{ "item_title" : "Wealth of Experience", "item_author" : [" The Vanguard Group", "Andrew S. Clarke", "Jack Brennan "], "item_description" : "Practical advice for investors from investors Presenting a fresh approach to investment guidance, Wealth of Experience is built on real investors' stories about what has worked-and what hasn't worked-for them during their personal investment journeys. The Vanguard Group, one of the world's most respected investment companies, asked hundreds of investors who have succeeded in accumulating real wealth to explain how they've gone about it. Their personal accounts make this a one-in-a-kind book with extraordinary insights on saving, investing, and managing money from ordinary investors for their peers. Wealth of Experience has straightforward, battle-tested advice on investing for retirement, learning about finance, and managing money. The invaluable guidance from experienced fellow investors can help readers avoid major financial pitfalls and learn from mistakes others have made. Vanguard's research confirmed its long-held belief that individual investors-sometimes derided on Wall Street as unsophisticated-are a savvy and capable group. This book proves that their collective wisdom is as valuable as any expert advice. The Vanguard Group (based in Valley Forge, PA) is the world's second-largest mutual fund company with 15 million shareholders and $600 billion in assets under management. Vanguard pioneered low-cost index mutual funds, and distinguished itself as a champion of superior client service and low investor costs. Andrew Clarke is a senior financial writer at The Vanguard Group. Before joining Vanguard, he worked for Morningstar, Inc., the investment research firm. Mr. Clarke is a Chartered Financial Analyst. Jack Brennan is the Chairman and Chief Executive Officer of The Vanguard Group. A graduate of Dartmouth College, Mr. Brennan received a master's degree in business administration from Harvard Business School.", "item_img_path" : "https://covers1.booksamillion.com/covers/bam/0/47/122/684/047122684X_b.jpg", "price_data" : { "retail_price" : "29.95", "online_price" : "29.95", "our_price" : "29.95", "club_price" : "29.95", "savings_pct" : "0", "savings_amt" : "0.00", "club_savings_pct" : "0", "club_savings_amt" : "0.00", "discount_pct" : "10", "store_price" : "" } }

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School of hard knocks

"You can read all the investment books you want, but there is no substitute for lessons learned in life," writes Jack Brennan, chairman and CEO of The Vanguard Group, in the foreword to Wealth of Experience. This fascinating book gathers the advice of 600 Vanguard shareholders, 80 percent of whom are "high-net-worth investors" whose portfolios are worth $2 million on average.

Feeling out of your league? It's interesting to note that, of that group, 18 percent never graduated from college, and 16 percent are still in the workforce earning less than $100,000 a year. The sharp, common-sense advice they impart shows you don't have to be a genius to be a smart investor—just have stick-to-it-iveness on a few basic principles.

Author Andrew Clarke distills the many investor experiences and suggestions into a simple, practical program. He covers important ground on saving (the most important key to investment success) and creating a long-term strategy, then moves into the nitty-gritty details of taxes, estate planning and diversification. In addition, he peppers the chapters with quotes from real folks, thus enlivening topics that can sometimes feel like homework. Learning how real people cope with financial ups and downs proves to be both cautionary and encouraging. Each chapter also includes action steps from Vanguard's advisors.