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.
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
- How To Retire In Luxury CanadianBusiness.com has some really good articles that are worth reading. Here's another one. How we retired in luxury â on $2,000 a month Herman Heynen as told to Camilla Cornell From the May 2006 issue of MoneySense magazine Seven years ago, when I was 60 I took early retirement from......
- How To Sell a $14 Book For $2,500 Previously, I had mentioned a $2,500 book by Mohnish Pabrai called Mosaics:Perspectives on Investing and how I was hoping I could find my own signed copy to hawk on Amazon. Well, I did find it and after jumping through several hoops I was finally approved as a seller on Amazon.com.......
- How To Avoid Foreclosure You must have read the recent post about the New York Times economics reporter who is facing foreclosure himself. Edmund Andrews covered the US economy and Alan Greenspan for over six years, but despite his financial accumen still got suckered into a loan he couldn't really afford. He hasn't made......
Related Websites
- how to talk to your teenager about personal finance If you have children or younger relatives - particularly teenagers - then this thought probably crossed your mind at one point: "if only they would do some of the things I wish I had done!" Maybe you always dreamed of visiting Mongolia or taking a year off after high school......
- Good Financial Reading This Week Mike at Gather Little by Little posted 7 Quick Numbers To Fix Your Personal Financial Situation a list of 7 rules of thumb regarding your finances. They included my favorite, the Rule of 72, as well as some I might disagree with, such as the 100 minus your age should......
- The Quiet Millionaire by Brett Wilder There are so many personal finance books out there and most seem to fall into one of two categories – Get rich insanely quick or get frugal to turn your life around. For those of us that want a more solid and easy to accomplish means of developing a personal......
[All content is copyright of Living Off Dividends & Passive Income]
Leave a Reply