Don't Mess with Your Money

Don't Mess with My Money : The Dolans' No-Nonsense Lifetime Money Plan
by Ken Dolan, Daria Dolan

From radio's most trusted advisers, the kind of insider's advice that some experts don't want you to know about &mdash how to manage your money and build a firm financial foundation that will withstand the inevitable surprises life throws your way.

With their long-running #1 rated personal finance radio show, Ken and Daria Dolan are America's "First Family of Finance." Armed with more than forty years of experience, they have helped tens of thousands of people plan for the future, survive difficult financial times, and cope with unexpected life challenges and emergencies. In Don't Mess with My Money, they draw on a lifetime of personal experience, as well as the tips and strategies from their legion of listeners, to write a candid, tell-it-like-it-is lifetime money guide. Why? Because the people they talk to every day need it.

In the wake of 9/11, and in the aftermath of a yearlong recession and a seemingly endless series of admissions of corporate chicanery and deceit, people across America have begged for trustworthy help in righting their finances, and for someone to tell them what the real deal is. In Don't Mess with My Money, the Dolans pull back the veil of secrecy and reveal the loopholes, double-talk, and insider secrets that some Wall Street analysts and banks, insurance companies, car dealers, and financial advisers try to keep hidden. The Dolans explain how to avoid getting ripped off, how to get out of debt, how to organize your finances and safeguard your money from layoffs, illness, retirement, and death. They talk about:

• How to prepare yourself for unemployment, divorce, and the death of a spouse
• The three words you must utter the next time you buy a new car
• How to invest without losing your shirt
• The ins and outs of estate planning and retirement
• What you must know about the biggest investment you'll ever make&mdashyour home

As all of us are aware, life is uncertain. We need to prepare for the unexpected, from job layoffs and salary freezes to the death of a loved one. In this practical, no-nonsense guide, the Dolans provide the essential information you need to know to gain control over your financial lives and your future.

Chapter 1

Martha Stewart convicted.... SEC investigates a number of mutual fund companies.... The accuracy of some Wall Street stock research questioned.... Corporate malfeasance trials are all the rage!

... on and on— When will it stop?!

One thing is very clear.

Never has it been more important to take responsibility for your own money life.

If you think Wall Street, Uncle Sam, or your cousin Ralph's "hot stock tips" is your solution for a secure financial future ... forget it.... GET REAL!

You CAN do it.... You CAN take control.... You MUST take control now!

Our latest book is not the entire answer. Read it and you'll be a money expert overnight? NO. But it is a good start!!

We know what you may be thinking, as you quickly look at this: "Oh, no, not another money book!"

We thought most money books were the same, too—until we got mad at the way the economy and the corporate world have messed with your money.

Most money books hedge their comments to avoid insulting anyone, afraid of making waves that might come back to bite them in the butt. Hey ... come on! Most money books are best used as sales pieces for the financial services business, or, better yet, as doorstops in the poorhouse to which slick salespeople so adroitly send us.

Many money books claim that they contain "all you'll ever want to know about" investing, insurance, retirement, and so on. GIVE US A BREAK! How the heck do you know "all" that I want to know?

This is a different kind of money book. We promise you that. This is a book that will show you how to fight back. We do claim that we pass along all you need (there's a big difference between want and need) to know to at least get you started in taking control of your money life and, thereby, taking control of your life.

During the last 12 months you've been hit with a lot of jive talk from certain CEOs (does that acronym stand for "Chief Embezzlement Officer"?), accountants, brokerage executive fat cats, research analysts, financial planners, bankers, credit card companies, insurance salespeople ... and others trying to separate you from your hard-earned bucks. We know it's becoming increasingly difficult to obtain respected, trustworthy information you can use to make those important money decisions during your life.

As we've all discovered, we're on our own, folks!

But that's OK (even better) if you can finally find some straight information.

Do you know, for example, the right place to invest your bucks for a secure retirement when the stock market is taking punches from every direction? Do you know the best strategies for funding a 529 plan for your child's college education? Buying insurance for yourself and your family? Buying your first or second home? Finding the best credit card? Dealing with a broker/financial planner?

We have heard it all on our radio show during the past 15 years, having fielded tens of thousands of phone calls to our personal finance talk show, The Dolans.

We answer questions on more than 200 different topics based on both our own life experience (we've been married more than 30 years and are the parents of a recently married daughter) and more than 45 years of experience in the field of personal finance.

Our radio listeners across America immeasurably helped us write this book, with the questions that they called in to our show and with e-mail messages to us.

When we announced that we were writing a "no-holds-barred" book, we asked our listeners to tell us what specific issues they were having trouble coping with.

We were bombarded with all sorts of stories and questions.

Among our listeners' major concerns:

"How may I pick stocks that go UP!?" (What a concept!)

"My broker has taken advantage of me.... Can I sue—and win?"

"I'd like to level the playing field when I walk into a car dealership.... How can I make the best deal for ME?"

"Is it more advantageous to lease a car or buy?"

"My next-door neighbor pays less property tax than I do.... How can I fight my property tax assessment—and win?"

"How do I avoid buying the next Enron, Global Crossing, WorldCom, or __________ (fill in the blank)?"

"Which 'so-called' investments aren't investments at all?"

"My search is not going well ... are there little-known sources of college financial aid?"

"Every financial pro I meet claims to know when to buy stocks/mutual funds ... but nobody knows when to sell. Help!"

"I know there are hidden terms that my credit card company isn't telling me.... What are some of their tricks?"

"How do I stay covered with health insurance if I'm laid off?"

"I'm afraid my parents will be wiped out by nursing home expenses.... Is there anything they can do to avoid that happening?"

"A lot of my retired friends wish that they had planned better for their golden years—what can I do now to assure my secure retirement?"

"Are there some little-known strategies for getting the best price when I sell my home? How do I pay the least when I buy?"

"When I interview a broker/financial planner before I do business, I feel that I'm the one being interviewed! I want to take more control of the process.... What are the tough questions that I should ask and the answers I should hear?"

"I really need to get my student loan situation under control. Where do I start?"

"I am one-half of a gay couple. Can you help us with our financial planning?"

"I'm in the early stages of considering a divorce. I'm scared and don't know where to start."

"I have seen some of my friends lose their 401(k) money because of shady dealings by their companies.... What are some of the warning signs that MY plan may be in trouble?"

"I think that my company is short-changing my pension check every month. How do I find out if this is true ?"

... and more!

We'll show you how to take control, so that no one can mess with your money. Don't be discouraged by all the bad news around you—if you take charge and know where to go for advice, you can get back on track. We work with people across the country every day, helping them distinguish between a good money strategy and a bad one, between good money advice and bad advice.

Buckle up ... here we go!

Copyright © 2002 by Ken and Daria Dolan. Excerpted by permission of Currency, a division of Random House, Inc. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.

About the Author

Ken Dolan is American business anchor, author, and radio host. Ken Dolan was an anchor, along with wife Daria Dolan, for Dolans Unscripted on CNN. Prior to his career in radio and television, Ken was co-founder and vice chairman of a merchant banking firm. He began his career as an account executive at a major New York Stock Exchange firm. He also served in the U.S. Navy in Vietnam from 1967 to 1968. Dolan holds a bachelor's degree in marketing from Boston College.

Daria and Ken Dolan are the hosts of the nation's #1 rated personal finance radio show, The Dolans, which reaches a weekly audience of more than two million listeners. For four years, they were money editors on CBS This Morning and CBS News Saturday Morning. They have hosted their own show on CNBC and have made frequent appearances on many other television shows, including The Today Show.