The Only Investment Guide You'll Ever Need

Rating:
Summary: Avoiding losing is not winning
Review: Andrew Tobias provides an excellent guide on how to avoid losing. Unfortunately, that does not necessarily amount to winning. While this common-sense book is extremely logicical on the surface I have yet to meet or hear of the first person who acheived financial independence by following its recommendations even though it has been in print for decades. Sadly, the title is incorrect. While this is a good book on saving and cutting one's cost of living, it is not the only investment guide you will ever need.

Rating:
Summary: An entertaining, well written guide to personal finance
Review: Tobias is a good writer with a keen understanding of the "little guy's" financial world (although he clearly isn't a "little guy").

The 2002 edition of the book is the third update I've purchased, plus the original. This is the best update so far with much of the book re-written rather than "updated" with a few additional sentences here and there.

Although the reader will not get rich from following Tobias' money management advice, he or she *will* avoid many of the traps (if he or she follows Tobias' advice) that can so easily hurt the small investor (for example, Tobias's advice on using margin to buy stocks: "Don't").

I've given this book to my family and friends in the past and will continue to do so. It's well worth the money and time spent.

Rating:
Summary: This man has advice you should read
Review: Whether you are rich or poor this man has advice you should read! he is no nonsense and a pleasure to read. his explanation of how you can save money by spending less is the best financial advice for the common man. Then he continues to tell you what you can do with the money you have saved in plain english. If you read just one, this is it.

Rating:
Summary: A Great Introduction To Personal Finance
Review: "The Only Investment Guide You'll Ever Need"is a fun-to-read introduction to personal finance.

Tobias tells us that, due to the power of compounding, it's important to start saving early. Tobias has a great way to explain compounding to kids. Start with a cookie jar and $1. Tell the kids they can earn 10% daily on their investment in the cookie jar. (Essentially, we squeeze a year's compounding into a day). At the end of the first day, the kid 'earns' 10 cents. At the end of the second day, you pay him/her 11 cents and so on. (to get the next day's value, just multiply the previous day's value by 1.10, using your handheld calculator, or the use cheesy calculator that comes with Windows.) The kid will quickly learn how fast compounding grows money. After 30 days, he'll/she'll have $17.45 in the cookie jar.

Tobias points out that Ben Franklin grew up in a time of no income taxes and no social security taxes. Back then, a dollar saved was a dollar earned! Today, for every $1 dollar in earnings, you might pay 33% in federal taxes, 8% in state taxes, and about 7% in Social Security taxes. Added up, that's about 50%, especially if we add in a sales tax. So, for each dollar you spend, you'll need to earn $2. To buy a $20 pizza means you need to earn $40! So, effectively, Tobias says a dollar saved is two dollars earned.

The book starts by giving some money-saving tips, such as buying in bulk, insulating your house, replacing incandescent light bulbs with compact fluorescent bulbs, and cutting your own hair (I always knew I should have purchased one of those "Flow-be's" advertised on late night TV many years ago! It combines a vacuum attachment to a barber's clippers. As advertised, it said the vacuum would suck your hair in, the trimmer would cut it to the proper length--Just pass it over your head like a comb, and you're done. And, you've saved fifteen bucks...)

Tobias's discussion of bonds is as good as I've seen anywhere without going into teeth-gnashing mathematics. He discusses treasuries (bills, notes, and bonds), junk bonds, zero-coupon bonds, inflation adjusted bonds, municipal bonds, and saving bonds. Tobias suggests skipping corporate bonds and buying treasuries.

I especially enjoyed the chapter, "What to Do If You Inherit a Million Dollars; What to Do Otherwise." After discussing a Zen approach to personal finance, Tobias writes: "I believe happiness lies less in how much you have than in which way you're headed. ..."

Peter Hupalo, Author of "Becoming An Investor."

Rating:
Summary: Great Introduction to Personal Finance
Review: This book is a great book for an introduction to personal finance. Great for college age students, teenagers, or those with little or bad experience with handling finances. Not long winded but crisp and clean!

Rating:
Summary: A good place to start
Review: This is a good book. Tobias' main point is that you need to start saving 10% of your income, and he also gives advice on ways to cut costs and where you can put your money. I've read a lot of investing books and some of what he said was not new to me. However, I did learn some new things. Some parts of the book that I found helpful were Chapter 5 which explains Treasuries (bills, notes, and bonds). I also liked his advice in Chapter 10 about what to do if you fall into a large sum of money (Lottery or inheritance). There are also some useful resources in the appendices in the back of the book such as contact info for discount brokers, mutual funds, a compound interest chart, and finally a quick summary of his main point (save 10% of your income). I gave the book four stars instead of five because I don't agree with ALL of his advice, for example I do not believe in purchasing rental properties (too big of a headache), and I think that home equity loans are a BAD idea. Other than that, a great book.

Rating:
Summary: I don't think so!
Review: Hopefully if you own this book you have not followed everything Tobias states to invest in. No doubt you could be picked out of a crowd because you would be the one wareing the ragged clothes begging for change. In fact let me let you in on another fact about this book. A person doing the opposite of most of the recommendations in this book would be doing extremely well about now. Don't be fooled, if you're savy on any type of investing, this book will insult your intelligence.

Rating:
Summary: Financial Freedom
Review: I read this book several times in the early 1980s. I read it until it fell apart. Since then I've been through dozens (more like hundreds) of other investment books, but this is the one that taught me first principles and taught them the best. Basically this guy is a really fine writer who happens to write about investments and personal finance. He's witty, entertaining, and right on target.

As for the content, the basics of investing and frugality are covered. When you get right down to it the basics are all you need, and you can fit them on a 3 by 5 card. Almost all of my investing mistakes in the past 20 years have been a result of trying to make things too complicated. Tobias keeps his message simple, and that's one of this book's strengths.

Like other reviewers, I've given this book as a gift over the years. However, there's another good writer out there in recent years -- Jason Kelly, author of "The Neatest Little Guide..." series.

Rating:
Summary: Simple, Easy and Effective...
Review: His ideas are simple, effective and just plain easy! It is perfect for the non-investor who wants a simple plan on how to invest and save for retirement. I plan on reading his other books now. This is the 20th book I have read on investing - and this is by far the best and most clear!

Rating:
Summary: I laughed, I cried, I saved a bundle!!
Review: I absolutely love this book! I think I have all the editions to date. Tobias should be paying me commissions for the number of clients, friends and acquiantences I've recommended it to!!