The Ten Truths of Wealth Creation [Hardcover]

John E Girouard (Author)

Book Description

Publication Date: January 2, 2007 | ISBN-10: 0979157900 | ISBN-13: 978-0979157905 | Edition: 1st

Investment pioneer John E. Girouard exposes how the investment industry (Wall Street, mutual fund companies, banks with CDs, online trading houses, and so on) offer investors hope, but not much more. Misleading statistics and hidden conflicts of interest are common and help rob people of opportunities to create wealth and achieve financial independence, however one defines it. The solution, he shows, is to always invest in things you own, including old-fashioned participating whole life insurance. Girouard mathematically and entertainingly explodes a series of myths, proving, for example, that it can cost more to pay cash for a car than to finance it and invest the money elsewhere. He shows how people can become their own banks, pay themselves interest, earn untaxed income, stop paying taxes on income that's already been taxed before, all without taking excessive risks. The Ten Truths are the basic rules Girouard has learned over a quarter-century showing thousands of clients how investment industry hype and practices rob people of their money goals, and how financial peace of mind can be achieved with less confusion and worry. Wealth Creation Truth No. 10: Minimize future decisions. Girouard challenges us to rethink our relationship with money, and to remember that wealth should serve life, not the other way around.

Editorial Reviews

About the Author

John E. Girouard never forgot the pleasure he felt the day he showed his father he could retire eight years earlier than he expected. "Those are moments I live for and have experienced countless times." Girouard grew up the youngest of four sons in Hartford, Connecticut, wearing hand-me-downs and working odd jobs to pay his way through parochial school and the University of Maryland while earning his BA in Economics. He built his career in the investment world by combining family lessons about frugality with a strong desire to help others improve their lives by achieving financial peace-of-mind. Working with thousands of clients over the past twenty-five years, he developed some basic principles about money truths that combine common sense (wealth comes from ownership) with honest, impartial advice (investments are not "products"). Since 1984 he has been President and CEO of CAPITAL Asset Management Group of Bethesda, Maryland, and is the founder of the Institute for Financial Independence, which offers educational programs and resources for individual and corporate investors in the Washington, DC metro area. He holds the highest certifications in the field of financial advice and is trained as a financial-life coach. He has been a director of the University of Maryland College Park Foundation and lives in Washington, DC with his wife, Colleen, and two children, Caitlin and Coley.

Product Details

• Hardcover: 192 pages
• Publisher: John E. Girouard; 1st edition (January 2, 2007)
• Language: English
• ISBN-10: 0979157900
• ISBN-13: 978-0979157905
• Product Dimensions: 9.5 x 6.1 x 0.8 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #383,590 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

13 of 13 people found the following review helpful:

5.0 out of 5 stars Good Press for a Great Book!, November 24, 2009

By 

John M. Fleming (Stockton, NJ) - See all my reviews

This review is from: The Ten Truths of Wealth Creation (Hardcover)

I'm glad to see that so many other readers are as enthused as I am about John Girouard's Ten Truths of Wealth Creation--a clear-cut and inspiring guide to getting the most out of your financial assets. I was convinced to purchase a copy of the book after reading a positive review that was published recently in a lifestyle magazine in my area called 'Bucks County Living.'

Here's some of what the reviewer, J. Henry Warren,* had to say:

"...[This] book, though published a few years ago, is still relevant. It could have saved millions of people hundreds of thousands of dollars during this last economic meltdown. The book: The Ten Truths of Wealth Creation, by John E. Girouard, is for the most part a fast and easy read and worthy of the extra caffeine consumed when I stayed up late blasting through his easy to understand pages, damn, I should've known this last year.

If I had used these strategies a year and a half ago I would be a decade closer to comfortable beach retirement instead of still pounding computer keys and being a few dozen years far broker than usual. John E. Girouard exposes in this book how our investment industry, Wall Street, mutual fund companies, banks with CDs, online trading houses, and so on, offer we investors hope, but not much more.

I was reminded that, forgotten in our latest 1990's and 2000's gold rush, is the fact misleading statistics and hidden conflicts of interest are very common on the Street, and they most often rob people of opportunities to create wealth and achieve financial independence--no matter how one defines it. The solution, suggested by author Girouard, is to always invest in things you own and know, including old-fashioned participating whole life insurance. Yikes, did I say that? Yes, much of it makes great common sense.

Girouard mathematically and entertainingly explodes a series of theories recently thought set in stone, proving, for example how cash for a car can cost more than to finance it. The secret is to put the cash in an account that pays more interest than the finance charges. He shows how people can become their own banks, and then pay themselves interest, earn untaxed income, stop paying taxes on income already taxed before, all without taking excessive risks.

In a short telephone interview, Girouard noted his The Ten Truths of Wealth Creation are simply a collection of basic rules he learned over a quarter-century of showing thousands of clients his investment strategy, while exposing all the industry hype and practices which actually rob people of their money. He assured me that financial peace of mind can be achieved reducing confusion and worry.

Sure, we would have like to have known this a few years ago, but later is better than never, (at least this is what my folks and experience have taught me.)

Girouard said, "the spirit of change and vision is celebrated in medicine, industry, the military, and fine arts--but not in the investment industry," which he defines as the industry that makes its money by shuffling yours around. "In fact, its success depends on the absence of change and on investor confusion." Very strong statements from a financial advisor, in my opinion.

So, here, for your own opinion, in an economic period of pointing fingers and uncertainty, is Girouard's Wealth Creation Truth No. 10: "Minimize Future Decisions." Sounds right to me, and thanks to John Girouard who challenged me rethink my relationship with money, the future, and to remember wealth should serve life and not the other way around."

*J. Henry Warren is critic and author of several works of fiction. He holds degrees in Economics, Marketing and Finance from the University of Pennsylvania's Warton School of Business as well as an MBA from Temple University. He lives with his family in Bucks County, Pennsylvania.

10 of 10 people found the following review helpful:

5.0 out of 5 stars The Ten Truths of Wealth Creation, February 22, 2007

By 

Eugene Della Vecchia (Palm City FL USA) - See all my reviews
(REAL NAME)   

This review is from: The Ten Truths of Wealth Creation (Hardcover)

As a retired person, I am concerned about making our nest egg last both our lifetimes. The Ten Truths Of Wealth Creation is beautifully written and has chapter after chapter of easy to understand financial and quality of life information. Chapters covering the risks of Index funds, your own personal bank, real estate and making sense of insurance, particularly hit home with me. This book is excellent for those just starting out in life and also for retired persons like me. I wish I had a text like this before I retired; it would have saved me a lot of money and emotional turmoil. I have already started taking Mr. Girourd's advice. I highly recommend the book.

5 of 5 people found the following review helpful:

5.0 out of 5 stars Wow!, May 22, 2008

By 

Derek Suter (San Diego, CA) - See all my reviews
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This review is from: The Ten Truths of Wealth Creation (Hardcover)

This book is an eye opening experience. Every person planning for retirement should read this book. Girouard's lessons are easy to read and he makes complicated concepts simple to understand. His ideas are not what I have learned in school, instead, they are much more "real world" friendly. Thanks, for writing this book!