A Million Is Not Enough: How to Retire with the Money You'll Need [Hardcover]

Michael Farr (Author), P.J. O'Rourke (Foreword), Gary Brozek (Contributor)

Book Description

Publication Date: March 5, 2008

Will you have over $1 million ready for your retirement? If the answer is no, and this figure sounds totally out of reach, think again. A million dollars isn't what it used to be. The truth is that Baby Boomers, who have enjoyed more abundance and pleasures than any previous generation, need more than a million dollars for a comfortable retirement. And you can achieve this-even if you don't already have a net worth close to a million dollars-by starting now.


In A MILLION IS NOT ENOUGH, Michael Farr, one of America's leading financial strategists, shows you that this goal can absolutely be accomplished-no matter what your income bracket. Farr has decades of experience as an investment strategist advising thousands of clients. With this inside information he provides a step-by-step program that includes:

• STEP 1: Save it...the 25 simple things you can do today to save an extra $300-$500 a month


• STEP 2: Invest it...the techniques all of us can use to demystify investing


• STEP 3: Personalize it...investment strategies for readers in their thirties, forties, and fifties


• STEP 4: Manage and protect it...how to keep investments safe in volatile markets


• STEP 5: Pass it on...creating a legacy for the future

This strategy is ambitious, but Michael Farr shows you how painless it can be. Whether you're thirty-five, forty-five, or fifty-five; getting a head start, starting on time, or playing catch-up, A MILLION IS NOT ENOUGH can help you establish the financial security you really need for your retirement years.

Editorial Reviews

About the Author

Michael K. Farr is president and majority owner of Farr, Miller & Washington, LLC. As a leading financial analyst and strategist, Mr. Farr's commentary can be heard on Associated Press Radio, Bloomberg Radio, and National Public Radio. He is quoted regularly in the Wall Street Journal, Forbes, Bloomberg, Reuters, and the Nightly Business Report. Mr. Farr is currently a regular guest host on CNBC's Squawk Box and was a long-time recurring panelist on PBS' Wall $treet Week with Fortune.

Product Details

• Hardcover: 304 pages
• Publisher: Springboard Press (March 5, 2008)
• Language: English
• ISBN-10: 0446582239
• ISBN-13: 978-0446582230
• Product Dimensions: 6 x 1.1 x 9.2 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.3 out of 5 stars  See all reviews (9 customer reviews)
• Amazon Best Sellers Rank: #939,312 in Books (See Top 100 in Books)

Most Helpful Customer Reviews

12 of 13 people found the following review helpful

4.0 out of 5 stars Straight talk about planning your money needs March 12, 2008

By Armchair Interviews

Format:Hardcover

Michael Farr's book, A Million is Not Enough, covers retirement planning like a warm blanket on a cold night. It gives you a good sense of security, letting you know exactly where you stand and what you need to do to be successful in the end game. Fear not. The book doesn't drag you through overly detailed explanations of what specific investment techniques exist, though it highlights them. Instead the book provides valuable succinct answers to the really important questions of the why and how of retirement planning.

I think everyone knows that a million dollars is not what it used to be. And Farr starts off by hammering this point home. What you need in retirement is relative to your current lifestyle, and the lifestyle you hope to lead without working. Ten million dollars might not be enough retirement savings for some folks.

Three major sections guide you through Farr's retirement planning and execution processes.

1) Helps readers understand his view of the mission: Save successfully for retirement. Here Farr asks you to decide what you want out of life.

2) Talks to investing wisely, balancing risk and reward, but only after helping you assess where you stand relative to your goals. There's even a monthly budget worksheet to gain insight into current spending, from which future spending can be predicted. The last section addresses building and maintaining a healthy investment portfolio.

The paperback version is under 300 pages, with enough figures and tables to keep your interest. I especially liked his example retirees and how their portfolios were allocated. Are you a Neo-Boomer, a Core Boomer or a Tail-end Boomer? I would have liked to see more references and a detailed index to make the book more complete. But the added benefit of the entertaining introduction by P.J. O'Rourke makes up for these small shortcomings.

NOTE: A leading financial analyst and strategist, Farr currently guest hosts on CNBC's Squawk Box. His commentary can be heard on the Associated Press Radio and National Public Radio, and he is quoted regularly in the Wall Street Journal and Forbes, and PBS's The Nightly Business Report.

Armchair Interview says: If you're looking for information on retirement planning, Farr's has done a great job of presenting it for everyone to understand.

18 of 22 people found the following review helpful

2.0 out of 5 stars Too basic. Not the best investment approach May 27, 2008

By Tank

Format:Hardcover

This book spends a lot of time helping you explore things like your current budget, how you can save more, and how much you will need in retirement. I'm sure there are some people who need this basic information, but you may be better off with the on-line retirement calculators and there are certainly better books available. My biggest concern is that he rocommends portfolios that are extremely focused on actively managed U.S. Large Cap Growth stock mutual funds, but does little to justify this approach. Choose a different book (like Bogleheads Guide to Investing)and invest in a diversified asset class portfolio of index funds and ETF's.

10 of 13 people found the following review helpful

5.0 out of 5 stars THIS IS THE ONE TO BUY March 5, 2008

By J. Williams

Format:Hardcover

Thank you Mr Farr! Finally a book on financial planning which gets right to the heart of mistakes we make, how to avoid them, and all the little things that add up to success in retirement savings. This one is easy to read yet cleverly written. I used it as a way to critique my retirement saving strategy to date and so far have found ways to save at least $350.00 a month, increase my projected age 65 nest egg by $200,000, and free up money from current unneccesary expenses for an extra family trip this year. I passed it on to my secretary and she hasn't stopped talking about it-she just became a grandmother and finds it very helpful in directing the family finances. It's a fresh approach, full of wit and wisdom, and well worth the investment.
James Williams, MD