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Wealth Odyssey: The Essential Road Map For Your Financial Journey Where Is It You Are Really Trying To Go With Money? 0th Edition

4.7 out of 5 stars 6 customer reviews
ISBN-13: 978-0595337200
ISBN-10: 0595337201
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Editorial Reviews

About the Author

Larry R Frank Sr., MBA, CFP has spent years (since 1978) on financial research focused on teaching people to make smart decisions to grow and protect their net worth. He holds a BS cum laude in physics and an MBA in finance. His public website is www.BetterFinancialEducation.com .
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Product Details

  • Paperback: 168 pages
  • Publisher: iUniverse, Inc. (February 23, 2005)
  • Language: English
  • ISBN-10: 0595337201
  • ISBN-13: 978-0595337200
  • Product Dimensions: 6 x 0.4 x 9 inches
  • Shipping Weight: 8.8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #2,455,652 in Books (See Top 100 in Books)

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Top Customer Reviews

Format: Paperback
Wealth Odyssey is a guidebook that everyone in the prime of their financial lives should read, as it directly addresses a question that many other money management books ignore - what are the reader's long-term financial goals, and what is the most effective way to attain them? Chapters address components of the wealth odyssey "road map", such as asset modes of transportation, the role of debt (when it is good, bad or necessary, and how to use debt wisely), risk management, why one must never let salespeople make decisions, different types of insurance to consider, how to deal with unexpected happenings such as premature death, and much more. A very solid, basics primer that warns the reader against using emotions as a baseline and emphasizes a combination of prudence and solid determination to achieve one's dream.
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Format: Paperback
Update to Chapter 3 - The Wealth Rule:
Current research has refined, and is continuing to refine, a sustainable withdrawal rate for retirement. How does such a withdrawal rate need to change with the markets of 2007 and 2008? Up until 2009, sequence risk (bad market sequences for retirees living on their portfolios) was not widely researched. My website (BetterFinancialEducation) has links to current research applying the dynamics of time which has launched a second generation (the first generation was based on static time frames and "initial" withdrawal rates developed) perspective on withdrawal rates and portfolio distributions using terminology such as "current," target end age, dynamic, based on probability of the person and of the portfolio. The difference between first and second generation thought is that second generation thought recognizes that the withdrawal rate can increase as you age, in addition to an inflation adjustment. My colleagues and I have refined the decision rules to aid retirement decision making during poor markets based on probability of failure. We have also introduced modeling that, for the first time, includes integration of longevity statistics so that the distribution period is also dynamic (rather than fixed as in first generation models). I keep my website up-to-date with current research in the increasingly important area of sustainable retirement income.

The Wealth Rule in the book still applies. What is now different is that, rather than a fixed 4% for example, the withdrawal rate changes based on age. This is because, as you age, the distribution period gets shorter; thus, the withdrawal rate may increase as you age.
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Format: Paperback Verified Purchase
I was a little surprised to see Frank advocate a 5% maximum safe withdrawal rate (SWR) versus a 4% SWR. Most research (Bengen and The Trinity Study) indicates that 4% (with annual inflation increases) is about as high as you should go over 30 year withdrawal periods.

Frank states he does not like the 70% to 80% income replacement ratio rule-of-thumb advocated by the AON/Georgia State surveys. He says he doesn't have any clients who want to take a 30% reduction in spending when they enter retirement.

Frank advocates the approach of calculating actual current spending versus the 70-80% rule-of-thumb. He uses the easier approach of gross earnings minus (SS + fed taxes + state taxes + savings) to get actual spending. This approach is much simpler than keeping records on all the budget line items you have expenses for.

Frank correctly emphasizes the pay yourself first rule. If you have your savings automatically deposited in your 401K via payroll deduction.....you will meet your savings goals. If you try to save the money you have left over at the end of each month......you will always run out of money and therefore have no savings.

My favorite story for why to pay yourself first......is the US government. The Government was concerned that people would not be able to pay their income taxes if there was an annual tax bill due.......so they started automatic payroll deduction to make sure they got their money first. Why not use the same trick our Government does to make sure you get your money saved?

Frank also applies his same 5% SWR to figuring out how much life insurance you need. A 5% SWR equates to 20X the income level you need. If you need $60K of income to support your family if you die.....
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