Foreword Review — July / Aug 1998
You can become a millionaire. By saving enough money, regularly, everyone can have a million dollars. Ed Dzwonkowski, a certified financial planner, explains this theory simply and well. By saving $268 per month for 35 years, you will have saved one million dollars. Extremely encouraging in his presentation, Dzwonkowski’s strongest points are his simple explanations and enthusiasm.
While his enthusiasm is engaging, his attacks against writers and other sources of financial information detract from the more important issues raised. He writes: “The majority of articles published in magazines are written by professional journalists, not professional financial advisors!” He characterizes getting financial help from anyone other than a professional as having surgery done by anyone other than a doctor. Yet it is entirely possible for someone to do his or her own research. The formulas used by Dzwonkowski fail to adequately take into account the tax impact of his assumptions. Finally, the tax advantages of a 401k savings plan and the new Roth IRA should have been explored in more detail.
If someone is not now saving regularly for his or her retirement, the purchase of this book is a good first step. The author’s engaging style and enthusiasm would easily persuade anyone to start saving immediately. However, this book does not provide solid investment advice for committed investors.