Getting Rich In America : Eight Simple Rules for Building a Fortune--And a Satisfying Life

Rating:
Summary: The most well rounded financial advice book I've read so far
Review: 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.

Rating:
Summary: Time is money. Save both and pass on this one. Really!!
Review: First let me say that I bought the audio tape and not the book. The tape is 3 hours in length so I assume it highlights the most important points of the book. (if there were any).

The book does cover 1 or 2 relavant topics like the importance of compounding interest and begining to invest at a young age. However, if you are like me, I was hoping for something a little "meatier." Oh, it does give you many examples of how X dollars over time will turn to millions. My tip if these type examples interest you: buy a calculator.

The other points covered in the book/tape I considered filler waste. For example the author explains that married people are more likely to get rich. He then goes into many statistics about those that are married. Also covered, Why divorce is not good and some tips on how to avoid it. His premice: Married people live longer. If you live longer you'll have more time to save and become rich.

I could go on with examples like the above mentioned but since time is money I'll save a little of both. My point however is this: If you're looking for REAL ways to increase your assets and you comprehend basic concepts like compound interest and time, this book will bore you with off-topic detail.

When I buy a book on this subject, I hope it will be one that has content that I can learn from and refer back to. This book however, is a once read and a waste of time and money.

My tip for getting rich in america is don't buy this book and save your money. Over time it will be much more valuable than the book. If you must own it though, email me and I'll sell you mine.

I hope this review saves someone the disappointment that I went through.

Rating:
Summary: The Right Message
Review: Getting Rich in America by Dwight Lee and Richard McKenzie is a powerful statement of what anyone in this great country can do if they are willing to work rather than whine. And for those who really do want to get rich, this book provides a useful roadmap for how to do it. But the most important point about this book is that it is not just about financial strategies. The real message is that getting rich is more about living the type of life that will be meaningful and satisfying -- no matter how much money you have. Trying to get rich to live the good life puts the cart before the horse. But, it you live a good life--one of integrity, responsibility, and dependability, you can easily get rich. The message in this book is one that every parent would like to see his or her children live by. No doubt about it, this book deserves 5 stars.

Rating:
Summary: Run, don't walk, to buy this book
Review: HI.. I would say most people should run, not walk, to buy this book. It doesn't matter where you are starting from, everyone can benefit from this stuff, and there are a variety of ways to compile wealth that the authors talk about. I found it to be very inspiring and well worth the money. I would recommend it to all my friends, especially those who are befuddled by the markets, because it has simple straightforward advice. good luck to all the savers and investors among us! for socially conscious people, they also tell how to help society (as well as get wealthy.)

Rating:
Summary: Same old stuff
Review: I hate to rain on everybody's parade, but I found this book to be a rehash of stuff I've read over and over in other places. There's too many numbers in here. What people need is an attitude about money, not just "save so much money for so long at 10% interest per year and you'll have so much saved for retirement at 65, but if you wait until you're 35 to start, you'll only have this much saved...." (that's not a quote from the book, but you can place that quote in almost any financial book, and it will fit just fine). Personally, I thought the Millionaire Next Door was better and Rich Dad Poor Dad in a leauge of its own. Any book on this subject will certainly convey "some" information. The problem is that they are too number oriented. People need to focus on paying themselves first regularly, having a set savings program and intelligent investments. This book seems to be more focused on getting rich by retirement. That's just great, but anybody who saves money over 40+ years darn well better be rich by retirement or they don't know what they are doing. On the other hand, I think the authors are realistic in the sense that this is not get rich quick by any means. If you want to sum it all up, no matter who you are or what your circumstances are, save money on a regular and consistent basis, cut up ALL of your credit cards, pay cash for everything, keep your wants and spending under control and that's about it really. It's not that hard to get rich. I just wish the book had more practical information and less technical analysis with all those numbers and statistics.

Rating:
Summary: Unique, effective approach showing how anyone can get rich.
Review: 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.

Rating:
Summary: Corrections for next edition
Review: The advice given in this book is excellent as are the suggestions of how to follow it. It is common sense advice that your parents and grandparents who lived through the Depression have tried to inculcate in their offspring with greater or lesser success. The difference here is that the consequences of following or not following are spelled out in numbers.

The only problem I found in the book is that the data used to calculate the consequences of divorce are not accurate. I would suggest that the authors read the book Divorced Dads: Shattering the Myths by SL Braver and D O'Connell for a more accurate account of what divorce costs.

Rating:
Summary: Great Buy (for me)
Review: This book is my "pick of the week". I highly recommend this book to anyone who is trying to save for retirement. The book clearly maps out a course to follow to retirement wealth. I also liked that it wasn't all just numbers, the authors discussed the need for old fashioned values like honesty, determination and a good marriage. The examples that even people at the bottom rungs of the economic ladder can retire wealthy really hit home. I work with temp workers at my job from time to time and let me tell you, being poor is definitely a state of mind. None of them have a plan, all of them blame circumstance and all think winning the lottery is their only hope. I think this book is a must read whether you are scraping by as a temp or if you are making a bundle. Buy it, read it, live it! See you at the top!

Rating:
Summary: Advice for the fearful!
Review: This book was terrible, maybe the worst book I have read on investing. It was so basic I felt like I was in pre-school learning how to tie my shoes. It's a book for whimps who are full of fear and are too scared to do anything with their live's. There is even a section warning you not to use drugs. Come on..... Don't waste your money..........