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

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

Post by dbCooperAir » Mon Jul 06, 2015 8:36 am

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:
Image

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:

From the Wiki
https://en.wikipedia.org/wiki/Charles_J._Givens
Charles J. Givens (February 5, 1941 - July 12, 1998) was a bestselling author of two books, Wealth Without Risk and Financial Self Defense.
Over his career, Givens was the target of dozens of lawsuits and two court cases for defrauding customers, one in California and one in Florida. The California fraud case found that he had misled his customers by claiming that he had made his money using his financial strategies, rather than by selling his financial strategies, and he was ordered to refund $14.1 million to his customers. Givens settled the Florida fraud case. Givens was also sued for advocating dropping insurance to save money by a woman whose husband was killed by an uninsured driver. Givens settled the insurance suit in 1993.
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 gatorking » Mon Jul 06, 2015 8:54 am

The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
"If it weren't for color printers, and man's need to find patterns where there are none, investment advisers would be a whole lot poorer." - yobria

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

Post by sunny_socal » Mon Jul 06, 2015 9:38 am

- "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.

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

Post by staybalanced » Mon Jul 06, 2015 10:12 am

The "Retirement Miracle" a book about a tax-free retirement using indexed universal life. Only reason I read it was to challenge a friend who said "it was the best thing ever to invest in". The book is full of false claims, when comparing whole life insurance to the stock market he actually uses the nasdaq index instead of the s&p 500....The friend still believes the book and his "financial advisor/insurance salesmen" over this boglehead, oh well.

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

Post by SwampDonkey » Mon Jul 06, 2015 5:29 pm

Hands down, "Rich Dad, Poor Dad" -- the worst $15 investment I ever made.

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

Post by hbgpharmd » Mon Jul 06, 2015 5:57 pm

gatorking wrote:The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
+1

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

Post by joe8d » Mon Jul 06, 2015 8:21 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:
Image

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:

From the Wiki
https://en.wikipedia.org/wiki/Charles_J._Givens
Charles J. Givens (February 5, 1941 - July 12, 1998) was a bestselling author of two books, Wealth Without Risk and Financial Self Defense.
Over his career, Givens was the target of dozens of lawsuits and two court cases for defrauding customers, one in California and one in Florida. The California fraud case found that he had misled his customers by claiming that he had made his money using his financial strategies, rather than by selling his financial strategies, and he was ordered to refund $14.1 million to his customers. Givens settled the Florida fraud case. Givens was also sued for advocating dropping insurance to save money by a woman whose husband was killed by an uninsured driver. Givens settled the insurance suit in 1993.
Still have my copy :happy
All the Best, | Joe

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

Post by joe8d » Mon Jul 06, 2015 8:21 pm

Duplicate Post
Last edited by joe8d on Mon Jul 06, 2015 8:37 pm, edited 1 time in total.
All the Best, | Joe

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

Post by Stonebr » Mon Jul 06, 2015 8:29 pm

Ravi Batra - The Great Depression of 1990
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Re: Worst financial book you have read (or will admit you have read)

Post by Tycoon » Mon Jul 06, 2015 8:33 pm

The Little Book That Beats The Market, Joel Greenblatt
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Re: Worst financial book you have read (or will admit you have read)

Post by Novine » Mon Jul 06, 2015 8:37 pm

"The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki."

I gave this zero stars at Goodreads. Glad that I checked it out from the library and didn't waste a cent on it. The reviews at Goodreads run hot and cold. People either love it or hate it. I disliked it.

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

Post by terctun » Mon Jul 06, 2015 9:41 pm

I'm in the midst of Rich Dad Poor Dad. I started out trying to read the 5th book in the series but then quit and started with this one. Part of the way through I'm wondering, where is the advice, knowledge, or lesson? Fortunately they are library borrowed also.

However, I think the worst book I read was the first. Once I got started I almost dropped it after 40 pages, but finished just to say I did.

The 25 Habits of Highly Successful Investors - Peter Sander

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

Post by JonnyDVM » Mon Jul 06, 2015 9:45 pm

hbgpharmd wrote:
gatorking wrote:The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
+1
There are still a number of people that swear by the advice in that book
Sometimes the questions are complicated and the answers are simple. -Dr. Seuss

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

Post by abuss368 » Mon Jul 06, 2015 9:52 pm

Donald Trump How to Get Rich. Also Think Like a Billionaire.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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

Post by 6miths » Mon Jul 06, 2015 9:58 pm

gatorking wrote:The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
Yes I, like many, would go with this one. Read it in the bookstore coffee shop so not out of pocket but I am never getting that time back!
'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 abuss368 » Mon Jul 06, 2015 10:06 pm

Rich Dad Poor Dad I did not read or purchase. He teamed up with Donald Trump many years ago to write a book.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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

Post by gardemanger » Mon Jul 06, 2015 10:29 pm

I did read Rich Dad, Poor Dad back in the day, but I'm damned if I can remember much about it. I certainly never tried to take actual financial advice from it.

I think mostly I've been lucky enough to avoid the really bad financial books. Well, there are some I'd call part good, part bad and hopefully I took away only the good. Like "Your Money or Your Life." I can roll with the general philosophy of not doing work that makes you unhappy and then buying pointless stuff in an attempt to make yourself happy, but then it gets into "the stock market is basically foolish gambling and you must reach financial independence by being super frugal and buying only Treasury bills." Yeah, that part, not so much.

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

Post by lightheir » Mon Jul 06, 2015 10:31 pm

I got suckered into this trash, believe it or not:

http://www.amazon.com/Millionaire-Fastl ... e+fastlane

It's like Rich Dad, Poor Dad, with none of the 'decent' stuff, and all the 'bad' stuff, just a lot snarkier. Worthless book that gets way too many stars, and I'll bet more than a few of you BHers will see the Amazon reviews and go buy it yourself! :annoyed

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

Post by zebrafish » Mon Jul 06, 2015 11:34 pm

abuss368 wrote:Donald Trump How to Get Rich. Also Think Like a Billionaire.
Ha!

For someone who has read so many of your very thoughtful and well-written posts, that is pretty hysterical. I guess all of us have a skeleton or two in the closet. :beer

I'd say "Rich Dad, Poor Dad" is sort of like the equivalent of a checkout "news" tabloid. Not full-on investment "porn", but perhaps close.

This thread has definite potential.

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

Post by pytheas2.0 » Tue Jul 07, 2015 1:10 am

Suze Orman's Learn to Create Your American Dream. Conflicting advise such as she doesn't want us to use credit cards, then a few pages later starts offering advise on how to teach teenagers how to use their credit cards.

That, and I can only stand so many "stand in your truth"'s every 10 minutes.

Some advise was okay, but I have to slog through a lot to get to it.

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

Post by dbCooperAir » Tue Jul 07, 2015 7:23 am

zebrafish wrote: This thread has definite potential.
Thanks :sharebeer
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Re: Worst financial book you have read (or will admit you have read)

Post by ThePrune » Tue Jul 07, 2015 6:45 pm

InvestorAdam wrote:The "Retirement Miracle" a book about a tax-free retirement using indexed universal life.
+1
I can't believe someone else here had even read this miserable book! I wrote a scathing review for Amazon.com.
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 Flobes » Tue Jul 07, 2015 7:03 pm

The Beardstown Liars (er, Ladies) Common-Sense Investment Guide: How We Beat the Stock Market--And You Can Too

Aka How to sell 800,000 books by skirting truth, ignoring math, and claiming naïveté.
Last edited by Flobes on Tue Jul 07, 2015 7:09 pm, edited 1 time in total.

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

Post by fishingmn » Tue Jul 07, 2015 7:07 pm

hbgpharmd wrote:
gatorking wrote:The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
+1
Totally agree.

I listen to the Bigger Pockets podcast on real estate investing. They interview real estate investors every week and always ask about their favorite book at the end and I'm amazed that so many liked this book.

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

Post by hicabob » Tue Jul 07, 2015 7:21 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.
Tobias' book was the first "investment book" I ever read and it was perfect for me at the time. It seemed very sensible then. I even bought a share of Berkshire Hathaway based on the recommendation in the book which worked out very nicely indeed.

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

Post by spectec » Tue Jul 07, 2015 7:25 pm

"Rich Dad, Poor Dad" is the worst financial book I did NOT read.
I refused to read it because I knew the financial habits of the guy who kept trying to get me to read it. I assumed if he liked it, then it must be pretty bad. This thread is the first confirmation I've ever seen that my instincts were correct.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers

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

Post by bs010101 » Tue Jul 07, 2015 7:45 pm

I think the original Rich Dad Poor Dad had some good points and bad ones, but on balance I think it got me heading in the right direction. I had written my thoughts on it on another thread on the topic.

I second "Your Money of Your Life." I actually got really depressed reading it and couldn't finish. It's kind of like MMM but way more critical of the working life, and way more oppressive. Like, the first thing you are supposed to do is catalog the value of every single item in your house, I supose to show how much money you wasted on all those things you bought. I because really stressed that I was wasting my life working just to pay for my commute, taxes, etc., until I stopped reading and realized I actually like my job, and don't want to just stay home all day living off of 30-year treasuries (which BTW don't pay anywhere near what they did when he wrote the book).

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

Post by BahamaMan » Tue Jul 07, 2015 7:54 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.
These are two that I have read and rank in the top 5 that I have read....... As others have noted there are far worse... Rich dad Poor dad probably the worst... Peter Lynch.... etc. etc...

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

Post by nisiprius » Tue Jul 07, 2015 7:56 pm

The book I'm reading now, Reminiscences of a Stock Operator, by Edwin Lefevre. It is fascinatingly awful, and the worst thing about it is that it appears to be held in high regard. For starters, it is fictionalized, so you do not even know whether Lefevre is accurately recounting what Jesse Livermore told him, and it is, of course, based on Livermore's own recollections and telling of what he experienced, so you don't know how much selective memory... or raconteurship... or intentional deception might be involved.
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Re: Worst financial book you have read (or will admit you have read)

Post by tim1999 » Tue Jul 07, 2015 8:04 pm

sunny_socal wrote:- "Your Money or Your Life" by Robin. Some good points, but very wordy. Did not finish.
This one. I didn't finish it either. Bought it for $1 at a library used book sale, Threw it in the trash.

I think the main point was "Don't work much and don't spend money on anything. Because working will cause you to spend money on stuff to dull the pain of working, which is bad." :?

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

Post by sambb » Tue Jul 07, 2015 8:10 pm

there are a few books on financial lessons based from major historic religious texts
I find these books to be tedious. I am not going to name the books so I can be sensitive to people's religious views, and this is not meant to be a religious comment at all, i have no problem with organized religion. It is just that the books are just flat in my opinion.

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

Post by michaelsieg » Tue Jul 07, 2015 8:31 pm

Your Money or Your Life
Just started reading it and have a hard time with some of it. Not sure I will finish, but I don't think it is a terrible book.
Just got to the part, where they look at money not as a dollar amount but as time spent/needed to earn it (so you give a time-value to an amount of money), which I thought was an interesting concept.
Also like that they advocate being frugal to reach the goal of financial independence and that you do things that are meaningful to you in your life...there has to be much worse advice out there.
I have not gotten to the part about investments so far, it sounds like I could skip it...

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

Post by southport » Tue Jul 07, 2015 8:35 pm

Well, I thought the Tobias book was very helpful, along with his later "The Only Other Investment Guide You'll Ever Need." Ditto Peter Lynch's books. I learned a great deal.

What's the beef?

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

Post by Ma15 » Tue Jul 07, 2015 8:41 pm

.....
Last edited by Ma15 on Sun Apr 03, 2016 4:21 am, edited 1 time in total.

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The Donoghue Strategies: 10 minutes a week to Investment Success"

Post by Taylor Larimore » Tue Jul 07, 2015 9:48 pm

The Donoghue Strategies: 10 minutes a week to Investment Success was the worst book I ever read because it convinced me to become a market-timer -- a very big mistake.

http://www.amazon.com/The-Donoghue-Stra ... 0553053434

Best wishes.
Taylor
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Re: Worst financial book you have read (or will admit you have read)

Post by Traveller » Tue Jul 07, 2015 9:56 pm

Wade Cook - "The Wall Street Money Machine". Who knew it was so easy to double your money every 4-8 months. :oops:

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

Post by abuss368 » Tue Jul 07, 2015 10:08 pm

Ma15 wrote:The worst is The Little Book of Common Sense Investing by Jack.

It is also the best as it is the only financial book I have read. :mrgreen:
Hi Ma15,

I have read many investment books over the years. In my opinion, Jack Bogle's "The Little Book of Common Sense Investing" is one of the best. I often recommend the book here on the forum to fellow Bogleheads.

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

Post by abuss368 » Tue Jul 07, 2015 10:09 pm

Bogleheads,

Rich Dad Poor Dad is mentioned quite a bit. I have never read the book.

Best.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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

Post by Abe » Wed Jul 08, 2015 11:14 am

fishingmn wrote:
hbgpharmd wrote:
gatorking wrote:The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki.
+1
Totally agree.

I listen to the Bigger Pockets podcast on real estate investing. They interview real estate investors every week and always ask about their favorite book at the end and I'm amazed that so many liked this book.
Maybe it's because he tells them what they want to hear.
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 abuss368 » Wed Jul 08, 2015 11:52 am

zebrafish wrote:
abuss368 wrote:Donald Trump How to Get Rich. Also Think Like a Billionaire.
Ha!

For someone who has read so many of your very thoughtful and well-written posts, that is pretty hysterical. I guess all of us have a skeleton or two in the closet. :beer

I'd say "Rich Dad, Poor Dad" is sort of like the equivalent of a checkout "news" tabloid. Not full-on investment "porn", but perhaps close.

This thread has definite potential.
Hi zebrafish,

There was a lot of good general business advice and stories but no actionable items (not to think I thought there would be any). Interesting life story to say the least (and a little info commercial for the Trump brand).
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Re: The Donoghue Strategies: 10 minutes a week to Investment Success"

Post by abuss368 » Wed Jul 08, 2015 11:53 am

Taylor Larimore wrote:The Donoghue Strategies: 10 minutes a week to Investment Success was the worst book I ever read because it convinced me to become a market-timer -- a very big mistake.

http://www.amazon.com/The-Donoghue-Stra ... 0553053434

Best wishes.
Taylor
Hi Taylor,

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

Best.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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

Post by abuss368 » Wed Jul 08, 2015 11:57 am

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.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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

Post by Abe » Wed Jul 08, 2015 12:20 pm

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.
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 Grt2bOutdoors » Wed Jul 08, 2015 12:27 pm

The Barefoot Retirement Plan: Safely Build a Tax-Free Retirement Plan - Doyle Shuler

^^ Was downloading free Kindle books last weekend, and made the mistake of 1)downloading it and 2) actually reading this drivel.
It's basically a book designed to sell you on using an Indexed Universal Life Insurance policy for retirement and get this, like Dave Letterman the author provides a top 10 Ideas to fund the money for your Indexed Universal Life Insurance policy (drumroll please):

1. Re-allocate underperforming assets (Move your "dead" assets into a new Indexed Universal Life policy)
2. Reduce the funding of your 401(k) or IRA and redirect the funds to can you guess? :o
3. Use some of your existing funds in your 401k or IRA using Rule 72(t) and can you guess where the proceeds would go? :shock:
4. Better management of your home equity - take your extra principle payments on your mortgage and re-allocate it to guess where? Also, consider taking out a home equity loan and placing the proceeds in your new Indexed Universal Life policy. :shock:
5. Convert your current life insurance policy into a New Indexed Universal Life policy
6. Restructure your current debt and take newly found funds and guess what? :oops:
7. Savings accounts - take your money out of the bank paying you 1% and now you can buy an Indexed Universal Life policy :shock:
8. Reduce your current monthly expenses, take the savings and guess what?
9. Get a part-time job, use the earnings from it to purchase a Guess what? :oops:
10. Adjust your tax withholdings, use the extra "found" money to purchase a new Indexed Universal Life policy. :shock:

:oops: :oops: :oops: Biggest waste of my time, reading this drivel. The scary thing is if people read this "free e-book" and actually act on any of those suggestions. :shock:
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Re: The Donoghue Strategies: 10 minutes a week to Investment Success"

Post by Grt2bOutdoors » Wed Jul 08, 2015 12:29 pm

Taylor Larimore wrote:The Donoghue Strategies: 10 minutes a week to Investment Success was the worst book I ever read because it convinced me to become a market-timer -- a very big mistake.

http://www.amazon.com/The-Donoghue-Stra ... 0553053434

Best wishes.
Taylor
I read that book - back in the '80s, but had zero money, so thankfully never acted on his advice. :happy
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Taylor Larimore
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My books about investing

Post by Taylor Larimore » Wed Jul 08, 2015 1:50 pm

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
"Simplicity is the master key to financial success." -- Jack Bogle

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

Post by rec7 » Wed Jul 08, 2015 1:52 pm

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.
Disclaimer: You might lose money doing anything I say. Although that was not my intent. | Favorite song: Sometimes He Whispers Jay Parrack

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William4u
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Re: Worst financial book you have read (or will admit you have read)

Post by William4u » Wed Jul 08, 2015 2:16 pm

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.

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

Post by davebo » Wed Jul 08, 2015 2:33 pm

I really LOVED "Confessions of a Street Addict" by Jim Cramer (2003-ish) so I gave his most recent book a chance. It was horrible....HORRIBLE.

I'm in NO WAY a Rich Dad, Poor Dad fan, but his books offer good reasons for WHY you should own a business and it was put in a way that resonated with me. I wouldn't use them as a "how to" manual though.

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

Post by Abe » Wed Jul 08, 2015 2:41 pm

"Wealth without risk"

Hey, this is what I've been looking for.
Slow and steady wins the race.

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