Amazon.com
This handy fact-filled book initiates you into the mysteries of the financial pages -- buying stocks, bonds, mutual funds, futures and options, spotting trends and evaluating companies. For those who are curious but intimidated by everyday financial jargon, this guide offers a literate, forthright and lively alternative. Recommended.
Book Description
The Wall Street Journal Guide to Understanding Money & Investing initiates you into the mysteries of the financial pages -- buying stocks, bonds, mutual funds, futures and options, spotting trends and evaluating companies. For those who are curious but intimidated by everyday financial jargon, this guide offers a literate, forthright and lively alternative.
Customer Reviews:
Great!.......2007-03-27
Just finished reading it. Wow, what a mind trip. Fast shipment too!
Investing for Dummies.......2005-05-03
I cant believe that I went through college without taking business or econ classes (except for political economy). This is a way for me to catch up.
I like this book because it is easy to read and understand. So easy even an elementary school kid could understand....ok maybe junior high.
Eventually I would hope to read the Intelligent Investor.
Excellent basics.......2004-12-08
This book is excellent for learning the basic concepts in investing and finance. If you would like to iniciate in this area, i recommend this book as an entry door with the basics.
The Best.......2004-05-25
As many have said in their reviews, this is a great starting point for those new to investing and financial markets. In fact, it's the best I've ever found and I've looked a lot. The simple, plain English explanations are what makes this book stand out. For the nuances and more detailed information regarding the topics in the book, look to a textbook from a college finance class. But for the person who knows very little, start with this.
Good for beginner investors.......2004-05-23
If you are new to investing and need a simple primer, read this book. It's well organized and written. Those that have invested for a while will find this book simplistic. Nevertheless, I think every beginning investor should get a copy and read it.
amazon
It's quaint that in this day of search engines to help us find more search engines, some old-fashioned reference books are still perennial sellers. When The Irwin Guide to Using The Wall Street Journal premiered in 1984, the future day traders of the world weren't trading much more than Atari cartridges. So, the advent of this sixth edition--penned, as ever, by Michael B. Lehmann, a University of San Francisco economics professor who has developed a popular seminar class around it--receives a round of well-deserved kudos.
Even if, that is, its title remains a bit of a misnomer. For this is not, nor has ever it been, so much a guide to using the WSJas it is a tidy primer on the fundamental workings of the U.S. economy and stock markets, intended not just to help readers enjoy the WSJ more, but to help them more fully comprehend what they read there. Lehmann covers just about everything, like a rigorous-but-not-draconian year of Economics 101: from how and why interest rates affect markets and when to expect the next recession to the Federal Reserve's impact on your investment portfolio and which fixed-income market is right for you. The guided tour Lehmann gives is well organized and accessible to the average financial layperson who can handle sentences slightly longer than those in USA Today and doesn't think "Federal Reserve" refers to an early 19th-century architectural style. A certain amount of patience may be called for, too: though no opaque academic text, The Irwin Guide is far from one of those Dummies/Idiots books that somehow crams the greatest matters of civilization into what generally look like coloring books for adults. Lehmann's text is dense, relieved only occasionally by various charts or articles previously published in the WSJ. Curious is the near-total absence of terms you would have expected to see in an update from the 1996 edition--terms like "Internet," "dot-com," and "WWW." But after six editions you have to think that Lehmann's a sly one--maybe he speaks most eloquently of how the current dot-com/IPO mania will play in the long term by saying absolutely nothing. --Timothy Murphy
Book Description
The bestselling guidebook to the world's most trusted newspaper, now fully revised and updated
The Wall Street Journal has long been an essential daily business resource, and since 1984, The Irwin Guide to Using the Wall Street Journal has helped professionals understand and get full value from the paper's detailed, up-to-the-minute information. The book's clear explanations and illustrations have helped more than a quarter million readers skillfully use the Wall Street Journal to identify market-moving events, track business cycles, find facts and figures, get before-the-bell access to vital information, and more.
Dramatic changes in both the global business arena and the Journal itself have led to the need for a revised and updated guide. The seventh edition features:
- Six new chapters, along with hundreds of allnew graphs, charts, and examples straight from the pages of The Wall Street Journal
- New screen shots from the paper's increasingly popular online edition
- Instant-access Web links to important government and industry sites
Customer Reviews:
Basic Information and not all in the WSJ.......2006-07-30
The book is a light introduction to economics. As such, it is interesting and it does lead you to some of the more obscure corners of the WSJ online (for which even print subscribers must pay a subscription fee, plus another for Barron's online).
A big problem, however, is that a majority of the interesting charts with historical data are drawn from sources other than the WSJ. In addition, these sources (such as the US Census Bureau) provide only the raw data, not the charts.
ON Target.......2005-11-26
The problem with too many people who have some extra money to invest is that they listen too much to too many who know too little. Everyone is always looking for the fast money. Often the investment money goes down the tubes with the bad advice promising quick reward.
Michael Lehmann has written a book that takes any investor through a thoughtful, fact filled series of lessons on how to use data to make well informed decisions. Listening to Uncle Bob pontificate about his "Big dollar investment tip" for the day should go right out the window. Lehmann's "Using the Wall Street Journal" should become the primer for anyone who is serious about investing with knowledge. A little reading of the right material pays off. Michael Lehmann's book IS the right material and has paid off for me over and over again.
The best economics book ever.......2005-11-19
I used this book in my Internet Data Sources class at the University of San Francisco in the Spring of 2005. The course was taught by the author of the book, Michael B Lehmann. He is the greatest professor ever and this book helped through the whole course, which was the most useful I took in college.
really useful.......2005-10-29
As someone who never set foot into an economics classroom, Michael Lehmann's book is a huge relief. His book clearly walks the reader through the process of how the economy actually works and demystifies economic indicators. This book gave me a seat at the table of my own financial management.
American Economic System Made Easier.......2005-10-22
Michael Lehmann proves that you don't have to get a college degree in Economics to be able to understand the American economic system. Using the multifold economic data regularly published by the Wall Street Journal as his his focus, Professor Lehmann goes about explaining the background and meaning of the data and how to interpret it for your own advantage. He covers subjects which would be includedin a variety of college courses and does so in a clear and understandable narative.
He provides a rich background and explanation on subjects such as the Business Cycle, Role of consumer demand, the role of the Federal Reserve System, Fiscal Policy, International Transactions, and the Leading Economic Indicators. He also provides information on how to keep up with the data using internet and computer access.
A must have for any person interested in understanding the American economy.
Amazon.com
Kenneth M. Morris and Virginia B. Morris update this now classic handbook to the fundamental principles that govern personal financial management. The Wall Street Journal Guide to Understanding Personal Finance covers the basics of banking, credit, home finance, financial planning, investing, and taxes in a concise and unambiguous manner. The details--amplified by graphics and peripheral data that consistently make its points easier to understand--range from the pros and cons of different types of banking institutions and the various kinds of checking accounts they offer, to the methods available for handling credit-card billing errors and the steps to employ when deciding how large a mortgage one can afford. Obviously, a book of this nature cannot fully answer all questions that might arise in every area it addresses; this one, however, goes a long way toward providing the relevant information that most readers will need to make knowledgeable decisions on their own. --Howard Rothman
Book Description
The Wall Street Journal Guide to Understanding Personal Finance gives you clear, simple explanations of the complextities you face every day in your financial life. This revised and updated edition also includes the information you'll need to make smart decisions about -- and avoid the pitfalls of -- banking, credit, home finance, financial planning, investing and taxes.
Customer Reviews:
Good for a brief overview, but I wouldn't call it a "Guide".......2005-06-21
A book that calls itself a guide should be full of information that the reader can take and use on his/her own. This book has a good overview of finances, but it does a poor job of relating one branch of finance to another. There is no building of knowledge for the reader, so it is as if you are reading a different book on each page. For a book issued by the Wall Street Journal, I was rather disappointed.
Great Starter Guide.......2005-06-08
Most of us have some gaps in our understanding of personal finances. This approachable guide lays it out briefly and understandably. Since my attention span is short for this topic, this is the kind of guide I needed.
For instance, the two-page section on DEALING WITH A LENDER, shows a loan application form with 6 boxed explanations for parts of the form.
You won't learn everything you need to know in two-page bites, but it gets you briefed on everything from mutual funds, making a will, getting insurance, understanding credit card statements, 401(k) plans, your W-2 form, etc.
Once you grasp the basics, you can find a book specifically on wills or whatever you are dealing with at the moment.
Gaining control over your finances can start with this book!
Beginners Complete Book to Finance.......2004-11-19
This book is filled with illustrations and is great for beginners or for those who are more visual learners. I personally didn't find this book extremely helpful because I have a background in finance but the illustrations and information is helpful for tutoring and explaining some of the concepts. It is also a good review tool or handy reference guide when you have a quick question about finance matters. In addition the range of material covered is great. You won't find this much investment information in one place so concisely organized.
Limited introduction to finance...I expected more from WSJ.......2004-07-07
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.......2004-06-21
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.
Book Description
Practical Business Math Procedures, 7e continues to provide complete coverage of practical business applications of math, organized in a logical and teachable format, with unique and motivating pedagogy, and a market leading supplements package. Carefully written and developed to provide both procedural details in a step-by-step format, and superb motivation via Wall Street Journal and Kiplinger Personal Finance Magazine articles, colorful format, photos, and scrapbook projects, this text is a winner! This edition continues the “24-HOUR STUDENT HOTLINE” that has received over 50,000 student calls. Jeff Slater is a teacher and author of several leading titles in math and accounting, and his dedicated work on PBMP has made it the most reliable, trustworthy, and widely used text.
Customer Reviews:
An excellent textbook.......2005-08-04
As an instructor at a college, I have used the last three editions of Mr Slater's book since 1999. This has to be one of the most understandable, helpful and explanatory textbooks ever produced.
The examples are clearly written, and the use of small,quick reference 'vignettes' make it so easy for the student to get answers to just about any question they want to pose.
I use many textbooks, as I teach various business and management subjects, and this one stands head and shoulders above any other textbook covering this particular discipline.
The BEST part of this book? It can be kept as a reference guide for just about any mathematical question that comes up in everyday life, such as credit card balances, mortgage amortizations etc.
Practical Business Math Procedures/Teacher's Edition.......2000-11-01
I'd like to know if this book is teacher's edition?
teachers edition.......1999-02-25
I need a teachers edition
Book Description
The Wall Street Journal Guide To Planning Your Financial Future
provides clear explanations of the things you need to know and guidelines for the decisions you have to make to enjoy a comfortable retirement. It covers the advantages of salary reduction plans, clarifies the difference between Roth and traditional IRAs, and describes the benefits of effective tax planning. And it provides practical, helpful ideas to get you started.
Customer Reviews:
Great information.......2006-11-10
I was very much impressed by the book. It had all the information you would ever need and to find it in one book was great.
Wall St. Journal Guide/Planning your Financial Future.......2006-02-23
A very well written guide, put in true layman's terms. Easy to understand, with just the right amount of explanation and information. Great book!
STILL STRONG ADVICE.......2005-08-06
I have been a fan of this series from WSJ since 1995 during college. its very simple and easy to read. Yet again in the updated version it made macr/micro economics real easy to grasp.
Not Bad but Not Great Either.......2004-02-01
I had high hopes for this simple book since I am totally a visual learner. The pictures and colors greatly appealed to me, and they are indeed very nice.
That being said, I felt like the organization of the book was lacking; too many concepts were explained out of order or in such a way that a smooth flow didn't occur. Also, knowledge was assumed on the part of the reader in a manner that I found unacceptable. It was like, "Jeese, I'm reading this kind of book to find out WHAT such and such is, not just to read ABOUT it." Kind of like being told lots of details about a 401(k) without ever being told what it really is.
Overall: Helpful as a supplement to another book, such as _Retirement Bible_, by Lynn O'Shaughnessy. Good for reinforcing your learning.
a very good book, on its topic, and very esy to read.......2003-02-24
Its a very easy to read guide on planning your financial, future, I bought this one, and after reading it, I also bought the one on "money and invesing" and the one on "personal finance". I live in Mexico, and altough retirement doesnt works the same way as in US, the books does works in some parts (65%) to planning your financial future in Mexico
Customer Reviews:
Outdated.......2007-04-26
The purpose of this book is to educate the reader on ways to invest their money and ways to save. It talks about making your own portfolio, staying organized, and saving your money while you are young. It says to make your saving direct deposit and to save money for a safety net. For young adults 20 to 30 years old, the book says the best chance of accumulating wealth is with stocks. The first chapter also explains that most young people don't save and they spend more than they bring home, which digs them into debt. The best way to plan for the future is by saving as much money possible. "T. Rowe Price Associates figures that if you invest $100 a month starting at age 30, you will have over $177,000 by the time you retire at age 65." (pg.57) The book tries to make you think in percentages by saying things such as "your $35,000 portfolio suddenly shrinks by $1400, but put in perspective it just dipped 4%." (pg.62)
The problem with the book is that it was published in 1996 and some of the information is outdated. For example the book says that "Even better than an IRA are 401(k) retirement-savings plans offered by many large corporations. But invest at least 60% of the money in IRAs, 401(k) plans, or other retirement accounts in a broad mix of common stocks." This isn't true at all because America's economy is failing and all of our money is going to the national debt. I also doubt some of the positive statements about stocks because America is nothing like it used to be in 1996. And since this book was written by the Wall Street Journal, I feel like it has an exaggerated view of stocks and not enough about the negative effects. The Lifetime Guide to Money basically says that Americans need to save their money.
Great Beginners Book.......2001-11-08
While this film is clearly not for people that have a background in investing, it is an excellent reference for people that are just looking into their financial situations. It is packed with information that is presented in a very basic manner so that anyone can understand it.
The book is divided into different sections ranging from investing and insurance, to estate planning. In each of these sections, the contents are further divided into different phases of people's lives (20-30's, 40-50's, 60'+). This is helpful in allowing one to reflect on their own strategies as well as where they may be headed.
Again, the real strength of this book is how rudimentary it is. It would be a terrible disappointment to anyone that has even a minimal understanding of finance. Thus, if you are seriously considering this book, know that it will be a good refresher if you are rusty, or jumping off point if you have no knowledge.
I was particularly impressed with the discussion on estate planning. I have an advanced background in finance and investing, but nevertheless was able to gleam a pearl or two.
This book makes a great reference as well. I chose to read it cover to cover, but it would have been equally as helpful as a reference book. People with children may even consider purchasing it as a project to go over with their kids. Best of luck.
Use as a Reference.......2001-08-07
Don't read this book like a book. Use it as a reference guide for the particular area that you need to learn about and the stage of life that you are in. That is the way to get the best out of this book. I found it very helpful and refer to it for study and ideas.
I liked it - it continues to be a good reference........2001-01-21
The book hit upon all common aspects of personal finance with a chapter devoted to each, and did so in stages that correspond to a person's life: 20s-30s, 40s-50s, 60s and beyond. After giving an overview in that format, each aspect was discussed in detail with ideas, things to look at in your own finances, and common pitfalls. Yes, reading it cover to cover, many things were repeated; however, I'm using it now as a reference, looking up only the chapter or subheading I need, and I've found that I don't have to flip back and forth to various pages in other chapters. Each chapter can stand alone, as can each subheading. I moderate a family finance forum, and refer to the book a lot in this way.
One thing I absolutely love about the book are the various checklists, worksheets and tip boxes. I've put some of the calculators on spreadsheets for my own use, and have shared them with other folks who are interested in personal finance.
Disappointing.......2001-01-08
Despite being associated with the Wall Street Journal, the group of persons involved in putting together this guide have not a clue how to prepare a comprehensive, understandable, and readable personal finance guide. It is horribly repetitive, and gets way too hung up on obvious, simple concepts (how many times do I need them to remind me to minimize credit card debt, and to avoid spending too much and saving too little?). It is very poorly organized, and the editor should be taken out and strangled for the way he allows so much of the book to be taken over by meandering, verbose paragraphs trying to describe the simplest concepts. It is almost as if they assume everything you have done in your life so far with your finances has been totally brainless, and they need to beat you over the head with it. It is like being lectured by an uncle who doesn't know how to shut up and has had too much to drink.
And to make matters worse, why must they use light green ink throughout the book; this makes it all but impossible to read, except under high-power halogen lamps. It causes extreme eye fatigue, and makes an already unreadable book infuriating. I can't help but wonder what the true connection to the Wall Street Journal must be for such a badly written, poorly edited book such as this, especially when they find the need to resort to a cutesy tactic such as green print throughout (oh, I get it! Money is green, therefore the book is in green print - Ha Ha Ha!)
Amazon.com
Winning with the Market, by Wall Street Journal editor and frequent TV financial commentator Douglas R. Sease, clearly presents a positive, no-nonsense investing approach that can be applied during any stage of life with as few expenses or associated time commitments as possible. In the first section, Sease explains why putting one's savings into stocks, bonds, and mutual funds is (and should remain) the best way to meet individual financial goals--and why stock index funds and inflation-indexed Treasury bonds are his vehicles of choice for doing so. In the second section he explains the concept of asset allocation--"a fancy term to describe the process of balancing your investment portfolio among cash, stocks, and bonds to suit your own lifestyle, your financial goals, and your tolerance for risk"--and outlines appropriate mixes for readers in their 20s, 30s, 40s, 50s and, 60s. A final section recommends specific index funds that concentrate on U.S. or foreign stocks in various size and special-interest configurations, and provides locations where accounts can be created to buy Treasury bonds directly. Sease concedes that readers may not beat the market by following his advice, but these suggestions should allow the average investor to match it with relative ease. --Howard Rothman
Book Description
Say good-bye to expensive brokers! Forget gambling on their latest "hot stock," or their junk-bond or high-cost mutual funds recommendations. The results can be disastrous. Instead, veteran Wall Street Journal editor and CNBC commentator Douglas R. Sease shows you how to take back control of your money with a simple, safe, yet powerful investment program that can be tailored to your individual needs.
Writing with the solid backing of The Wall Street Journal, Doug Sease reminds us that many financial services providers try to make investing appear mysterious and difficult in order to justify their fees. They can sometimes draw you into feverish attempts to beat the market with the promise of huge profits, but that approach to investing can be an almost certain guarantee of failure.
The truth is that you can use a combination of inexpensive, easy-to-purchase investment vehicles -- stock-index mutual funds and inflation-indexed Treasury bonds -- to build a portfolio that will maximize your returns and minimize your risk. The low-cost market-matching performance of stock funds becomes the growth engine of your portfolio, while the bonds' steady, assured returns temper the stock market's volatility. In fact, combining a disciplined savings program with an equally disciplined investment program is a virtual guarantee of success. It puts more money into your investments instead of into Wall Street's pockets, and it gives you more of that most precious commodity: your time.
As one of the book's many special features, it provides interactive tools for readers to use to plan their finanical futures at winning.wsj.com. Best of all, Sease offers several chapters filled with portfolio recommendations that you can adapt for your own use, depending on your income, age, financial goals, and risk tolerance. He also includes specific information about portfolio-building throughout the book to show you how to make the most of your money and your time at each stage of your working life. Winning with the Market is the only book to offer this indispensable aid -- and the only book you need for a lifetime of successful, broker-free investing.
Download Description
The good news of the 1990s was that more individuals than ever before owned stocks, bonds and mutual funds, gaining a stake in a powerful U.S. economy. The bad news was that they were also bombarded by "get-rich-quick" sales pitches from the financial services industry, and tempted by the risks of online day trading and the latest IPO flavor-of-the-month. Now veteran Wall Street Journal editor Douglas Sease contends that the financial world strives to make investing appear mysterious and difficult, when in reality, it's all actually quite simple. His terrific new audiobook, Winning With the Market, explains how to build successful long-term portfolios without having to rely on expensive and unreliable advice from the so-called experts -- financial knowledge to help listeners thrive in today's unpredictable financial market.
Customer Reviews:
The Market made easier...........2002-12-09
Sease seems to me like a man with a good head on his shoulders. He understands the market very well and simplifies it for the average investor. We are all looking to make more money while spending as little as possible and Sease's investment tips are a good start.
He spans the field of investing from those who are interested in high risk stocks to those who wish to invest there money more safely into money markets. The book has tips for every investor, which is both a good and a bad thing.
Sease focuses on a broad scope of savings and investment strategies for the person looking to explore the field. Being this broad, I do not recommend this book to those who look to dig up information on more specific types of investment strategies. There are various books out there to meet the needs of the more narrow investor, but Sease's book is focusing on the entire spectrum to inform his readers of the possiblities that are out there.
To be honest, I read this book for an economics class that I am taking, and initially I was not thrilled. In reading it, however, I have learned much more about the market and investing then I could have imagined. It is a stretch, but I may have even enjoyed the book from time to time.
I highly recommend this book for those who are looking to make the kind of retirement/nest egg/tuition money that they really dream of having. It will allow the average investor to jump into what can often be a very confusing and sometimes scary market. If nothing else you will understand the market better should you ever decide that you would like to try investing.
The Market made easier...........2002-12-09
Sease seems to me like a man with a good head on his shoulders. He understands the market very well and simplifies it for the average investor. We are all looking to make more money while spending as little as possible and Sease's investment tips are a good start.
He spans the field of investing from those who are interested in high risk stocks to those who wish to invest there money more safely into money markets. The book has tips for every investor, which is both a good and a bad thing.
Sease focuses on a broad scope of savings and investment strategies for the person looking to explore the field. Being this broad, I do not recommend this book to those who look to dig up information on more specific types of investment strategies. There are various books out there to meet the needs of the more narrow investor, but Sease's book is focusing on the entire spectrum to inform his readers of the possiblities that are out there.
To be honest, I read this book for an economics class that I am taking, and initially I was not thrilled. In reading it, however, I have learned much more about the market and investing then I could have imagined. It is a stretch, but I may have even enjoyed the book from time to time.
I highly recommend this book for those who are looking to make the kind of retirement/nest egg/tuition money that they really dream of having. It will allow the average investor to jump into what can often be a very confusing and sometimes scary market. If nothing else you will understand the market better should you ever decide that you would like to try investing.
How can I find another 2-8% of my income to invest.......2001-02-15
Douglas Sease's "Winning With The Market" is good stuff. He seems to have his head screwed on straight -- and his suggestions for how to navigate the shifting currents of the financial rivers seem sound.
The question is: without robbing a bank or playing the LOTTO, how can I find more money to invest wisely in order to really build up as large and secure a financial account as possible by the time I retire? It's a question that troubles me, and many people like me. I'm already trying to sock away as much as possible. I'd like to be socking away more. But how?
After you buy Sease's book, you might want to check out another book by a financial services CEO named Wade Dokken (of American Skandia, one of the fastest growing variable annuity and mutual fund companies). His new book is called "New Century, New Deal: How To Turn Your Wages Into Wealth Through Social Security Choice."
Dokken has a revolutionary premise: you already have more money with which you could invest for your retirement; the problem is that instead of using that money wisely and productively, you're sending it to Washington in the form of your Social Security taxes. Hmmm. Interesting. And frustrating.
But what if you could take 2%, or 4%, or eventually even 8% of the 12.4% you now send to the bureaucrats in Washington, and instead deposit that money in a personal retirement account conservatively invested in, say, stock mutual funds, or TIPS, for example?
In other words, what if you could apply Sease's sound investing advice with Dokken's revolutionary premise on how to scrape up more money to invest? Well, Dokken runs the numbers. They're astounding. You almost have to run them yourself, blink hard, and then run them again. But they're true: if you could invest 8% of your income (two-thirds of your Social Security taxes) in an IRA or 401(k)-like account you could retire with well over $1 million, possibly even more than $2 million. And even if Washington only created 2% accounts, you could still build up an account worth a quarter of million or more.
And the risk, over the long term, is minimal. Why? Partly because the markets have always grown 6-9% annually over the long haul. And partly because you'd be engaged in the ultimate act of dollar-cost-averaging. You'd be investing relatively small portions of money in equities out of each paycheck, every two weeks for the rest of your working life.
Sease is right -- invest what you have wisely and shrewdly.
But Dokken (interestingly enough, a lifelong Democrat) is also right -- turn up the heat on Washington for the freedom to invest more of YOUR OWN MONEY in your own personal retirement account.
Use Savings, Stocks, and Bonds to Meet Your Financial Goals.......2001-01-16
This book is an overview of simple ways to create investment income. As such, it is lacking in depth and documentation found in many narrower books. You will find that you will need to work with these more focused books in order to get the full benefit from this one. The main reason for reading this book is to consider the many sample portfolios for mixes of stocks and bonds for accomplishing financial goals at different ages, with different objectives, and with varying financial obligations.
"Do you want the stock market to go up or down?" Mr. Sease poses that question to help you decide if you are an investor or not. Investors want the market to go down so they can buy cheap. Those who are living from their investments or cashing them out want high prices, because they will be selling rather than buying in the future.
This book provides a good general overview of the role of savings, stocks, bonds, investment brokers, investment managers, financial advisors, mutual funds, public sources of information in helping you make money. Unlike many such books that then espouse one solution for all, the book segments its readers by age, financial obligations, and income to suggest different methods to be used to implement the book's ideas.
The book has a worthwhile goal: "to free you from the tyranny of the financial services industry and the wasted time spent chasing outsize returns . . . ." He has some candid views to share in this regard. "I don't like stockbrokers." He later clarifies this as the full-service stockbrokers.
Basically, Mr. Sease is an advocate of the efficient market hypothesis for financial securities. This means that most people will not be able to outperform the market averages. The track record of professional money managers certainly is consistent with this hypothesis. But you can match the averages cheaply by buying indexed, no-load mutual funds. Almost all of his portfolios have some of these in them. As you get closer to needing the money, he suggests putting money into bonds to protect your principal from the large fluctuations that stocks often experience. He also demonstrates the power of compounding to encourage you to save more and save sooner.
Despite the basic soundness of Mr. Sease's approach, the book itself does have some weaknesses that you should be aware of. Most of these weaknesses seem to relate to trying to cover too many subjects in one slim volume.
For example, the most important thing you can do to be more successful with your investing is to have written goals that you regularly review. These goals should include subjects like housing, education for your children, financial security for your family, long-term health care, and retirement. Some people will also want to include philanthropy and caring for other family members, including parents, siblings, and grandchildren. But that's up to you. Although the book does refer to goals, it does not begin to do so until the middle of the book and treats the goals as though you already have them. My experience in working with successful, educated, high-income people is that almost none of them have written financial goals that they review. For some ideas on how to do this, I suggest you review the excellent material in Charles Schwab's new book, You're 50 -- Now What?
Second, the subject of what you can expect from stocks and the case for indexed mutual funds is made much better than in this book by John Bogle in Common Sense About Mutual Funds. You should take a look at that book. You should also consider the new book, What if Boomers Can't Retire?, to understand the risk of common stocks failing to provide their historical returns in the future.
Also, financial investments are not the best way to build financial security. Books like Rich Dad, Poor Dad make the case for creating investments that generate cash from a young age. In most cases, these investments will either be real estate or businesses. These subjects deserve equal time in a book about investing, but are not considered in this one. In the new book, Rich Kid, Smart Kid, is a fascinating example of how a young man learned this lesson by his father refusing to buy the son a new set of golf clubs. In the process, the son learned how to start his own vending machine business, make investments for his own college education, and let his business pay for the golf clubs. That is a far more powerful paradigm than is presented here.
I agree in principle with almost everything said in this book, but I would not encourage most people to read the book until after they had read the other books I suggested. At that time, the reader will be ready for the sample portfolios in this book which present some interesting alternatives for getting good long-term returns from financial investing with acceptable risk for the timeframes involved.
After you have finished considering the model portfolios in this book, I suggest that you test them for risk by assuming that both the stock and bond markets perform as badly as they ever have in the past. Then look at what you projected returns look like. Imagine how you would feel if you experienced these returns. If you would be disgusted and unhappy, chances are that you are taking on too much risk.
Take out unnecessary risk first if you want to enjoy better investment returns, sounder sleep, and less emotion-tossed investing. Otherwise, you, too, could become another example of buying high and selling low.
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The On-line Business Survival Guide Featuring The Wall Street Journal Interactive Edition
Margaret Munro
Manufacturer: John Wiley & Sons Inc
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ASIN: 0471327387 |
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Personal Finance (A Wall Street Journal Book)
Walt Woerheide
Manufacturer: Wiley
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ASIN: 0471370592 |
Book Description
This text guides the reader to appropriate Internet resources, the WSJI site and others, to apply the subjects learned in the textbook's discussion. Personal Finance is an interactive teaching tool that teaches the questions one needs to ask themselves regarding personal finance and provides them with appropriate Internet resources to research, interpret the answers and make decisions about their personal finances. Readers can easily apply the material to their current financial situation and they are provided with reference tools and skills that will be useful as their financial situation and financial goals change.
Books:
- West Federal Taxation 2007: Comprehensive Volume (with RIA Checkpoint Online Database Access Card, Turbo Tax Business CD-ROM, and Turbo Tax Basic)
- Wiley CPA Exam Review 2007 4-volume Set (Wiley Cpa Examination Review (4 Vol Set))
- Wiley GAAP 2007: Interpretation and Application of Generally Accepted Accounting Principles (Wiley Gaap)
- Wiley GAAP 2007: Interpretation and Application of Generally Accepted Accounting Principles (Wiley Gaap)
- Wiley GAAP 2007: Interpretation and Application of Generally Accepted Accounting Principles (Wiley Gaap)
- Wiley GAAP 2007: Interpretation and Application of Generally Accepted Accounting Principles (Wiley Gaap)
- Wiley GAAP 2007: Interpretation and Application of Generally Accepted Accounting Principles (Wiley Gaap)
- Wiley IFRS 2007: Interpretation and Application of International Financial Reporting Standards
- Working Papers to Accompany Accounting, 21e Chapters 1-17 or Financial Accounting, 9e
- 50 Fast Dreamweaver MX Techniques
Books Index
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