Author: Jim Miller
Publisher: Trafford

ISBN: 1412030005

 

The following review was contributed by: NORM GOLDMAN:  Editor of Bookpleasures &CLICK TO VIEW  Norm Goldman's Reviews 

To read Norm's Interview With The Author CLICK HERE

Surely no one can dispute the importance of financial planning, particularly in view of the many baby boomers that will be retiring very shortly. Unfortunately, however, a huge segment of the population are clueless when it comes to managing their money.

In fact, you may say there even exists a segment that unfortunately have an aversion or perhaps even a phobia in entering into a conversation pertaining to money, let alone mentioning financial planning.

After reading author Jim Miller’s Retire Dollar $mart, I’m reminded of Charles Dickens’ remarks in David Copperfield- “ having a few pennies to spare after expenses, “result happiness” but being a few pennies short, “result misery.”

Or as Miller states: “my goal is always to increase a retiree’s net worth over time. That is not always achievable. My strategic minimum is to never allow a retiree to run out of money.”

Miller has been a Registered Investment Advisor since 1998, and he is the owner of On Track Financial Services, L.L.C., of Columbiana, Ohio, a small town near Youngstown.

He confesses to have seen many heartbreaking stories, where the fundamental principles of money management have been misinterpreted or erroneous. In fact, one of the reasons for his pursuing a career as an investment advisor was due to the fact that after analyzing his family’s estate, he learned that his parents’ retirement income had been badly eroded because of poor advice from well-meaning, but misinformed persons.

Dividing itself into eleven chapters, the book covers a great deal of territory for American readers- its intended audience. It also goes the extra mile by including a spending plan worksheet and an interactive worksheet. The latter is a rough approximation of what an average retiree can save by using smarter strategies. 

Much of Miller’s counsel focuses on the principle that financial planning must take account of three indispensable components: cost control, tax deferral and discipline.

With these in mind, Miller explores such subject matters as the difference between savings and investments, the best guaranteed investment investments, reducing risk of your without compromising reward, difference between effective advice and planning, making good investments into great ones, what causes you to loose money, differences between volatility and risk of loss and being exposed to less risk and volatility, to realizing a comfortable retirement where risks are met head-on with the ability to manage them.

One of the weaknesses of the book is the absence of an index, as well as a glossary of terms, which would have facilitated the understanding of many of the investment terms employed throughout the book.

Moreover, a more transparent and consistent organization would have made the book easier to follow, particularly if the conclusion of each chapter contained a succinct summary of the financial principles expounded upon.

Nonetheless, the book has a great deal to offer in that it includes sound financial advice that will be of immense benefit to its readers.