The Truth About Money: "Because Money Doesn't Come With Instructions" [Paperback]

Ric Edelman (Author)

Book Description

Publication Date: October 1996

Home Sweet Home:
How to buy your first home, your next home and save on taxes when you sell.

A-Z of Investments:
From annuities to zero-coupon bonds, go from owing money to OWNING money. Get out of debt (and stay that way).

Estate Planning & Long-Term Care:
Learn how to protect yourself and your family.

--This text refers to an alternate Paperback edition.

Editorial Reviews

From Library Journal

Edelman, a talk-show financial planner, transfers a glib "on the air" style of communicating into print, with mixed results. Verbose to a fault, he often crosses the line between financial advice and advice based on his own values. For example, most individuals recognize the cost difference between public and private higher education and do not need Edelman's advice to discount the added value provided by a degree from a high-profile school. His counsel on choosing a mutual fund is essentially sound, but the reader is subjected to what might be a script for television rather than a concise explanation of the issues. The occasional references to the service provided by his own staff of planners suggest that this obfuscation is not unintentional. Better stick with Marshall Loeb's Lifetime Financial Strategies (LJ 1/96).?Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1996 Reed Business Information, Inc.

Review

If you're wondering why you have no money, huge debts, and little to show for what you've already spent, this book provides some astonishing answers. Item: only about three percent of the present-day household's income is truly discretionary. Item: most people don't even think about modifying their lifestyles downward to meet changed circumstances (a new baby, loss of a spouse's income, relocation to an expensive area). The author holds the mirror of reality up to the dreamily complacent face of the American consumer. He explains that the rules of money have changed vastly in the last 30 years. From there, Edelman discusses the money problems that most people face today and the origins of these problems. Best of all, he suggests ways to resolve them. For example, Edelman, a professional financial planner, lists the pros and cons of renting vs. owning a residence and walks the reader through the financial processes the decision entails. The upshot: for most of us, owning is better than renting. The typical financially frazzled American will find this book more than worth its price. -- From Independent Publisher

See all Editorial Reviews

Product Details

• Paperback: 528 pages
• Publisher: Georgetown Univ Pr (October 1996)
• Language: English
• ISBN-10: 0878406166
• ISBN-13: 978-0878406166
• Product Dimensions: 9.9 x 7 x 1.3 inches
• Shipping Weight: 2.4 pounds
• Average Customer Review: 4.3 out of 5 stars  See all reviews (77 customer reviews)
• Amazon Best Sellers Rank: #3,422,829 in Books (See Top 100 in Books)

More About the Author

Ric Edelman is one of the nation's most acclaimed financial advisors. Ric's firm, Edelman Financial Services, manages more than $5 billion in assets and has been helping people achieve financial success for 25 years. He and his firm have won more than 75 financial, business, community and philanthropic awards, and his commitment to teaching consumers about personal finance has established him as one of the most popular financial professionals in America.

In 2010, Barron's named Ric the No. 1 independent financial advisor in the country(1) for the second year in a row. In 2004, Ric was inducted into the Financial Advisor Hall of Fame, ranked the No. 1 advisor in the nation by Research Magazine(2) for his focus on the individual client and ranked No. 42 on Registered Rep(3) magazine's list of "America's Top 50 Advisors."

In prior years, he won the Entrepreneur of the Year Award for Washington, D.C. by Ernst and Young (2001), the Blue Chip Enterprise Award from the U.S. Chamber of Commerce (2000) and Inc. magazine(4) three times named the firm the fastest growing privately-held financial planning firm in the country.

Ric is a #1 New York Times best-selling author. His seven books on personal finance include Ordinary People, Extraordinary Wealth; The New Rules of Money; Discover the Wealth Within You; What You Need to Do Now; The Lies About Money; Rescue Your Money; and the personal finance classic, The Truth About Money, now in its fourth edition. Collectively, Ric's books have sold more than 1 million copies, have been translated into several languages, and have educated countless people worldwide.

The Truth About Money with Ric Edelman can be heard on radio stations throughout the country. The live call-in advice program has been on the air for nearly 20 years and earned Ric the A.I.R. Award for Best Talk Show Host in Washington, D.C. (1993). He also publishes a monthly newsletter, has built one of the most comprehensive and free online educational resources about personal finance at www.RicEdelman.com, and is the author of a variety of video and audio educational systems that help people achieve their financial goals.


(1) Barron's ranking "Top 100 Independent Financial Advisors" (Aug. 28, 2010 / Aug. 31, 2009) based on the quality of the advisors' practices, including client retention and compliance record, contribution to the firm's profitability, and the volume of assets overseen by the advisors and their teams.

(2) Registered Rep magazine cover story "Clean Machines - Top 50 Brokers," September 2004.

(3) Research magazine cover story "Advisor Hall of Fame," December 2004 (based on serving a minimum of 15 years in the industry, having acquired substantial assets under management, demonstrating superior client service and having earned recognition from peers and the broader community for how they reflect on their profession).

(4) Inc. magazine cover story, "Inc. magazine's list of 500 fastest-growing private companies in the nation--Ranked #142 overall", October 1997 (Companies have to be independent and privately held through 1996, and must demonstrate a sales increase from fiscal year 1995 to 1996. Holding companies and regulated banks and utilities are not eligible, and sales in 1992 must be at least $200 thousand. Inc. magazine verified all information using tax forms and financial statements from certified public accountants, and by conducting interviews with company officials).

Customer Reviews

Most Helpful Customer Reviews

53 of 54 people found the following review helpful:

4.0 out of 5 stars Very good book for beginners but not great, June 14, 2000

By A Customer

This review is from: The Truth About Money (2nd Edition) (Paperback)

This book is one of the first finance books I bought and pretty darn near one of the last. It does a great job of making you differentiate what you need vs. what you want. For example, do I really NEED to buy another financial book or could I just borrow one from a friend or a library. I have even spent a couple hours in bookstores skimming certain chapters of finance books. It has provided me sound financial advice that is the core of my investment philosophy. I feel very confident in what I'm doing and why. That is one the positives. He will explain to you the principles behind his approach and let you carry it out on your own. He does not tell you to do A, B, and C. He simply provides you a nice foundation for investing based on a mix of his investment advice and historical performances. Every review I've read on this book has been positive so I would like to bring up some negatives. His book does not do a good job of explaining terminology. If you want to know what x-bond is exactly...good luck. Many terms don't receive the explanations a novice would need. Instead, you look in the index for a term, find it, then have to read a paragraph in which the term is used and you still don't know exactly what is means. Another negative is his ability to back track. He WILL present material as if it is black and white. Then 30 chapters later he will say something that contradicts it. There are obviously specifics that need to be discussed but aren't. Also, he is great at self promotion. This is a typical statement "If you don't understand what I just said, you need to by my book called so and so, if you still don't understand, by the book I wrote before that, etc." I have this book, 88 Rules, and Millionaire Next Door. 88 Rules is a hyped up condensed version of this book. Actually, I think some sections are literally copied word for word. In other words, IF YOU ARE GOING TO BY ONE OF HIS BOOKS, BUY THIS ONE AND DON'T WASTE MONEY ON THE OTHER ONES. All and all, I'm very glad I have this book BUT it could've been better. I have't read many financial books secondary my satisfaction with this one so I can't recommend a better book per se but this book does have negatives. Good Luck.

32 of 34 people found the following review helpful:

5.0 out of 5 stars Outstanding!, January 15, 2004

By 

Dee Byrd (Macklerville, TX) - See all my reviews

This review is from: The Truth About Money 3rd Edition (Paperback)

I just picked up a copy of The Truth About Money 3rd edition. Edelman has outdone himslef. This book is superb. So much information.

Whether you want information on how to invest or what kind of insurance to by, it's in here.

Edelman may not be as well know as Suze Orman, but he is the best. He know his stuff. Speaks from experience and has the client base, successful clients that is that can back him up.

If you really want to make the most of your money then you must read this book. It is outstanding!

26 of 27 people found the following review helpful:

5.0 out of 5 stars Edelman raises the bar on personal finance, March 11, 2004

By A Customer

This review is from: The Truth About Money 3rd Edition (Paperback)

The Truth About Money is the most complete and up to date financial book on the bookstands right now. And Edelman is an authority on money.

First of all, The Truth About Money is 645 pages packed with powerful financial information. It is split into 13 sections and 89 chapters. This is very complete.

Everything you need to know about money is in here. From sending your kids to college, to investing, to insurance, to buying a home to retirement.

Edelman spends a considerable amount of time discussing the greatest discovery of the 20th century--compound interest. Simple but I am continually surprised at the number of people who do not understand or even have heard of the rule of 72. After reading Edelman, you will understand it and pursue your investing with new vigor.

Ric also has a full chapter on how to prepare for economic collapse and another chapter on social security. Edelman recommends that regarding social security, that "you take and money and run" meaning that you are better off to retire and take benefits at age 62 than wait untill later. Considering the current sad state of the social security system, I couldn't agree more. Another way to put it is take the money now because it may not be there later.

At 645 pages, The Truth About Money may appear challenging but in reality is a eay and fun read. This not Jane Bryant Quinn. Ric Edelman is both a financial expert and a interesting writer. I got through the book in a few days. It was hard to put it down.

Since the book was written in November 2003, The Truth About Money is also the most up to date financial book out there. Forget those books that were written by magazine writers in 1997 and were out of date even before they were released.

Also, this book is obviously updated from Ric's first 2 editions. If you have either of those books, this one is bigger and better. Ric Edelman is not one of those authors who puts 2 pages of new information in a older book and calls it "new". This edition has been completely revised. It is like a new book.

Highly recommended book.