The Truth About Money: "Because Money Doesn't Come With Instructions"

by Ric Edelman

"The advice is sound, insightful, and can be used by young people just getting started, advanced investors, and everyone in between." -- Jack Kemp

As incomes shrink and the cost of living continues to rise, more and more people are searching frantically for ways to build a stable financial future.But in the crowded and volatile world of today1s financial marketplace, the sheer number of available investment options has even sophisticated investors scratching their heads.

On this audio, taken from his best-selling book, The Truth About Money, long-time financial planner and Wall Street guru Ric Edelman has created an accessible and practical approach to money management that cuts through all of the confusion and delivers an unbiased and lucid guide to selecting the right investment strategy.

Here Edelman focuses on such key topics as estate planning, tailoring investment strategies to suit income and needs, and choosing a financial advisor. He takes the guesswork out of financial planning and provides the novice and the experienced investor alike with the tips, tools, and insights they need to make their hard-earned money work for them.

Edelman's latest audiobook The New Rules of Money is also available from HarperAudio.

Genres: Finance, Nonfiction, Personal Finance, Business, Money, Self Help, Reference

590 pages, Paperback

First published October 1, 1996

Reviews

[Howard Olsen · Rating 5 out of 5]

I read this a few years ago, but the recent market turmoil made me pick it up again. This is one of the most comprehensive personal finance book you can find. Edelman covers everything you might be interested in: bonds, stocks, mutual funds, real estate, insurance, etc. Everything is clear and to the point, but Edelman doesn't insult your intelligence. He is not afraid to get deep into the math underlying the theories like diversification, compound interest, and others. There is also none of the rah-rah stuff you find in most personal finance books. Edelman is blunt and to the point, which gives his book plenty of credibility.

One of Edelman's themes is that "money has changed," meaning the old way of simply putting money in a savings account and relying on a pension or social security is no longer sufficient for a secure retirement. Of course, since Edelman wrote this book, money has "changed" again. His advice about money market funds is certainly out of date. Still, Edelman's basic advice-always save, stay away from credit cards, don't spend your $$ on little luxeries that add up faster than you realize-is more timely than ever

[Nick · Rating 5 out of 5]

My father bought this book for me after a conversation we had about 401(k)s and retirement. I picked it up after a couple days of sitting on my desk about to be filed away in the "to read later" category. Wow, am I happy I didn't let this gem pass me by. An even-handed, erudite, and good-humored approach to finances was exactly what I needed to get over that initial bit of financial apprehension. Perfect for someone who just wanted a 'broad but shallow' primer in to the world of dealing with money.

[Ken · Rating 5 out of 5]

I wish I'd read this right when I got out of college. Unfortunately, not having had this education before, I made many of the mistakes he pointed out that people make with their money. Anyway, I recommend this book to anyone and everyone. This is the book that tells you how you can actually pay for everything you're going to need to pay for in life.

[Sarah · Rating 5 out of 5]

I read a previous edition of this book that my mom gifted me, right after college. I can’t emphasize enough how valuable it was to read that book at a young age—it was a formative experience! I picked up this edition as a refresher, and the advice is still just as good, but updated to take into account the financial issues of the Great Recession.

[tati :) · Rating 5 out of 5]

the financial bible. everyone should read.

[Alan Gallagher · Rating 5 out of 5]

Everyone, *everyone,* should read this book as a primer for personal finance. It’s a weighty tome, but it’s well-crafted, and accessible for readers of all levels, regardless of how good you are with money or numbers. Get control of your money so it doesn’t control you. The bits on paying off debt, asset allocation, estate planning, and selling your home were my favorite parts, as I learned something new! Always a good thing.

The only concern I have is that the book does need to be tweaked periodically and it’s been almost 10 years since the last tweak. Not a dealbreaker to be sure. A lot of the stuff in here is timeless. Also wish he discussed index funds more in context with ETFs.

I’ll edit this comment with more info when I have some time, because it’s worth the time. Ultimately it’s worth your time to read it! Enjoy!

[Jeffrey Margolis · Rating 4 out of 5]

Money doesn't come with an instruction booklet. Whether you earn it, find it, or inherit it, you have to have the knowledge to use and spend it wisely. Financial advisor and radio talk show guru,Ric Edelman has written "the instruction book" for money. Not only does Edelman go into detail about investing, but he also helps the reader navigate the world of choosing the right credit cards, insurance, obtaining a mortgage and finding the right financial planner. Originally written in 1996, much of Edelman's advice is still relevant today. There are ample charts and graphs to help the reader navigate all of the information and to make it more understandable. The author write for Everyman, not for the investing elite. Be sure to take the Money Quiz at the end of the book.

[Tyler Mower · Rating 4 out of 5]

This is a classic text book, but don't let that scare you away. You will find within its pages some of the most important principles you can apply in life.

Finance is a realm that if not taught to us by our parents, or if we don't go into a career in fiance, we are on our own to figure out how best to manage and handle our income. However, it is one of the most important aspects of life to get right. If you botch it up, you're in for constant worry. If you get it right the psychological weight of finances is removed from your shoulders and you can breath a sigh of liberating relief.

Ric Edelman's book "The Truth About Money" covers more topics about finance than I even knew existed. For me it was a 70/30 book. That means there was so much information that only about 30 percent stuck in my brain. I guess finance is like exercise it takes effort, practice, and trying out the different equipment to figure out what is best for you. But unlike weights that we can feel in our hands and feel the effects of the same day, finance is a longer-term game plan that takes more time to understand and, more importantly, time to apply the principles and see the benefits.

What I do like about this book is that it is laid out in a way that makes it easy to find information on any financial question you may have. Easy to follow overviews and insights on that particular area of financial management are provided. This has been helpful as I want to revisit topics about real estate, stock markets, talking with my parents about their future financial needs, or what a money market actually is.

Two things to keep in mind:
First - many of the principles described in the book are impacted by federal and state tax percentages and laws. In such cases Ric provides the details you need to know, but you may have to apply the calculations to figure out how certain situations would apply to you.
Second - because Ric doesn't want you suing him over "advice" given in the book, financial advice is not included in the book. The book's purpose is to teach you what financial options are available for saving, investing, paying off debt, and preparing for retirement and death (estate planning). It is up to you to learn these options and figure out what is best for you. If you want more help their is a chapter about what to look for in and how to find the right financial planner.

I would recommend that anyone who is not good with finances, or is seeking to know more about money and how it can work for them (rather than the other way around) read this book. Don't worry about reading the whole thing. Just dive into the areas that are most important to you. I have a feeling that by doing so, you will end up exploring the other areas of the book as well. It is a skill you will not regret having spent the time to learn.

[MaKensie Tully · Rating 5 out of 5]

Everyone should have a copy of this book. EVERYONE! This has every personal finance topic you could possibly think of. It’s strategies to run and prepare your finances on a day to day basis and years to come. It also covers every opinion and diverse leaning. Don’t care for the stock market volatility? There’s other options. I also enjoyed the real life examples and charts inside for those of us who learn visually. I’ve bookmarked sections and even bought other books he’s referenced in the resources section. I’ll be returning to this from time to time and will give it to my future kids.

[Avel Deleon · Rating 5 out of 5]

If you want to learn about financial planning, this is a must-read book! I have found this book extremely helpful, and I have begun to put everything I have learned in this book into practice immediately.

[Charles Denison IV · Rating 4 out of 5]

Easy to read book covering basic essential strategies for all aspects of personal finance: investing, buying a home, saving for retirement, estate planning, etc. Highly recommended reading that I wish I had in school!

[Erika Schwoyer · Rating 5 out of 5]

very informational!! took me a year to finish😅 but it really taught me so much about finance and how to plan for my future. it also taught me how to deal with my current income which is low since im a college student. i really recommend this book!!!

[Nathan Baugh · Rating 4 out of 5]

I had to read this for a finance class and of the books we read in that class this was easily my favorite. Ric does a great job breaking down so much about investing, saving, and the psychology of dealing with money that I have continued to go back and reference.

[Reader · Rating 5 out of 5]

In my mind, this book covers more than money and how to get rich or become wealthy. The Truth About Money had eye-opening information on wills, tax planning, and tax sheltering/savings. It has made me realize there is more to planning the now.

[Annie Dorsey · Rating 4 out of 5]

This book is great! Really simple info and not dumbed down, just explained well.

TLDR: get out of debt by tracking expenses, consolidating debt into lowest interest, write a will, put will into a trust

[Margaret Kasik · Rating 4 out of 5]

Excellent book but outdated on many issues. It should be updated more frequently. (I read the 4th edition)
I appreciated all the funny comic strips.

[Fritz Previlon · Rating 4 out of 5]

Very dense. Lots of useful information, but a little outdated.

[SR · Rating 4 out of 5]

Good primer. A good reference book.
Exceedingly accessible and lucid and humorous. Should be titled ‘Money for dummies’. Nothing more , nothing less.

[Diana · Rating 3 out of 5]

Basic advice, but an excellent section on estate planning

[Racquel · Rating 2 out of 5]

DNF at 32%. This is not an all-encompassing money book. It primarily focuses on the stock market.

[Santino Casale · Rating 4 out of 5]

💰💰

[Chad · Rating 3 out of 5]

Dated, but also shows that solid financial advice stands the test of time.

[Carolyn · Rating 3 out of 5]

Good advice.

[Nate Cooley · Rating 4 out of 5]

Ric Edelman's "The Truth About Money" is not the type of book you will read cover-to-cover ... It is more of a manual to be perused and flipped through.

I won't tell you where I keep my copy, but every time I browse through it I am reminded of the cardinal maxims of personal finance (i.e., save more, spend less).

[Freder · Rating 4 out of 5]

I read this book in the mid-1990's as I got out of college. Good description on how various financial instruments work. Some basic financial advice. I recommend this book because it will help people get literate about personal finance issues, and help people to evaluate financial decisions on their own.

[William · Rating 3 out of 5]

A good overview of personal finance. Probably best as a quick reference since there isn't much detail about each subject but most everything is covered. I read it mainly for IRA and MPT information, neither of which did it cover in as much depth as I had hoped. Will need to read books by Bogle to get that information.

[Josh · Rating 5 out of 5]

This book, or one like it, should be required reading for everyone as soon as they start receiving a paycheck. Personal finance is something that I knew far too little about, and while this book didn't have all the answers, it did make me aware of the questions I needed to be asking. Very well written and highly readable.

[Philip Kromer · Rating 4 out of 5]

This is my go-to graduation present book. Highly useful and _practical_ advice about everything from investing to retirement, buying a house, leasing vs buying, getting out of debt, portfolio allocation, and so forth. No get rich whenever stuff -- it's "if you do these simple things you'lol be doing OK"

[Brad · Rating 2 out of 5]

Spell check

I am about a third of the way through this book. The content is good, but I am noticing entirely too many spelling errors. I can understand and get over a handful, but there seem to be a handful in each chapter. Because the errors tend to repeat themselves, good chance that this was a OCR or scanning error. Either way, very annoying.

[Ande · Rating 4 out of 5]

Mr. Edeleman's book provides a nice overview of personal financial planning and investing. He provides clear, common-sense advice that can prove quite useful in helping someone develop a long-term financial strategy. While he certainly also uses the book to market his firm, he also acknowledges there are other financial advisers one could (and in some cases should) consider.