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Building Wealth (For the Rest of Us) Paperback – December 7, 2016
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About the Author
David L. Wright is the author of best-selling books: "Investing For the Rest of Us" and “You Don’t Need a Financial Advisor.” He is the founder and editor of the personal finance site: DollarBits.com. A lifelong investor, Mr. Wright retired more than a decade early. He spent the last decade of his career as the Chief Financial Officer of multi-million company in the entertainment industry. During his career, Wright also worked as a computer programmer, an educator, a corporate executive, and even as an artist. Mr. Wright’s writings, his books, articles on Dollar Bits and elsewhere, have helped countless people get on the road to financial success. When he's not writing, Wright and his wife enjoy spending time with their pets, traveling the globe, and tending their garden.
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This book, in particular, benefits from Mr. Wright's own personal stories and tips from his life. While not all the strategies will work for everyone, there are so many great ideas to review that the book makes for both an enjoyable and fruitful read.
He is not an investing professional, so he does not use a lot of technical jargon which normally confuses the reader and is hard to understand.
I particularly liked his chapter called "A Million Dollars on $10 a day - The Magic of Compounding." This should be required reading for every senior in High School! Many think it is hard to save up a million dollars, but David points out that it just takes time and is not really hard at all.
Since many youngsters today do almost everything on a tablet or other mobile device, this eBook could be just the Christmas present for them.
The main reason I did not give this book 5 stars has to do with the fact that the author got into a little bit of trouble trying to get too technical in the Roth / Traditional IRA explanation. I have spent much time trying to get authors to compare these two accounts with what I call “tax-equivalent amounts” and when you do that the decision amounts to only the difference in tax rates between your investing years and your retirement years. These of course cannot be predicted ahead of time, so I almost always just recommend the young investor do some of each unless the person is closer to retirement or their income is very high (favors IRA) or their income is very low (favors Roth.) Also even though the chapter on “stuff” is a large reason why we have less money in retirement, I think David spent a little too much time on it, especially cell phones.
All in all however a very good book.