The Elephant In The Room: Sharing the Secrets for Pursuing Real Financial Success

by Ed Baker

The Elephant in the Room is a groundbreaking book that guides the reader along the journey to financial freedom. Travel with the main character, Michael Davidson, who despite having a healthy income and successful career, can't seem to accumulate any savings and is living paycheck to paycheck. Being frustrated about his lack of progress toward a successful financial future, he turns to a family member for "the secret."

Regardless of where you are on the journey - The Elephant in the Room is a refreshing must - read that will inspire you and provoke you to ask the transforming questions - of yourself and your family - that will propel you to the next level of financial success

Genres: Self Help, Nonfiction, Finance, Money

144 pages, Hardcover

First published October 1, 2007

Reviews

[Nora St Laurent · Rating 4 out of 5]

THE ELEPHANT IN THE ROOM
By Ed Baker
Published by New Life Book Distributors
Hardback 142 pages

Back Cover: Michael Davidson is a thirty-ish executive with a good job, a loving wife, and two wonderful children and financial problems. Despite a healthy income and successful career, the Davidson’s can’t seem to accumulate any savings and are living paycheck to paycheck.

Michael is frustrated about his lack of progress toward a successful financial future, and turns to someone in his family who has been successful for “The Secret”. He is surprised when Aunt Katherine starts talking about ”the elephant in the room” rather than money, numbers, or specific investment strategies. Over a series of meetings, Michael discovers that several easy-to-understand fundamental elements, all under his control, are the REAL secrets that will have a profound impact on his family’s financial future.

Follow Michael as he discovers that the secret to financial success is having a sound financial plan that reflects your values, goals and having the disciplined behavior to stick to it. This story shows that there is no magic bullet or secret to financial success.

The real secret is contained inside, and is so easy anyone can do it.

Review: This fictional story was one quick, easy and influential book that everyone should read at least once. It reminded me of the movie “Karate Kid” (hang in with me here). Daniel wanted to learn how to fight and be the BEST at karate. He wanted Mr. Miyagi to teach him the tricks that made him so amazing and powerful when he used karate. The first week Daniel comes to Mr. Miyagi and he has him wash the car. Then the next week he has him waxing the car. Daniel gets exasperated and feels that Mr. Miyagi is taking advantage of him. He doesn’t want to be the cleaning boy he wants to learn karate. Then one day Mr. Miyagi puts it all together for him. Daniel then sees that he had been learning Karate all along thru these tasks and at the same time getting physically stronger each week.

The same is true with Michael in this story but instead of Karate – Michael wants to learn how to be rich. He wants to be rich right now. What is the secret? What is the short cut? Each week he meets with his Aunt Katherine in hopes of this discovery. At first he’s excited about their meetings and the possibility of learning THE SECRET from his Aunt. But after a few weeks he thinks all these things she is having him and his wife do are foolish. He later finds out the rest of the story just like Daniel in karate kid. Life lessons are tough to learn sometimes. I wish I would have read this book when I was a teenager. This book has a great way of explaining a financial base from where you can start to have financial freedom. It’s made me look at several things about money in my own life that I think I need to be tweaked. It might make you take a second look at the way you manage money too. I’m very excited for this financial tool from which I can starting talking to my kids about money and not have them close the door on that subject before I even say a word. The story speaks for itself. I like that.

Disclosure of Material Connection:
I received a complimentary copy of this book from the publisher. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255 “Guides Concerning the Use of Endorsements and Testimonials in Advertising”

Nora St.Laurent
The Book Club Network www.bookfun.org
The Book Club Network blog www.psalm516.blogspot.com
Book Fun Magazine www.bookfunmagazine.com

[Dolly · Rating 3 out of 5]

I received this book from First Command Financial Planning. It's a fast read that focuses on the basics of financial management and the importance of starting early. I liked that it talks less about the specifics of how to invest, and more about the rudimentary aspects of savings, investments, and insurance. I also liked that the book spoke to planning and establishing goals based on your own values.

Overall, it was a worthwhile read. I didn't learn anything new and it won't change my own perspective on our family finances, but we've been following most, if not all of the advice in this book for over 20 years. I will pass it on, and hopefully it will help someone else.

[Stephen · Rating 4 out of 5]

It’s definitely based around the basics, but it’s a great tool to use to jumpstart a successful financial future. In the military as a new enlisted member, we had these kind of meetings, but there was never accountability or follow up to set goals or ensure we were in the right track or a track. Read, takes notes, learn, and apply the knowledge. As basic as it is, it’s still a solid platform to build from and paves the way toward success.

[Julia · Rating 3 out of 5]

I may have started this book last month, but I basically started at the beginning and read the whole thing in about an hour.

This is a book of common sense finance. Change your attitude, change how you life your life and how it turns out. Nicely written in story format, but this is a fictional retelling. Not bad for a free book, and we do need reminders on how to manage our financial lives.

[Jim Delity · Rating 2 out of 5]

Great underlying principles but set in a cheesey story between a man and his widow aunt. Really pushing the theme that everyone needs a financial advisor. No surprise that it is published by a company that provides that service.

[Bev · Rating 3 out of 5]

This quick read should be a must read for all newly married couples. It diacusses the basic principles and theories needed for financial success.

[Brandi · Rating 4 out of 5]

This was a good easy read and intro to doing finances as a couple. I use the YNAB app for tracking my finances and this book is similar to the articles they publish.

[Jennifer Le · Rating 5 out of 5]

I was recommended to read this by my boss a Financial Advisor for First Command. Being his assistant I already have some knowledge and background experience with investing, insurance, and financial planning. This book was truly enlightening and rewarding to read. It helped me understand the importance and the path people take to start planning for their financial future. I highly recommend this to anyone who wants to start investing in their future. It’s easy to read and understand without getting lost in all the technical speech. Simple and straight to the point. Each chapter is dedicated to a different part of your plan.

[Westin M. · Rating 1 out of 5]

This book isn't inherently bad, but it's written as though its for elementary schoolers rather than for its intended audience. This causes the book to lack complexity despite what should be a relatively complex topic. Financial success isn't a step by step guide, and if it was, everyone would be rich. A lot of what this book talks about is also useless information you can easily find online, which with combined with all the other unfortunate facts about this book makes it quite atrocious and unenjoyable to read.

[Denise Hatcher · Rating 5 out of 5]

This was a fun and quick read that served as a good reminder that anything, even financial wealth, is possible with a good plan, patience, and hard work.

I enjoyed the way that the author used a fictional couple meeting with a successful aunt for weekly lunch meetings to learn about her economic success. And, I loved the title. Yes, too many times, money is the elephant in the room that everyone wants to ignore. But, Aunt Katherine helped Michael and Jennifer understand that ignoring a problem and hoping for a solution do not bring solutions.

[Jude · Rating 3 out of 5]

This is a quick read with a few good insights; however, I felt like it was more of an advertisement to hire a financial advisor. There's no groundbreaking information in here that anyone who knows anything about personal finance doesn't know already. With that being said, it does have an engaging fictional story, good lessons, and a nice ending.

[Del DW · Rating 4 out of 5]

De bons conseils sur la gestion de son argent, mais plutôt orientés mindset que vraiment pratique. Facile à lire car sous forme de conversations autour d'une table avec la tante qui a réussi financièrement, avec des recap sous forme de notes à la fin de chaque chapitre. Intéressant comme première introduction sur les livres qui parlent d'argent j'imagine.

[Josh · Rating 3 out of 5]

I liked how at the end of each chapter, the Aunt would pose questions as homework for her nephew to do. I answered these questions myself in an excel document and I found that this was the most impactful practice from the book. The story itself was a bit silly, contrived, and forced, but it delivered the point.

[Sergio Cruz · Rating 3 out of 5]

Super fast read. Simple concept. Wasn’t about understanding the stock system or investments or secret to becoming a millionaire. It was about the little things that make a difference in your financial life. Starting early, prioritizing, setting goals, etc. great read.

[Laura · Rating 1 out of 5]

This book is like that SNL commercial of a guy selling a book called, “Don’t Buy Stuff You Can’t Afford.” It’s written as though the reader is in middle school and doesn’t really provide much advice other than to stop buying frivolous things and invest early. At least it only took an hour to read.

[Maya · Rating 4 out of 5]

I thought this book was clever and useful. I liked how it didn't focus on just one simple secret to financial success, and encouraged the reader to think in more broad terms, in more personal terms, in order to achieve short and long-term financial success.

[Lindsey Olsen · Rating 3 out of 5]

Very basic book on starting a financial plan. A very quick read.

[Megan Keliikupakako · Rating 2 out of 5]

Easy read yet very lacking.

[Tawnya Sanders · Rating 3 out of 5]

They had to mention Donald Trump second financial book to use Trump as a reference. Simple would have given another start but for mention of Trump.

[Hollie · Rating 3 out of 5]

The fictional story around the principals is tedious. They go over the basics but I think the behavior is the best one they go over.

[Rhedda Geldien · Rating 5 out of 5]

A great little book for people who want to get their financial goals accomplished. Written as a story, the author is actually a composite of several professionals. a quick read!

[Garrett Kuch · Rating 3 out of 5]

Not what I expected, but it was still very helpful about how to view ethics and your views about money and how they shape your habits.

[Summer · Rating 3 out of 5]

Quick read. I enjoyed the story format of giving advice.

[Robert Kenny · Rating 2 out of 5]

I received this book for free and was not expecting much, nor did I get much.
The writing is soulless and the characters are bland, archetypal mechanisms for the promulgation of the book's message. The book's message itself isn't entirely without merit, but isn't exactly mind-blowing new material either. Basically it's just a reminder that you probably need to budget and plan for your financial future rather than hoping the money will just be there. It's essentially the same stuff you would find in a pamphlet in a bank, but takes a lot longer to read.

[Cam Walker · Rating 5 out of 5]

This is a very good and quick read that has great information on the importance of planning in ones life. It is based on financial planning, but has great models that can be applied to other areas of ones life as well. I highly recommend this book!

[Michelle]

mom

[Bee Hoon Tee · Rating 4 out of 5]

learn something in this book.

[Phil · Rating 4 out of 5]

Great book as a refresher or for someone just starting out.

[Hazel · Rating 3 out of 5]

Good insight