Getting Rich in America: 8 Simple Rules for Building a Fortune- And a Satisfying Life

by Dwight R. Lee, Richard McKenzie, Richard B. McKenzie, et al.

Book Overview

Picking up where the smash bestseller The Millionaire Next Door leaves off, Getting Rich in America reveals eight simple, practical, commonsense rules anybody can follow to save a million... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0066619823
• ISBN13: 9780066619828
• Release Date: January 1999
• Publisher: HarperCollins Publishers
• Length: 317 Pages
• Weight: 0.05 lbs.
• Dimensions: 0.9" x 6.4" x 9.6"

Customer Reviews

The most well rounded financial advice book I've read so far

As the name states, this book explains how it is possible to build wealth AND achieve a satisfying life by following a few simple rules. There are no off-the-wall advice or get-rich-quick schemes offered here, unlike the material from some other "financial gurus". All of the principles presented in this book are logically sound and time-proven, but I hesitate to say "common-sense" because so few people actually practice them in reality.For example, I think we've all heard about the power of compounding--and how it can turn a modest savings into a significant nest egg over time. However, very few people take this to heart and apply it to their daily money management decisions, because they feel it requires too much work or they feel helpless in controlling their expenses. What the authors do is demonstrate, by using specific examples and crunching the numbers, that even minor expenditures today can have significant economic impact down the road. They show that by making certain choices early on in one's life, nearly ANYONE can build a fortune in America. It truly doesn't require a genius or lots of luck to become rich today. Moreover, the authors point out that one doesn't have to sacrifice all of life's pleasures or live like a pauper in order to achieve financial security. All it takes is a little prudent savings and investing. If you believe in the opportunity to achieve wealth in this country, but have trouble getting motivated and taking action, this book is for you.The chapter on investing is excellent. The authors explain how trying to beat the market is futile, and "safe" returns can be riddled with risk over the long haul (due to inflation). If you believe that you are just as capable of managing your investments as paid experts, you'll like this book.Most people aren't aware of the return on education; I know I went to college just because it was the thing to do (and my parents wouldn't have it any other way ;) This book describes how increasing one's education level can substantially affect (negatively and positively) one's earnings. It's very interesting reading.What this book also emphasizes, that most other financial advice books neglect to mention, is that living a good lifestyle is not only satisfying but also FINANCIALLY rewarding. Practicing good ethics enables a person to feel good about him/herself (leading to a more productive life), and making healthy lifestyle choices extends your life (thereby allowing the power of compounding to work longer). If you want validation that doing the right thing and living responsibly is rewarding emotionally AND financially, then read this book.The only point that I have a minor quibble with is: getting married is good for wealth building. I understand what the authors are trying to say, which (I think) is: being in a committed relationship and having a contributing partner can accelerate the wealth building process. However, I don't be

The Right Message

Getting Rich in America by Dwight Lee and Richard McKenzie is a powerful statement of what anyone in this great country can do if they are willing to work rather than whine. And for those who really do want to get rich, this book provides a useful roadmap for how to do it. But the most important point about this book is that it is not just about financial strategies. The real message is that getting rich is more about living the type of life that will be meaningful and satisfying -- no matter how much money you have. Trying to get rich to live the good life puts the cart before the horse. But, it you live a good life--one of integrity, responsibility, and dependability, you can easily get rich. The message in this book is one that every parent would like to see his or her children live by. No doubt about it, this book deserves 5 stars.

Ben Franklin @ Y2K

Imagine a book with the practicality of your high school home economics teacher, the wisdom of Ben Franklin, the financial savvy of Wall Streeter, written in the peppery style of an NPR journalist; thats what Getting Rich in America was for me.These authors have actually lived their own advice and become millionaires; no hypocrisy here! Even those of modest means can choose to turn income into wealth by getting a good education, limiting their expenses, investing regularly, using the power of compound interest, and living a healthy lifestyle. The special twist of this book is it's emphasis on living a happy rewarding life. A frugal lifestyle need not be barren or miserly. Financial freedom is not limited to the Bill Gates or Michael Jordans of the world. The authors are populists - encouraging all toward financial success. Much suffering in the world would be avoided by heeding the advice in this book.This book presents the virtues of thrift, hardwork, family, and community espoused by Ben Franklin in a convincing Y2K format.

INSIGHTFUL EXPLANATION ON HOW ANYONE CAN GET WEALTHY

This book provides the most insightful and easy-to-follow set of guidelines for becoming wealthy in the 21st century. The authors recommendation to use index funds is both clever and timely. Even one year ago the strategy of buying diamonds (The Dow Jones Index) would not have been feasible because they did not yet exist. These authors are on the cutting edge both philosophically and in terms of the tools that are available to todays investor. There is no better book available for young people between the ages of 18-40. This book is "must-reading" for anyone interested in the stock market and should be read before Peter Lynch or any of the other stand-outs.

Unique, effective approach showing how anyone can get rich.

Most get rich books for popular consumption are based on gimmicks and raise false hopes among the gullible. Lee & McKenzie are different. They show how anyone, even low-income people, can gradually build a fortune without luck and without expert advice. They show how getting rich in America is a choice that anyone can make. It takes discipline, resolve, perserverance, and patience. It doesn't require any financial expertise or knowledge of the stock market. Every young person should read this book and follow its simple rules. It gives the lie to the widespread belief that you have to be rich to make money. It will build confidence in the free-market system.