Worst financial book you have read (or will admit you have read)

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Re: Worst financial book you have read (or will admit you have read)

Post by JupiterJones » Wed Jul 08, 2015 2:45 pm

I flipped through "Rich Dad Poor Dad" for awhile at a used book store, so I can't claim to have "read" it, technically. But from what I did read... ugh. :(

I get how people might not like the writing style of "Your Money or Your Life", but I found some of the concepts to be eye-opening. In particular, the idea of determining your "true hourly wage" and then seeing potential purchases in terms of "hours of your life", as well as their couching financial independence in terms of the "crossover point".
Stay on target...

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Re: Worst financial book you have read (or will admit you have read)

Post by abuss368 » Wed Jul 08, 2015 2:56 pm

Abe wrote:
abuss368 wrote:Hi Bogleheads,

I am surprised one book did not make the cut thus far: "No Money Down" by Robert Allen. I had a colleague that read the book and recommended it to me. It was incredible in terms of the real estate "strategies" that were recommended.

Best.
I actually started to mention this book yesterday but didn't. I guess my starter got stuck. I have rental properties and I remember reading the book many years ago. As I remember most of the strategies sounded good in theory, but they were just not practical.
Hi Abe,

I am also not so sure many of the strategies would be feasible in today's market and credit environments.

Best.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Worst financial book you have read (or will admit you have read)

Post by Tico_75 » Wed Jul 08, 2015 3:37 pm

What is the worst financial book that you read?

This thing was a fiasco.

Phil Town - Payback Time

Image
"Check ID" is my actual signature.

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Re: Worst financial book you have read (or will admit you have read)

Post by GerryL » Wed Jul 08, 2015 6:04 pm

Anything by Ben Stein.

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Re: Worst financial book you have read (or will admit you have read)

Post by ThePrune » Wed Jul 08, 2015 6:54 pm

Grt2bOutdoors wrote:The Barefoot Retirement Plan: Safely Build a Tax-Free Retirement Plan - Doyle Shuler
I think that most Bogleheads just are't aware of just how BAD these Indexed Universal Ilfe Insurance (IULi) books truly are :twisted: The sad thing is that Indepenent Maketing Organizations (IMO's) for insurance agents develop lots of scripted sales seminars ("free dinner seminars") that make IULi policies appear to be that absolute best method to invest your retirement savings.

I recently attended such a dinner seminar. The scripted presentation didn't mention life insurance, but made the "secret investment technique" sound like a proprietary approach developed by the presenter. The presenter even promised $100 to anyone who knew how the investment worked (it was "secret" after all!). When I raised my hand and told him he was planning on selling IULi to his clients, he was stunned :mrgreen: I did't take the $100.
Investment skill is often just luck in sheep's clothing.

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Re: Worst financial book you have read (or will admit you have read)

Post by abuss368 » Wed Jul 08, 2015 9:52 pm

Hi Bogleheads,

Here is another great boo that I almost forgot about: "The LEAP Process"! We were given a copy of this book by an "advisor" which turned out to be an insurance salesman who recommended to remortgage the house, stop IRA contributions, and buy Permanent Life Insurance.

Best.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: My books about investing

Post by abuss368 » Wed Jul 08, 2015 10:04 pm

Taylor Larimore wrote:
abuss wrote:Hi Taylor,

I believe you had mentioned your bookshelf has hundreds of investment books from a lifetime of reading correct?
Abuss:

You are partially correct.

Nearly everything I know about investing came from reading books, browsing the Diehard and Boglehead forums, and my own personal experience during 65 years of investing (I'm age 91). I have read hundreds of investment books but most I gave away, or threw away, for lack of space.

I have read so many investment books that I found I was re-reading the same one's twice. That's when I started making this list: Investment books I have read to avoid reading a book the second time.

I have consolidated many of the best ideas from the best books. Bogleheads can read these "gems" on our wiki: Taylor Larimore's Investment Gems

Best wishes.
Taylor
Thanks Taylor!
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Worst financial book you have read (or will admit you have read)

Post by mlebuf » Wed Jul 08, 2015 11:23 pm

rec7 wrote:
abuss368 wrote:Hi Bogleheads,

I am surprised one book did not make the cut thus far: "No Money Down" by Robert Allen. I had a colleague that read the book and recommended it to me. It was incredible in terms of the real estate "strategies" that were recommended.

Best.
One of these no money down guys I am not sure it is him but he tells people if you buy a 100k house with no money down your net worth in now 100k. That one always made me laugh.
Robert Allen's book, "Nothing Down" sold over 2 million hardcover copies. I got that information first-hand from the man who edited the book. However, after enjoying all that success, Robert Allen still went broke. I don't know if he recovered but I prefer to take financial advice from someone who has attained wealth and hasn't lost it all. It's not how much you make, it's how much you keep.
Best wishes, | Michael | | Invest your time actively and your money passively.

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Re: Worst financial book you have read (or will admit you have read)

Post by MichaelRpdx » Wed Jul 08, 2015 11:42 pm

William4u wrote:The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too.

The book has lots of tips for how to pick individual stocks.
Me too here.
Though it has competition from The MOTLEY FOOL'S RULE BREAKERS, RULE MAKERS: THE FOOLISH GUIDE TO PICKING STOCKS
Be Appropriate && Follow Your Curiosity

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Re: Worst financial book you have read (or will admit you have read)

Post by sailfish2 » Thu Jul 09, 2015 9:27 am

gatorking wrote:The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
LOL. If I see an online dating profile that lists this book, "instant dealbreaker"!

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Re: Worst financial book you have read (or will admit you have read)

Post by dbCooperAir » Thu Jul 09, 2015 9:32 am

Tico_75 wrote:
What is the worst financial book that you read?

This thing was a fiasco.

Phil Town - Payback Time

Image
Oh my :shock: I think you read the wrong book from Phil Town, Rule #1 may have been a better choice :twisted:
http://www.ruleoneinvesting.com/about/
I was very fortunate in my life to learn to make money. In 1980 I met an investor who took me in as an apprentice and taught me the one tried and true formula for building wealth – Rule #1. A year later I started investing on my own with $1000 and a promise to myself that I’d become a millionaire in 5 years. Almost exactly five years later I had accumulated $1.45 million; We retired to Iowa to raise our children in a community of like-minded meditators, I continued investing in public and private businesses and Rule #1 continued to work its magic.
I been doing it all wrong, all I need is $1,000 and 5 years and I could retire, I see no reason to start saving until I'm 60 :oops:
Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him. | -Dwight D. Eisenhower-

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Re: Worst financial book you have read (or will admit you have read)

Post by bsteiner » Thu Jul 09, 2015 9:46 am

ThePrune wrote:... I think that most Bogleheads just are't aware of just how BAD these Indexed Universal Ilfe Insurance (IULi) books truly are :twisted: The sad thing is that Indepenent Maketing Organizations (IMO's) for insurance agents develop lots of scripted sales seminars ("free dinner seminars") that make IULi policies appear to be that absolute best method to invest your retirement savings.

I recently attended such a dinner seminar. ....
If you go to the free dinner seminar, and you're the one who buys the annuity, the living trust, the timeshare or the bridge (or the indexed universal life insurance policy), not only did you pay for your free dinner, but you paid for the free dinners for everyone else in the room.

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Re: Worst financial book you have read (or will admit you have read)

Post by abuss368 » Thu Jul 09, 2015 9:56 am

mlebuf wrote:
rec7 wrote:
abuss368 wrote:Hi Bogleheads,

I am surprised one book did not make the cut thus far: "No Money Down" by Robert Allen. I had a colleague that read the book and recommended it to me. It was incredible in terms of the real estate "strategies" that were recommended.

Best.
One of these no money down guys I am not sure it is him but he tells people if you buy a 100k house with no money down your net worth in now 100k. That one always made me laugh.
Robert Allen's book, "Nothing Down" sold over 2 million hardcover copies. I got that information first-hand from the man who edited the book. However, after enjoying all that success, Robert Allen still went broke. I don't know if he recovered but I prefer to take financial advice from someone who has attained wealth and hasn't lost it all. It's not how much you make, it's how much you keep.
Hi Michael,

That is unfortunate.

Thank you for sharing.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Worst financial book you have read (or will admit you have read)

Post by dowse » Thu Jul 09, 2015 10:08 am

" How to Prosper During the Coming Bad Years: A Crash Course in Personal Financial Survival. (1978)" by Howard Ruff. I didn't follow any of his advice, though.

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Re: Worst financial book you have read (or will admit you have read)

Post by hicabob » Thu Jul 09, 2015 10:23 am

dbCooperAir wrote:
Tico_75 wrote:
What is the worst financial book that you read?

This thing was a fiasco.

Phil Town - Payback Time

Image
Oh my :shock: I think you read the wrong book from Phil Town, Rule #1 may have been a better choice :twisted:
http://www.ruleoneinvesting.com/about/
I was very fortunate in my life to learn to make money. In 1980 I met an investor who took me in as an apprentice and taught me the one tried and true formula for building wealth – Rule #1. A year later I started investing on my own with $1000 and a promise to myself that I’d become a millionaire in 5 years. Almost exactly five years later I had accumulated $1.45 million; We retired to Iowa to raise our children in a community of like-minded meditators, I continued investing in public and private businesses and Rule #1 continued to work its magic.
I been doing it all wrong, all I need is $1,000 and 5 years and I could retire, I see no reason to start saving until I'm 60 :oops:

I just had to find out what Rule#1 was and from Amazon reviews here it is ... btw the reviewers seem to like his tome

"Once you've chosen a "wonderful" company and sunk your life savings into it, Town outlines a trading strategy designed to avoid losing your money (rule #1). His trading method relies on 3 technical analysis indicators, MACD, Moving Average, and Stochastic. These indicators are easily available at many free stock charting sites. Basically, you trade out when the trend is going down, and trade back in when it's going up. It's therefore a form of market timing, which is very controversial and tricky."

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Re: Worst financial book you have read (or will admit you have read)

Post by Buffetologist » Thu Jul 09, 2015 10:27 am

How Privatized Banking Really Works

http://www.amazon.com/How-Privatized-Ba ... 061532682X

Claims to shows you the inifinite banking concept, also known as "Be your own bank", but really a doomsday book on money.

Really high quality cattle excrement!

Basically boils down to borrowing money from your whole life policy to buy stuff.

Not suitable for Bogleheads.

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Re: Worst financial book you have read (or will admit you have read)

Post by Pyrite » Thu Jul 09, 2015 12:24 pm

dbCooperAir wrote:What is the worst financial book that you read?

To give the thread some action lets generally call this a list of book to avoid that don't align with the Boglehead way.

I will start if off with:
[Wealth Without Risk]

I remember when this book came out, I even spent my good hard earned cash for a copy of it. Not sure if this was a good thing or not but could hardly afford the book so I had no cash to invest :wink:
Aw, this was going to be my entry too! Except that I at least got mine from a half-price book store. I don't remember much about it, except there was something about using a mutual fund account as a checking account? Not sure how that part was "without risk"! And a whole lot on zero-coupon bonds.

But in a weird way it is also the best financial book I read, because the only thing I actually did in response to reading it was to open IRAs for my husband and myself. We were young and had just started medical residency and graduate school, respectively, and I'm sure I wouldn't have started the accounts until many years later had I not read this book. And although the funds it steered me towards (20th Century, now American Century) weren't super low-cost they were at least no-load. (Those IRAs are now at Vanguard, of course.)

So while I would never recommend it to anyone, I can't really regret reading it myself!

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Re: Worst financial book you have read (or will admit you have read)

Post by Tico_75 » Thu Jul 09, 2015 9:32 pm

bsteiner wrote:
ThePrune wrote:... I think that most Bogleheads just are't aware of just how BAD these Indexed Universal Ilfe Insurance (IULi) books truly are :twisted: The sad thing is that Indepenent Maketing Organizations (IMO's) for insurance agents develop lots of scripted sales seminars ("free dinner seminars") that make IULi policies appear to be that absolute best method to invest your retirement savings.

I recently attended such a dinner seminar. ....
If you go to the free dinner seminar, and you're the one who buys the annuity, the living trust, the timeshare or the bridge (or the indexed universal life insurance policy), not only did you pay for your free dinner, but you paid for the free dinners for everyone else in the room.
Who is giving free dinners? That may be an excellent investment! Particularly great if they provide beer or cocktails. A few months ago I attended a free REDFIN dinner, it was at one of my favorite breweries and I should go back again for a "second opinion"
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Re: Worst financial book you have read (or will admit you have read)

Post by edge » Fri Jul 10, 2015 2:35 am

Rich Dad Poor Dad

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Re: Worst financial book you have read (or will admit you have read)

Post by dowse » Fri Jul 10, 2015 7:55 am

A related point on "Rich Dad Poor Dad" author Robert Kiyosaki. Some years back, he and his wife gave a presentation as part of a pledge drive for PBS. I watched it because volunteers from my company happened to be working the phones that evening, and I thought it would be fun to see some people I recognize doing that. There was no control over it, but nonetheless, it was disappointing to see my company even indirectly associated with those charlatans. There was no useful information provided, only teasers to harmful misinformation obtainable only by pledging enough to receive a book. The presentation underscored in my mind how far PBS was wiling to go to raise funds. It was a trend that had already begun and has since only accelerated during their pledge drives. It is at the point now, that there are no programs I will watch during a pledge drive. After that, I stopped making contributions to PBS.

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Re: Worst financial book you have read (or will admit you have read)

Post by bhsince87 » Fri Jul 10, 2015 9:23 am

I don't recall the title, but when I was first starting out in investing in the 80's, I read a book that recommended a simple rule of thumb for asset allocation:

If the 10 year US T-note rate is above 10%, you should be 80% invested in bonds, 20% in stocks. If it's below 10%, you should flip it, and allocate 80% stocks, 20% bonds.

That might not be bad advice, actually.

But I've been waiting 30 years for T-notes to go above 10% so I could "re-balance"!
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Re: Worst financial book you have read (or will admit you have read)

Post by scouter » Fri Jul 10, 2015 9:50 am

sunny_socal wrote:- "Your Money or Your Life" by Robin. Some good points, but very wordy. Did not finish.
- "The Only Investment Guide You'll Ever Need" by Tobias. As above.
Wow, surprising! Tobias' book was the first financial book I read (when it first came out) and I would say it was directly responsible for my wife and I starting on a path that made us financially independent in our fifties.

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Re: Worst financial book you have read (or will admit you have read)

Post by FuzzyButtons » Fri Jul 10, 2015 10:17 am

bhsince87 wrote:I don't recall the title, but when I was first starting out in investing in the 80's, I read a book that recommended a simple rule of thumb for asset allocation:

If the 10 year US T-note rate is above 10%, you should be 80% invested in bonds, 20% in stocks. If it's below 10%, you should flip it, and allocate 80% stocks, 20% bonds.

That might not be bad advice, actually.

But I've been waiting 30 years for T-notes to go above 10% so I could "re-balance"!
That might actually be Charles Givens' "Wealth Without Risk", highlighted by the op. When I was a teenager my parents had that book on the shelf, and I remember reading it. One of the early chapters was a chart of the movement of interest rates and stocks/bonds that basically worked out to the advice to buy stocks when interest rates are rising and buy bonds when interest rates are falling. Which translates to "Buy stocks when they're going up and sell them when they're not!". Why didn't I think of that?!

But still, this was 1988 when I was reading this I think. Its easy to forget today just how ignorant most everyone was before the internet. It took real work to go to the library and research something in a comprehensive way. As a result, what looks like obvious bad advice today passed very easily. Not that the internet isn't full of bad advice as well, but it is much easier to sort the good advice from the crap with just a little time and basic common sense.

So yeah, "Wealth Without Risk" is my nomination too. But now I'm thinking I should read "Rich Dad, Poor Dad" just to see what all the fuss is about. :)

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Re: Worst financial book you have read (or will admit you have read)

Post by dognose » Fri Jul 10, 2015 10:25 am

Dow 36,000. Can't remember who wrote it, which is O.K.

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Re: Worst financial book you have read (or will admit you have read)

Post by ntsantak » Fri Jul 10, 2015 12:03 pm

Jim Cramer's book Real Money

http://www.amazon.com/Jim-Cramers-Real- ... rds=cramer

I hated it because in the Intelligent Investor it clearly shows that his picks with New Economy stocks in the end flopped.

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Re: Worst financial book you have read (or will admit you have read)

Post by RoC » Sat Jul 11, 2015 11:07 pm

sunny_socal wrote:- "Your Money or Your Life" by Robin. Some good points, but very wordy. Did not finish.
- "The Only Investment Guide You'll Ever Need" by Tobias. As above.
Wow, I'm kind of surprised to see the Andrew Tobias book listed. "The Only Investment Guide You'll Ever Need" was the first financial book I ever read, and I think it works out very nicely for someone who's new to the topic. I was in my 20's when I read it, and I think it covers enough topics well enough to give someone just starting out a good place to start. It's the book that introduced me to Vanguard and being conscious of low fees on my accounts. I've since recommended the book to several people who were fresh out of college, but maybe I should go back and re-read it to see how it's held up over the years. Perhaps I should start recommending a different book for people new to the subject.



My contribution for the list of worst financial book I've read is probably going result in people discrediting my opinion because it's generally a highly recommended book, but I did not enjoy "The Millionaire Next Door". Don't get me wrong, it's a good enough book. But I feel it was repetitive, and I feel it needs to be updated. I know it's been updated since it was released, but it needs a complete refresh. Specifically, it constantly refers to people with $1MM as being wealthy, and implies they are financially set for life and can do anything they want. I feel that was more true when the book was originally written in the late 70's or early 80's than it is now; $1MM just isn't the same as it used to be. So it's not so much that I feel it was a bad book, as much as I feel it needs to be thoroughly updated before I feel it's a book I would recommend.

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Re: Worst financial book you have read (or will admit you have read)

Post by perries » Sun Jul 12, 2015 6:31 am

Making the Most of Your Money by Jane Bryant Quinn.

I see many Amazon reviewers largely agreed with me, which is always nice.
http://www.amazon.com/Making-The-Most-Y ... 0684811766

It offended me because I was predisposed to like it and was kind of shocked that it didn't meet my minimum standards, even as a newbie. I had bought into the authors branding before ever reading her work. Luckily it was a library book.

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Re: Worst financial book you have read (or will admit you have read)

Post by Rob5TCP » Sun Jul 12, 2015 6:54 am

sunny_socal wrote:- "Your Money or Your Life" by Robin. Some good points, but very wordy. Did not finish.
- "The Only Investment Guide You'll Ever Need" by Tobias. As above.
I read Mr. Tobia's book quite a number of years ago. I found most of it to be quite useful. From time to time
I read his column. He does give individual stock picks, but with a small % of your portfolio. For most he recommends
balanced indexed funds.

He got me into I Bonds (along with Mel from Bogelheads :D ) and REITS (before I had ever heard of either of them).

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Re: Worst financial book you have read (or will admit you have read)

Post by abuss368 » Sun Jul 12, 2015 1:15 pm

Bogleheads,

After reading through the thread I realized there are many books here that I have seen in the stores over time when they were popular. I have no regrets reading any books, even Donald Trump and No Money Down by Robert Allen. I always learn and realized after reading those books to not follow the "advice".

Now, my bookshelf includes all of Jack Bogle's books, David Swensen, and also a few Warren Buffett books. I have not seen the need to read other investment books.

Best.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Worst financial book you have read (or will admit you have read)

Post by abuss368 » Tue Jul 21, 2015 3:39 pm

Bogleheads,

Has anyone else read any of Donald Trump's many books? They appear to be more entertainment and self promotion than actionable advice or strategies.

Best.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Worst financial book you have read (or will admit you have read)

Post by BahamaMan » Tue Jul 21, 2015 5:17 pm

abuss368 wrote:Bogleheads,

Has anyone else read any of Donald Trump's many books? They appear to be more entertainment and self promotion than actionable advice or strategies.
Have not read the books, but the "Recipe for Success" seems to be. First Inherit about $200 Million, then use Bankruptcy laws to parlay it into "A lot More".

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Re: Worst financial book you have read (or will admit you have read)

Post by abuss368 » Tue Jul 21, 2015 10:12 pm

BahamaMan wrote:
abuss368 wrote:Bogleheads,

Has anyone else read any of Donald Trump's many books? They appear to be more entertainment and self promotion than actionable advice or strategies.
Have not read the books, but the "Recipe for Success" seems to be. First Inherit about $200 Million, then use Bankruptcy laws to parlay it into "A lot More".
Thanks!
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Worst financial book you have read (or will admit you have read)

Post by Ice-9 » Wed Jul 22, 2015 12:23 am

gatorking wrote:The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
I think I'm +1000 on this one. :happy

It's been a long time since I checked it out from the library and read it, but what I remember is this:
* Reading it felt about as genuine as a mother-in-law's hug
* Many things stated as fact were just plain wrong
* The only interesting new thing I learned about from the book was the concept of tax lien investing. When I read further on that topic, I learned Kiyasaki had that wrong too.

One of the best non-Boglehead books I've read is Dave Barry's Money Secrets Like: Why Is There A Giant Eyeball On The Dollar? :D

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Re: Worst financial book you have read (or will admit you have read)

Post by Mingus » Wed Jul 22, 2015 12:55 am

The Four Hour Work Week.

I remember very little other than it talked about outsourcing everything and living the good life on leases and credit.

The only thing redeeming was the fact it was a library copy.

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Re: Worst financial book you have read (or will admit you have read)

Post by stemikger » Wed Jul 22, 2015 1:53 am

dowse wrote:A related point on "Rich Dad Poor Dad" author Robert Kiyosaki. Some years back, he and his wife gave a presentation as part of a pledge drive for PBS. I watched it because volunteers from my company happened to be working the phones that evening, and I thought it would be fun to see some people I recognize doing that. There was no control over it, but nonetheless, it was disappointing to see my company even indirectly associated with those charlatans. There was no useful information provided, only teasers to harmful misinformation obtainable only by pledging enough to receive a book. The presentation underscored in my mind how far PBS was wiling to go to raise funds. It was a trend that had already begun and has since only accelerated during their pledge drives. It is at the point now, that there are no programs I will watch during a pledge drive. After that, I stopped making contributions to PBS.
Robert Kiyosaki is a scam artist. I can't find the 60 minutes segment where they investigated him and the so-called properties he owned and many of them did not even exist. He makes money by ripping people off at those seminars. Not from being a real estate mogul like he wants you to become. I did happen to find this one about his scam.

Part 1
https://www.youtube.com/watch?v=HE6nT0oyPt8

Part 2
https://www.youtube.com/watch?v=dv6feHB0AE4

Part 3
https://www.youtube.com/watch?v=9iimvyVCEGA
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

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Re: Worst financial book you have read (or will admit you have read)

Post by magneto » Wed Jul 22, 2015 2:11 am

Why Stock Markets Crash .. Didier Sornette
'There is a tide in the affairs of men ...', Brutus (Market Timer)

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Re: Worst financial book you have read (or will admit you have read)

Post by SGM » Wed Jul 22, 2015 4:18 am

I cannot recall the names of the books, but there was one by Fisher who has a column in Forbes and one by Ray Lucia on buckets and he recommends non-traded REITs. So do you throw these books away or donate them to a library or thrift shop so someone else will get suspect advice?

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Re: Worst financial book you have read (or will admit you have read)

Post by gardemanger » Wed Jul 22, 2015 7:17 am

Recycle. The paper pulp will be of more use to society.

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Re: Worst financial book you have read (or will admit you have read)

Post by tim1999 » Wed Jul 22, 2015 9:27 am

I don't agree with all of the hate on Rich Dad, Poor Dad. Sure, the specific investment advice isn't good. But it encourages people to be entrepreneurial, invest their money instead of blowing it on toys, and realize that working as a 9-5 drone at ABC Corp. isn't really a path to true wealth. I read the book when it came out as a teenager and it was pretty motivational at the time...I can say it certainly "got my butt in gear" in terms of working, saving, investing, etc.

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Re: Worst financial book you have read (or will admit you have read)

Post by abuss368 » Wed Jul 22, 2015 10:58 am

SGM wrote:So do you throw these books away or donate them to a library or thrift shop so someone else will get suspect advice?
Hi SGM,

That is interesting and I never really thought of it. Truth be told, I donated the Donald Trump books to the library and now I am second guessing that decision!

Best.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Worst financial book you have read (or will admit you have read)

Post by BigOil » Wed Jul 22, 2015 3:46 pm

OMG

I am in esteemed company here. Taylor and other well-regarded Bogleheads :happy ...wow.

Two buckets of largely bovine fecal material I also read:
* Charles Givens "Wealth Without Risk"
* Wm Donoghue "The Donoghue Strategies"

Cannot decide, but Givens with all his issues, had some truth in the book. :?
Donoghue was COMPLETELY false--- against: academic research - EMH, etc. and BH - CMH...investors cannot time markets and win consistently with any known ex ante tactic. :oops:

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Re: Worst financial book you have read (or will admit you have read)

Post by 6miths » Thu Aug 27, 2015 4:00 pm

Ok so I had originally voted for 'Rich Dad, Poor Dad' but I think I have to ask for a do over...

I have been listening to 'The Don't Sweat Guide to Your Finances' while I mow the grass and this is a truly terrible and potentially dangerous book. It's as if this book were written by a bank or a pay day loan company. Talks about the benefits of leasing over buying; states one might have too much credit card debt if one couldn't afford to make the minimum monthly payment or one was getting new cards to transfer the balance of maxed cards; starts with chapters about getting a HELOCs and how these can be used to spend... There are some good points scattered in here and there but mostly they are minimized. At least 'Rich Dad, Poor Dad' is entertaining fiction in parts!
'It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so!' Mark Twain

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Re: Worst financial book you have read (or will admit you have read)

Post by Abe » Fri Aug 28, 2015 10:27 am

No book is necessarily bad, even Rich Dad, Poor Dad. It may be lacking in substance, but if it motivates one to get started investing, even if it's just the thinking stage, there is some good there. As much as I agree with the Boglehead way, it's not the only way. When I started out, there was no Boglehead way. I tried a lot of different things, real estate, mortgage investing among others. I'm not sorry I did any of those things. I learned a lot along the way. I'm just saying we should keep an open mind. Don't just assume a book is bad, there may be a nugget of wisdom embedded in it. I remember when I was getting started, I read an article by Robert Bruss in the newspaper about investing in mortgages. He recommended reading a book by Jimmy Napier titled "Invest in Debt". I ordered the book (it cost $12.00). When I received the book, I was not impressed. It was self-published and pretty shabby looking. That book made me more money than anything I had read prior to that time. One good idea can make you a lot of money.
Slow and steady wins the race.

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Re: Worst financial book you have read (or will admit you have read)

Post by rjm_cali » Fri Aug 28, 2015 10:38 am

Worst book - just about all the publications I ever got from my AVC provider in the UK. I looked back at some of the costs associated with the amazing fnd choices I had. <FX:Screams at all the lost money>



AVC = additional pre-tax voluntary pension contributions scheme in the UK. Money purchase rather than final salary.

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Re: Worst financial book you have read (or will admit you have read)

Post by ehec » Fri Aug 28, 2015 8:16 pm

I read Dow 36,000 a few moths ago. Got it used on amazon for the cost of shipping.

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