Ordinary People, Extraordinary Wealth: The 8 Secrets of How 5,000 Ordinary Americans Became Successful Investors--and How You Can Too 
asked by maxwell on November 23, 2006 7:08 AM
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 wealth-making habits of these 5,000 other ordinary Americans and reveals his findings in this extraordinary book that outlines in eight easy, practical steps to secrets to achieving and maintaining wealth.
Here you'll find a lifetime of wealth-building experience from people just like you -- people who have figured out how to arrange their finances and make wise investment decisions so that they can reach their goals and achieve financial security. Plus, you'll find tips on
How to turn your mortgage into a wealth-enhancing tool Why small investments work better than big ones How to max out on your employer-sponsored retirement plan When to hold investments and when to fold them When to pay attention to financial news and when to turn it offLet your neighbours lend you a hand. And let Ric Edelman guide you through their lessons in this eye-opening journey with thousands of ordinary folks who found their way to extraordinary wealth.
Reviews
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The book came pretty quick in perfect condition. Very imformative to those who are new to this kind of money advise. Excellent service from the company it came from. They have great business practices. I just joined a financial service and what they taught me really caught my attention and I wanted to know more so they recommended this book to me. It is an excellent book for anyone who is just starting in the financial business.
reviewed by fusionz on November 25, 2006 12:25 AM
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The premise of this book is to reveal the 8 secrets of how ordinary people became successful investors. Yet there really are no secrets revealed. The whole book is basically one big, thinly disguised advertisement for the author's financial advisory services. One of the secrets in the book is to devote less than three hours per month to personal finances, and that includes paying bills. I fail to see how that is "secret" that will ever help anyone get a handle on their finances. While the author encourages readers not to spend any time reading up on personal finances, the book is filled with comments about how the smartest thing many of the author's clients ever did was getting a financial advisor. So evidently the path to financial success, according to the author, is to not read anything about personal finances on your own and instead pay someone else to do all of the financial thinking and planning for you. I don't think anyone with any basic logic skills would believe this is really true. If you want a good book on how ordinary people really became wealthy, I'd recommend reading the Millionaire Next Door instead.
reviewed by miceandmen on November 27, 2006 10:51 AM
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I ask that you please bear with me in my response to the other reviewer's responses about this book as well as my review.
As for my review, I felt that the author presented some very good axioms about money and finances in general. I felt that the "In Their Own Words" sections were extremely insightful and prove that the average person can obtain wealth. Overall, I would recommend this book to others and I would recommend that you keep an open mind about his ideas, as they most likely are not the same ideas that your parents touted about money.
As for the other responses, many readers commented along these lines and I would like to rebut them because it is obvious that those readers are following rules about money that where probably passed to them by others who had very little financial success.
-Some readers say the Mr. Edelman talks down to the readers; I think that they feel this way because like a lot of people, they don't like being told that they are wrong. Their pride gets in the way. When it comes to money lessons, you need to shelve your pride!
-Some suggest that this advice is dead wrong even though they admit that their way of amassing money didn't work or that they have very little to show for it; This is pride getting in the way of clear rational thinking. Why not try a different approach if yours isn't working?
-Some gave it a bad review because they felt that Edelman was trying to push his own products. Other than promoting his other books which was annoying at times, he never suggest that you should use his insurance, brokerage or financial advice services!
-It's amazing how many people gave this book a bad review but how most gave a book titled, "Die Broke" five stars!? This proves the overwhelming trend towards instant gratification in today's world, which is in direct contrast to this book.
-Still others point to the recent downturn in the market as evidence that the stock market or investing in equities can't be counted on. Yet these same people forget that the market has had historical highs and lows but over the long term has produced an average return of +7%. These people are nothing but a modern day chicken little. Should we just put or money under a mattress and do nothing because we may loose money in the short run? Remember we are supposed to be investing over the long term.
-Still others reference that many people "they knew" lost everything in their retirement accounts just years shy of retiring due to the recent stock market bust. If these people had done their homework they wouldn't have had their entire retirement accounts 100% invested in equities. That's their fault. Again are we supposed to NOT invest because "they said this" or because of fear? Many people get in bad situations with finances because they act on Emotions and not out of Rational decisions.
-Still others give the good old Enron standby as a reason not to follow Mr. Edelman's advice. If they did even a little research they would have found that those employees lost everything because they were 100% invested in Enron stock. Whose fault is that? They were riding the cash cow like everyone else until it all fell apart. Remember the old adage, that `Pigs get slaughtered'? Yes, the company did require every employee to invest at least 20% of their 401k in Enron stock. Shouldn't these employees have used some deductive reasoning and asked if that was a company that they wanted to work for if they were forced to buy company stock? Does that even sound logical? No, those employees had dollar signs in their eyes like everyone else.
-Another talking point that other reviewers referenced was the hotly debated idea of carrying a Mortgage. Most people tie emotions with paying for a home. While I understand that there are some feelings tied to home ownership it shouldn't dictate your financial decisions. As an example, one reviewer said this in reference to paying extra on their mortgage; "The piece of mind that came with owning our home free and clear was worth more to us." This is a perfect example of what Mr. Edelman talks about in his book. Will that piece of mind pay the bills if you get laid off, loose your job? I don't think it will. Why do people beat themselves over the head to pay off a 5%, 6%, or 7% mortgage? Truth is, it's the cheapest debt you can ever have. As an example, I know people that have 15-year mortgages or people that send extra payments while at the same time having two or three credit cards charging 17%-30% interest. Or they have one or two car payments totaling $500-$1000 a month but they are consumed with paying off their mortgage!?
-Still others ask if he would still follow this advice after the recent loses in the stock market and down turn in the economy. Well he does. It is obvious that these people didn't do their homework and bother to find out that he wrote another book after 9/11 suggesting and reinforcing the same principles he had prior to the economic downturn.
-Lastly, why would you want to follow the nepotism of these readers if after all their way hasn't worked or they haven't tried Mr. Edelman's way? After all, the 5,000 or so in this book were able to do it! I think that many forget that slow and steady wins the race. The author isn't offering a quick fix but a sensible plan to put one on the road to wealth! Regardless of what these readers say, success isn't measures against the DOW or S
As for my review, I felt that the author presented some very good axioms about money and finances in general. I felt that the "In Their Own Words" sections were extremely insightful and prove that the average person can obtain wealth. Overall, I would recommend this book to others and I would recommend that you keep an open mind about his ideas, as they most likely are not the same ideas that your parents touted about money.
As for the other responses, many readers commented along these lines and I would like to rebut them because it is obvious that those readers are following rules about money that where probably passed to them by others who had very little financial success.
-Some readers say the Mr. Edelman talks down to the readers; I think that they feel this way because like a lot of people, they don't like being told that they are wrong. Their pride gets in the way. When it comes to money lessons, you need to shelve your pride!
-Some suggest that this advice is dead wrong even though they admit that their way of amassing money didn't work or that they have very little to show for it; This is pride getting in the way of clear rational thinking. Why not try a different approach if yours isn't working?
-Some gave it a bad review because they felt that Edelman was trying to push his own products. Other than promoting his other books which was annoying at times, he never suggest that you should use his insurance, brokerage or financial advice services!
-It's amazing how many people gave this book a bad review but how most gave a book titled, "Die Broke" five stars!? This proves the overwhelming trend towards instant gratification in today's world, which is in direct contrast to this book.
-Still others point to the recent downturn in the market as evidence that the stock market or investing in equities can't be counted on. Yet these same people forget that the market has had historical highs and lows but over the long term has produced an average return of +7%. These people are nothing but a modern day chicken little. Should we just put or money under a mattress and do nothing because we may loose money in the short run? Remember we are supposed to be investing over the long term.
-Still others reference that many people "they knew" lost everything in their retirement accounts just years shy of retiring due to the recent stock market bust. If these people had done their homework they wouldn't have had their entire retirement accounts 100% invested in equities. That's their fault. Again are we supposed to NOT invest because "they said this" or because of fear? Many people get in bad situations with finances because they act on Emotions and not out of Rational decisions.
-Still others give the good old Enron standby as a reason not to follow Mr. Edelman's advice. If they did even a little research they would have found that those employees lost everything because they were 100% invested in Enron stock. Whose fault is that? They were riding the cash cow like everyone else until it all fell apart. Remember the old adage, that `Pigs get slaughtered'? Yes, the company did require every employee to invest at least 20% of their 401k in Enron stock. Shouldn't these employees have used some deductive reasoning and asked if that was a company that they wanted to work for if they were forced to buy company stock? Does that even sound logical? No, those employees had dollar signs in their eyes like everyone else.
-Another talking point that other reviewers referenced was the hotly debated idea of carrying a Mortgage. Most people tie emotions with paying for a home. While I understand that there are some feelings tied to home ownership it shouldn't dictate your financial decisions. As an example, one reviewer said this in reference to paying extra on their mortgage; "The piece of mind that came with owning our home free and clear was worth more to us." This is a perfect example of what Mr. Edelman talks about in his book. Will that piece of mind pay the bills if you get laid off, loose your job? I don't think it will. Why do people beat themselves over the head to pay off a 5%, 6%, or 7% mortgage? Truth is, it's the cheapest debt you can ever have. As an example, I know people that have 15-year mortgages or people that send extra payments while at the same time having two or three credit cards charging 17%-30% interest. Or they have one or two car payments totaling $500-$1000 a month but they are consumed with paying off their mortgage!?
-Still others ask if he would still follow this advice after the recent loses in the stock market and down turn in the economy. Well he does. It is obvious that these people didn't do their homework and bother to find out that he wrote another book after 9/11 suggesting and reinforcing the same principles he had prior to the economic downturn.
-Lastly, why would you want to follow the nepotism of these readers if after all their way hasn't worked or they haven't tried Mr. Edelman's way? After all, the 5,000 or so in this book were able to do it! I think that many forget that slow and steady wins the race. The author isn't offering a quick fix but a sensible plan to put one on the road to wealth! Regardless of what these readers say, success isn't measures against the DOW or S
reviewed by heavymetal on November 27, 2006 11:20 AM