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A Million Is Not Enough: How to Retire with the Money You'll Need Hardcover – March 5, 2008
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About the Author
Michael K. Farr is president and majority owner of Farr, Miller & Washington, LLC. As a leading financial analyst and strategist, Mr. Farr's commentary can be heard on Associated Press Radio, Bloomberg Radio, and National Public Radio. He is quoted regularly in the Wall Street Journal, Forbes, Bloomberg, Reuters, and the Nightly Business Report. Mr. Farr is currently a regular guest host on CNBC's Squawk Box and was a long-time recurring panelist on PBS' Wall $treet Week with Fortune.
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1) First read "Master Your Money" by Ron Blue. This will teach you what "money" really is.
2) Then read "Sound Mind Investing" by Austin Pryor. This book explains in detail and in simple terms, just what various investments are and how you temperament is involved.
3) Read some Dale Ramsey and Susie Ormen books for perspective.
4) Read "The only Investment Guide You Will Ever Need", by Andrew Tobias. It's not the only one you will ever need, but it is good.
5) Then read, "A Million is Not Enough.
The book was released in 2008 and the title is the exact phrase I have been telling friends for many years; that a Million dollars is not enough! Hindsight shows that the author's opinion on page 28 was incorrect, and I disagree with his attitude toward mortgage retirement. However, I do agree 100% with the advice concerning credit cards on page 61, and documenting your life on page 64. His overview of "risk tolerance" is sound. Concerning stocks, my opinions vary somewhat, but he makes some good points. Also, he may eventually be considered prophetic concerning his remarks about the dollar on page 246. By the way, he is polar opposite of Tobias considering Corporate Bonds.
It is obvious that this author is intelligent and is an expert in the field of finances and retirement(though he almost lost credibility with me on page 173 when he states that GE CEO Jeff Immelt is part of a world-class management team!! Of course he stated this in 2008, I assume he has changed his opinion by this time???)
Also, it is sobering to realize that our national debt of 6 trillion + on Jan 2007 as mentioned on page 80, is now double at 16 Trillion due to Obama et.al., as of September 2012
Good over all read for needed perspective, proper goal-orientation, and ultimate implementation of retirement strategy.
Dr. Stanley E. Toompas, Optometrist
and Author of "I'm the One the Other Isn't"
iterative plans at various juncture points in life.
The trend is to increase new industries, growth in
productivity and global business enterprises.
The 1950s home bought at circa $10T is now worth $230T
or more. Tuition has grown from circa $100 to $7T or more.
The authors ask that we drive our cars longer and seek
cheaper college tuitions. Money from gifts and
inheritance should be saved- not spent.
Samples of core stock holdings are:
o Stryker Corp.
Sample mutual funds are:
o Torray Fund
o Janus Twenty
Investors should decide on risk tolerance, as well
as the overall mix of investments between stocks,
mutual funds, bonds etc. This is a worthy
investment for people of all ages .