Getting Rich In America: Eight Simple Rules For Building A Fortune--And A Satisfying Life (Hardcover)

by Dwight R. Lee (Author), Richard B. Mckenzie (Author), Eric Conger (Reader) "Microsoft CEO Bill Gates, renowned for being the country's most successful nerd, has really made it in America..." (more)
Key Phrases: retirement net worth, target retirement age, onetime saving, Social Security, United States, Poor's Index (more...)

Editorial Reviews

Amazon.com Review
Even if you never earn more than $50,000 a year, you can still retire a millionaire--just choose to live a disciplined yet fulfilling life. Save and invest at least 10 percent of your income, never buy a new car, focus on the long haul and family, work an extra part-time job--these are among the disciplines that can get you to $1 million and more, write business professors Dwight R. Lee and Richard B. McKenzie in Getting Rich in America. In fact, the authors say, there are eight simple rules that will help enrich your life: Think of America as the land of choices; take the power of compound interest seriously; resist temptation; get a good education; get and stay married; take care of yourself; take prudent risks; and strive for balance. "If you do everything on the list, building a fortune as well as a satisfying life is virtually assured. How could you miss?" write the authors. The most important step: Invest as much of your income as early in your career as possible, in a mutual fund that follows a stock index like the S&P 500. Stash away $2,000 a year beginning at the age of 22 in a fund averaging 15 percent and you could retire at 65 with $6 million. The book features some inspiring vignettes of average Americans turned millionaires. And it provides formulas to calculate your own retirement nest egg based on when and how much you save. For investors and anyone looking for ways to save, Getting Rich in America shows that it isn't as hard as it seems. --Dan Ring

Review
Getting Rich in America is the how-to handbook for becoming the millionaire next door. At the very least--for those who remain skeptical--it offers practical advice that you can follow straightforwardly if you want to be much better off than you are now. -- The Wall Street Journal, David R. Henderson

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Product Details

• Hardcover: 240 pages
• Publisher: HarperBusiness; 1st edition (December 9, 1998)
• Language: English
• ISBN-10: 0066619823
• ISBN-13: 978-0066619828
• Product Dimensions: 9.3 x 6 x 1 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 4.5 out of 5 stars See all reviews (20 customer reviews)
• Amazon.com Sales Rank: #935,868 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

15 of 15 people found the following review helpful:

5.0 out of 5 stars The most well rounded financial advice book I've read so far, August 17, 2000

By	Young investor "kelvinaz" (Phoenix, AZ United States) - See all my reviews

As the name states, this book explains how it is possible to build wealth AND achieve a satisfying life by following a few simple rules. There are no off-the-wall advice or get-rich-quick schemes offered here, unlike the material from some other "financial gurus". All of the principles presented in this book are logically sound and time-proven, but I hesitate to say "common-sense" because so few people actually practice them in reality.

For example, I think we've all heard about the power of compounding--and how it can turn a modest savings into a significant nest egg over time. However, very few people take this to heart and apply it to their daily money management decisions, because they feel it requires too much work or they feel helpless in controlling their expenses. What the authors do is demonstrate, by using specific examples and crunching the numbers, that even minor expenditures today can have significant economic impact down the road. They show that by making certain choices early on in one's life, nearly ANYONE can build a fortune in America. It truly doesn't require a genius or lots of luck to become rich today. Moreover, the authors point out that one doesn't have to sacrifice all of life's pleasures or live like a pauper in order to achieve financial security. All it takes is a little prudent savings and investing. If you believe in the opportunity to achieve wealth in this country, but have trouble getting motivated and taking action, this book is for you.

The chapter on investing is excellent. The authors explain how trying to beat the market is futile, and "safe" returns can be riddled with risk over the long haul (due to inflation). If you believe that you are just as capable of managing your investments as paid experts, you'll like this book.

Most people aren't aware of the return on education; I know I went to college just because it was the thing to do (and my parents wouldn't have it any other way ;) This book describes how increasing one's education level can substantially affect (negatively and positively) one's earnings. It's very interesting reading.

What this book also emphasizes, that most other financial advice books neglect to mention, is that living a good lifestyle is not only satisfying but also FINANCIALLY rewarding. Practicing good ethics enables a person to feel good about him/herself (leading to a more productive life), and making healthy lifestyle choices extends your life (thereby allowing the power of compounding to work longer). If you want validation that doing the right thing and living responsibly is rewarding emotionally AND financially, then read this book.

The only point that I have a minor quibble with is: getting married is good for wealth building. I understand what the authors are trying to say, which (I think) is: being in a committed relationship and having a contributing partner can accelerate the wealth building process. However, I don't believe that the actual marriage contract is necessary for achieving wealth. While marriage may help some couples stay together, it can also provide a false sense of security for others (causing them to stop working as hard on maintaining the relationship). Some people choose not to get married because they have no desire to produce offspring, others do it to avoid the "marriage tax penalty". I think unmarried, committed couples are just as likely to build significant wealth (and live fulfilling lives) as married couples. Anyway, I'm being technical here, and what's important is that the authors do get their point across.

I really liked this book, and I am practicing all the principles described in it. I find my peace of mind higher than ever, knowing that I'm well on the path towards a secure future.

7 of 7 people found the following review helpful:

5.0 out of 5 stars Unique, effective approach showing how anyone can get rich., December 16, 1998

By	Charles W. Baird ([e-mail]) (Hayward, CA) - See all my reviews

Most get rich books for popular consumption are based on gimmicks and raise false hopes among the gullible. Lee & McKenzie are different. They show how anyone, even low-income people, can gradually build a fortune without luck and without expert advice. They show how getting rich in America is a choice that anyone can make. It takes discipline, resolve, perserverance, and patience. It doesn't require any financial expertise or knowledge of the stock market. Every young person should read this book and follow its simple rules. It gives the lie to the widespread belief that you have to be rich to make money. It will build confidence in the free-market system.

9 of 10 people found the following review helpful:

5.0 out of 5 stars Ben Franklin @ Y2K, May 20, 1999

By A Customer

Imagine a book with the practicality of your high school home economics teacher, the wisdom of Ben Franklin, the financial savvy of Wall Streeter, written in the peppery style of an NPR journalist; thats what Getting Rich in America was for me.

These authors have actually lived their own advice and become millionaires; no hypocrisy here! Even those of modest means can choose to turn income into wealth by getting a good education, limiting their expenses, investing regularly, using the power of compound interest, and living a healthy lifestyle.

The special twist of this book is it's emphasis on living a happy rewarding life. A frugal lifestyle need not be barren or miserly. Financial freedom is not limited to the Bill Gates or Michael Jordans of the world. The authors are populists - encouraging all toward financial success. Much suffering in the world would be avoided by heeding the advice in this book.

This book presents the virtues of thrift, hardwork, family, and community espoused by Ben Franklin in a convincing Y2K format.