WealthBuilding : Investment Strategies for Retirement and Estate Planning

by Reiser, David R.; DiColo, Robert L.

• ISBN13: 9780471215431
• ISBN10: 0471215430
• Format: Paperback
• Copyright: 2002-02-25
• Publisher: Wiley

Summary

As seen on CNBC, ABC, PBS, CNN, and Bloomberg "The personal orientation to financial affairs described in [WealthBuilding] should appeal to the prospective investor who may otherwise be hesitant to traverse this daunting landscape." --Estate Planning magazine "Written by two veteran financial planners, this 'don't-do-it-yourself' book is designed to empower the reader by explaining when (and why) professional advice is necessary." --Working Money magazine "Reiser and DiColo have hit the nail right on the head. A 'don't-do-it-yourself' book that will guide professionals and novice investors on the path to wealth creation." --Dr. Robert Goodman, Managing Director and Senior Economic Advisor, Putnam Investments REAL-LIFE FINANCIAL STRATEGIES FOR TRUE WEALTH WealthBuilding is the book for everyone who dreams of having what they want, whether it be a secure retirement with the standard of living they are accustomed to or a vacation home large enough to accommodate all the grandchildren. This book features real-life wealth stories of 31 investors ranging from young, single professionals to middle-aged job-hoppers to retired seniors and shows how they are planning and managing their wealth successfully and intelligently. WealthBuilding will empower individual investors by offering innovative investment strategies and showing people how to pick financial advisors and form effective partnerships with these professionals.

Table of Contents

Acknowledgments.

Foreword By William B. Lytton.

Part One: Defining Wealth.

Introduction.

DonÆt Do It Yourself.

How Can an Idea So Popular Be So Wrong?

The Right Idea.

What Is Wealth?

About the Wealth Stories.

Part Two: Achieving Wealth.

1 How to Pick the Right Chief Operating Officer.

Getting to the Chief Operating Officer Point.

Who Makes a Good Financial Advisor?

But IÆm a Person, Not a Company!

2 Pitfall 1: DonÆt Save During Prime Earning Years.

The Importance of Saving from an Early Age.

3 Pitfall 2: Save Blindly, without Goals or a Plan.

The Right Investment Mix.

4 Goals, Balance, and the Long-Term View.

Understanding Asset Allocation.

Modern Portfolio Theory.

Equities Diversification.

Stocks, Bonds, Mutual Funds, Cattle Futures?

After Asset AllocationùHold to the Plan.

5 Pitfall 3: Respond to Tipsters and Telemarketers.

The Temptation to Stray from a Successful Plan.

6 Pitfall 4: The Cookie-Cutter ApproachùHow Not to Handle Asset Allocation.

Looking at the Total Financial Picture.

7 Pitfall 5: Spread Your Investments Among Many Brokerages and BanksùGive No One the Whole Picture.

The Need for One Comprehensive Plan.

8 Pitfall 6: Invest for Immediate Income.

Thinking Outside the Lines.

9 Male Investors Are from Mars; Female Investors Are from Venus.

Women Are Successful Investors.

Establishing a Partnership with the Financial Advisor.

The Importance of Understanding the Financial Plan.

Developing a Financial Identity.

Part Three: Preserving Wealth.

10 YouÆve Made It. Now Spend It, Save It, or Give It Away.

The Benefits of Estate Planning.

The Cost of No Estate Planning.

Drawing Up a Last Will and Testament.

Estate Planning: The Basics.

Gifts versus Bequests.

11 Long-Term Care: Protection for the Later Years.

What Is Long-Term Care?

Evaluating Long-Term Care Options.

12 Spend It: The Ultimate Family Vacation.

A Happy Dilemma.

13 Leaving a LegacyùWisely.

The Importance of Intergenerational Communication.

Helping Your Heirs Understand Financial Concepts.

Communication Can Help Reduce Estate Taxes.

14 Give It Away: For Those with Strong Charitable Motivation.

The Desire to Benefit Others.

15 Pitfall 7: Force Your Heirs to Sell Family Treasures.

Putting Family Heirlooms at Risk.

16 The Final Frontier.

Focusing on Wealth.

Day Traders and Armchair Investors.

You, Inc.

Appendix A: Your Financial Physical: Information to Take to Prospective Financial Advisors.

Appendix B: Questions a Prospective Financial Advisor Should Ask You.

Appendix C: Questions to Ask a Prospective Financial Advisor.

Appendix D: Estate Planning Worksheet.

Appendix E: Estate Planning Motivator.

Appendix F: How the New Tax Law Affects You.

Appendix G: Markets in Crisis.

Glossary.

Index