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The Truth About Money 4th Edition, by Ric Edelman
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“A single source for what you need to know to put your financial house in order, an impressive piece of work, and very useful.”
—Bob Clark, Editor-in-Chief, Dow Jones Investment Advisor
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Ric Edelman, America’s most successful financial advisor, has revised and updated his classic personal finance bestseller to reflect the new global economic outlook. In his 4th edition of The Truth About Money, Edelman tells you everything you need to know about money—an essential, yet delightfully breezy and accessible, must-read manual for anyone who may have previously sought the financial wisdom of Suze Orman and Jean Chatzky. The Truth About Money is an indispensible guide to money matters from the man whom Barrons named the #1 independent financial advisor in the country.
- Sales Rank: #7455 in Books
- Published on: 2010-12-21
- Released on: 2010-12-21
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 1.18" w x 7.38" l, 2.11 pounds
- Binding: Paperback
- 736 pages
From the Back Cover
The Personal Finance Classic . . . that's fun to read!
You Need the Truth About Money
Completely revised and expanded, The Truth About Money shows you everything you need to know about personal finance—and explains it all in plain English. Investments, insurance, taxes, mortgages, leasing cars, getting out of debt, wealth planning for multimillion-dollar estates—it's all here for you.
Whether you're saving for college or retirement, buying a home or selling one, concerned about long-term care for yourself or your parents, worried about an impending job loss, or facing any financial decision, knowing what's in The Truth About Money will help you make great financial decisions.
New to This Edition
Planning Your Retirement Lifestyle
Learn how to retire in comfort and financial security (and what to do when you get there) (pg. 485).
The Best Investment Choice
Learn how ETFs can help you create wealth while saving you big money (pg. 176).
Target-Date Funds
It's what you don't know that can hurt you (pg. 269).
Behavioral Finance and Neuroeconomics
Learn why you make bad financial decisions—and how to break the cycle (pg. 224).
Picking the Best Funds
Find out the truth about Morningstar ratings (pg. 250).
Are Your Parents Aging?
See how best to provide help—without harming yourself financially (pg. 374).
The Most Important Financial Decision You'll Make
Find out how to make this decision successfully (pg. 631).
Plus more than 100 Pages of New Content!
About the Author
Ric Edelman is Barron's #1 independent financial advisor, the bestselling author of seven books on personal finance, and host of The Ric Edelman Show, heard on radio stations nationwide. Ric's firm, Edelman Financial Services, manages $5 billion in assets and has been helping people achieve financial success for twenty-five years.
Most helpful customer reviews
77 of 78 people found the following review helpful.
Does well by doing good, with a few reservations ...
By Epops
I have listened to Ric's Saturday morning radio show for a number of years, and in fact I'm listening to it right now, as I write this review. I also have given copies of this book to several of my family members. And I have to admit that I learn something every time I listen to his show.
So, why only three stars for his book?
Well, one reason is that whenever I listen to his show, I keep wondering why I should pay him over 1% of my retirement portfolio's value every year to do something I am perfectly capable of doing for myself. I have finally come to realize, and this is not an original observation, that Ric is very clever, glib, and a bit disingenuous. He does a lot of people a lot of good, and there is nothing wrong with doing well by doing good. But at the same time, he is not nearly as straightforward as he seems to be. The difficulty is that the big money in the financial planning world is not made by dispensing advice on financial planning. You can hire accountants and attorneys to do taxes and estate plans, and they can be expensive, but they are one-time expenses. When your tax return is filed, it's done. When your estate plan is complete, it's complete. It's piece work, and usually does not generate ongoing fees.
The real money in the financial planning world is made by MANAGING people's money, especially RICH people's money, and managing it on an ongoing basis. One percent of a million dollars is ten thousand dollars. If you have a few such accounts, and put them all into ETF's requiring a few hours a year to manage, you are talking about a real money machine.
In my opinion, Ric dispenses pretty good advice on financial management, insurance, taxes, real estate, etc., in the hopes that you will entrust your life savings to him to manage, for a fairly stiff annual fee. In Ric's defense I will say that his financial planning advice is in general pretty good. He is not a charlatan.
His investment advice, on the other hand, is problematic. Here are my reservations:
1. He heavily promotes ETF's as the best way to invest. There is nothing wrong with ETF's. But there is nothing magical about them. You can make (and lose) money in all kinds of investment vehicles, including ETF's. ETF's can be thought of as index mutual funds that trade like stocks, and they are very good for some purposes. Insisting on using ONLY ETF's to build an investment portfolio is silly, in my opinion. To me, it seems like a marketing device.
He is also obscure regarding how he selects the ETF's for a portfolio. He advises wide diversification, which is good. He then recommends 16 or so market segments (and thus 16 or so ETF's) to invest in. Why 16 sectors? Why only ETF's? What is the specific rationale for his portfolio construction? What kind of results can be expected with his approach? Well, he sort of says, and then he sort of doesn't. And if you use his service, you have to subtract his fees, which are significant. How significant? Read John Bogle's book, referenced below, about the effect of management fees on investment performance and you will find out. If you look at the Vanguard Three- and Four- index portfolios on the Vanguard website, which I reference below, you can find all of the information about them that Ric does NOT provide about his portfolios, and then you can decide for yourself how likely it is that Ric's recommendations will do significantly better.
2. He advocates having as big a mortgage on your house as you can support and putting the excess cash into the stock market. This might be good advice for some people, but it is certainly not sensible or practical advice for everyone. Many will just spend the excess cash. In that case, paying down the mortgage may function as a form of forced savings. At any rate, the use of a personal residence as an investment vehicle is a complicated subject, worthy of much thought and discussion, and many intelligent financial experts disagree with Ric's advice, for many reasons. Ric's one-dimensional approach to this subject makes me suspect that he has a hidden agenda: He doesn't get a fee on the equity in your house, after all, but he will get a fee if you liquify that equity and move it into the stock and bond markets under his management. This may not be his only motive for giving that advice, but that certainly would be one result of taking his advice, if you were his client.
I gave Ric's book to my family members because I haven't found a better place to learn the basics of managing your finances. If you don't want to take the trouble to learn how to manage your own investments, then Ric's company is probably one of the better ones to consult. If I won the lottery I might well consult him or some other financial planner, simply to obtain the appropriate tax and legal advice needed for managing such a large sum of money.
If you want to learn how to manage your own investments, I recommend two books:
William Bernstein: The Four Pillars of Investing
John Bogle: The Little Book of Common-sense Investing
I also recommend the Bogleheads website.
Vanguard's Three- and Four- index fund portfolio is a useful concept.
The American Association of Individual Investors is a very good organization to join if you want to invest in individual stocks. The monthly magazine is very informative.
The American Institute for Economic Research offers sound financial and investment advice and enlightening economic commentary in their publications.
epops
81 of 87 people found the following review helpful.
An investor "must have" reference
By D. Wells
This is the fourth edition to a very popular book Ric Edelman wrote years ago that won a lot of awards. He has updated it and added a few hundred pages with this re-release on Dec. 21, 2010. It is almost 700 pages of teaching from a very smart Financial Advisor and the amazon price is about 40% off the retail price of $19.95 you'd pay at a book store. I've listened to several financial people on radio and television over the last 25 years and it is my opinion this man is a very smart advisor and has investing down right. He is an excellent educator (I've paid money to hear him speak at a seminar) and listened to him for several years on the radio. He formulates a good argument for hiring a fee based advisor (his firm manages over 5 billion dollars) rather than taking advise from a person trying to sell you an investment product they make commission on. Ric's no nonsense approach to investing works and I would consider him to be as smart on money management as anyone i've ever heard. For just over 11 dollars you get a wonderful reference and education on financial matters you would not otherwise think of. I highly recommend the companion book "The Lies about money" which is outstanding and explains his investment philosophy into ETF's (exchange traded funds) and the benefits of them. To get this kind of advise this cheap, consider this book to be a bargain reference read that you cannot help but learn a lot from.
39 of 40 people found the following review helpful.
Book is great - Kindle edition is "so so"
By Doug Cooper
As for the content of the book, I can't say enough positive things about it. After reading through this, I have a clearer and deeper understand of the fundamental investment strategies and products available than I had ever had before. I finally feel like I can converse intelligently with my financial adviser - and participate meaningfully in developing my own strategy for long term investments and expenses. I highly recommend the book itself.
I've taken one star off the review of the Kindle edition, because the resolution of the included diagrams and images is so poor. The more detailed diagrams, such as the IRA flow chart are practically unreadable on the Kindle edition, even if you Zoom in. (Reading on an iPad).
Just for kicks, I downloaded a sample of the iBooks edition on my iPad, and found the illustrations only marginally better (not worth buying the book again). I tried the Kindle reader app on my Mac Desktop, and had the same issues. The IRA diagram specifically is a multi-page fold-out in the paper edition of the book, and it's broken into three separate images that you can't even zoom into in the Kindle edition.
I'm left loving the contents of the book, enjoying reading it electronically, but wishing I had a paper copy just to be able to see the diagrams and tables clearly.
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