10 of 10 people found the following review helpful:
5.0 out of 5 stars
How to Become an Effective CEO of "You, Inc.", April 8, 2002
This review is from: WealthBuilding: Investment Strategies for Retirement & Estate Planning (Paperback)
I presume to suggest that you first read Meena Cheng's Fortune in Your Cookies unless you already understand the importance of a disciplined savings program which generates compound interest, prudent management of credit (especially credit cards), maximizing the value of a 401 (k) account, having a will which is current with all applicable federal and/or state tax code provisions, a Living Will, a living trust, provision for "joint ownership with rights of property," a 529 plan, and long-term care insurance. Cheng's is NOT a "How to Do It" book but it does provide a head-snapping alert on subjects which Reiser and DiColo discuss in greater depth and with meticulous care.
In this volume, Reiser and DiColo provide a cohesive and comprehensive guide to investment strategies for retirement and estate planner for two primary categories of readers: "First are serious investors with at least $100,000 to invest, who want to plan for their own and their families' futures by taking advantage of the best financial counsel and service available....Second are financial service professionals -- accountants, lawyers, insurance agents and others to whom people turn for investment, tax, and estate planning advice." My own opinion is that this same volume could also be of substantial benefit to others who have only recently begun a career and anticipate earning progressively greater income in years to come. I concede that much of Reiser and DiColo recommend may not be of immediate value to them but it should be of interest. It is never too soon to anticipate and then prepare to make wise financial decisions. Career choices will obviously have a major impact on the context within such decisions are made.
Reiser and DiColo organize their excellent material within three Parts: Defining Wealth, Achieving Wealth, and Preserving Wealth. They focus on 31 different "wealth stories" (see page xii), all based on real-world circumstances but, for obvious reasons, the names of those involved have been changed. Along the way, Reiser and DiColo include and explain each of what they call "Pitfalls." Each in fact is an incorrect assumption. For example, Don't Save During Prime Earning Years" (#1) and "Invest for Immediate Income" (#6). They then provide seven appendices, ranging from "Your Financial Physical: Investment to Take to prospective Financial Advisors" to "Markets in Crisis." They offer what they call 5 Tips to Become Wealthy":
1. Begin with a Good Attitude and Positive Approach (i.e. define what "wealth means to you)
2. Take Charge (i.e. appoint yourself CEO of "You, Inc.").
3. Have Courage (i.e. hire a COO such as a tax attorney or financial planner to manage the day to day operations)
4. Be Smart (i.e. develop a plan and strategy including risk/reward objectives, proper asset allocation, take maximum advantage of tax strategies including those provided by the Economic Tax Act of 2001)
5. Be Disciplined (i.e. stick to your plan while collaborating with your "COO" on whatever necessary and appropriate changes may need to be made)
Given both the negative and positive the potential implications and consequences of major financial decisions, including the selection of an appropriate source of professional advice, I strongly recommend that those who read this book take very seriously the completion of various exercises which Reiser and DiColo provide. Why? There are several reasons. For me, the two most important are that (1) you need to understand the precise nature and extent of your current resources and (2) the "homework" you complete will expedite the decision-making process in consultation with whomever you select as your financial advisor. One very important point: If you do not now have a will or if the will you have is not current with all applicable federal and state tax code provisions, have one prepared for you immediately to cover at least the main issues. This is especially important of you are married and even more important if you and your spouse reside in a community property state.
One final suggestion: Carefully read at least one other "guide" to achieving, preserving, and protecting financial resources. My strong recommendation is Suze Orman's The 9 Steps to Financial Freedom. She takes a somewhat different approach to many of the same subjects which Reiser and DiColo discuss in this volume. Nonetheless, you need to consider all sensible options. Meanwhile, keep clearly in mind what former president of Harvard University Derek Bok once said in response to irate parents who complained of a tuition increase: "If you think education is expensive, try ignorance."
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15 of 17 people found the following review helpful:
5.0 out of 5 stars
A MUST-READ IF YOU WANT TO CONTROL YOUR OWN WEALTH, December 11, 2000
In the vast sea of books about investing for wealth, this is a spectacular STAND-OUT! I read it, and passed it along to my husband, sister, parents, grandparents, and friends as well. As different we all are in our pursuits of wealth, the book hit home with each of us individually.
The authors, who are investment professionals, don't recommend formulas and specific investment vehicles, but rather recommend a comprehensive approach to your role in acquiring wealth and how to incorporate professional advice. So how do they do it without recommending specifics? They use case studies, which they call "wealth stories," based on 31 of their clients and the circumstances they met on their roads to wealth. The stories, which are beautifully written, describe how the authors use the same approach with differing strategies for each client, depending on the situation. It's a brilliant way to illustrate how the well-reasoned approach can be successful for all investors, whatever their age, marital status, income, net worth, and goals.
If you're looking for an excellent read about taking control of your own wealth that will engage you from page one, this is clearly the book for you.
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10 of 11 people found the following review helpful:
5.0 out of 5 stars
Highly beneficial, whatever your income level and age, December 13, 2000
By A Customer
I've read so many books that supposedly help you get wealthy. What distinguished this book was that it puts you in the driver's seat to get you there. From the outset, the book urges you to define what wealth is to you. That resounded loudly with me; the authors didn't foist upon me their definition of wealth. They explain that it's not necessarily a set dollar figure, it depends on what you personally are trying to achieve. The worksheets in the back of the book are invaluable and I would highly recommend that anyone serious about setting up a financial plan fill them out. They help you focus on what you have and where you want to get to financially. The real-life case studies in the book confirm for me that the advice is tried-and-true. I'm glad I found this book while I'm still pretty young and it can really impact my investment program. It seems like a very sensible approach to help propel me to where I want to be.
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