Making the Most of Your Money

Rating:
Summary: College advice is inaccurate as well
Review: While I see a lot of complaints about insurance and investment mistakes in this book by Quinn, I am surprised that nobody has mentioned the misleading and outdated advice on sending your children to college. And not just 529 plans either.

For better advice I would recommend Send Your Children to College almost for Free and Everybodies Money Book on College by Goodman.

I do agree with the others though that the investment and insurance advice is off the wall.

Not recommended.

Rating:
Summary: Easy to see why Americans are doing so poorly with money
Review: If this book represents the best advice available to Americans (according to consumers report), no wonder Americans are doing so poorly with their finances.In Japan, we save on average 30% of our income and are debt free. In America, you try to live on 125% of your income and are deep in debt. Unfortunately, books like this one by Quinn will only make things worse not better.Only in America can a mediocre book like this one be touted as the best information available.Unbelievable!

Rating:
Summary: Very Dissappointed with book & Consumers Report
Review: I went out and bought this book after reading the glaring review and high recommendation in the Sept. issue of Consumer Report, normally a reliable publication. But after eagerly curling up to this book in my favorite chair, I became more and more annoyed.

First the book is dated 1991 revised 1997. This is nearly 7 years old. So okay, I went back to the Consumers Report article and they did mention that so I read on.

I read through the investing advice and then made up a hypothetical portfolio dating back to 1999 using Quinn's "expert" advice. What I found out was that I would have lost 45% with that advice. Now I know that we had a bear market since March 2000, but 1999 was a good year for stocks and I still would have lost money!

Then I looked at life insurance. Here is a product that everybody needs right? Great investment. I was interested in term insurance but after reading the great case that Quinn makes for cash value insurance, decided to call my insurance agent and get a quote. He was more than happy to sell me a cash value policy. Before he left, I asked for a quote on a term policy as well. He hesitated and started with this "term is like renting, you don't own anything. Cash value is a better product." I reaffirmed that I wanted a quote anyway and upon recieving the quote it was easy to see why he wanted to sell me cash value so badly. It cost so much more. He also told me the same things QUINN states in her book hyping cash value on the basis that it accrues cash value and you can borrow against it tax free. After further inspection, I discovered that the interest is so pathetic that even a savings account would be more profitable.

Later I spoke with another agent that is more customer friendly than product driven and he explained all of the benefits of a term policy. Lower cost, better value. But what really surprised me was after evaluating my situation, suggested that I didn't need any additional life insurance as I was adequately covered at
work! Now there was a rarity---an honest life insurance salesman!

Going through Quinn's book I found other equally bad advice. For example she recommends buying a home that is 25-30 years old, completely ignoring the fact that these homes contain toxic substances and the cost to modernize them would be astronomical.

When I went back to the bookstore to return my book I ran into other people in the investment section of the book store. I wasn't feeling any better when I found out that I could have made money over the last three years by following other investment advice. Talked with several people there who made 45%-60% since the selloff in March 2000 in stocks and certain bonds. I wonder why Quinn didn't suggest this? Possibly because she didn't know?

In another regard, Quinn pushes annuities (another insurance product). I asked the same agent who tried to sell me a whole life insurance policy about annuities and he was only to happy to offer me the various products his company sells. Fortunately, I declined and after hearing Suze Orman on CNBC, I would never consider an annuity, even though agents and Quinn push them so heavy.

I am happy to say that I did get a refund on my purchase of Making the Most of Your Money. I am very unhappy with Quinn and Consumers Report for pushing such a outdated and inadequate financial book.

On the other hand, I bought "The Savage Truth on Money" by Terry Savage and "Don't Mess with My Money" by the Dolans and was wholley satisfied and very impressed. Good to see to good, honest financial advice from people who are not being compensated to push products.

By the way, I wonder how much Quinn made in her advertisements hawking certain insurance products/services?

Consumers Report, you better re-evaluate who you send out to review books. In this case, your recommendation rates a big fat ZERO!

Rating:
Summary: Insurance agents will ove this book (and commissions)
Review: I find it amusing that a certain 5 star reviewer is now asserting that insurance people are somehow in a clandestine plot against Quinn. The fact is that insurance salespeople are hoping you buy this book and follow it's advice. It will add to their cash flow.

The only reason that assertion is made about financial people is because the person hyping this book is hoping to use your ignorance for their bliss. The people complaining about the insurance advice are obviously those who have tried Quinn's advice and are now "insurance rich, but cash poor" and not agents, advisors or planners. Who in there right mind would want to turn away easy money?

Notice how Quinn suggests not to switch your cash value insurance policy for term because "you will be invading cash buildup which may be earning an attractive yield." Quinn also recommends cash value insurance because "you can borrow it tax free." You can borrow money anywhere tax free! Where is the benefit? And "attractive yield." Have you checked the yields on cash value insurance lately or ever? They are far from attractive.

Since Quinns book was written, there have been many LPT and TERM products made available which you won't read about in Making the Most of Your Money.

Quinn's pension advice is also misleading. College advice is outdated. Investing advice? Forget about it, unless you enjoy losing money.

I remember this book from several years ago when it was originally released (about 7-8 years ago). Upon seeing the high rating here at Amazon.com (hyped up???) I thought Quinn had written a new book and actually did find a copy at my local Barnes and Noble. Nope, same old book. SAME MISTAKES.

I DID GET ONE INSPIRING THOUGHT THOUGH: make me realize how easy it is to get a book into the Amazon.com top 1,000 by sheer hype and one internet junkie who knows how to point and click a mouse even if he knows nothing about money.

Give this one a pass. It was a bad choice 7 years ago and it is no better now.

Consumer Reports - I suspect that you will be hearing from a lot of unhappy readers very soon. Shame on you!!

Rating:
Summary: Consumer Reports, conflict of interest???
Review: I was more than just a little confused when I heard that consumer reports placed Making the Most of Your Money in first place ahead of Suze Orman, Eric Tyson and The Motley Fools. Then I looked for an address to write to Consumer Reports to state my dissatisfaction and noticed something interesting: both the address for Consumer Reports and Newsweek are the same!

Further, I noticed that both the current issue of Newsweek and the current issue of Consumer Reports have an article on Index Mutual Funds! Coincidence?

I also found it interesting that although the judges were cited as being from this or that University, there was no mention of their titles or financial background. Could it be that these people were just college students?

And why did they not include Eric Tyson's excellent book Personal Finance for Dummies if this was supposed to be an overall personal finance contest?

Not to mention other high quality authors like Ric Edelman, The Dolans, Terry Savage and others.

Something smells here.

And there is a lot more out of date with Quinn's book than the College advice.

And as for Orman and the Motley Fools being compensated for offering certain products, how about Quinn recommending certain insurance services in ads? Are we to assume that she was not compensated? I think not!

Once again, something smells here.

Quinn has written a book that was okay for the time, but sorely out of date in 2003/2004. AND I would not risk my financial future on a decision made by some college kids probably during a frat party.

Recommend Suze Orman's The Road to Wealth and The Laws of Money or The Motley Fools or The Dolans new book which is current or Eric Tyson's books or Ric Edelman or Terry Savage or just about anybodyelse.

Quinn is a writer, not a financial expert. But she does seem to be an expert at getting free and albeit unwarranted publicity.

Rating:
Summary: Very underwhelming
Review: EVEN though this text is over 1,000 pages and even though it has suddenly zoomedrom a respectable and credible ranking of 55,000 to the top 200. And even though consumers report picked this over Suze Ormans The Road to Wealth, the fact is that this book is very underwhelming and outdated.It is an easy read. I read it in one day, but felt cheated because I had to consult other sources for more accurateand current information. And let's put to rest that their is an "organized conspiracy by insuance people against Quinn. The advice by Quinn is the life insurance salemsmens dream; if you follow her advice, you will make your insurance man very rich.As for the five star reviews, ifyou haven't guessed by now, they are all written by the same JBQ shill despite different supposed locations. That should tell you a thing or two about the quality behind this book.Quinn better than Orman? Not by intelligent people! BUY A DIFFERENT BOOK and disregard that JBQ shill.

Rating:
Summary: Organized Hype Campeign.
Review: I have watching with awe over the last several months the back and forth, love and hate reviews on this book. In my opinion, the 5 star reviews are all from the same person. I also believe that the 1 star reviews (or at least some of them) are from the same person.

Lets look at the facts:

1) This book is over 7 years old. It is outdated in many areas
not just college plans.

2) Roth IRA's are no longer "new"

3) Quinn does push cash value insurance and even suggests paying
insurance agents up to $200 per hour for advice.

4) There is no tax advice (if there was, it would be oudated)

5) There is some practical advice albeit basic common sense that
may be good for a teenager.

6) The book suddenly jumped from #50,000 to the top 80. To mean
that spells manipulation. No book store that I have checked
at has had any major increase i n requests for the book let
alone increased book sales. Most book stores don't even carry
"Making the Most of Your Money."

7) Quinn is a journalist with lots of connections. I wouldn't
take the concumers report too seriously and I certaintly
would not put it above Suze Ormans books.

8) The investment advice is also out of date. Just do a paper
trade using Quinns advice. Go back to 1999 and honestly
analyze how much you would have lost. Not everyone lost $$$
during the last bear market but anyone who followed JBQ's
advice lost a bundle.

9) The real estate advice is also way off. Follow Quinns advice
and you can end up owning a home with asbestos and other
contaminants not to mention deeply in need of major fixup.
The costs would be ridiculous.

10) I don't believe that Quinn has any organized smear campeign
against her. Quite frankly, Quinn is not a threat to anybody
(except the consumer)

11) The fact that reviews for Quinn are so defensive and at the
same time refuse to answer the complaints makes me wonder if
the reviews (5 stars) are not written by Quinn herself.

12) Suze Orman and Quinn do not share the same strategies on
life insurance. I believe this is just a ploy for Quinn to
piggyback on Ormans incredible success. The two are total
opposites.

13) Quinns book is available at a reasonable and credible price
of under a dollar at any good used book store. I think what
burns a lot of readers up is the huge cost of this book and
then the huge cost of having it shipped and then after that
you read it and find out that it is not what it has been
cracked up to be.

14) As a positive to Quinn, at least she doesn't block or delete
negative reviews like her #1 fan does.

15) The book is very complex, albeit outdated, and can provide
some useful information.

16) I wouldn't take the reviews or approval rankings here too
seriously. Not just on this book, but others as well. If a
book rating can be changed by a click of a mouse..????

Suze Orman is the undisputed queen of personal fiance and perhaps the best personal finance authority in the world right now. Just because a consumer publication chooses to pick someone else doe not change the facts.

Quinn is a talented writer, but not a financial expert or authority.

Finally, considering who Quinn has representing her, I can see that this book is headed back down to the #50,000 or lower very soon!

Rating:
Summary: Outdated book!
Review: One hundred fifty six reviews, 1072 pages and #81 best sellers at Amazon.com, truly amazing! On close inspection, the book was pulished in November 1997, and very much outdated. Yet to her credit, Jane is an excellent writer and does get the point across. Unfortunately, the info in this book is common sense that you would learn in any business school, newspapers, or magazine. Consumer Report September 2003 issue rated this book #1 and Suze Orman's "The Road to Wealth" #2. It goes to show that readers prefer "Dumb and dumber" analysis of the Personal Finance industry.

Rating:
Summary: organized smear campaign
Review: (1) At various times, I have consulted several popular books for financial advice, and found this one to be the most helpful. (This must be added: I have no financial interest whatsoever, not even a remote one, in the success of this book.)

(2) The Amazon reviews for this book, as well as the "Did you find this review helpful?" response numbers, show clear evidence of an organized smear campaign against it.

(3) Consumer Reports, in its issue of Sept. 2003, rates seven best-selling finance books. Making the Most of Your Money was ranked "Best all-around choice" of the seven, just edging out Suze Orman's The Road to Wealth.

Making the Most of Your Money was judged slightly better than Orman's book with respect to coverage of insurance.

The following are specific quotes about Making the Most of Your Money from the Consumer Reports article:

"The most thorough and detailed of the seven books reviewed."

About its insurance coverage in particular: "Not only the most user-friendly, but the most helpful and accurate."

About its coverage of retirement planning: "Author covers all relevant areas in significant detail."

There are only two negative comments: "... it's six years old", and "Size might overwhelm many people." One omission of the book is noted: tax planning.

Rating:
Summary: A very helpful financial tool
Review: Is it just me or do all of these 1-star reviews sound like they were written by the same person? I've never seen a more vicious (or patently obvious) smear campaign against a book at this site. Someone needs to get a life.

A panel of 32 financial experts just did a "blind" review of seven of the top financial books on the market today. This was the book they picked as the overall best. Read the results yourself in the Sept 2003 issue of Consumer Reports on pg 24.

For information on investing, insurance, college funding, retirement planning, estate planning, worksheets/graphics, debt/saving/budgeting, home ownership, getting organized/setting goals and net-worth calculations, this is a very good book. It was published in 1997 and so does not contain information on Section 529 plans for college saving which became available in 2001. However, that information can be easily looked up on the internet. The 1000+ pages may look a bit daunting, but the author's easy writing style make the pages turn quickly.