Book Review – Getting Rich In America
Just got my hands on
Getting Rich In America: Eight Simple Rules for Building a Fortune–And a Satisfying Life by Dwight R. Lee and Richard B. McKenzie.
It picks up where The Millionaire Next Door left off.
The books is broken down into 8 steps that are easy to read and follow. You know, work hard, learn compound interest, get an education, get married and stay married etc. Nothing you already didn’t know. However, the authors do a great job explaining the math behind each decision you make in life. Every little expense you make today can have a tremendous ripple effect in the future.
The first chapter is essentially motivational and says that if you work hard, take personal responsibility for your wealth[or lack thereof] and quit complaining, you can become rich.
The authors go into considerable detail giving examples of how someone who makes minimum wage can retire in style. Various salary, returns and durations are calculated and the answers are quite eye-opening. Effects of excessive consumption are also calculated. Not buying a new car every 3 years and instead buying a used car can make your retirement $840,000 richer!!!! Similarly the costs of buying regular coffee instead of a fancy latte can help you be $74,000 richer in retirement. Not only do they provide the examples, but they also explain how to get the answers in excel or on a financial calculator. Pretty Neat!
All in all, I like it. It didn’t change my life, but its good to read these books once in a while. I strongly recommend it as a gift to your young kids,neices or nephews in high schools, or people about to get married or divorced or mid-way through life…..ok, basically its for everyone!
I give it 2 thumbs up.
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