The Only Investment Guide You'll Ever Need
by Andrew Tobias
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Book Summary Information
Author: Andrew TobiasEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2005-01-03
ISBN: 0156029634
Number of pages: 312
Publisher: Mariner Books
Book Reviews of The Only Investment Guide You'll Ever Need
Book Review: A sober look at investing and keeping ahead...
Summary: 5 Stars
GET RICH QUICK! NOW!! INVEST EVERYTHING!!! RULE THE WORLD!!! BUY ANYTHING YOU WANT!!! BUY!! SELL!! BUY!!! SELL!!!
Andrew Tobias's witty but serious little book contains no such platitudes. Throughout, it serves as an antidote to the gimmicky "beat the market" schemes so prevalent in investment literature these days. Even the chapter titles, which include "If I'm So Smart, How Come This Book Won't Make You Rich?" "A Penny Saved Is Two Pennies Earned," "You CAN Get By on $165,000 a Year," and "The Case for Cowardice" should deflate any reader's wildly speculative expectations. This book does not intend to make anyone rich beyond fantasy. Instead, it suggests calm, patient fortitude in the face of market dynamics. But it does suggest how to build wealth in a realistic and sane manner. For example, Tobias's answer to "how do you beat the market?" echoes through the book: "you can't always." Though he gives tips for those who want to try, he apparently shares this human all too human weakness with many, he advises those with little time or rabid motivation to buy no-load index funds, such as offered by Vanguard, T. Rowe Price, or Fidelity. With such investments wealth builds up over time, not in flailing bursts. Though this isn't the stuff movies and dreams are made of, Tobias's advice will resonate with squeamish or suspicious investors, or with those with limited funds. "The Only Investment Guide You'll Ever Need" speaks to this less affluent demographic. Perhaps a better title would have been "Investing for the Rest of Us." Fervent speculators who love risk or have Scrooge McDuck-esque piles of dinero should look elsewhere for adventure on the high speculative seas.
Tobias also talks personal finance. The book's first part tells readers to "get your financial act together before you even think of investing." Live within your means, buy bulk, have a tax strategy, read the prospectus, trust no one, save enough for security, excuse cowardice, find cheap alternatives, and other down to earth advice saturates the book's first 130 pages. These suggestions ring true because establishing a solid financial foundation can reduce the risk of investing (not to mention the frequency of sleepless nights). If your investments smolder, at least you'll have 10% - 20% squirreled away in a safe place.
Stuck between descriptions of what kind of bonds, stocks, funds, and bills exist are Tobias's personal reflections, including tales of glory and woe. This saves the book from that monastic dryness that permeates so many investment books. Strange as it may sound, the book is funny in many places. Not only that, it makes sense (at least, to those who seek stability over instant domination). From saving money by buying Bordeaux by the case to family planning to estimating future social security payouts the book runs the gamut of personal finance questions. Tobias focuses on the easy side of investing. Can't afford Vanguard's initial investment cost (still $3,000)? Try the much cheaper T. Rowe Price (which Tobias calls "the poor man's Vanguard"). The final chapter "What To Do If You Inherit a Million Dollars; What To Do Otherwise" discusses both the pleasures and pains of instant millionarehood. For those of us less, or more, fortunate, Tobias delineates the options the average Joe and Jane have for building wealth and keeping ahead of inflation. A final warning against the addiction of accumulation closes the book appropriately. After that last page turns (don't forget the appendices!) those once unfamiliar with the wiles of Wall Street will find themselves empowered with real options, not vacuous pipe dreams. Start here.
Summary of The Only Investment Guide You'll Ever Need
For more than twenty-five years, The Only Investment Guide You'll Ever Need has been America's favorite finance guide, winning the allegiance of more than a million readers across the country. Now this indispensable book has been fully revised and updated-covering all the new tax laws-and reorganized with a new user-friendly design. Concise, witty, and truly understandable, Andrew Tobias shows you how to use your money to your best advantage-no matter how much or how little you have.
o How to spend smarter-and save $1,000 or more
o When to invest in stocks, and how
o The ins and outs of investing on the Internet
o Tax strategies, from tuition to retirement
o Whom-if anyone-you can trust to manage your money
and much, much more
How to spend smarter--and save $1,000 or more
When to invest in stocks, and how
The ins and outs of investing on the Internet
Tax strategies, from tuition to retirement
The basics of life insurance
Who--if anyone--you can trust to manage your money
The inside skinny on annuities, real estate, and Social Security
and much, much more
o How to spend smarter-and save $1,000 or more
o When to invest in stocks, and how
o The ins and outs of investing on the Internet
o Tax strategies, from tuition to retirement
o Whom-if anyone-you can trust to manage your money
and much, much more
How to spend smarter--and save $1,000 or more
When to invest in stocks, and how
The ins and outs of investing on the Internet
Tax strategies, from tuition to retirement
The basics of life insurance
Who--if anyone--you can trust to manage your money
The inside skinny on annuities, real estate, and Social Security
and much, much more
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