September 11, 2005
Book review: "More Wealth Without Risk"
I mentioned in my First Post that I was reading Charles Givens' book, More Wealth Without Risk (MWWR). Well, I finished it soon after I wrote that, and in the meantime, I've implemented some his advice. It's an old book, but it still has some relevance today. Here's what Givens said, and what I did:
Cut insurance premiums This is one of the points that Givens refers to several times throughout the book. The basic premise is that most people are overinsured, and are paying too much in insurance premiums. In some cases, you're required to be insured for a certain amount (i.e. $15,000 uninsured motorist insurance). In other cases, it's just a good idea to be insured for a certain amount. There are a bunch of variables involved, but Givens has guidelines to help you decide how much insurance you need. I followed Givens' advice and saved a little bit of money. Yep, if you consider 33.5% a "little bit of money." My 6-month premiums on a combined automobile/rental insurance policy from USAA went from $659.96 to $438.79. Outstanding! One caveat, though: Make sure you are properly insured, and that you don't leave yourself exposed by trimming off too much insurance. Make your own decisions as to what to do.As far as the rest of the book goes, Givens' wealth-generating ideas raised some good points worth investigating. However, as I read MWWR, I had this nagging feeling that almost everything that Givens had written about had changed since the time he wrote it. I mean, the book was written in 1988, nearly 20 years ago. So, while everything he says could still be valid, I would use it only as a starting point for further research.
My recommendation? Get a copy of More Wealth Without Risk at your used book store. Mine was free, a loaner from my dad, but you can find it for $0.01 at Amazon.com. It could be worth every single penny.
Filed under Book Reviews, Money Making/Saving Strategies by Sean
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