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The Only Investment Guide You'll Ever Need Paperback – Jan 1 2002

4.3 out of 5 stars 20 customer reviews

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Harry Potter and the Cursed Child
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Product Details

  • Paperback: 288 pages
  • Publisher: Mariner Books; Revised edition (Jan. 1 2002)
  • Language: English
  • ISBN-10: 0156011077
  • ISBN-13: 978-0156011075
  • Product Dimensions: 20.3 x 13.6 x 1.9 cm
  • Shipping Weight: 249 g
  • Average Customer Review: 4.3 out of 5 stars 20 customer reviews
  • Amazon Bestsellers Rank: #1,607,322 in Books (See Top 100 in Books)
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Product Description

From Library Journal

You've probably got the original it was a million-copy best seller so here's a revised version covering new laws and the joys of the Internet.
Copyright 2001 Reed Business Information, Inc.

From Booklist

The certainties in life must now include death, taxes--and Andrew Tobias. Every three to five years, the financial reference industry's most modestly titled book gets a remodeling job, whether or not it is needed. Aside from his My Vast Fortune (1997), this is Tobias' annuity--and a true labor of love. How else could anyone explain the easy-going conversational style that lures the reader into a nodding complacency about a specific kind of investment vehicle until the three words, "don't buy them?" He succeeds in holding our interest precisely because the examples are pulled from real life, the same-old-same-old explanations (like compounding interest) are avoided, and he ruthlessly skirts platitudes. So his "trust no one" chapter begins with life insurance commercials and concludes with speculative can't-miss deals. Everything is up-to-date here; it would be a risk to miss this, the eighth, edition. Barbara Jacobs
Copyright © American Library Association. All rights reserved --This text refers to an out of print or unavailable edition of this title.

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Customer Reviews

4.3 out of 5 stars
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By A Customer on July 7 2002
Format: Paperback
I read this book several times in the early 1980s. I read it until it fell apart. Since then I've been through dozens (more like hundreds) of other investment books, but this is the one that taught me first principles and taught them the best. Basically this guy is a really fine writer who happens to write about investments and personal finance. He's witty, entertaining, and right on target.
As for the content, the basics of investing and frugality are covered. When you get right down to it the basics are all you need, and you can fit them on a 3 by 5 card. Almost all of my investing mistakes in the past 20 years have been a result of trying to make things too complicated. Tobias keeps his message simple, and that's one of this book's strengths.
Like other reviewers, I've given this book as a gift over the years. However, there's another good writer out there in recent years -- Jason Kelly, author of "The Neatest Little Guide..." series.
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Format: Paperback
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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Format: Paperback
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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Format: Paperback
"The Only Investment Guide You'll Ever Need"is a fun-to-read introduction to personal finance.
Tobias tells us that, due to the power of compounding, it's important to start saving early. Tobias has a great way to explain compounding to kids. Start with a cookie jar and $1. Tell the kids they can earn 10% daily on their investment in the cookie jar. (Essentially, we squeeze a year's compounding into a day). At the end of the first day, the kid 'earns' 10 cents. At the end of the second day, you pay him/her 11 cents and so on. (to get the next day's value, just multiply the previous day's value by 1.10, using your handheld calculator, or the use cheesy calculator that comes with Windows.) The kid will quickly learn how fast compounding grows money. After 30 days, he'll/she'll have $17.45 in the cookie jar.
Tobias points out that Ben Franklin grew up in a time of no income taxes and no social security taxes. Back then, a dollar saved was a dollar earned! Today, for every $1 dollar in earnings, you might pay 33% in federal taxes, 8% in state taxes, and about 7% in Social Security taxes. Added up, that's about 50%, especially if we add in a sales tax. So, for each dollar you spend, you'll need to earn $2. To buy a $20 pizza means you need to earn $40! So, effectively, Tobias says a dollar saved is two dollars earned.
The book starts by giving some money-saving tips, such as buying in bulk, insulating your house, replacing incandescent light bulbs with compact fluorescent bulbs, and cutting your own hair (I always knew I should have purchased one of those "Flow-be's" advertised on late night TV many years ago! It combines a vacuum attachment to a barber's clippers.
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Format: Paperback
This is a good book. Tobias' main point is that you need to start saving 10% of your income, and he also gives advice on ways to cut costs and where you can put your money. I've read a lot of investing books and some of what he said was not new to me. However, I did learn some new things. Some parts of the book that I found helpful were Chapter 5 which explains Treasuries (bills, notes, and bonds). I also liked his advice in Chapter 10 about what to do if you fall into a large sum of money (Lottery or inheritance). There are also some useful resources in the appendices in the back of the book such as contact info for discount brokers, mutual funds, a compound interest chart, and finally a quick summary of his main point (save 10% of your income). I gave the book four stars instead of five because I don't agree with ALL of his advice, for example I do not believe in purchasing rental properties (too big of a headache), and I think that home equity loans are a BAD idea. Other than that, a great book.
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