PDF Ivy League Wealth Secrets That the Master Planners don't want you to know! Keith R Soltis 9781432746506 Books
PDF Ivy League Wealth Secrets That the Master Planners don't want you to know! Keith R Soltis 9781432746506 Books
Download As PDF : Ivy League Wealth Secrets That the Master Planners don't want you to know! Keith R Soltis 9781432746506 Books
BEHIND THE CURTAIN A BEHIND THE SCENES LOOK AT THE SECRET SCIENCE OF MONEY
Build and Protect your Wealth by Creating an Environment for your Money. We live in one of the most educated countries in the world, yet we are largely financially illiterate as a group. Few of us even balance our checkbooks or adhere to a monthly budget. Our top colleges and schools off er few courses on basic financial life skills.
- What Types of health, auto and life insurance should we select?
- What is the right way to finance my home?
- Which debts should I pay off first?
- How should I finance my car purchases?
Not everyone gets into an Ivy League School...but anyone can benefit from an Ivy League Education. Stop guessing and make confident money decisions.
Imagine a life where money doesn't cause you any worry, confusion or anxiety. Imagine a world where we all understand the science of money. A life where there is no fear surrounding money and personal finance. Imagine a life where you are in control of your money...and your money is not in control of you!
It begins with creating an environment for your wealth to grow. This book offers you a glimpse behind the curtain, at the secret science of money.
The Rich Keep Getting Richer Now You Can Too! ...Learn How.
Tired of market ups and downs? You'll need to learn how to create an environment for your money, to build your wealth in any financial market cycle. Learn how to avoid many common financial pitfalls. Dispel financial myths and rules of thumb once and for all.
- Learn the Secrets of the Wealthy from an Ivy League insider.
- Grow and Protect Your Wealth using a few basic rules.
- Eliminate Money Transfers to others and learn how to recover many of your tax, insurance and investment costs.
- Learn how to get others to help fund your Retirement Minimize your exposure to unnecessary taxes.
- Learn how to get some of your insurance premiums back... with interest!
- This book can pay for itself many times over.
PDF Ivy League Wealth Secrets That the Master Planners don't want you to know! Keith R Soltis 9781432746506 Books
"Mr. Soltis has written a very good book on personal finance. It is well organized and well written. The author correctly tries to get you to think of your family as a small business. While it revealed no secrets to me, I think it is a much better book then most on this topic. Novices who want to take control of their financial lives will find it very useful as it is written in plain English. Mr. Soltis foregoes the MBA speak and walks you through the typical land mines that kill wealth early on in the book. The author tells it to you straight, none of that feel good silliness you might get from the Suzie Orman types. He offers a nice balance between historic and practical information.
Mr. Soltis is one of the few in the field who notes that one of the biggest wealth killers are corporations. Yes, your consumerism is, in fact, a great wealth killer. Companies have one single focus: getting your money. They will use advertising and marketing techniques that attempt to entice, cajole, and even guilt you into buying their products. You really don't need a bigger TV with 3D, a new beamer every three years, a diamond bracelet, or another watch now do you. All these items and most of what you buy lose their value by huge percentages the minute you sign the dotted line.
Another refreshing element of this book is Mr. Soltis's attack on government spending (pp 80). Very few financial books provide insight into the insanity of the uncontrolled spending by the US government. Mr. Soltis's estimate is actually low, the amount of unfunded obligations is currently a staggering $107 Trillion, and that was before Obamacare was passed! That is about a $1 Million obligation per taxpayer. Bankruptcy by any measure, it is outrageous and irresponsible. The author offers no advice or prediction on where all this hyper spending will leave us in the future, so I'll just keep my stash of gold, silver, and ammo handy just-in-case it gets real nasty.
There is a nice section in chapter two that focuses on cash flow. Cash flow management is where most people and businesses fail. Another often overlooked element in financial planning is inflation. Mr. Soltis does a good job highlighting the need for you to incorporate real terms (inflation adjusted numbers) into your projections (pp 91). This is very important because a million dollars in twenty years will not be a million dollars anymore. Your buying power will be significantly diminished.
Also of concern, you need to calculate into your plan are future taxes. Lop off 30% of your traditional 401K balance and it is not pretty. A balance between traditional and ROTH options need to be part of your planning. Lastly a real pet peeve of mine is addressed in this book and that is inflated returns projections. Mr. Soltis points out that you are just kidding yourself if you use the default average return found on most WEB sites (pp 61/283). The result of not calculating inflation, taxes, and realistic returns is disastrous. One final chapter of note is on lawsuits. Lawyers are true money leaches and avoiding a lawsuit in any form: divorce, accident, dog bite, etc. is always a great idea.
Most people are not saving near enough for retirement. Statistics show that very few of us come close to hitting the IRS 401K maximum each year. Most people are not saving at all, while many save just up to their company match. The author does a good job stressing the need for the basics, even repeating in some sections: spend less then you earn, never carry debt (other than a mortgage), always balance your checkbook, create and stick to a budget, and save/invest all of your left over income. These are not sexy things, but they work. I know for sure they work because I have been practicing these principles for 25 years. It may seem like work, but it is not. It is empowering and liberating. I create an annual, itemized budget by month every year and I spend maybe ten minutes a month updating it and balancing my checkbook online. I note reasons for variances to projected balances and add notes for corrective action and adjustments on future budgets. I spend another thirty minutes a year rebalancing my investment portfolio. It's really not that difficult folks; discipline is the key. If you need motivation, then read this book.
On the critical side, Mr. Soltis doesn't address the failures of Medicare and Social Security. I wish he would have been more adamant that neither will exist in 20 years and one should not include either in retirement planning. Also he is a fan of financial planners and advisors (personal CFOs). I am not for the same reason I don't want the government involved with my retirement planning: I can do it better myself!! Furthermore, you need to gain the confidence necessary to manage your own financial destiny. What if your planner retires, dies, changes careers, or writes a book on wealth secrets and retires to a tropical island...then what? Many divorced and widowed women will tell you they wish they had taken more of a role in the management of the family's finances instead of leaving it solely up to her husband.
One of the biggest secrets I think Mr. Soltis could have exposed but didn't is that financial planners and, more so, institutions will try to make you think that managed accounts are beneficial to you. In most cases they are not. Very few planners, money managers, hedge funds, and mutual funds can beat the indexes year over year for long periods. Index investing is simple, very low cost, and a very well rounded relatively low risk portfolio can be accomplished for most people with 4 - 6 index funds in your portfolio, rebalanced every year to match your place in the retirement cycle.
Mr. Soltis spends some time on debt management in chapters 8 and 14. I have found that debt management works for me because I have none except for a mortgage. I have a FICO score that exceeds 800. The "benefit" I get is access to free /cheap money for stuff. Occasionally, using other people's money can be useful. That said, I think the whole good debt vs. bad debt antiquated argument reiterated in this book is dubious at best. The math just doesn't add up to be a benefit to the debt holder. All debt is bad. Dave Ramsey has convinced me that worrying about managing debt and a achieving a high FICO score is a waste of time. Save and pay cash for everything, including your house and you will NEVER have a problem with debt loading you down. It is a sure strategy that I think is sound.
While tables and other examples are included, an Excel spreadsheet or two available for download would be more useful to most people. Fortunately you can find a good budget template and TVM spreadsheet for free at the Microsoft site. The author offers two whole chapters on insurance. Strangely critical of term life insurance by use of opportunity cost calculations, the author fails to identify the very high cost variables associated with whole and universal life policies --real wealth killers. Whole life makes sense for very few people who can gain from the tax advantage. I think a paragraph or two on the high cost, and in many cases high risk, of increasingly popular annuities would have been appropriate. Lastly, the book has a nice TOC, but no index. I like indexes.
Bottom line: It doesn't really matter how much money you make. What matters is how much you spend and, more importantly, how much you save/invest for the future. This is a reasonably well rounded book that anyone of any income level will find useful. It offers the reader an optimistic, straight discussion on personal finance. Follow the advice in this book and you will be way ahead of the rest of the herd.
4.5 stars"
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Tags : Ivy League Wealth Secrets That the Master Planners don't want you to know! [Keith R. Soltis] on . <b>BEHIND THE CURTAIN A BEHIND THE SCENES LOOK AT THE SECRET SCIENCE OF MONEY</b> Build and Protect your Wealth by Creating an Environment for your Money. We live in one of the most educated countries in the world,Keith R. Soltis,Ivy League Wealth Secrets That the Master Planners don't want you to know!,Outskirts Press,1432746502,BUSINESS ECONOMICS / Insurance / Life,BUSINESS ECONOMICS / Sales Selling / General,Business Economics / Personal Finance / General,Business Economics Insurance - Life,Business Economics Sales Selling - General,Business Economics/Insurance - Life,Business Economics/Sales Selling - General,Consumer Finance,Insurance actuarial studies,Insurance - Life,Money Consumer Issues,Personal Finance - General,Personal finance,Sales Selling - General,Sales marketing
Ivy League Wealth Secrets That the Master Planners don't want you to know! Keith R Soltis 9781432746506 Books Reviews :
Ivy League Wealth Secrets That the Master Planners don't want you to know! Keith R Soltis 9781432746506 Books Reviews
- Ivy League Wealth Secrets by Keith R. Soltis offers a comprehensive insight into the process of creating wealth. Weather you read a few chapters or the whole book you will gain a wealth of valuable information. I personally found Opportunity Cost Defined(Chapter 4), and Real Estate and Mortgage Strategies (Chapter 14) to be the most interesting chapters.
I would highly recommend this book! - Mr. Soltis has written a very good book on personal finance. It is well organized and well written. The author correctly tries to get you to think of your family as a small business. While it revealed no secrets to me, I think it is a much better book then most on this topic. Novices who want to take control of their financial lives will find it very useful as it is written in plain English. Mr. Soltis foregoes the MBA speak and walks you through the typical land mines that kill wealth early on in the book. The author tells it to you straight, none of that feel good silliness you might get from the Suzie Orman types. He offers a nice balance between historic and practical information.
Mr. Soltis is one of the few in the field who notes that one of the biggest wealth killers are corporations. Yes, your consumerism is, in fact, a great wealth killer. Companies have one single focus getting your money. They will use advertising and marketing techniques that attempt to entice, cajole, and even guilt you into buying their products. You really don't need a bigger TV with 3D, a new beamer every three years, a diamond bracelet, or another watch now do you. All these items and most of what you buy lose their value by huge percentages the minute you sign the dotted line.
Another refreshing element of this book is Mr. Soltis's attack on government spending (pp 80). Very few financial books provide insight into the insanity of the uncontrolled spending by the US government. Mr. Soltis's estimate is actually low, the amount of unfunded obligations is currently a staggering $107 Trillion, and that was before Obamacare was passed! That is about a $1 Million obligation per taxpayer. Bankruptcy by any measure, it is outrageous and irresponsible. The author offers no advice or prediction on where all this hyper spending will leave us in the future, so I'll just keep my stash of gold, silver, and ammo handy just-in-case it gets real nasty.
There is a nice section in chapter two that focuses on cash flow. Cash flow management is where most people and businesses fail. Another often overlooked element in financial planning is inflation. Mr. Soltis does a good job highlighting the need for you to incorporate real terms (inflation adjusted numbers) into your projections (pp 91). This is very important because a million dollars in twenty years will not be a million dollars anymore. Your buying power will be significantly diminished.
Also of concern, you need to calculate into your plan are future taxes. Lop off 30% of your traditional 401K balance and it is not pretty. A balance between traditional and ROTH options need to be part of your planning. Lastly a real pet peeve of mine is addressed in this book and that is inflated returns projections. Mr. Soltis points out that you are just kidding yourself if you use the default average return found on most WEB sites (pp 61/283). The result of not calculating inflation, taxes, and realistic returns is disastrous. One final chapter of note is on lawsuits. Lawyers are true money leaches and avoiding a lawsuit in any form divorce, accident, dog bite, etc. is always a great idea.
Most people are not saving near enough for retirement. Statistics show that very few of us come close to hitting the IRS 401K maximum each year. Most people are not saving at all, while many save just up to their company match. The author does a good job stressing the need for the basics, even repeating in some sections spend less then you earn, never carry debt (other than a mortgage), always balance your checkbook, create and stick to a budget, and save/invest all of your left over income. These are not sexy things, but they work. I know for sure they work because I have been practicing these principles for 25 years. It may seem like work, but it is not. It is empowering and liberating. I create an annual, itemized budget by month every year and I spend maybe ten minutes a month updating it and balancing my checkbook online. I note reasons for variances to projected balances and add notes for corrective action and adjustments on future budgets. I spend another thirty minutes a year rebalancing my investment portfolio. It's really not that difficult folks; discipline is the key. If you need motivation, then read this book.
On the critical side, Mr. Soltis doesn't address the failures of Medicare and Social Security. I wish he would have been more adamant that neither will exist in 20 years and one should not include either in retirement planning. Also he is a fan of financial planners and advisors (personal CFOs). I am not for the same reason I don't want the government involved with my retirement planning I can do it better myself!! Furthermore, you need to gain the confidence necessary to manage your own financial destiny. What if your planner retires, dies, changes careers, or writes a book on wealth secrets and retires to a tropical island...then what? Many divorced and widowed women will tell you they wish they had taken more of a role in the management of the family's finances instead of leaving it solely up to her husband.
One of the biggest secrets I think Mr. Soltis could have exposed but didn't is that financial planners and, more so, institutions will try to make you think that managed accounts are beneficial to you. In most cases they are not. Very few planners, money managers, hedge funds, and mutual funds can beat the indexes year over year for long periods. Index investing is simple, very low cost, and a very well rounded relatively low risk portfolio can be accomplished for most people with 4 - 6 index funds in your portfolio, rebalanced every year to match your place in the retirement cycle.
Mr. Soltis spends some time on debt management in chapters 8 and 14. I have found that debt management works for me because I have none except for a mortgage. I have a FICO score that exceeds 800. The "benefit" I get is access to free /cheap money for stuff. Occasionally, using other people's money can be useful. That said, I think the whole good debt vs. bad debt antiquated argument reiterated in this book is dubious at best. The math just doesn't add up to be a benefit to the debt holder. All debt is bad. Dave Ramsey has convinced me that worrying about managing debt and a achieving a high FICO score is a waste of time. Save and pay cash for everything, including your house and you will NEVER have a problem with debt loading you down. It is a sure strategy that I think is sound.
While tables and other examples are included, an Excel spreadsheet or two available for download would be more useful to most people. Fortunately you can find a good budget template and TVM spreadsheet for free at the Microsoft site. The author offers two whole chapters on insurance. Strangely critical of term life insurance by use of opportunity cost calculations, the author fails to identify the very high cost variables associated with whole and universal life policies --real wealth killers. Whole life makes sense for very few people who can gain from the tax advantage. I think a paragraph or two on the high cost, and in many cases high risk, of increasingly popular annuities would have been appropriate. Lastly, the book has a nice TOC, but no index. I like indexes.
Bottom line It doesn't really matter how much money you make. What matters is how much you spend and, more importantly, how much you save/invest for the future. This is a reasonably well rounded book that anyone of any income level will find useful. It offers the reader an optimistic, straight discussion on personal finance. Follow the advice in this book and you will be way ahead of the rest of the herd.
4.5 stars - The author shows us how to keep more of what
we earn. The cost of a college education rises
5-6% per year. Public colleges provide a cheaper
alternative than private colleges. The next
biggest cash outflows are for home finance, retirement
savings and the payment of income taxes.
The most important thing we can do is to prepare
a budget to monitor the sources and uses of cash.
There are some very discriminating differences
between whole life and term insurance which result
in considerable alternative uses for our savings.
The book depicts a pyramid consisting of commodities,
precious metals, investment property, stocks, bonds,
bond funds and savings plans. The hiring of a
financial professional can help quantify the
"What if" scenarios all of us face. Another important
consideration is the default environment for our
savings. The federal government increased taxes
dramatically from 1932- 1981. Then , taxes were
reduced.
The author shows us how mortgage debt can reduce
taxes considerably while building equity simultaneously.
Lastly, we should teach our children the value of
money because financial management is a lifetime
skill. Overall, this book is an excellent value for
the price paid. The contents will benefit heads of
households everywhere.
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