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The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On with Your Life, by Bill Schultheis
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In 1998, after thirteen years of providing investment advice for Smith Barney, Bill Schultheis wrote a simple book for people who felt overwhelmed by the stock market. He had discovered that when you simplify your investment decisions, you end up getting better returns. As a bonus, you gain more time for family, friends, and other pursuits.
The Coffeehouse Investor explains why we should stop thinking about top-rated stocks and mutual funds, shifts in interest rates, and predictions for the economy. Stop trying to beat the stock market average, which few “experts” ever do. Instead, just remember three simple principles: Don’t put all your eggs in one basket. There’s no such thing as a free lunch. And save for a rainy day.
By focusing more on your passions and creativity and less on the daily ups and downs, you will actually build more wealth—and improve the quality of your life at the same time.
- Sales Rank: #32975 in Books
- Published on: 2013-01-29
- Released on: 2013-01-29
- Original language: English
- Number of items: 1
- Dimensions: 7.73" h x .62" w x 5.07" l, .35 pounds
- Binding: Paperback
- 224 pages
From Booklist
This little how-to-invest book, which elegantly summarizes our common worries about how to build wealth, was initially published 11 years ago. This updated, revised, and revamped edition stands the test of time—and of updating. Seattle-based Schultheis states his three principles of investing—allocate assets, approximate stock-market average, and save—then proceeds to expand and expound with personal stories and provocative questions. When is enough enough? What’s behind this Wall Street obsession to beat the market? Why do we need to lead a penny-pinching life today for a high retirement style tomorrow? Forget the complicated formulas, the diversity of spreadsheets. Concentrate instead, he advises, on understanding your burn rate, the meaning of diversification, and the value of being on financial autopilot. Like his peers (Suze Orman et al.), the author exposes two myths: “no load” mutual funds and “great companies make great investments.” All in all, solid and comfortable investment counsel that will help balance (and, eventually, grow) your balance sheet. Appended: partial list of index funds; notes; additional reading. --Barbara Jacobs
Review
“It is a wonderful book. Indeed, I’m tempted to say, ‘It looks like I wrote it myself.’ Now, if people will not only read Coffeehouse but act on its message.”
—JOHN C. BOGLE, founder of The Vanguard Group
“The best investment book you’ve never read.”
—THE SEATTLE TIMES
About the Author
Bill Schultheis is a partner and fee-only financial advisor with Soundmark Wealth Management and a former broker for Smith Barney. The first editon of The Coffeehouse Investor was published in 1998, and he has lectured and led seminars about it since. He lives in Kirkland, Washington.
Most helpful customer reviews
5 of 5 people found the following review helpful.
The Clouds are beginning to part
By Pete W.
This book was recommended to me by Robert Clyatt, the author of another very good book, Work Less, Live More, for those who might be interested in early retirement and semi-retirement. My wife and I did retire a bit earlier than most folks, and we found Bob's book at about the same time. This isn't a review of Bob's book, but it is because of Bob's book that we began looking into how we could better understand and simplify our investment portfolio and reduce the fees, taxes, etc. and just learn how to manage our way through retirement making our saving last the rest of our lives. That lead me to read this book.
If you are already investing and or are confounded by how immensely complicated investing seems to be. If you are looking to begin investing and suffering from the paralysis of analysis. Then you are in a similar place that I have been for years. Most of us come to count on "financial advisers" to direct our investments, because it does seem overwhelming and we're pretty busy raising children, working, etc. Investing in the stock market seems to involve a knowledge and mystical quality far beyond our grasp.
The "NEW" Coffeehouse Investor, blows that smoke screen apart and shows you what commonsense investing (not gambling) looks like. In his simple to understand, not boring, book the author effectively illustrates how and why we should all do this and in a most cost effective and safe way. Finally the clouds are parting and I feel empowered to move out on my own.
0 of 0 people found the following review helpful.
How to play it safe in the stock market.
By CireSnave
This little book is a good quick read with a few fun stories about mountain climbing and baking pies. That said, the book should have been titled,"How to play it safe and at least make a little profit in the stock market.". It does not go into any real detail about how to pick stocks, evaluate companies, learn trends, or any of the other things an active investor needs to know. However, if you are more of a "set it and forget it" kind of investor this book will explain most of the basics needed to do that.
151 of 154 people found the following review helpful.
Great Primer on Investment Strategy and Implementation
By Artephius (.
I was pretty impressed with this book. I give it an A+.
As hard and complicated as Wall Street tries to make investing..... to make you think you need a broker or active mutual fund manager, the steps for successful investing are very basic. This book does hit most of the basic steps correctly.
#1 is to live below your means so you can save at least 10% of your gross each year and invest it. This sounds easy, but it apparently is not since the average U.S. household credit card debt is now around $8,000 saving rates are below 1%, and average household net worth is below $100K. The book should have mentioned the classic book The Richest Man in Babylon with regards to the merits of living below your means so you have money to invest.
#2 is to use automatic investment so you pay yourself first. If you set up an automatic way of investing, then you can't spend money you don't see. After all, the U.S. government adopted automatic payroll deduction to pay income taxes right after WWII because it was concerned people would not save to pay their tax bill. The government using automatic payroll deduction to assure they always get their share of your money, so why not use this method to keep some of your money for yourself? If you use automatic investment, you get the advantages of dollar cost averaging as well. Automatic savings would have been a good addition to this book.
#3 is to invest your savings in stocks and use low cost index funds for your investments. The book got it right in saying that stock brokers are not your friends. Often their objective is to move your money into their hands per the classic book Where are the Customer's Yachts?
#4 is to focus on asset allocation, not which stocks or mutual funds to pick. This book does an excellent job of explaining asset allocation.
As a yardstick measurement of how well one saves and invests, the book should have referenced The Millionaire Next Door's expected net worth formula of 1/10 of your age times your income. This gives you a frame of reference to how well you have saved and invested.
A visit to this book's web site reveals how successful a good asset allocation has been the last 5 years. A good asset allocation helps weather the storms we occasionally see in the U.S. stock market......like 3 down years in a row in 2000-2002. The example portfolio in this web site includes a 10% allocation to the real estate area using a
Vanguard REIT.
All-in-all, a great primer on successful investing strategies. I would suggest companion books to supplement this book including The Richest Man in Babylon, Bogle on Mutual Funds, The Millionaire Next Door, The 4 Pillars of Investing, A Random Walk Down Wall Street, Wealth of Experience: Real Investors on what Works and What Doesn't.
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