The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income, and Grow Wealthy Even in the Worst of Times
by Martin D. Weiss
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Book Summary Information
Author: Martin D. WeissEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2009-04-06
ISBN: 0470393777
Number of pages: 240
Publisher: John Wiley and Sons
Book Reviews of The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income, and Grow Wealthy Even in the Worst of Times
Book Review: Was It As Good For You as It Was For Me?
Summary: 2 Stars
The attractiveness of the book is that it "feels" nice to be held by the hand and told exactly what to do with our money/stocks etc which is to sell all stocks and remove everything from banks and put all personal savings and IRA savings in a Treasury money market account and/or buy short term Treasury bills (3 month only). Then, sign up for Weiss's email to receive further guidance as he interprets on-going market changes. Do it NOW as the sky is falling.
I had already decided to sell my stocks which were mostly Van Guard and USAA index funds so this book was leaning towards what I was thinking and I purchased it.
Pro: Provides a review of how consumers, banks, ACORN, Fanny/Freddie and Congress helped tank the economy
Pro: Instructs readers to find their personal bank's grade (A through E) by going TheStreet dot com who Weiss sold his bank grade formula to and to which he has no control over now. Finding your bank's grade was very interesting.
Pro: Loves his father
Con: Left out completely the Federal Reserve role as a major cause and continued cause of the economic crisis
Con: Weiss' sold bank rating formula is only good as long as no one at TheStreet manipulates it.
Con: TheSteet dot com is owned in part by NBC's "financial" guru Jim Cramer and his gong show Mad Money. Google "stand up comedian Jon Stewart creams Jim Cramer". Visit TheStreet for your bank rating but do your homework on Cramer before taking his advice. Also, give a throw away email address if you sign up for anything since your email box will be spammed by Cramer and his minions for I WILL HELP YOU IF YOU ONLY PAY ME MONEY emails.
Con: Weiss' treasure market fund had one of the highest expense ratios of 10 I checked out. Check out Gabelli dot com if you open one.
Con: Repeatedly refers readers to Weiss' website for more advice and in this respect his book is reminiscent of Kevin Trudeau's books (What THEY don't want you to know). Weiss tells readers to sign up for updates so he can tell you WHEN get out of treasury bills but when you give up your email address be prepared for Wiess and his minions to bombard hundreds of "I CAN HELP YOU IF YOU ONLY PAY ME" emails.
Con: His bank rating system does not include credit unions
Con: I took Weiss' DO IT NOW advice and opened a Treasury Money Market Fund and I purchased through treasurydirect short term (13 weeks) bills ($17,000 worth). My return on $17,000 investment is less than $8 for 3 1/2 months. And, now Weiss is saying the sky is not falling YET so his book was wrong. Pay him and he will tell you when the time is right. No thanks.
January 2010 UPDATE: I have read around 15 economics books now. ALL all of them say our national debt is unsustainable and our dollar will collapse and most say with 3-5 years IF we don't stop spending now and some say it is already too late. Gold is at an time high not only to protect against inflation (too many dollars) BUT in case the dollar and country collapses and possibly breaks apart.
Those economists who believe our country's money will collapse but the U.S. will stay intact, advise putting buying U.S. treasuries. As the author here points out, even during the depression and civil war, the government paid its treasury debts but bank depositors were left cold and the FDIC canNOT pay off everyone if there is a run. But other economists say what good is having DOLLARS in treasuries when uber inflation will mean the dollar is worth nothing. A person can buy $10,000 worth of treasury bills/notes today but when they cash them out and it costs $120 for a can of tuna, the treasury didn't really "protect" the person's assets.
Many books advise getting out of the dollar altogether. Crash Proof 2.0 is one of them and the best explained.
I am not closing my treasurydirect dot gov account (nothing in it right now) and I left $3000 in a treasury money market account. Both are linked to my bank accounts so I can press a button and MOVE my money out of my banks albeit treasury direct is slower. I am re-reading how to some of my money into foreign currency. I lost enough in the stock market. I will try to cover all bases. view Youtube called "America Rising An Open Letter to Democrat Politicians" note: republicans just as bad and Youtube called "USA will split in 6 pieces by 2010 Igor Panarin" and GOOGLE "obama-orders-1-million-us-troops-to-prepare-for-civil-war" and GOOGLE: "us-forces-plan-direct-action-against-american-citizens" All these concern collapse of U.S. due to excessive debt.
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Summary of The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income, and Grow Wealthy Even in the Worst of Times
An insightful look at how to protect, save, and grow wealth in difficult economic times
Having an effective financial and personal plan for the future is now more crucial than ever. And with the bestselling The Ultimate Depression Survival Guide now in paperback, you'll quickly learn how to create such a plan. This comprehensive guide was especially designed to help people map out a practical financial plan in this unpredictable economic environment, so that they can stop worrying about their money and just enjoy life.
Step by step, Martin Weiss-America's Consumer Advocate for Financial Safety-introduces, explains, and helps solve many of the new challenges and risks that face millions of Americans. Throughout the book, Weiss provides you with sound strategies for coping with the credit crunch, housing bust, and decline of the U.S. dollar.
- Discusses different ways to adapt to the realities of continuous market volatility
- Contains solutions to dealing with sinking real estate or falling stocks
- Examines the opportunities you'll have to buy choice assets at bargain prices during a depressed economy
The Ultimate Depression Survival Guide also examines important topics that today's investor must be familiar with-including global investing, foreign currencies, and commodities-if they intend to make it through the decade ahead.
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