19 of 35 people found the following review helpful
Will scare you out of your 401k if you are ignorant,
This review is from: Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity (Hardcover)
Rich Dad must be making progress in influencing other authors. This is another recommendation to "buy rental properties". The author does not hit it nearly as hard as Rich Dad does though. It is subtle but it is throughout the book. We also learn that that banks are ripping you off by taking your deposits and lending it out to others for more than they pay you. Gasp! 401K's are awful and a waste of your money.
The author does have a decent discussion of risk vs. reward. Different investment vehicles are not really inherently risky. It depends on your knowledge of them. Overall good insurance discussion, but lacking disability insurance coverage past a few bullet points.
Overall....waste of the time I spent to browse it. That is the opportunity cost I willingly paid. If you know nothing it will only make you think that everyone is out to get you and make money for themselves...which is probably true, but this book will not arm you with any knowledge to fight back.
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Initial post: Oct 12, 2008 3:46:05 PM PDT
R. DeHart says:
Yup it does tell you that 401(k)s are NOT great investment vehicles, and it looks like he was absolutely right now that the economy is in crisis and people have already lost 40% or more of the money in their 401(k)s and are being told that they can no longer retire when they planned to. My mom read this book and followed it's recommendations before the economic crisis hit, and guess what--it saved her from losing her life savings. She now gets to retire comfortably as planned. So, I guess it's only "bad advice" if you aren't smart enough to follow it...
In reply to an earlier post on Apr 17, 2009 1:31:13 PM PDT
Daniel W. Phipps says:
How's your 401k doing now?
In reply to an earlier post on Mar 20, 2011 8:04:02 PM PDT
Marc T. Hardekopf says:
Well, two and a half years later with dividends reinvested, you'd have made up all your losses in your 401K since the market bottomed in March 2009. I now have more in my 401K than I did in 2007 or 2008.
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