Last revised in 1995, the guide takes aim at a new game in town--online trading. By all means, use the Internet for buying a car or for research, Tobias says. But avoid cyberspace brokers, he says. Point and click enough and you will get slaughtered by commissions, spreads, taxes, and human nature. "It's so easy to click 'OK' a few times and make a $10,000 bet," he warns. "Look how mesmerized we become on a stool in front of a slot machine. Internet investing positively teases you to play." Tobias's favorite new entry is the Roth IRA, which allows you to withdraw your money tax-free when you retire. It's far better than a traditional IRA, he asserts. "Save yourself the trouble of agonizing over the choice and go with the Roth IRA," he writes. "Forget the worksheets." Sometimes caustic and always a skeptic, Tobias believes readers can shape their own financial futures. Just stick to the basics, he says. "By and large, you should manage your own money, via no-load mutual funds," he writes. "No one is going to care about it as much as you." It doesn't matter if it's 1978, 1998, or even 2008. The Only Investment Guide You'll Ever Need still is exactly that. Some things never change. --Dan Ring

Product Description

In "SIMPLE MONEY SOLUTIONS: 10 WAYS YOU CAN STOP FEELING OVERWHELMED BY MONEY AND START MAKING IT WORK FOR YOU" Nancy puts on paper more of the savvy advice that she regularly shares with Bob Edwards on "Morning Edition." While every one else in the financial press is telling consumers to switch from a credit card to a debit card, to stop writing checks and start using online bill-paying services, and to swap their credit card debit for a low-interest rate home equity loan, Nancy is the only one telling about the costly downsides and increased risks that you will take on with these money moves. Both books are eye openers.


listen up kiddos, don't get too greedy   January 15, 2005
 26 out of 27 found this review helpful

Andrew Tobias weaves through the dizzy world of T-bills, municipal bonds, alternative minimum taxes, and a host of esoteric personal finance topics. But the bottom line he preaches is simple: be happy living on less than you make, and save the rest in safe no load mutual funds, diversifying between domestic and international stocks. Tobias tries to assure most of us average Joes that we are a fool if we think we can outsmart the Warren Buffetts of the world, so don't go crazy speculating on individual stocks. At best, you will make a broker happy. At worst, you will lose your shirt. There now - I just saved you $14 you can add to your no load mutual fund account (lol).


Get rich slowly   June 6, 2005
 21 out of 22 found this review helpful

The book contains a wealth (hah!) of simple, sensible, wealth-building strategies. Perhaps even more important, it contains a wealth of simple, sensible, loss-avoidance strategies. And all of it is presented in an easy-to-read style, with humorous, self-deprecating stories that both enlighten and enliven. This is a seriously witty book!

Four points in particular that impressed me:

Tobias lists several kinds of investments that are so complex and have such a poor performance record that the only thing that most people need to know about them is that they should be avoided. That is very useful advice! Instead of wasting your time trying to become an expert in areas where even the experts lose money, you can spend your time more profitably in some other area.

Tobias examines the impact that taxes have on wealth-accumulation and proposes some simple strategies to avoid or minimize that impact, including IRA and 401(k) plans. That is very useful advice. Paying less taxes = accumulating more wealth.

Tobias discusses the effect that interest charges have and proposes some very simple strategies to avoid those too. That is also very useful advice. Paying less interest = accumulating more wealth.

Finally, regarding specific investments, Tobias provides some basic, common-sense strategies here, too. Tobias addresses some basic asset allocation issues, pointing out that some investments are very risky on a short-term basis, and it doesn't make sense to put short-term money in a risky investment. Tobias lists a few places where your short-term money will be safe. As for your long-term money, Tobias makes the common sense observation that investment returns cannot be predicted from year to year, but investment costs can be predicted. That being the case, it makes sense to choose low-cost investments, and Tobias lists some recommendations. That is also very good advice. Paying lower investment fees = accumulating more wealth.

In short it is possible -- and now, more than ever, it's necessary! -- for people to improve their financial position. This book helps show the average person how to accomplish that.