Discover the Wealth Within You

PUBLISHERS WEEKLY 11 MAR 2002

Personal finance specialist Edelman acknowledges up front that this is really two books in one. The first half aims squarely at readers of motivational self-help books, as the author exhorts readers to set exciting goals for themselves climbing mountains, collecting handbags that will inspire their quest for wealth. In the second half, he advises readers on investing in mutual funds, targeting his counsel toward those with at least some knowledge about the field. He attacks some common investing wisdom, particularly the value of Morningstar ratings and the advantages of index funds. Edelman painstakingly points out that he's criticizing the mutual fund industry's misuse of Morningstar ratings in advertisements, not the Chicago-based ratings agency itself. Fair enough, though his argument glosses over the point that ratings are helpful when used as one of many criteria to evaluate a fund. More troublingly, his dismissal of index funds stems from his premise that fees, including mutual fund loads, are the least important consideration in an investing decision. There is much good evidence to the contrary. Performance is unpredictable; fees aren't. Unlike his earlier blockbuster, Ordinary People, Extraordinary Wealth, Edelman's latest may strike a false chord with readers. On deadline, Edelman inserted some references to the terrorist attacks, apparently to compensate for the self-indulgent tone of the "goal statements" that clash with the newly sober national mood.