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4.3 out of 5 stars
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on March 6, 2004
Although in my opinion this isn't the only investment guide you need, it is a great book that really sheds light on some of the more boring aspects of personal finance.
This entertaining book gives you a good understanding of personal finance, saving, investing, and various strategies to boost your net worth.
I highly recommend getting a copy of this book for yourself and one for a friend, believe me if they follow the tips they'll be thanking you later.
Here's what different national publications have to say about the author:
"Andrew Tobias is one of the financial community's pithily perceptive observers." Forbs
"So full of tips and angles that only a booby or a billionaire could not benefit." The New York Times
"The only investment guide many will indeed ever need." Barron's
Reed Floren
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on February 27, 2004
It is really the only investment book you will ever need. It covers lots of basic materials. When I first read the book, I thought it lacked details. However, it gave you enough information so that you can dive deeper into other topics on your own. If you are a beginner to investment, that is the best book you will find. Another comparable book would be "The Motley Fool Investment Guide : How The Fool Beats Wall Streets Wise Men And How You Can Too"
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on February 15, 2004
I read this book more than ten years ago, when I saved enough money from my first job to start dabbling in the stock market. The new edition also has information on Roth IRA's and still offers good advice. For example, selling life insurance to a single person is like selling ice to an eskimo is a mantra that is still ingrained in my mind. Another is that discount brokers are better than full brokers. The book is easy to read and understand. It complements, Engel and Hecht's "How to Buy Stocks."
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on February 14, 2004
If you have a bunch of cash but are unsure how to invest it properly, this is your book. Interesting to read with a humorous touch. The book doesn't as much give you specific investment advice as it provides you with an overview of the world of investing, and after reading it you'll have a clear idea of what resources to study next.
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on February 4, 2004
The author discusses a wide range of investment vehicles aimed
at increasing wealth incrementally. He discusses the benefits
of zero coupon bonds that are sold cheaply but yield $1000
at maturity. The author lists the 401K plan as a superior
investment. Stocks are historically a good tax shelter if they
are held for price appreciation and dividend reinvestment.
The dividend reinvestment mechanism forces consumers to save
money that they otherwise might spend foolishly. Whole life
insurance policies require an expert because policies tend
to pay low interest rates and there are significant penalties
for dropping them. Overall, the work is a good investment
for the personal investment portfolio.
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1 of 1 people found the following review helpful
on November 25, 2003
By way of background, I studied finance at a top business school and understand the theory of investing from some of the top professors in the country. But in terms of netting it out into something usable and understandable from an everyday personal investing standpoint, this was better than all of that combined.
Tobias cuts thru all the crap the brokers tell you, and by the end of reading this you'll be able to judge good advice from bad advice (at a minimum) or manage your own finances without a professional (even better).
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on July 31, 2003
The best line in Andrew Tobias's 25-year old classic is, one penny saved is two pennies earned. Why? Because when you save two pennis, close to one is taken away by the government, unless you are some dirt-wealthy person protected by tax shelters and a carribean passport. So by not eating that $... sushi meal, it's the same as you just earned $..., minus the cost of the McD burger.
Tobias also points out the pitfalls in many popular investments, ranging from stamps to whole life insurance to insider stocks. The book is refreshing, even after 25 years. I totally wish I had had heeded his advice all these years. Indeed, if I had just bought some long-term bonds back when interest rate hit double digits, I would have retired long ago. Instead I played the equity market and in all these years, came out flat at best, not counting the uncountable number of sleepless hours and numerous occasions of near heart attacks.
Because Tobias aims to keep the volume slim -- although the latest edition is bigger and 3 times more expensive than the last one I bought back in 1989 -- a lot of important things are left out, e.g., real estate, trusts, etc. Half of the book is devoted to stocks. While the advice is must-read for every small investor, I was hoping to see more content on bonds and also chapters devoted to hedge funds and real estate. Sure Tobias can say something about these increasingly popular vehicles.
A timeless classic marred by some missing chapters, but still a gem in a world populated by useless investment advice, in book form or in person.
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on June 12, 2003
Andrew Tobias provides an excellent guide on how to avoid losing. Unfortunately, that does not necessarily amount to winning. While this common-sense book is extremely logicical on the surface I have yet to meet or hear of the first person who acheived financial independence by following its recommendations even though it has been in print for decades. Sadly, the title is incorrect. While this is a good book on saving and cutting one's cost of living, it is not the only investment guide you will ever need.
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on December 20, 2002
Tobias is a good writer with a keen understanding of the "little guy's" financial world (although he clearly isn't a "little guy").
The 2002 edition of the book is the third update I've purchased, plus the original. This is the best update so far with much of the book re-written rather than "updated" with a few additional sentences here and there.
Although the reader will not get rich from following Tobias' money management advice, he or she *will* avoid many of the traps (if he or she follows Tobias' advice) that can so easily hurt the small investor (for example, Tobias's advice on using margin to buy stocks: "Don't").
I've given this book to my family and friends in the past and will continue to do so. It's well worth the money and time spent.
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on November 26, 2002
Whether you are rich or poor this man has advice you should read! he is no nonsense and a pleasure to read. his explanation of how you can save money by spending less is the best financial advice for the common man. Then he continues to tell you what you can do with the money you have saved in plain english. If you read just one, this is it.
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