Ordinary People, Extraordinary Wealth: The 8 Secrets of How 5,000 Ordinary Americans Became Successful Investors--And How You Can Too

by Ric Edelman

Book Overview

How did a secretary, a firefighter, a retired naval officer, a housewife, a construction worker, a schoolteacher, and a pharmacist become wealthy? Bestselling author Ric Edelman has studied the... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0062736868
• ISBN13: 9780062736864
• Release Date: December 2000
• Publisher: Harper Business
• Length: 336 Pages
• Weight: 0.85 lbs.
• Dimensions: 0.9" x 6.1" x 9.1"

Customer Reviews

A great addition to The Millionaire Next Door

I've noticed that several people are comparing this book to The Millionaire Next Door and making it as a either/or deal.I ve read The Millionare Next Door as well as this book and I believe they compliment each other, even though they also contradict each other. Who says that anyone has a corner on truth or that there is only one way to become financially successful? The Millionaire Next Door beats the frugality concept to death and shows how ordinary people can become successful via frugal living.Ordinary People/Extraordinary Wealth also shows how ordinary people achieve extraordinary wealth only with a slightly different method.Edelman, and his successful clients, recommend not paying off your mortgage early (I did but took out a home equity line of credit later) I didn't initially agee with Edelaman on this, but I do now.A paid off mortgage may make you feel good but it ds you no good. It's like money in a shoebox generating nothing.Some people also compared Edelmans book with the poular Rich Dad Poor Dad by Robert Kiyosaki, another great book. Kiyosaki emphasizes that a house is not an asset and that money is better used to invest in real assets as opposed to paying off a non asset---mortgage. In this regard, Edelman and Kiyosaki are very similiar.To me it makes more sense to invest in assets like rental properties and equities than to pay off your mortgage to be debt free (you are also cash flow free). Although I wouldn't have said that 10 years ago--live and learn!All three books: The Millionaire Next Door, Rich Dad Poor Dad and Ordinary People Exxtraordinary income make great, highly instructional and profitable reading.These books deliver only if you follow through on the advice given.If you are new to Edelman, I highly recommend that you read The Truth About Money first, then move on to Ordinary People Extraordinary Wealth.

Bluntly Honest

Ric Edelman's book is down to earth and honest in its approach to money management in the year 2001. This is not a book for the short term investor, but a superb guideline for those looking at long term goals of security and wealth in the retirement years. Edelman's research of 4,000 "ordinary Americans" who invested as little as $23/month and have a comfortable wealth to fall back on is easy to relate to and focuses on the common traits of these extraordinary investors. Edelman is candid and often brutally honest (not to mention a bit humorous at times) about people's shortcomings and emotions when dealing with money. This book and its insights have me thinking in a new way. A quick read that is sure to have you considering your financial future! By no means is this a get-rich-quick book.

The Complex Made Easy

Ric Edelman has a gift of being able to distill complex financial situations into easy to understand concepts, explained in layman's terms. His book shows how he counsels his clients and the results they have achieved as a result of his advice. Wealth is achievable by anyone who desires it, given time and the proper discipline. He provides insightful perspectives to help you duplicate the efforts of his clients. The key seems to be controlling the largest pool of assets you can, not necessarily owning them all outright. At the same time, you must evaluate how you are using your resources, own appreciating, rather than depreciating assets with borrowed money. Unlike books expounding on entrepreneurial efforts as the key to wealth, this book applies to anyone who is earning a living by some means.Of course the future will never be the same as the past, but the strategies he outlines will perform relative to the whole situation just as well. If you can only buy one book of financial advice, make this the one! You won't be disappointed if you follow the strategies outlined in the book.

Eye Opener to World of investing and wealth

Ric really understands a common man and his financial needs. I found this book in a book shop and couldn't stop reading the entire book there. I found it so absorbing and so practical. All his eight steps are gems. I have taken down the notes and planning to buy the book for me and also for my friends. I found his ideas so simple to understand and i can very well imagine the benefits it can bring me if i can practise it. Thank you Ric for putting me on the way to financial prudence. Highly recommended for any one interested in learning about simple sure fire ways to acheive financial independence and wealth.

I got a copy for everyone in my family.

If you've ever benefited from the advice of your elders; be it a parent, grandparent, or mentor - and realized the true value of that advice - order this book NOW! This book goes past what all the experts are always telling you to do with your money and looks are what 5,000 ordinary people are really doing to succeed. Each section begins by going into detail about something each of these successful people share in common. I loved the stories about life from real people called 'In their own words' at the end of each section with. The stories are about the smart, foolish, happy or sad experience in their financial lives. Some of the stories are very moving... don't be surprised if you get choked up or shed a tear while reading. The special 'mind over money' section about psychological/emotional investing was very insightful. This book packs all the motivation you'll ever need! It's the sledgehammer of common sense that we all need to get hit with to get us going.