Customer Reviews

Wealthbuilding: Investment Strategies for Retirement and Estate Planning: 31 Real-Life Wealth Stories

5 star:		(8)
4 star:		(0)
3 star:		(1)
2 star:		(1)
1 star:		(2)

 

 

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."

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.

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.

I was recently sent a copy of this book by a family member. Although I have very little background in the investment or retirement planning arena, I have found it easy to follow, and very helpful in providing guidance and sage advice on financial planning.

One of the things I have enjoyed the most is that although there is a "wealth" of information in here (pardon the pun), they have made it easy to find and digest the material that's appropriate for each individual. Rather than reading sequentially, chapter by chapter, I have enjoyed reading different sections as they relate to my area of interest and stage in life.

Wonderfully written, nicely laid out, and with terrific content, this book is a "must buy" for anyone interested in taking control of their financial future.

What a unique, well-crafted personal finance book. Instead of talking in platitudes about all the things an investor should do, Reiser and DiColo describe in understandable language the 7 pitfalls that can ambush you on your road to wealth. In each chapter, they describe a different pitfall and then illustrate in one or more case studies how the pitfall impacted a specific investor's portfolio. The case studies are actual stories of the authors' clients, and one or more will cut uncomfortably close to the quick for many readers. I am amazed to have found myself and how I've been sidetracked in at least 4 of the stories. The good news is that it's never too late to get started. I'm now armed with the tools I need to stay focused, and I'm encouraging my adult kids to read WealthBuilding so they can avoid the mistakes I made and can have a more solid footing at an earlier age.

WealthBuilding is a straightforward and sensibly constructed resource for thinking people committed to making good decisions for their lives. This book creates a logical framework for establishing clear goals for the future and enhancing ones CEO capabilities through working prudently with a professional financial advisor.

Whether the reader is a serious investor or a novice, the chapters present a diverse cross section of opportunities for learning and better understanding the important roles of both the individual investor and the professional as they form their partnership for success.

Real world examples bring the simple, common-sense concepts of this book to life; there are plenty of examples, and you'll relate to at least one of them.

David and Rob did a great job in making the concept of having a Financial CEO for YOU understandable and enjoyable, non-jargonized, easy reading.

This is a refreshing viewpoint in this day and age of the do-it-yourself investor/financial planner.

Some crucial elements are LEFT OUT of this book. If you just want to read some "happy happy" account of this book, check out the other reviews, but I'm trying to give something constructive here.

First of all, consider the bias: these authors are both on the payroll of PaineWebber. Now that's not necessarily BAD, but it's probably going to color their assessment of how to build wealth. So first up, they insist that attaining a secure retirement is too complicated for the average person, so you need to hire professional help. Now again, that's not necessarily bad advice, but it probably isn't advice that is going to suit everybody. And of course they're going to steer you exclusively toward stocks and bonds because that's how they and others like them get paid.

I gave it three stars because indeed I found their concept of "You Inc." helpful. Also, they push modern portfolio theory to the max, and that's also a prudent way to go for the conservative long term investor. But what I found lacking was their total neglect of real estate. After all, the book is subtitled "Investment strategies for retirement and estate planning". Don't you think real estate might fit in there SOMEWHERE? At least there should be some discussion about rental property or buying your own home and paying off the mortgage. Isn't it a large piece of financial security in retirement to have your own home paid for? Since "wealthbuilding" is the subject, don't you think rental properties deserve at least SOME mention? After all, the real estate millionaires in this country far outnumber those who made their wealth in stocks/bonds. So consider the bias: you got a couple of PaineWebber guys pushing ONE ASPECT of wealthbuilding. They focus on financial planning and modern portfolio theory to generate consistent longterm gains for the conservative investor and the theory that they give in the book is highlighted by numerous "case studies" of real people putting these principles into practice. Very good. That one thing they do, they do well. But for a comprehensive approach to "Wealthbuilding", I'd look elsewhere. At the very least, supplement this information with the info that it is lacking.

I bought this book based on the great reviews it received. I made it through half of the book and had to stop. My biggest complaint is they fail to include results in their clients portfolio's after 1999.

They are big fans of equity investing (of course they work for a big brokerage). In one of their stories, they berate a former advisor of one of their newer clients for having them in bonds. Not that the percentage overall was too high. But, that the advisor had them in bonds. Well, the authors didn't mentioned where the client sits today with the heavy equity position the authors put them into.

Being financial advisors (brokers) for UBS Paine Webber is no different from being a broker at Morgan Stanley, ML, or Smith Barney.

I found this to be a waste of my money. I thought Suze Ormans books were far better than this book. A lot more honest too.

This book is nothing but a thick marketing brochure. It discusses the basics of financial planning, but it incorporates the authors' own subjective analysis and opinions, which, based on their reasoning, often times borderlines dangerous. It leaves unrealistic expectations on the readers with no real academic backing and no real insight or intelligent commentary. Rather a lot of ignorant comments, hypocritical recommendation, and poor order of discussion. I feel by reading this book, you may actually becomer dumber than had you read nothing at all. The authors clearly designed this book to be a celebration of self-promotion.

Normally, I give books away when I'm done with them, but I would be insulting whoever received this by doing so - so into the garbage it goes! Please don't waste your money on this one - you're far better off with books by Burton Malkiel, William Bernstein, Larry Swedroe, Jonathan Clements, Thomas Stanley.