On-the-money

The previous poster is either two things:
1-The author trying to hype his book (I've seen the same comments, from the same reviewer on another web site)
2-This person has never read any other financial book

I usually don't make comments on Amazon but thought I must comment on this to keep people AWAY from this audio book!!!!!

The audio book can be summed up to this:
1-Get rid of your debt
2-After getting rid of your debt, don't have any new debt
3-Live in the middle of no-mans land to buy property at $500.00 an
4-Cut out coupons, and find ways of saving pennies while missing out on saving dollars
5-Live frugally

Also do we REALLY need to go into detail on how to maintain a car???? Leave that to auto repair books thank you.

Yes it's true most of America lives in too much in debt. Though, debt used properly to purchase assets can make you weathly.

The debt reduction system he discusses, is available in many forms on the web and via finanical packages like Quicken. It also sounds like this audio book is repackaged from somewhere else.

The author fails to really discuss how debt (used as leverage) can make you more money. A perfect example is real estate rentals. He says Real Estate is a poor investment becuause it only increase in value only 5% per year. This is true!

BUT he fails to mention if you have only a small amount (say 20%) of money in the investment, you make much MORE than 5% per year.

EX:
House $100,000.00
Increase $5,000.00 (after one year)
TOTAL VALUE $105,000.00

Down payment $20,000.00
ROI (Return on investment) $5,000.00/$20,000.00=25%

This of course doesn't include closing fees and taxes and the positive cash flow you can get from real estate rentals.

Instead of reading/listening to this, look at these books instead:
-Rich Dad, Poor Dad by Robert T. Kiyosaki
-The Road to Wealth: A Comprehensive Guide to Your Money--Everything You Need to Know in Good and Bad Times
by Suze Orman

"Debt makes things cost more"

Why would you purposely spend more than the original sale price of an item? To invest? Using his house analogy:

He states you can put $20,000 (20%) down on a $100,000 house than might appreciate 5%. Therefore, thanks to borrowing the other 80%, you might make a 20% return on your investment! SOUNDS GREAT!

There are about a hundred loopholes here but I will focus and share with them the top two:

1) Just as that house (or ANY other investment) MIGHT appreciate in value, it can also DEPRECIATE in value, it happens everyday. In fact, over 90% of investers in wall street lose money! There is never a guarantee of return on any investment. Ever hear, "past performance is no guarantee of future performance"? That disclaimer is there for a reason!

2) Bonehead forgets to inform you that in order to give the property time to POSSIBLY appreciate (1 year) you have to pay a mortgage on $80,000. Would you like to know how that mortgage is amortized? Heres how it works: your mortgage payment, based on a 30yr, 6.5% loan would be $505 per month, this is interest and principal only. Of that payment, only $73 per month goes toward reducing pricipal. The interest alone amounts to $5,173 after 12 months. Factor mandatory insurance and property taxes that you will have to pay just for owning it and his great investment idea that MIGHT appreciate 5% is losing a least $1000!

What happens when he goes to sell it? Well, he will most likely need to hire a realtor who charges 6% comission on average, taken right off the top.

Lawrence M. Ludwig from Babylon, NY USA , is extremely ignorant of how expensive debt is. Instead of bashing an author such as Mr. Cummuta, he would do well to educate himself. On a final note, this consulation to Mr. Lawrence M. Ludwig from Babylon, NY USA is entirely complimentary, your welcome.

It's refreshing to see a book about Vail with perspectives from the variety of social and economic groups in the Valley. There are many coffee table books published on the town, yet virtually nothing has been written about the people of Vail. A quick, easy to read book that I did not want to finish.

I really read this book, unlike the authors friends who posted here and clogged up the true review space with false praise

This book has four parts. One) to help you analyze your present financial situation and plan for the future. Two) has hundreds of tips to help you cut spending. Three) shows how to save more while earning less. Four) tells you about work: quitting & keeping benefits, part-time work, and how to resume full-time work.

Dr. Kaufman's influence has evolved through his studies of the credit markets, role in developing them as head of research at Solomon Brothers, commentator on the credit markets and Federal Reserve policy, and forecaster of financial market trends. He is well respected, even by those who do not agree with him. Perhaps his most influential moment came on August 17, 1982 when he called the turn in the interest rate environment that kicked in the bond and stock market boom in the United States that has lasted ever since.

Let me briefly describe each part of the book. The first nine chapters are primarily a biography of Dr. Kaufman. Despite the fact that I have been following his thinking closely for over 20 years, much of this was new to me. He is modest in speaking about his accomplishments, which makes the story more appealing. The story of how Dr. Kaufman became "the" Henry Kaufman is well worth your time. Born in a small rural town in Germany, violence against Jews in his own town caused his family to emigrate to the United States in the 1930s. During the time in Germany, he suffered from polio, and had two operations as a result. Speaking almost no English when he arrived in New York, he was back to grade level performance within a year . . . after the humiliation of being put back into the first grade. You will get many interesting glimpses of how important mentors and families are to the accomplishments of any one.

Chapters three through fifteen also serve as a partial history of the world (and especially the U.S.) financial markets. The length of the period covered and the breadth of view make his perspective very valuable for the casual observer of the subject. Most will be surprised by how great the changes have been in the last two decades, for example.

But, to me, the most valuable parts of this book were the prescriptive elements of what needs to be done now that build from material in chapters eleven through eighteen. I agree with him that regulation is falling behind the shifts in the financial markets. For example, new types of financial institutions are being created that have essentially no regulation, yet contain great risks for the whole society. CitiGroup is an example. The banking part is regulated by the Federal Reserve but the Travelers insurance portions are regulated by the states. The investment banking part of the company is primarily regulated by the SEC.

He also warns against the excessive use of derivatives, financial leverage, and decreased care in overseeing these practices compared to their size and importance. In good economic times, this works well. How well will they work in bad economic times? Probably not very well. The near collapse of the bond market during the Russian debt crisis in 1998 is an important warning here.

More significantly, although the Federal Reserve knows that there is a stock and real estate speculative bubble in the United States, it is at a loss to know how to handle that bubble. Dr. Kaufman predicts tough times and greater volatility in the markets ahead that will make the one-day fall in October 1987 look like a walk in the park. The collapse will be abetted by the low savings rate, the growing importance of other strong currencies, high debt levels, incomplete regulation of speculation, and greater growth abroad while the Fed fights back by only being able to lower interest rates.

These are sobering words and thoughts, and I hope that policy-makers, policy-influencers, as well as ordinary citizens will take them seriously. The time to fix the dike is before it breaks.

If Dr. Kaufman is right, how will you protect the financial security of your organization, business, career, and family? Without knowing what the risks are, you won't know what to prepare for. I suggest you read this book as part of your preparation.

The only people who will be disappointed in this book are those who would like a more detailed and technical explanation of these points. Dr. Kaufman is clearly capable of providing more, but did not want to limit his audience. Despite its general nature, I found the chapter on forecasting to be quite interesting and valuable.

After you have read this book, also ask yourself if you have taken full advantage of your opportunities in life as Dr. Kaufman has. If you have not, ask yourself what you could learn from his example. I suspect that you will start asking for and getting more advice from outstanding people as a result.

Live long and prosper!

The book contains 49 easily digestible chapters including: "The Law of Averages Eventually Makes You Right", "He Who Hesitates Can Save a Lot More" "Mutual Fund Expenses Can Hoodwink You" "Every Period in History Had It's Fools Gold", all applicable to today's investor.

There are many similar books on the market offering the same or similar advice. If you enjoy Mark Twain, and prefer your investment reading to be sprinkled with his perspective, buy this one, otherwise keep looking, you'll find another equally good book that provides the basics.

"I didn't start out with a surplus, but I came back richer and no longer breaking out in hives if I found myself in the clutches of a bonus payment, a severance check, a capital gain of one sort or another, an inheritance, a lottery win, a tax refund, or simply the realization that the passbook savings account finally contains some serious money."

While some of those situations may not be your money issue, it is that time of year for many of us to have a tax refund pop into our hands. His travels take us from a nudist village in France to the Mall of America to a discussion with Vicki Robin(co-author of Your Money or Your Life) in Seattle to a music college in Texas. I savored this book. This book is to money the way Calvin Trillin's Alice, Let's Eat is to food. There are very few books that that have made me laugh out loud and this is one of them. Beware reading while eating or drinking lest liquid exit through your nostrils.

Let me state up front that I was utterly jealous of a fellow human being who managed to have this pilgrimage supported by someone else's surplus. While the book allows us to share and enjoy Brancaccio's experiences, the subtle lessons about money and life are there in all their glory. In the Mall of America, I want to shout, "Go ahead, have a Cinnabon !" Each chapter ends with a souvenir, a to-do list and calculations relating to the chapter.

Brancaccio considers socially responsible investing while attending a conference in Jackson Hole, Wyoming. One of his conclusions is that: "Trying too diligently to come up with a really groovy portfolio runs the danger of turning you into one of those obsessive-compulsive hand washers. You keep trying to sanitize your holdings, but you keep turning up more dirt." His wife has endeared herself to me forever with her comments before Brancaccio heads out to research charity in Hawthorne, Nevada. "On the way out the door very early this morning, my wife cast a protective spell around me. 'If you run across a place called the Mustang Ranch,' she said matter-of-factly from her pillow, her eyes still closed, 'keep in mind those women wear stretch pants and fuzzy slippers in their off hours.' "

This book covers the gamut of financial choices one might make with a sense of humor and wonderful storytelling. I highly recommend it.

It's my own fault, though. Next time I'll read the TOC before buying!