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The Lies about Money: Achieving Financial Security and True Wealth by Avoiding the Lies Others Tell Us--and the Lies We Tell Ourselves

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Overview

RIC EDELMAN has helped more people achieve financial success than any other practicing financial advisor. In 2007, Wealth Manager magazine listed his firm as the largest in terms of number of clients. Barron's four times named him among America's top 100 financial advisors in the country, and in 2004, Ric was inducted into the Financial Advisor Hall of Fame. His books have a million copies in print, including several foreign languages, and have topped the New York Times bestseller list. His national radio show, PBS television specials, syndicated newspaper column, and award-winning Web sites make him a house-hold name.

Consumers love Ric's unconventional yet common-sense approach to investing and personal finance. He revealed how everyday Americans achieve financial security in the #1 New York Times bestseller Ordinary People, Extraordinary Wealth. His first bestselling book, the personal financial classic The Truth About Money, was named Book of the Year. Now, Ric reveals the deceptive and manipulative business practices occurring in your retail mutual funds -- practices that are causing you to suffer higher fees, greater risks, and lower returns than you realize. In The Lies About Money, Ric's provocative new work, he offers you a detailed yet easy-to-follow plan that lets you take back control of your investments -- and your financial future.

Ric's unparalleled ability to explain complex financial concepts in a fun and entertaining way resonates with readers. In this book -- his first in more than five years -- he shares his most valuable lessons gained through two decades of working directly with individuals and families. He reveals the lies that have infiltrated your retail mutual funds and retirement accounts, and teaches you how to invest your money in your employer retirement plan, how to save for college, and for those who are retired, how to generate more income without sacrificing security. He shows you that proper money management has nothing to do with "hot tips" and everything to do with scientific analysis, bolstered by solid academic research and historical data. Ric explains exactly how the mutual fund scandal has caused him to change the way he manages his own money and the money entrusted to his firm by thousands of clients nationwide. Along the way, Ric shows you the secrets to investment success -- a long-term focus, the importance of diversification, and the crucial need for (and methods of) portfolio rebalancing.

And the book doesn't stop there -- it will actually help you build an investment portfolio, one designed specifically around your needs. The book features a 24-page color insert containing 43 portfolio models, each based on the Edelman Managed Asset Program, one of the largest and fastest-growing money management programs in the country. Ric's fun, interactive Guide to Portfolio Selection� will lead you on a fascinating journey through the book's pages, taking you to the portfolio that's right for you!

With insight and strategies that will change people's lives, The Lies About Money offers the truth that everyone is looking for.

Editorial Reviews

Exposing the seamy underbelly of the retail mutual fund industry, this helpful primer by seasoned financial advisor Edelman offers step-by-step instructions for how to beat it at its own game. We have more to worry about than the ordinary fallibility of mutual fund managers, he explains; the entire industry has become flush with liars, crooks, and charlatans. Writing in a calm, well-reasoned manner, Edelman (Ordinary People, Extraordinary Wealth) explores basic concepts of portfolio management and retirement, and college and elder-care savings approaches. The book gets off to a slow start as Edelman works to ensure that less sophisticated readers are not passed by. After a sobering look at deceptive marketing practices, illegal market timing, late trading and excessive and hidden fees in the retail mutual fund sector, Edelman breaks down the options for ordinary people to regain their savings from crooked hands, in a detailed, interactive guide to portfolio selection. Edelman's clear writing and helpful advice are sure to win him a satisfied audience. (Oct. 2)
-- PUBLISHERS WEEKLY.

Author Information

Bio of Ric Edelman

Ric Edelman, a New York Times best-selling author, syndicated columnist, and nationally recognized TV and radio host, is one of the nation's best-known and most successful financial advisors. His bestselling books include The Truth About Money; Ordinary People, Extraordinary Wealth; The New Rules of Money and others. His firm, Edelman Financial Services LLC, has been ranked by Barron's, Financial Advisor, Research and Inc. magazines as one of the largest financial planning firms in the nation, handling nearly $4 billion for Americans across the country. Visit Ric online at RicEdelman.com.

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Additional Info

Imprint

Free Press

Filesize

14.86 MB

Number of Pages

336

eBook ISBN

1416571604

Excerpt from: The Lies about Money by Ric Edelman

"Why are you calling me? These children are only ten years old. You should be calling the high schools."
The year was 1986, and I was beginning my career as a financial advisor. Because I wanted to teach people about personal finance -- more about that later -- my wife, Jean, and I began offering college planning seminars to elementary-school PTA groups.
Every time I telephoned a PTA president, I got the same reply. "Why are you calling me?" he or she would say. "These children are only ten years old. You should be calling the high schools."
Back then, parents of young children never thought about college. The only issue pertaining to college was choosing one, a decision easily avoided until the child was a junior in high school. It never occurred to parents that college costs were skyrocketing and that they'd need many, many years to accumulate sufficient savings. It might be obvious to us now, but in the 1980s, college planning was a revolutionary idea. In fact, it wasn't just revolutionary -- it was unheard of.
So too were the other aspects of investing and personal finance. For example, in 1989, as my reputation as a financial educator grew, I was invited for the first time to appear on the radio. After a brief introduction, the host presented me with a thoughtful question. "What's a mutual fund?" he asked.
My, how far we've come. Just two short decades ago, few people had ever heard of financial planning. Employers (not workers!) picked the investments for 401(k) plans; Individual Retirement Accounts were still fairly new (and when surveyed, most people said IRA meant the Irish Republican Army). Nobody worried that Social Security might go broke, and no one had ever heard of long-term care. College planning, retirement planning, estate planning -- none of these concepts was a part of mainstream America.
Today, of course, all of this is well known, and everyone, it seems, knows the importance of saving for the future. This year's newborns will spend more than $250,000 to obtain a college degree, while today's middle class must accumulate millions of dollars if they want to retire in comfort and financial security.
Americans are rising to the challenge. They are spending more attention to personal finance than ever, and the marketplace has responded. When I started offering financial advice and education in 1986, the only consumer resource was Money magazine. Today there are dozens of magazines, two daily newspapers, an entire television news network, many radio programs, and literally thousands of books devoted to the subject. Personal finance peppers the general media as well -- even sitcoms feature story lines around household finance issues. All this demonstrates an unprecedented level of consumer awareness.
And that awareness has led to action. Nearly 60% of all working Americans now contribute part of their paycheck to a retirement plan at work, and tens of millions have an IRA account. Section 529 College Savings Plans are very popular (for reasons you'll read about in this book), and at cocktail parties, people are as likely to talk about mutual funds as sports.
Retail mutual funds are, by far, the most popular investment vehicle in the country -- more than half of all American families, or 54 million households -- own them. With more than 8,400 funds holding $10 trillion in assets, it's not a stretch to say that retail mutual funds are almost as common and indispensable as automobiles.
So. You now understand the need to engage in financial planning, and you're investing to meet your long-term goals of college and retirement. That's great news.