A Million Is Not Enough: How to
Retire with the Money Youll Need by
Michael Farr
Thank You, Mr. Farr, For Helping Me Understand.
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 isnt
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 dont already have a net worth close to a million dollars-by
starting now. In A MILLION IS NOT ENOUGH, Michael Farr, one of
Americas 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 today to
save an extra $300-$500 a monthSTEP 2: Invest it...the techniques all of

us can use to demystify investingSTEP 3: Personalize it...investment
strategies for readers in their thirties, forties, and fiftiesSTEP 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 youre 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 really need for your retirement years.
Personal Review: A Million Is Not Enough: How to Retire with
the Money Youll Need by Michael Farr
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.
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