Customer Reviews

Rich in America: Secrets to Creating and Preserving Wealth

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Other books speculate about why the rich are "rich." This book tells the real story.

Jeff Maurer has counseled rich people for decades. He knows what he's talking about. And if "lay people" really want to learn how the rich do it, they need look no further than this primer.

Other books speak anecdotally about "rich people next door" or "how I became a millionaire." They're of little instructive value. This book, by contrast, presents the areas of focus and tactics of wealth building that can actually help an ordinary person get there.

Sure some of these estate planning and tax planning and investment planning suggestions may take some thought to understand. But who ever said getting rich is easy? If it was, there'd be a lot more "millionaires next door."

The real answer to getting rich is exactly as author Maurer poses it. It takes work. It takes study. It takes focus. And it takes a strategy.

After reading this book, you'll finally understand how rich folks do it. The rest is up to you.

This work is replete with comparative statistics on how the
wealthy obtained their position in life. The author makes a
point of the fact that only 4% of the wealthy come from a
preferred social class. The remainder earned their wealth
through hard work and sensible investments. Portfolios
should have both balance and diversity. Investors should not
get too greedy. Lastly, an estate needs to preserve wealth
through careful planning. This book is aimed at investors
who are self-employed or earn a living through a private
employer. The presentation would be helpful for anyone
crafting a personal financial plan for the intermediate to
long term future.

What impressed me most about this book is how directly useful and applicable it is, and not just for people who have bags and bags of money. Clearly, Mr. Maurer has a lifetime of experience working with very rich people and families whose affairs are very complex. But, if you have any significant property of any kind, the odds are that you fall into the same basket as many others--paying insufficient attention to making sure it works for you and that it gets into the hands you want (e.g., family and friends) rather than the hands you don't want (e.g., Uncle Sam and probate attorneys). This book feels like it's written by an expert, but written for everyone in this situation. I think it's first rate.

Finally, a book that speaks the truth about building real wealth and financial independence. It takes time (a lifetime even), discipline, and hard work to not only become wealthy, but hang onto hard-earned assets for your retirement, your children and your grandchildren. If you're looking for an intelligent, thoughtful read to help you navigate through the complexities of amassing wealth, this is the book. Whether or not you aspire to be rich, the insights on smarter financial planning are important for anyone trying to make the most of their money. And, who better to learn from than someone who spent his career giving financial advice to the rich?

Maurer, provides basic information on seven topics: financial and estate planning, investing, retirement, insurance, taxes, and how to choose a financial advisor. The author presents the material in a logical, clearly written manner, and uses exhibits, as needed, to explain key financial concepts. Also included in various chapters are key findings of the U.S. Trust Survey of Affluent Americans. The survey focused on individuals with gross income of $300,000 and a net worth of $3.75 million. You will find the survey findings to be eye opening. The appendix contains a sample of nine financial planning schedules.

The author indicates that the purpose of investing is to protect your wealth against inflation, and to preserve these invested assets. Mastering the investment scene is not easy, and it takes years of studying, perseverance and a non-emotional approach. Most individuals do not have sufficient time or skill to devote to their financial affairs. Therefore, they should try to find a knowledgeable and TRUSTWORTHY advisor who can work with them to manage their wealth. Having an advisor is especially important in the difficult periodic down markets, assuming the advisor knows how to protect your portfolio.

Maurer points out that an investor parking his/her funds in cash and not investing the funds is being too conservative and thus earning less than the rate of inflation. Therefore, he suggests an investing plan be developed, tracked, and revised as necessary.

As in any field of endeavor, knowledge is power. Without knowing the basics of the topics covered in this book, a person would be at a potential disadvantage, education-wise, in dealing with an advisor. After reading this book, you will be able to more intelligently work with an advisor and understand how a successful relationship is supposed to work.

Any affluent individual should read this book before hiring a financial advisor/planner. It provides down-to-earth, practical information that will be useful when discussing your personal financial situation, goals, and needs with potential advisors.

The jacket and synopsis of this book read like it may have similar content to The Millionaire Next Door. The content is primarily fundamental personal financial planning information. The continual commercials for U.S. Trust and a cameo Schwab reference were a bit distracting.