The Only Guide You'll Ever Need for the Right Financial Plan: Managing Your Wealth, Risk, and Investments Hardcover – Aug 2 2010
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"If you're looking to sharpen your financial thinking, let Larry Swedroe be your guide. With insights fromThe Only Guide You'll Ever Need for the Right Financial Plan, you should be able to raise your financial game—and maybe boost your family's wealth."
—Jonathan Clements, author, The Little Book of Main Street Money
"Larry Swedroes work comes as close to being the definitive investment book of our time as any that I can imagine. His greatest gift is his ability to communicate with profound simplicity, bringing clarity to the daunting challenge facing investors who are intent on reaching their financial goals."
—Bill Schultheis, author of The Coffeehouse Investor
"If you're looking to sharpen your financial thinking, let Larry Swedroe be your guide. With insights from The Only Guide You'll Ever Need for the Right Financial Plan, you should be able to raise your financial game—and maybe boost your family's wealth."
—Jonathan Clements, author of The Little Book of Main Street Money
"Just as every successful builder needs a blueprint, so too does every successful investor need a personally tailored investment policy. How much stocks, how much bonds? Foreign versus domestic? When and how to begin Social Security or withdrawing from your IRA? Larry Swedroe plots your financial life from cradle to grave (and even beyond). Don’t invest without it!"
—William Bernstein, author of The Four Pillars of Investing
"This is a most excellent book! Either as a great educational read or an indispensible reference, The Only Guide You'll Ever Need for the Right Financial Plan will pay you back many times over the cover price."
—Harold Evensky, President, Evensky & Katz
"If you have investing experience, and want to improve your portfolio, this is the book to read."
—Taylor Larimore, coauthor of The Bogleheads’ Guide to Investing
Most Helpful Customer Reviews on Amazon.com (beta)
In this book Mr. Swedroe carefully but succintly provides superb information on asset allocation (with sub-chapters on the various types of equities, bonds, alternative investments etc.), even including valuable discussion on whether or not to prepay your mortgage vs. increase your tax-advantaged savings, and asset location (i.e., in which retirement or taxable accounts to place particular investments for maximum tax-efficiency. With tax rates going up in 2011, that's more important than ever).
When you read this book you will also see he has included cogent chapters on college savings plans, long-term care insurance, IRAs, Social Security, and determining a safe withdrawal rate for your golden years.
This is the kind of investment book you will refer back to over and over again. If you read just one investment book this year, this should be it.
For example, I particularly enjoyed the authors' discussion of risk tolerance as having three components: need to take risk, desire to take risk, and ability to take risk. In my experience, most investors don't take the time to consider that last one--ability to take risk. If you don't have a specific plan of action for what you'll do (specific ways you can cut your retirement spending, for example) if your portfolio doesn't put up the returns you expect, then you can't afford to take much risk in your portfolio.
Bravo to the authors for pointing that out.
My one caution would be that, if you're brand new to investing, this may not be the book to start with, as Swedroe and crew make no apologies about using technical terminology. If that sounds intimidating to you, I'd suggest starting with Swedroe's "Wise Investing Made Simple" instead.
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