and very practical bits of usable information. The financial plan in Retire Early is the most realistic I have seen in any book. This is not a read once and discard book. I use it as a reference guide and refer to it often.

Proof that retiring is attainable
If you're thinking about giving up the grind early, this quick read tells exactly how almost anyone can do it. Of course, you have to follow the plan. This book is very conversational, easy-to-read and enjoyable. I highly recommend it! ... Read more

Book Description

For the burgeoning number of baby boomers, retirement is barreling full-steam ahead. And for many of them, having spent their lives focused more on consumption than on saving and investing, the future is looking pretty meager.

According to a recent study by the AARP, the average boomer's net worth is less than $50,000--far less than a person needs to retire comfortably. The good news, though, is that it's not too late to rectify the situation.

The Procrastinator's Guide to Financial Security supplies a crash course in the fundamentals of money management. In a clear, straightforward way--but with a tone that stresses the urgency of the situation--the book helps readers develop the knowledge, skills, and discipline they need to secure a comfortable retirement. They'll find sound advice and step-by-step strategies on how to:

* Curb their impulse spending and get out of debt
* Set up a financial plan and stick to their budget
* Estimate the annual income they need to retire and use IRAs and salary deferral programs to reach that goal
* Make savvy financial decisions concerning life insurance, refinancing a home, and saving for college tuition
* Develop a personal investment philosophy
* Practice smart investment strategies designed to increase wealth--plus much more. ... Read more

Reviews (7)

Stop procrastinating with your finances
This is an excellent book to have a good understanding of all aspects of your personal finances. David Teitelbaum presents all financial planning issues with an easy-reading style that is both clear and educational. I highly recommend this book to anyone who is interested in having a well-rounded knowledge of personal finances. Every chapter of the book presents a number of useful web addresses on related subjects that are excellent for further reading and a more in-depth understanding of certain issues. It is never too late to get this book. Stop procrastinating with your personal finances!

Not Just for Baby Boomers
I highly recommend this wonderful book to anyone who wants to learn how to take control of their financial future. The financial truths in this book apply to Generation X and Boomers alike. Mr. Teitelbaum makes the complex seem simple and takes the mystery out of investing. He has written this book for people who are not financial experts, so you can feel confident that his book can and will help you learn how to handle your finances. Mr. Teitelbaum explains the world of personal investing in a smooth, easy-reading style. So, whether you are a beginning investor or somewhat experienced, this book can serve as an invaluable resource. Mr. Teitelbaum champions the get quick slowly approach to investing based in common sense and long-term planning. If you are interested in building wealth but are prone to a get-rich-quick approach, then this book is the tonic you need. Mr. Teitelbaum addresses all of the building blocks to wealth creation including: sensible budeting, ridding yourself of expensive debt, developing a savings plan and developing a solid long-term investment plan. Also, he provides valuable insight into the usual suspects (stocks, bonds, mutual funds, life insurance and annuites) and explains how they fit within a broader investment philosophy. Mr. Teitelbaum gives broad coverage to so many areas of personal finance that his book will also serve as a great reference guide. He also, shows you where to find out more information about a particular financial topic. I consider this book a great achievement, and it will undoubtedly help many people. I highly recommend this book. I give it 5 stars!!!

Knowledge Is Power
The author makes a very good point in this book--that most of us are not taught in school this basic life skill of budgeting and investing our money. He makes another good point that the quality of each person's life in retirement will depend to a great extent to how well he/she has planned and invested, because no longer do most of us work for paternal companies that take care of us. Even the federal government's retirement plans are not what they once were. We're expected to make more and more choices for ourselves, and most of us are oblivious about what we'll have in retirement. We also don't want to think about long-term care, but we can see how important it is as we look around and see our parents needing care and are suddenly surprised to see that Medicare/Medicaid doesn't go far. I, for one, never was exposed to any of the basics, and I admit have no head for it. My eyes glaze over at the mention of dollars and cents. But this book is so easy to follow and so logical that I feel like the author is personally holding me by the hand and starting me out with Step One. There are background chapters about, for example, how Social Security got started; how it used to work; how it works now; and what we can and can't expect it to do for us in retirement. There is an excellent index that enables the reader to search for specific topics. There are easy-to-follow headings on things like What Drives Up the Market, Paying for Long-Term Care, and Buying Mutual Funds At Banks. The author even includes website information, which makes the book all the more useful. In short, this is a basic handbook--not just for baby boomers, but for younger people starting out. I've given two copies to recent college graduates entering the workforce because I don't want them to be as oblivious as I was for so many years. I want to thank the author for opening my eyes before it was too late!

Not Just for Baby Boomers
Though this book is aimed at baby boomers, I, who have been collecting Social Security for several years, found the book illuminating and educational. Like most Americans, I grew up disinterested in what I perceived to be too difficult in learning more about savings and investing - both how to do it and why they are both so important. I'd certainly be more comfortable in retirement now had I had this knowledge years ago! In addition, numbers have always baffled me. David Teitelbaum's book provided an easy gateway to learning about financing retirement, getting out of debt, how to start investing, and how the markets work. His writing is warm, friendly, and easy to follow, and you certainly feel that he cares about you as well as what he is writing about. I particularly found the chapter on Family, with its discussions on life insurance, long-term care planning, and wealth transfer, both useful and helpful. Because of what I have learned from his book, I am encouraging my adult children and grandchildren to read it and be more prepared than I was.

You have to read this!
This is the book you need to work towards financial security. It's never too late to start and David Teitelbaum makes you feel like you really can do it. This book is one of the best financial planning books on the market. The writing is easy to understand and it makes sense. You can't help but feel David Teitelbaum's passion about good financial planning -- for everyone. Get the book and start taking steps towards your healthy financial future. You can do it! ... Read more

Book Description

Essential reading for anyone planning to retire abroad and the most comprehensive and up-to-date source of practical information available, including profiles of all the most popular countries. It's guaranteed to hasten your introduction to living abroad, and, most importantly, will save you time, trouble and money! The best-selling and most comprehensive book about retiring abroad since it was first published in 2001, containing up to twice as much information as similar books! ... Read more

Book Description

Praise for Last Chance to Get It Right!

"Tom Moore is one of the capable professionals who made me look good in the last thirty years of my forty-five year career at A.G. Edwards & Sons. He has put together a primer which should help both new and veteran investors understand financial markets and alternatives, and gain a direction and common-sense approach to their estate planning."
–Benjamin F. Edwards III, Chairman Emeritus
A. G. Edwards & Sons

"Tom Moore’s grasp of the problems of retirement planning is superb; his methods of solving those problems unrivalled."
–Richard Austin, past president of Templeton Funds Annuity Company
currently a Retirement Income Planning Consultant

"Tom has spelled out in plain English, just what it takes to create and implement a successful retirement plan. Boomers and non-boomers alike, will find his step-by-step road map very helpful."
–M. Ellen Simmons, JD, CPA

Between Social Security uncertainty and uneasiness in the stock market, Americans today face a more uncertain financial future than at any time in decades. Ironically, our response to this growing emergency is to spend more, save less, and put off necessary preparations until tomorrow.

Buckle up, because tomorrow has arrived. Last Chance to Get It Right! outlines a step-by-step program designed to help you:

• Increase the size of your nest egg–for a long, enjoyable retirement
• Slash your income tax bill–both today and throughout your life
• Reduce your estate taxes–to preserve the assets you fought so hard to build

Are you truly prepared for the financial future facing you and your family? Let Last Chance to Get It Right! give you the knowledge and tools you need to stop making financial mistakes today–and put more money in your pocket tomorrow. ... Read more

Book Description

This enlightening guidebook turns estate planning into a process of financial education and spiritual growth for the whole family. Written by a highly qualified, interdisciplinary team—a well-respected estate planner and two clinical psychologists with a focus on family counseling—it teaches wealthy families how to build estate plans that include non-material aspects such as family values and character strengths.

Topics include inherited money myths and the role money plays in a happy family; how parents model their children’s values; teaching children about money; building healthy families where there is unequal wealth; and communicating about money. Wealthy parents will find their most disturbing morals issues addressed with competence and empathy, such as:

Will money corrupt my child? Isn’t value-based estate planning a form of "ruling from the grave"? What can I do if one of my children is a big disappointment?

Examples are drawn from the authors’ practice and include families of all structures and histories—married, divorced and single parents and those with previous marriages. Also includes is an estate planning roadmap showing how to protgect assets and lessen taxes. ... Read more

Book Description

Everyone wants to get the most out of their retirement benefits -- not to mention the best medical coverage.

Social Security, Medicare & Government Pensions clearly explains what the different benefits are, and shows you how to claim what you've earned, including:

* Social Security retirement and disability benefits

* Supplemental Security Income

* government penisons & 401(k)s

* Medicare and Medicaid

* new medical insurance options

* dependents and survivor benefits

* veterans benefits

* and more

Completely updated to provide the latest information and changes in benefits, this plain-English book is a must-have for anyone who is retired or about to be. ... Read more

Reviews (4)

Adequate & Annoying
The authors' explanation of the workings of the Social Security, Medicare, Medicaid, etc systems is adequate but is not particularly well written and often lacks clarity. This is certainly not one of NOLO's best offerings.

Especially annoying was the authors' frequent and tedious editorializing. I suspect most readers of this book want the facts, not the authors' socialistic, simplistic opinions.

Significant error in VA section
page 10/7: "E. Medical Treatment....And dependents and survisors of a veteran who has a service connected disabilities, or who receives a veterans pension, are entitled to care in VA facilities if they are unable to afford private care."

I have been a VA employee for 16 years. The above is WRONG. There IS a pilot program in a handful of VA hospitals allowing dependents to use the VA hospital. Otherwise, this is NOT the case.

..."The VA can also pay for long-term care of an elderly or disabled veteran in a private nursing facility if there is no space in a VA facility."

This is also not entirely correct. The operative would is CAN. However, the VA is only obligated to pay for the care of veterans who have a certain percentage of Service-Connected Disability. If they pay at all for any others, most VA's only pay for care for a VERY limited period of time.

Could reading about federal regulations be entertaining?
The authors of this comprehensive guidebook come close to achieving this feat. As they point out, many Americans are not receiving all the benefits they deserve under our current system. By explaining the various benefit programs and laws in conversational English, they hope to help readers ensure they are getting everything to which they are entitled. It's also helpful that the text is presented in a visually interesting two-column format with plenty of headings, boxes, and even the occasional illustration.

Each chapter explains a different benefit program or set of laws designed to protect the rights of older Americans. Security and Medicare take up more than half the book. The discussions of Medicare claims and appeal procedures are particularly thorough, complete with samples of Medicare summary notices explaining what the sometimes confusing columns of numbers mean. There also are chapters on Medigap policies, Veterans benefits, private pensions and 401(k) plans, and federal civil service retirement benefits. However, if you're looking for in-depth information on Medicaid coverage of nursing home costs, this is not your best resource. While Medicaid's basic eligibility rules are briefly discussed, the complexities of transferring assets to qualify for Medicaid benefits are not.

The authors mainly stick to the facts, but every once in a while they reveal their view of our society's tattered safety net. For example, they call our failure to enact a comprehensive, universal health care plan a "national disgrace."

Great summary of the Social Security system!
This happens to be the best all-around book concerning the difficult subject of Social Security that I have read. Understandable and very well written. The sections regarding disability are filled with just the info I needed to know. ... Read more

Book Description

IT’S A SAVAGE WORLD OF MONEY!

The Savage Truth: If it were that easy to make money in the markets, we’d all be rich!

The Savage Truths about investing, mutual funds, retirement plans, life insurance, college savings, estate planning, and coping with debt are designed to help you gain control over your financial future–no matter what the direction of the stock market. Whether you’re just starting out or have learned by experience, the Savage Truths will keep you on track to reach your long-term goals of financial independence.

Learn about money from an award-winning consumer journalist whose expertise comes from experience. Savage was a founding member and the first woman trader on the Chicago Board Options Exchange. A regular commentator on PBS’s Nightly Business Report, Chicago Sun-Times columnist, and money expert at MSN’s moneycentral.com and Barron’s Online–and a frequent guest on shows ranging from CNN to Oprah–Terry Savage explains money matters in a voice you’ll recognize and understand.

The Savage Truths are distilled from Terry’s years of experience with money and the markets. But Terry’s advice helps you into the future, using technology to empower your financial decision-making. She directs you to Web sites that give you financial planning tools and calculators and shows you how to bank online and track your investments.

Don’t be overwhelmed by money decisions, or ruled by fear and greed. The Savage Truth on Money will set you free to enj