The New Rules of Money

by Ric Edelman

Book Overview

The bestselling author of The Truth About Money--one of the hottest financial advisors writing toady--offers cutting-edge advice on maximizing personal finances in these tough and ever-changing... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0062720740
• ISBN13: 9780062720740
• Release Date: January 1999
• Publisher: William Morrow & Company
• Length: 320 Pages
• Weight: 0.95 lbs.
• Dimensions: 0.9" x 6.1" x 9.2"

Customer Reviews

Edelman is a controversial guy

No doubt that Edelman is a very controversial guy--just check out these reviews. However, Edelman is also very knowledgeable and very accurate. He accurately called the Index Fund fallout as early as 1998. HE WAS WIDELY CRITICIZED FOR THAT. But as someone who listened to him, I am glad he was so perceptive!Likewise, Edelman suggests to carry a mortgage vs having a paid off mortgage and invest the difference. As another astute reviewer commented, this is a lot like the old term vs cash value life insurance debate. Which is better?Cash value is generally the better value for the insurance salesman. Likewise, a paid off mortgage is not doing you any good because it is a liability and provides no income. Better to put that extra mortgage moneyin good investments that can grow 20%-25% per year.Edelman may be controversial but his advice is right on.

Great advice

I shouldn't be surprised that there are a lot of negative reviews. Personal finance is exactly that....personal...and with the personal factor involved people will have different ideas about what they like and don't like, etc. I think the thing that gets overlooked about the ideas Edelman shares in this book and his others is that if you want an index fund or a short mortgage, you can still do that. I don't think the effectiveness of the kinds of techniques and ideas Ric promotes should immediately be shot down just because you like index funds and he doesn't. Are you going to shun dollar cost averaging your index fund as well, because Ric hates index funds and likes DCA? Well, now you're just being silly.That's why I think this is an extremely valuable book. No matter what you want to do with your own finances, there is something here to help you. Maybe you don't like his approach to investing, but you may find his ideas on saving for college indispensible. Maybe you're just curious about what a municipal bond is, or how it behaves. It's an extremely malleable approach to personal finance. It's more goal-oriented than return-oriented. It focuses on the long term, regular joe investor, not the day trader.And one last thing about the author. I don't know if any of the other reviewers live in the DC area and get the oppotunity to listen to Ric's radio show, but Ric is very fair-minded about how he presents his financial planning firm. He repeatedly advocates shopping around for the firm that can help you best, and certainly doesn't think that he is the only game in town. He brags about his achievements and the success of his firm, but so what? Wouldn't you rather take advice from a guy widely recognized as top-notch in the industry?

Good advice from a highly qualified CFP

Ric Edelman may tell you a few things you don't agree with or don't coincide with other so called "experts" who write financial books, but, how are you doing financially? How much money have you lost in the market following their "expert" advice?I know I got smacked following a certain East Coast female author and got back on track with "What You Need To Do Now" and Ordinary People, Extraordinary Wealth." I have just strated to read this book along with "Discover the Wealth Within You."I also recommend Suze Ormans excellent books "The Road to Wealth" and "The Laws of Money" to get you on the fact track to financial success.A lot of what Ric teaches is different and controversial but the bottom line is, it works.

Great book Ric!

Like Ordinary People, Estraordinary Wealth and Discover the Wealth Within You, Rc Edelman challenges common dogma (and ignorance) and puts a breath of fresh air on personal finance.The argument on having a paid off home or keeping a mortgage is much like the buy term insurance and invest the difference that started in the 70's with Art Williams. You are better off carrying a.mortgage and investing the difference. A good mutual fund will grow at 20%-25% per year which in 4 years means your money doubles. I don't know of houses that double every four years. A paid off mortgage is like money in a shoe box, it makes you feel good, but does you no good.Controversial, you bet. Does it work, absolutely.

This book will make you money!

Whoever said that money is a very, very controversial subject was only touching the surface! They should check out these reviews. I believe and know from nine years of investing that a good, emphasis on"good" 401 (k) plan is one of the best investments in America today. To the negative vibes on 401 (k) and other retirement plans, ask yourselves, "How much did you pay in taxes last year?" To the great mathimatical geniouses out there who don't understand non prepayment of mortgages, take out your calculator and figure out which will make you more money; prepaying on a 7%-9% mortgage or putting that same prepayment cash in a good mutual fund and making 15%-20% per year? This is known as "opportunity risk" in the later example, your money could double in 3-4 years with mutuals so why would you want to prepay a low interest mortgage?. As far as the other books recommended, I would suggest "The Millionaire Next Door", 'More Wealth With! out Risk" "Financial SelfDefense" and 'The Richest Man in Bablyon" a lot of the other books either all repeat themselves or are out of sync with the times.