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Page Index
Jump$tart Coalition for Personal Financial Literacy (Wealth Odyssey is a proud participant to assist educating the young) TV, Radio and News Papers:
Book shows - Internationally, Nationally and Regionally Book Reviews:
Author signings and presentations - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - -
Wealth Odyssey is a proud participant in the Coalition to help education the young about personal finance. Here is their notification of Wealth Odyssey's inclusion: Hello Larry, Your book titled Wealth Odyssey: The Essential Road Map for Your Financial Journey has been entered into the database of the Jump$tart online Personal Finance Clearinghouse. Please check for accuracy at www.jumpstartclearinghouse.org The review copy of the book will be housed in the library of the national offices of the Jump$tart Coalition for Personal Financial Literacy in Washington, D.C. Jump$tart is currently updating its National Standards in Personal Finance. You will be pleased to know that one of the major categories in the revised Standards is Wealth-building: Saving and Investing. We like your definition: Wealth -- the resources for sustainable living; it doesn't mean rich, and your statement "Wealth is not measured by how much you spend, but by how much you have not spent." On a personal note. Our family knows Duluth and Cloquet well. We honeymooned at Cook Lake in 1957 and have returned to the cottage to enjoy the tall pines, loons, deer and bear almost every year since. That's 49 years and counting. And we know the Frank Lloyd Wright Service Station in Cloquet. Good ice-cream in Cloquet too. Rosella Bannister, Manager http://www.jumpstartclearinghouse.org/mdb/jsDetail.CFM?recordid=804&search=wealth odyssey
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Endorsements from the public Quote: A lot of valuable information in an easily read and understandable format. Name of Contributor: Sather in Belvidere IL Quote: I have had to sit down and re-evaluate some goals and needs after reading through it. Name of Contributor: Becky in Maple Grove MN Quote: It provides an approach to money and finance with which many people are likely to resonate. Name of Contributor: Eileen and Jon in Santa Monica CA Quote: I wish someone wrote this 60 years ago! (He's 83) Name of Contributor: Les in Roseville CA A Barnes and Noble reviewer is a college student. It doesn't matter your age - there's something for everyone. If you have comments you would like to share with the author, you may email them to me through this link. Or, you may post them directly on Barnes and Noble's, Borders' and Amazon's websites through the below links.
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Author signings and presentations of "Changing Retirement Planning," may be scheduled by bookstores or by coordinators for other events. Please contact the author for further details (contact author). Information about the presentation, and the presentation itself, can be found through the "Changing Retirement Planning" link at the beginning of this paragraph (or through the link on the left navigation bar). Numerous presentations are available. Presentations may also be customized for you on numerous topics. Please contact the author for details. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Global Book Displays Wealth Odyssey, An Independent Publisher Highlighted Title, will be exhibited during the year: Internationally -- 2007 in partnerhsip with Combined Book Exhibits (and CBE database):London Book Fair April 16-18 BookExpo America June 1-3 Beijing Book Fair August 30-September 3 Frankfurt Book Fair October 10 - 14 and -- 2006 Frankfurt International Book Fair, October 4 - 8, in partnership with International Titles and -- in 28 National and Regional book shows in partnership with Combined Book Exhibits2007 American Library Assn Midwinter (National) January 19-22 Michigan Reading Assoc. March 10-12 Assn. of College and Research Libraries March 29-April 1 Florida Library Assn April 10-12 Texas Library Assn April 12-14 Pennsylvania School Library Assn April 13-14 Connecticut Library Assn April 17-18 New Jersey Library Assn April 24-25 American Library Assn (National) June 23-26 American Assn of School Libraries October 25-28 2006 Amer. Lib. Assn. Midwinter (National) January 20-23 Michigan Reading Assn. (Regional) March 18-22 Public Library Assn. (National) March 20-25 Florida Library Assn. (Regional) April 17-20 Texas Library Assn. (Regional) April 25-28 New Jersey Library Assn. (Regional) April 25-26 Pennsylvania School Lib. Assn. (Regional) May 4-6 Connecticut Library Assn. (Regional) May 9-10 BookExpo America (National) May 18-21 American Lib. Assn. Annual (National) June 25-28 Illinois Library Assn. (Regional) Oct. 3-5 Librarians of Color Conference (National) Oct. 12-14 New England Library Assn. (Regional) Oct. 22-24 New York Library Assn. (Regional) Nov. 1-4 Ohio Library Council (Regional) Nov. 3-7 California Library Assn. (Regional) Nov. 11-13 Pennsylvania Library Assn. (Regional) Nov. 15-18 and -- 2006 in 4 book shows in partnership with Basch Subscriptions, Services for Libraries and Publishers, The Reference Shelf Special Libraries Association June 11-14 Association of Jewish Libraries Jun 18-21 Internet Librarian Oct 23-25 American Society for Information Science and Technology (ASIS&T) Nov 3-9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Spring Showcase - 24 National TV Airings with 20 additional test market showings by Atlantis Studios Wealth Odyssey will be featured on the TV show Spring Showcase hosted by actress Elizabeth Hart. The show will air 24 times throughout the month of April 06. They will also test market the program for syndication with an additional 20 airings in Sacramento CA on Comcast Cable. Click here to view the program segment (.mpg format 5.08Mb). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Global Talk Radio on "A Story to Tell" first aired Monday January 16, 2006 (click on the 2006-Jan-16 link on "A Story to Tell" page once you are on Global Talk Radio website). This link is an active archive of the broadcast.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Nationally Syndicated Radio Shows with Host Stu Taylor Stu Taylor- RADIO BROADCASTER - INVESTOR RELATIONS/MEDIA RELATIONS GURU - BUSINESS AUTHOR - PUBLIC SPEAKER More information about Stu Taylor and his nationally syndicated programs can be found at http://www.stutaylor.com/ (bio on his site on left nav bar "Who is Stu Taylor?"). "Stu Taylor on Business" on Business 1060, WBIX, Boston, first aired Monday Nov 14, 2005 http://www.wbixonline.com/ "Equity Strategies" on Business Talk Radio Network, first aired Saturday Nov 19, 2005 http://www.businesstalkradio.net/ "Equity Strategies" on Radio America Network, first aired Sunday Dec 4, 2005 http://www.radioamerica.org/PRG_equitystrategies.htm - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Regional Radio show in Florida Host Anita Finley, Publisher, Boomer Times & Senior Life WSBR740 AM aired on Saturday Jan 28, 6:30 - 7:00 am (ET). See the book review in the Jan 2006 issue of Boomer Times & Senior Life Jan 2006 book review on page 10 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - REVIEWS Military Writers Society of America by Bill McDonald (Oct 2006)
http://www.militarywriters.com/review-Wealth Odyssey.htm MWSA review pdf. Note: MWSA reviewed Wealth Odyssey since the author is retired military; see bio. ### Early Retirement Planning Insights by John Walter Russell (Feb 2006)
People need to see the big picture. http://www.early-retirement-planning-insights.com/wealth-odyssey.html Also on his website is a letter to the editor from Larry: http://www.early-retirement-planning-insights.com/letters-02-14-2006.html ### Boomer Times & Senior Life by Anita Finley (Jan 2006) http://www.babyboomers-seniors.com/pdfs/jan06/articles/bkreviewwealthodyssey.pdf ### All Books Review by Shirley Roe (Dec 2005) New York Transit workers strike over pension concerns. Huge corporations reduce or completely eliminate workers’ pensions. In this modern world pensions are no longer guaranteed to take care of us in our ‘Golden’ years. Wealth Odyssey author, Larry Frank Sr. provides a road map for a smooth journey into retirement. How much, when and how to make the financial decisions that will guarantee your future. The author encourages investors to research investment opportunities as well as services available to assist them in making a conscientious decision. Written in easy to read layman’s terms, the book offers readers a retirement plan for retirees and for the younger reader, a long-term means of financing education, vacations or large purchases. This book would be a benefit to anyone trying to ensure their financial future whether purchased for one’s self or a family member, acquiring this guide seems entirely apposite in reaching one’s goals. Well written, clear and concise, this guide to investing within your means with no preconceived charts or notions. Author Larry R. Frank Sr. has 27 years of financial planning experience. He has a B.S. cum laude in Physics, a Master’s degree in Business Administration and is a Certified Financial Planner. As a Wealth Mentor he founded Better Financial Education in Roseville, California. His expertise shines through in Wealth Odyssey. Highly Recommended by Reviewer: Shirley Roe, Allbooks Reviews http://www.allbookreviews.com/Default.aspx?tabid=604 AllBooksReview.pdf ### Crystal Reviews by Viviane Crystal (Dec 2005)
http://www.crystalreviews.com/authors/e-f/frank.htm CrystalReviews.pdf ### Independent Publisher Highlighted Titles
http://www.independentpublisher.com/action.lasso?-Database=18news.fp3&-Layout=iparticle&-RecordID=40284&-Response=iprvwdetail.lasso&-Search (Nov 2005) Independent Publisher Highlighted Title.pdf ### Online Review of Books and Current Affairs - A Recommended Reads (click on graphic). Nov 2005
### TCM Reviews by Tami Brady (Nov 2005) Like most people, you probably already know that you should be concerned about your financial future. You likely realize that your company pension isn’t going to allow you to live a comfortable life. Possibly, you’ve tucked away a little money in RRSPs, mutuals, or bonds. Maybe, most of your current paycheck is being spent long before it gets to the savings account. Wealth Odyssey is meant to guide the reader towards reasonable, realistic financial goals based upon his or her current income. I like that the author does not give a blanket amount for retirement based upon some sort of perceived norm. Instead, this book guides the reader in examining and calculating his or her own needs so that he or she can create a financial plan. Moreover, the author does so in a way that is easy to understand and more importantly in a way that is practical and easy to put into daily practice. http://tcm-ca.com/reviews/426.html TCMReviews.pdf The above review is also at: Bookpleasures.com , Book Review Forum , Book Ideas ### Roundtable Reviews by Tracy Farnsworth (Nov 2005)
This review moved me since she illustrates so well how important it is to see that where a person is in life determines how they approach their journey. She brings up an observation that I think is important to highlight - not everything will apply to your personal situation; plans need to change when the situation changes - one's situation is different as time goes on ... one's 20's are different than one's 30's which are different from one's 40's, etc. This is a good review that points this out. The book should be reread every few years - it's timeless - since you will be at a different stage in your life and different parts of the book will have different meanings and applications as your journey progresses. Growing despair comes from not doing just a little as soon as possible (i.e., procrastination is costly trying to make up for it later) ... the book points out that time is more important than the amount of money saved (Figure 10.1). Finally, perhaps a person is struggling with budget (cashflow) issues more than planning issues. See budgeting. Concepts in Wealth Odyssey apply regardless of a person's income - the difference is a matter of scale and where a person is in life. "A book is not going to change where you are. A book can change where you end up."- The Author Author's initial email to reviewer (of a series that turned out to be a great conversation!): Tracy,
Thank you for the review. You
make some good points which I realize the book did not
elaborate well on. Yes, people's expenses will
change in the future! However, that means their SOIL has
changed as well - which means the resources to support those
expenses has changed also. It is not a static methodology.
SOIL has changed, so everything else has to change
too.
The problem is, people get
their pay increases (promotions, pay raises, cost of living
adjustments, etc) and then they go and spend them
without making the additional savings adjustments to be
able to sustain that NEW SOIL when they get
to retirement. They need to continue to adjust their SOIL
as they are living it today. Eventually, the SOIL they have
today* will be the SOIL they will have for retirement - that
day comes when they are ready to retire. This method makes
them continue to save the resources necessary to support how
they are currently living. Those early savings will do more
for them than waiting to save later (Figure 10.1) and trying
to catch up. They do this through the application of the
"Wealth Rule," what are the necessary resources required to
continue to sustain their current SOIL into retirement?
I like your personal example.
You are a excellent example of how life changes. However,
people have trouble making the changes to their spending and
saving habits to support their new reality. I have
come across many who are operating on a plan they developed
years ago without realizing that their situation has changed
and the plan, which was good then, doesn't do what they want
it to do now.
This is the reason for my
website - I can continue to expand upon the missing pieces
the book did not cover well.
Thank you for your review and
feedback. I will post it to my website - and also update the
website to address the points you've made.
I did have trouble trying to define what a "typical" couple looked like for a book written for a national audience. However, the numbers are not what is important; those are going to be different for everybody since we are all different - the changing allocation of their resources as time went on, as well as the application of principles in the book, are the case study's point. Rather than focus on my numbers, use them as examples and apply your numbers to see what you need to do instead. Yes, everybody's situation is different. Not everyone is going to the same destination, therefore generic answers won't do. There is no right answer, just what is right for you once you've determined where you are trying to go with your money. *Each time your SOIL changes for pay raises (inflation adjustments usually) and for promotions or job changes, etc., re-evaluate your current SOIL. If you were to retire today, what are the resources you'd require (apply wealth rule to retirement SOIL)? Are you on track to accumulate the assets in the timeframe you have left (divide shortfall by years left)? What adjustments do you need to make if you are not on track? If you update your SOIL each time it changes as explained here, eventually as time goes by, today will be the day you can retire! So inflation is built into the methodology in two places. First, during the accumulation years, through the adjustment of SOIL as your standard of living adjusts due to inflation's pay raises. Second, during the distribution years, through the investment of the assets in a diversified portfolio that earns more than the inflation and withdrawal rate. (For more, see Author Interviews, Q#7). http://www.roundtablereviews.com/roundtable/Archives/franklarry111505.htm RoundTableReviews.pdf ###
Sarkodyne's Small Press Review by
Jason Price Everett http://www.circlemagazine.com/issuethirtyfive/sarkodyne.html (Issue 35) OK, OK, I know what you're all expecting. I have, in the past, been unafraid to bare my forearms, wield the awesome shillelagh of my professional responsibility, and brutally lambaste the odd book or two which did not meet my admittedly inflated standards of that which should constitute Art with a capital "A." But this issue will be different - here I attempt to judge a book, avowedly non-Art, on its own merits as part of its own genre of English writing. Ladies and gentlemen, accept if you will, this consideration of, not Homer's Odyssey, but Wealth Odyssey by Larry R. Frank (iUniverse Books, 2005). This is not poetry, this is not a novel, and this is not a collection of short stories. Such it was never intended to be. This is a sober and sophisticated look at the all-too-necessary tactics of managing money in our day and age, a view from above by an expert financial planner who has spent over twenty-five years assisting those of us with absolutely zero appreciation of the fiscal realities of our lives (and in that multitude of "us" I happily lump myself, seeing as how I wouldn't know a standard deviation from a convertible debenture, nor a premium from a bond, having so few assets that I exist in willful ignorance of all things monetary greater than the scale of gee-can-I afford-a-sandwich-today), an MBA who knows what is what and, more importantly, where to put it where it will do the most good. Best of all, Mr. Frank's blueprint for reasonable financial success is magnificently arranged in step-by-step order so as to neither confuse nor insult the average income earner. With such clear-cut concepts as his Wealth Odyssey Road Map (WORM) to increasing one's net worth, as well as his Standard of Individual Living (SOIL), he breaks it on down so that even the most financially inept of concerned readers, wondering what to do with their life's financial planning, will have little or no trouble understanding the tactics of maximizing one's personal wealth that are expressed in this handy volume. Unlike many other financial-help guides, that attempt to confuse with stilted language or professional jargon, Mr. Frank puts forth his trenchant and useful advice in a wide-open language that everyone can understand, whether or not the individual reader knows a CD from an IRA. As mentioned before, this reviewer is prone to weighing books on the scales of his own literary familiarity. It is now his turn to acknowledge expertise in a field that he has never been privileged to enter, by virtue of his hopeless ineptitude at mathematics. Wealth Odyssey is a practical, perceptive and, most importantly, human guide to doing the most with what you have, where you are, while you still have it - and more the average investor could not possibly ask for. If you happen to be in some doubt as to the financial future of yourself and your family, then the best thing that you could possibly do would be to pick up a copy of this eminently sensible guide to financial planning and read it from cover to cover. It may very well just save your life - or, more importantly, the lives of your children. ### Kirkus Discoveries Oct 14, 2005 http://www.kirkusreviews.com/kirkusreviews/search/article_display.jsp?vnu_content_id=1001306437
Review Date:
OCTOBER 14, 2005 Frank, a Certified Financial Planner in California, offers a concise, precise guide to “prudent thinking” about personal finances, along with simple tools to estimate how much is required for a comfortable retirement. Frank does not share investment secrets. Instead, he offers insights into insurance needs and taxes, and he lays out a straightforward plan that anyone can follow to reach their “wealth” plateau. (He’s not talking about yachts and sports cars. Wealth, he says, is having sufficient assets to carry out your plans and live according to your “Standard of Individual Living.” Being rich, he adds, is having an excess of wealth.) In Frank’s view, determining what size “asset reservoir” you require for a “wealthy” retirement can be done using simple math and having a realistic understanding of your wants and needs. Frank says his years of experience in the business have taught him, “People are not saving enough for retirement, so they will have to work longer than they realize.” A
sound guide designed to help people make sensible plans for a
successful retirement. ### Executive Book Summary Speed Review by Senior Editor Chris Lauer http://www.summary.com/cgi-bin/Soundview.storefront/43388fea025b8da5271a0a0000f8060a/UserTemplate/1111?pk_book_review_id=711 (October 2005) (Review was posted on their website for 1 month)
###
A MyShelf Review
Life may be a journey, but destination is the key to financial
planning. In Wealth Odyssey: The Essential Road Map for your
Financial Journey, Mr. Larry R. Frank Sr. asserts that the first
step to wealth is to decide financial destinations. Financial
destinations can include retirement, education, big purchases,
or vacations. Individuals with various income, assets, and destinations
can use Mr. Frank's financial plan: the Wealth Odyssey Road
Map. Some people might put money toward the short-term goal of a vacation rather than toward the long-term goal of retirement. While short-term goals are important, people need to prioritize all of their goals. It's essential to know how those goals will maintain their current standard of living. Mr. Frank shows that people can better utilize their money by targeting the long-term goal first. Not only will a person arrive at their destination, they will build wealth and maintain their standard of living. I like that Wealth Odyssey is adaptable to everyone's situation. A plan for retirees is included. Mr. Frank does not make specific recommendations as to investments, though he provides resources for individual exploration. His "Road Map" is designed to simplify the financial maze. I do agree with the author's statement that readers will need to review the book in order to fully grasp his plan. Many people I know are trying to budget enough money for the first goal or to get out of mounting debt. I recommend this book for people who currently have a healthy standard of living and want to explore ways of reaching their financial goals. ### The Money/Finance Shelfhttp://www.midwestbookreview.com/sbw/sep_05.htm#money (Sep 2005) This review also in The Small Press Bookwatch http://www.findarticles.com/p/articles/mi_m0RGT/is_2005_Sept/ai_n15387614 (Sep 2005) Wealth Odyssey This review is also found at Financial Book Review ### Many other reviews, etc can be found on the web through searches by googling (www.google.com) or yahooing (www.yahoo.com) "Wealth Odyssey" or "Wealth Mentor." - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ARTICLES Columbus Alive by Chris Deville May 18 2006
continued online here: http://columbusalive.com/living/living.php?story=columbusalive/2006/0518/l-start.html ### Sacramento Comstock's Business Magazine by Sharon Frederick Mar 06 Readying for Retirement. How high earners can make their money last well into the golden years. Pdf of the article (with advertising removed). http://www.comstocksbusiness.com/ ### Abilene Reporter News by Jamie Busen Apr 16 2006 Piggy Bank Power ... How much are you worth? Finding out takes a simple equation and an honest look at where you stand financially. If you're nervous, just remember - small change in your lifestyle adds up. Pdf of the article as it appeared online. http://www.reporter-news.com/abil/nw_business/article/0,1874,ABIL_7948_4624601,00.html ### Work & Money from the February 27, 2006 edition A penny earned is a penny spent | Staff writer of The Christian Science Monitor If Americans could be divided into savers and spenders, Courtney Davis knows exactly where she would fit. "I am a spender, through and through," she says. "I see how much is in my account, and that is how much I have to spend on a new outfit, a night out, or a great meal." But last month, Ms. Davis, a manager for a Boston think tank dealing with food issues, grew tired of having nothing in the bank. A broker arranged to have 20 percent of her salary deposited automatically into savings and investments. As she says, "It's the only way I can save, by not even getting a chance to get my mitts on it." As a nonsaver, Davis has plenty of company. Americans' personal savings fell to -0.5 percent last year, the first time since the Depression that the savings rate has been negative for a year. Although that is just one measure of economic stability, it reflects how irresistible consumerism has become in the American psyche. "Other countries are not wrapped up in consumption as much as we are," says Larry Frank, author of "Wealth Odyssey." "They like to have nice things, but it doesn't seem to be the benchmark where society is measured as a success. Having something saved is also part of that benchmark in other countries." A new report from the Federal Reserve bank finds that only 41 percent of Americans save regularly. Three-quarters of households carry debt. Americans' long journey on that road to debt began gradually after World War II. "Baby boomers' parents had access to credit, but in a responsible way, using it to buy durable goods - a house, a car, a washing machine," says Shira Boss, author of "Green With Envy: Why Keeping Up With the Joneses Is Keeping Us in Debt," to be published in May. "As baby-boomers grew up, they gradually started to see debt not as a way to get these durable goods but as a way to increase their lifestyle. They started sacrificing any future security for present-day comfort and entertainment." In 1981, Ms. Boss says, families saved an average of 11 percent and owed 4 percent of their income on credit cards. By 2000, the average savings rate had already fallen below zero, and credit-card debt had gone up to 12 percent of income. Today, she says, "boomers have a bigger problem with debt than anyone else. Half of them do not have a retirement account." For consumers as a whole, Boss sees a collective psychology prevailing. "We ask, 'What are others doing, and what can I get for myself?' Nobody wants to admit that there's anybody they're keeping up with, but we do collectively keep up with one another." Financial experts cite varied reasons for the lack of savings. Some are economic. Average weekly earnings decreased by 0.4 percent in 2005, according to the Bureau of Labor Statistics. Housing, healthcare, and education costs have skyrocketed. Other reasons are cultural and attitudinal. "People don't remember the Depression," says Lewis Mandell, professor of finance at the University at Buffalo School of Management in New York. "People who are younger just really believe that nothing bad can happen to them. Either they think Social Security is going to be there for them when they retire, or they may feel that the government will never let them starve." Losing a Tactile Sense of Money Another culprit involves the changing idea of what money is. "We have lost a tactile sense of money," says Rakesh Gupta, associate dean of the School of Business at Adelphi University in Garden City, N.Y. "We're using plastic now. It doesn't seem like money. When we have a roll of money that gets smaller and smaller, we think about where we should spend it. Now that we can whip out a credit card or debit card, the pool of money seems endless." Popular culture plays a part as well. "People watch TV and think they have to live the life of characters on their shows," says DebtSmart.com creator Scott Bilker. "They start spending a little more." That spending often marks a generational shift. "What our parents saw as luxuries, people our age see as little indulgences," Davis says. "My mother would never spend $5 on a coffee. Some people do this every day." She adds, "My parents are appalled at the way I justify my spending. I think, 'Why work and make money unless you're going to enjoy it?' That's a fine theory until you're 60, homeless, and with no money in the bank." Cindy Lenox has good intentions. She runs a women's fitness center in Shrewsbury, N.J. She opened a savings account last month, hoping to deposit even $5 a week. It hasn't happened yet. "I own my own business, and there are weeks out of the month that I don't get a paycheck. For me, retirement is nonexistent. I think I'll be working for the rest of my life." Gail Cunningham, a vice president at Consumer Credit Counseling Service of Greater Dallas, sees varied attitudes among her clients. Some tell her it's impossible to save. They rely on credit cards. Others defend their spending, even in a financial crisis. "They have to have cable TV, a cellphone, and their nails done," Ms. Cunningham says. Others open savings accounts but pull out money faster than they put it in. Without a nest egg, they cannot plan. "When they're worried about their car being repossessed tonight, the last thing they want to talk about today is their retirement savings." Cunningham has watched people's definitions of "need" and "want" change. When they get a raise or bonus, the first thing most think about is how to spend it, not how much they can earn through savings and investment. Changing attitudes is essential, retirement experts warn. As Social Security and defined-benefit pensions become less certain, and as life expectancies increase, the need for personal savings, including 401(k)s, will grow. "People just do not have any idea what it takes to retire," Mr. Frank says. http://www.csmonitor.com/2006/0227/p14s02-wmgn.html Nationally Syndicated article picked up by: CBS News at http://www.cbsnews.com/stories/2006/03/03/business/main1367222.shtml/ and MSN Money at http://moneycentral.msn.com/content/Savinganddebt/Savemoney/P145775.asp ### The Detroit News - Here's one simple investment rule: Educate yourself by Humberto Cruz Monday, February 20, 2006
Q . I catch your column
in the paper every now and then, but not always. So
I don't miss it, please e-mail me the formula for
figuring out how much to save and how to invest.
A . No simplistic formula can provide a satisfactory answer. But I am glad you asked, because your question is representative of literally thousands I've received in the last 10 years. Largely, I have found that most readers long for formulas and sound-bite type answers to financial questions. They want a quick thumbs up or thumbs down to a financial strategy or product rather than the almost always more appropriate answer, "It depends." Get educated And I am afraid I agree with Jonathan Clements, personal finance columnist of the Wall Street Journal, who writes that most people aren't really interested in educating themselves but want to be told precisely what to do. That's too bad, because the business of financial writers is to explain and educate as well as we can, to present facts and lay out the pros and cons so readers can make better informed decisions. Only you can decide what's best for you, either on your own or with the guidance of a competent financial adviser who spends the time needed to get to know you and help you prioritize your goals. What are your goals? That brings me to another point. Many people who ask questions or seek financial advice do so without a clear understanding of what they want to accomplish or what their most important goals are. If you don't know what you are saving or investing for, how much it is going to cost you, and when you will need the money, how can any formula be of any help? "My experience shows that the vast majority of people do not know where they are trying to go or what to focus on," said Larry R. Frank, Sr., a certified financial planner in Roseville, Calif., and author of "Wealth Odyssey." One of his main points: Financial planning is a process rather than a collection of separate products or issues. "People are conditioned to think about the products that solve their concerns, yet they have not adequately determined what their concerns are, or what their priorities are among those concerns," Frank said. In practical terms, that means that most financial products (different types of investments or retirement accounts or insurance policies or annuities, for example) are not "good" or "bad" in themselves but rather appropriate or inappropriate in the context of your goals. Send questions or comments to Humberto Cruz at AskHumberto@aol.com or c/o Tribune Media Services, 2225 Kenmore Ave., Buffalo, NY 14207. http://www.detnews.com/apps/pbcs.dll/article?AID=/20060220/BIZ01/602200355/1010 ### The Washington Informer - Washington DC - Syndicated News Washington Informer.pdf Apache Junction AZ.pdf This syndicated article has also appeared in the following Connecticut publications: Hartford Inquirer, Waterbury Inquirer, New Haven Inquirer, Bridgeport Inquirer, & Springfield Inquireras well as the Charlottesville NC Inquirer. ### South Florida Sun Sentinal Article by Humberto Cruz http://www.sun-sentinel.com/business/ (original article reprinted below is no longer archived) The Nationally Syndicated article reprinted below also appeared in the following national newspapers:
Los Angeles
Times, Chicago Tribune, Baltimore Sun,
Hartford
Courant, & Kansas City Star
Daily Press.com http://www.dailypress.com/business/yourmoney/sns-yourmoney-1016cruz,0,6537964.story DailyPressArticle.pdf
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