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That Thing Rich People Do: Required Reading for Investors Paperback – May 15, 2010

ISBN-13: 978-0979224881 ISBN-10: 0979224888

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Product Details

  • Paperback: 158 pages
  • Publisher: Fairmark Press, Incorporated (May 15, 2010)
  • Language: English
  • ISBN-10: 0979224888
  • ISBN-13: 978-0979224881
  • Product Dimensions: 5.5 x 0.4 x 8.5 inches
  • Shipping Weight: 7 ounces (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (18 customer reviews)
  • Amazon Best Sellers Rank: #220,585 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Kaye A. Thomas writes books on taxes and investing, and maintains a website covering these topics at Fairmark.com. He graduated from Harvard Law School in 1980.

More About the Author

After many years as a lawyer dealing with tax matters relating to business transactions, finance and compensation, Kaye Thomas now spends most of his time as a writer, publisher, public speaker and consultant on topics relating to taxation and investments. Kaye also maintains a free website called "Tax Guide for Investors" at Fairmark.com, providing plain language tax guidance and featuring a message board where Kaye and others respond to questions and comments from readers.

Kaye's law degree is from Harvard Law School, where he served on the Harvard Law Review and graduated cum laude in 1980.

Customer Reviews

The book is clearly written, and sometimes engaging, sometimes humorous.
David Merkel
The 136 page book authoritatively explains the entire topic in twenty-two short chapters, any of which can be read and understood quickly.
john h. chapman
I would definitely recommend reading this book first if you are new to investing.
Jack

Most Helpful Customer Reviews

8 of 8 people found the following review helpful By john h. chapman on December 6, 2010
Format: Paperback
This small, well-written primer, meant for those who know little or nothing about the investment process, is a veritable gem, possibly even to become a classic.

As a retired liberal arts college economics professor who also taught investment practice during the first half of my career, and then became a Registered Investment Advisor to persons, retirement and 401-k plans and a mutual fund, I was thrilled to find this compact source for the uninitiated.

The author's writing style is easy, conversational and witty, holding the reader's interest from cover to cover. The 136 page book authoritatively explains the entire topic in twenty-two short chapters, any of which can be read and understood quickly. They are organized into three larger sections.

The first lays the basic foundation and presents a number of necessary cautions; the second fully presents each of the tools of investing (e.g. stocks, bonds, et al); and finally, the last helps novice investors design a safe personal program for using these tools in strategies built upon the sound general principles developed throughout the book.

Both the joys and pitfalls of the investment process are clearly presented and will help readers avoid the trap of "learning the lessons after the experience."

In summary, this short but powerful and easily comprehended survey is, in my view, a "must read" for all who want to learn about investing from the ground floor up. Also, it is particularly suitable for young people (late high school/early college students) ready to start thinking about investments.

I grade it an A+, and would use it as a text were I still teaching .

John H. Chapman, Jr., Ph.D.
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4 of 5 people found the following review helpful By RRConboy on November 26, 2010
Format: Paperback
Kaye Thomas has produced a book of good, readable, conservative, and digestable advice and information. Dave Ramsey and Warren Buffet could both applaud this book. I was in the securities business some years ago and enjoyed being reminded of the basics (and why I got out.) Follow this "why and how" treatise and you won't need a "stock broker" and the riduculous fees they charge. Take his advice and go to Vanguard, Fidelity, or T. Rowe Price (I lean toward Vanguard) and do it yourself with no-load mutual funds. I do think the author could have stressed mutual funds more - stocks are mentioned a lot - and how to diversify with no-load funds. No discussion of laddered municipals for tax-free income forever. No mention of options - like stay away from the plague. But, on the whole, while this may not be the last book you read on investing, it is a good one to read first. It would be a good one for "experienced" investors to read to find out why they aren't getting anywhere with all their buying and selling and brokerage fees. After reading it you'll know why all the brokers have yachts and their customers don't. Start young; use your company's match; setup a ROTH; dollar-cost-average; use a low-cost dealer and no-load funds. It's all in the book. As a bonus it is indexed for easy future reference. This is a tortoise vs. the hare story. Be a tortoise, sleep well at night, and retire rich.
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4 of 5 people found the following review helpful By Raymond Seakan on November 27, 2010
Format: Paperback
The book covers all the basics of investing. Hopefully, it will whet readers' appetites to learn more in depth on each topic. While I agree on the vast majority of topics, I think the author was far too negative about ETFs and using options to increase income and reduce risk

Regarding the use of advisors, I think he missed a significant point in that, while nearly everyone can learn how to invest on their own, many do not have the time or inclination to do so. Furthermore, one of the greatest dangers to the new investor is allowing emotion to enter in their decision making process. An advisor makes decisions based on fundamentals, technicals and risk adjusted reward. Emotional decisions is what kills many investors.
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1 of 1 people found the following review helpful By Jack on November 26, 2010
Format: Paperback
"That Thing Rich People Do" is certain to be a great book for beginning investors. It reads more like a short story than a stodgy textbook which is unfortunately how many books on investing end up. The book is also short enough to read in a day or two of light reading. The author does a cursory explanation of everything you need. Stocks, bonds, savings, index funds, advisers, terminology and taxes are all introduced. It is certainly a great introduction for people that want to start their retirement saving plan. Unfortunately, it's brevity also brings with it some faults. There were really only three things that I disliked about the book and the rest was great.

1) Limited information on 401k plans. I'm just worried that when people begin their actual investing and turn towards their 401k (where the majority of people will probably have the bulk of their retirement savings) only got a page and a half. How do people divide their investments between their 401k and outside investments? What do they do if they have a 401k with extremely high expense ratios? Perhaps the author felt that this was a more advanced topic and it was better left to another more advanced book so that he could keep this one readable and maybe he was right to do so, but I felt that this would be useful information to the reader.

2) Limited information on target retirement plans. These don't need much since they are so straight-forward, but I felt that they merit more than a paragraph. In general, I find these the best choice for the majority of people that just don't want to mess with their portfolios.

3) The rule of 72.
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