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Rescue Your Money: Your Personal Investment Recovery Plan Paperback – March 10, 2009

4.1 out of 5 stars 36 customer reviews

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Editorial Reviews

About the Author

Ric Edelman, a New York Times bestselling author, has been providing financial advice to the public for more than twenty-five years and is a well-known, successful financial advisor. His television series, The Truth About Money with Ric Edelman, airs on Public Television stations across the country and his syndicated radio program can be heard from coast to coast. Ric’s bestselling books include The Truth About Money; Ordinary People, Extraordinary Wealth; and The New Rules of Money. His firm, Edelman Financial Services LLC, serves individuals and families across America. Visit Ric online at RicEdelman.com.

Excerpt. © Reprinted by permission. All rights reserved.

Rescue Your Money

CHAPTER


Images

ONE

One Major Goal You Should Have


When people seek investments, they tend to have one goal in mind: They want to beat the market.

Don’t agree? Then tell me why you compare the performance of your investments with the S&P 500 Stock Index. You’re gauging your success by comparing your investment results with the overall market, as measured by the S&P 500, the Dow Jones Industrial Average, or some other stock-market index. If you’re beating the market, you’re happy. If you’re not, you’re unhappy.

Guess what? Trying to beat the market is the wrong goal.

In fact, that’s a disastrous goal. Taking that approach sets you up for failure.

Why? It’s really very simple. And we need look no further back than 2008 to understand why. In 2008 the S&P 500 lost 38.5%.I 1 If you lost only 30%, congratulations! You beat the market!

Somehow I doubt you (or your spouse) would be thrilled at such news.

Thus we must remember that “beating the market” isn’t the point. In fact, only one thing matters when it comes to investing: achieving financial security. That is your one major goal.

Think about it. The purpose of investing is to help you achieve your goals, whether that means sending your kids to college, retiring comfortably, or caring for aging parents. It’s financial security that matters, not some benchmark that has no relevance to your personal life.

People who focus on the stock market are missing the point. You need to emphasize your goals.

I. The sources for all statistics can be found on page 175. --This text refers to an alternate Paperback edition.
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Product Details

  • Paperback: 192 pages
  • Publisher: Free Press (March 10, 2009)
  • Language: English
  • ISBN-10: 143915290X
  • ISBN-13: 978-1439152904
  • Product Dimensions: 5 x 0.5 x 7 inches
  • Shipping Weight: 5.6 ounces
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (36 customer reviews)
  • Amazon Best Sellers Rank: #248,208 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By R. Beittel on March 18, 2009
Format: Paperback
Now I'm not SO confused and scared about the current state of the economy and my investments. This book was a quick and easy read and has provided me with some peace of mind. The information provided is pretty much common sense and presented in a way that is easy to understand. Admittedly, I now realize that my "common sense" is sometimes overtaken by my emotions -- a direct result of the inescapable media hype surrounding this "hot" topic. (I never really thought about this influence until reading this.)

Edelman makes it clear that diversification and the ability to maintain a long-term investment approach are essential in today's market (easier said then done, I know). Also, I never really thought about how beneficial (and essential) rebalancing your investment portfolio is until I read this book.

What I found reassuring was the extent of the historical information provided through clever use of charts and graphs...Edelman makes a strong case for staying the course by reminding us that this is not the first time the market has experienced such turmoil and most likely won't be the last. I am now more confident now that financial prosperity is likely to return (but when?!?!). I'll keep this pocket guide close and re-read it should I get an urge to change my investment approach or cash out simply out of fear that the market will never rebound. Definitely a valuable read for investors of all ages.
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Whereas Ric Edelman's earlier works, "The Truth About Money" and "The New Rules of Money" are outstanding, his lates book, "Rescue Your Money" is essentially an advertisement for his firm's advisory services. The book is unworthy at any price.
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I just love Ric Edelman's books! I have them all, and yes! I do listen to his radio show! I have purchased each of my 3 son's Ric's book "The Truth About Money" as a gift. All of his books are basic, easy to read, common sense information. I would love to tell you I have a million in the assets due to following his information, however, I sometimes just can't get out of my own way! Let me just say that I had adjusted my investments according to info I gathered from my Edelman "Reads" just weeks prior to that horrible market "adjustment" a few years ago and it saved me thousands in my 401K and other investments. While I did lose a little $$, it was not nearly as bad as it would have been if I had stayed positioned like I was! I have suggested Ric Edlemans books to all my friends and coworkers. Even if you have a financial manager, education is a powerful thing! Be informed, or be a victim!
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Format: Kindle Edition Verified Purchase
Ok, I've read this same material over and over... nothing new here... just a rehash of old, time-worn recommendations... The author obviously rushed this book to market to capitalize on turbulent economic conditions and frightened investors... overall, a waste of my time and money.
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Ric Edelman knows his business, as a retired individual, I needed to know the facts Mr. Edelman could impart to me. I had allowed too many years to slip by, taking financial advice "experts" who talked a good game, but their investing performance was mediocre.
It was time for me to learn what I has depended upon "experts" to do. To that end, I had been listening to Ric Edelman's radio show on week-ends, and liked his style. That's why I purchased a few of his books.
Keeping one's retirement nest egg intact and positive is something I never thought I was qualified to do, but reading and referring to Ric Edelman's writings have given me the confidence I needed to keep the nest egg producing.
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By Ben on September 11, 2011
Format: Paperback
If you know anything about investing skip this book. It was a complete waste of time. I have been investing for only a year and everything in this book I have heard before. If Borders had't gone out of business I would have begged for my $.99 back. Not worth it.
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Format: Paperback
I received this book for free at an Edelman seminar. The book is far better than the seminar. Easy reading, small; I finished it in two hours. If your choice is between the seminar and the book, skip the seminar and go for the book.
Here are some highlights and questions:
- It was the single best presentation of both risk and the importance of diversification I have ever read.
- I didn't know that the average mutual fund fares better than the average stock. Not sure I believe it. No explanation of how the data was constituted. Hmm. His company uses Dimensional Fund Advisors. I thought they followed the math about index funds as taught at IFA.com which would disagree. (There is some connection between the two, IFA and DFA. I think one is theoretical, the other practical.)
- He explained why he avoids all individual stocks and also all regular mutual funds. But I wish he would explain more about his strategy as to why he doesn't even mention index funds. Perhaps the institutional shares and the ETFs he uses are very broadly diversified.
- I didn't know I could access Institutional shares; through his practice I can. I'll consider it but he says others use the same DFA group, too.
- Odd: He talks about rebalancing a portfolio when it gets only 2 percent away from what someone thinks is "perfect." That's crazy talk unless you don't have any trading fees. Maybe exchanges between the DFA accounts are free? Don't know and it wasn't explained.
- He didn't even mention rebalancing with new money (from one's ongoing employment salary). Perhaps he forgot that some people aren't retired yet? This is standard advice for anyone who regularly contributes to their savings with new money in order to avoid incurring fees and also creating taxable events.
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