The Million-Dollar Mission: The Ultimate Boomer Retirement Guide

By Michael Farr

Book Overview

Will you have over $1 million ready for your retirement? If the answer is no, and this figure sounds totally out of reach, think again. A million dollars isn't what it used to be. The truth is that Baby Boomers, who have enjoyed more abundance and pleasures than any previous generation, need more than a million dollars for a comfortable retirement. And you can achieve this-even if you don't already have a net worth close to a million dollars-by starting now. In A MILLION IS NOT ENOUGH, Michael Farr, one of America 's leading financial strategists, shows you that this goal can absolutely be accomplished-no matter what your income bracket. Farr has decades of experience as an investment strategist advising thousands of clients. With this inside information he provides a step-by-step program that includes: STEP 1: Save it...the 25 simple things you can do todayto save an extra $300-$500 a month STEP 2: Invest it...the techniques allof us can use to demystify investing STEP 3: Personalize it...investment strategies for readers in their thirties, forties, and fifties STEP 4: Manage and protect it...how to keep investments safe in volatile markets STEP 5: Pass it on...creating a legacy for the future This strategy is ambitious, but Michael Farr shows you how painless it can be. Whether you're thirty-five, forty-five, or fifty-five; getting a head start, starting on time, or playing catch-up, A MILLION IS NOT ENOUGH can help you establish the financial security you reallyneed for your retirement years.

• Format: Hardcover
• Language: English
• ISBN: 0446582239
• ISBN13: 9780446582230
• Release Date: March 2008
• Publisher: Springboard Press
• Length: 304 Pages
• Weight: 1.10 lbs.
• Dimensions: 1.1" x 6.2" x 9.1"

Customer Reviews

Still hope for everyone-no usual assumptions about financial situation

Michael Farr has written a great book for retirement investment while making none of the usual assumptions about the financial situation of the reader. His advice and outlook is geared to anyone interested in securing their finances with a solid base and whether you start at 20 or 65 or you have or have not already made your first million he encourages you with the idea that it's not too late(or early)to start. If you analyze your own money routine using the charts and schedules in the book you do see where you can take yourself financially by paying attention and using available resources. He even offers his own email address in case you aren't quite sure of the appropriate direction. It's an appealing method he offers to capture your own financial interest. Using humor and examples from his own life as well as clients he uses budget and cash situations familiar to the reader. This presentation allows the reader to identify and understand the point he's making. I would recommend it just on the merit of it not making you scared of investing. The discussions are serious but clear and the usual glazing over of the brain when reading financial material did not occur. I hope you enjoy the book.

Well worth the read!

Reviewed by Sandie Kirkland for RebeccasReads (6/08) Michael K. Farr is a professional financial advisor who manages his clients' portfolios and gives them advice on how to grow their savings so that they can enjoy a stress-free retirement. In A Million In Not Enough, he gives the reader the advantage of his advice and expertise. Farr divides investors into three groups: The "Core Boomers" are those in their early to mid-fifties; "End Boomers" are those in their early to mid forties, and are representatives of the last of the official Boomer generation; while those in their early to mid-thirties are the "Neo-Boomers," and could even be referred to as the older "Generation X". Each group needs a different strategy to be successful in the goal of accumulating enough capital to fund retirement. "End Boomers" tend to have more assets, while "Neo-Boomers" tend to have more time. Each is important, but needs differing strategies. A concept Farr uses throughout the book is the theory of "Abundance Guilt." That is the conflict over material success that many in the Boomer generation have, due to unprecedented success, incredible work ethics and the hard-driving pace this generation tends to set for themselves. Farr insists that rather than feeling guilt at the success and material goods an individual has been able to attain, they should be proud of their accomplishments and the ability to fund retirement and leave a legacy to their heirs. This book is full of excellent investment advice, guiding the reader through calculating their net worth, deciding how much risk they can handle, setting a budget, determining ways to save more, and ways to avoid taxes. There are multiple charts and tables, showing various scenarios. There are two specific concepts Farr advocates. The first is the magic of compounding, and the other is the superiority of the stock market as an investment vehicle; over time, it has proven to outperform any other. Farr gives a detailed explanation of how the market works, different ways of investing depending on the individual's desire to be in control, and how to research stocks. He even gives specific recommendation on which stocks might be good to own, and which mutual funds tend to be top performers. This book is recommended for anyone who doesn't have a good grasp on basic financial concepts, and shows how to apply these concepts to make sure that investments and retirement are successful. The book has a forward by P.J. O'Rourke that I found jarring as it attempted to discuss the topic humorously, but outside of that, I found this book well worth reading.

Thank you, Mr. Farr, for helping me understand.

Reading Mr. Farr's book has helped me understand the steps I need to prepare for my retirement. Using clear syntax and giving a cogent framework has made me feel that I, myself, have the power to control how I save money to fulfill my goals for my golden years, and that I can simultaneously provide for my children's college tuitions. Thanks, Mr. Farr for helping me feel better. A. Danford Noank, Conn.

A GREAT HOW-TO

This book is full of great ideas on saving and investing. Beyond the ideas, though, Mr. Farr incorporates detailed and useful worksheets which allowed me to figure out exactly where I stand. With the economy the way it is, there is no better time to use this book to get your financial house in order.

THIS IS THE ONE TO BUY

Thank you Mr Farr! Finally a book on financial planning which gets right to the heart of mistakes we make, how to avoid them, and all the little things that add up to success in retirement savings. This one is easy to read yet cleverly written. I used it as a way to critique my retirement saving strategy to date and so far have found ways to save at least $350.00 a month, increase my projected age 65 nest egg by $200,000, and free up money from current unneccesary expenses for an extra family trip this year. I passed it on to my secretary and she hasn't stopped talking about it-she just became a grandmother and finds it very helpful in directing the family finances. It's a fresh approach, full of wit and wisdom, and well worth the investment. James Williams, MD