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« Easongate Update | Main | Easongate: Lost in The Storm » February 8, 2005Book ReviewIt may sound odd, but a book I'm currently reading about the nitty gritty details of personal financial planning is turning out to be a very moving book about the greatness of America and the still-attainable reality of the American Dream. David Bach's Start Late, Finish Rich is the very solid follow-up to his mega-bestseller The Automatic Millionaire. Subtitled, <>i>A No-Fail Plan for Achieving Financial Freedom at Any Age, the book doesn't break new ground so much as it provides a very readable and easy-to-understand collection of financial planning wisdom, distilled down to a simple plan any person can follow. Bach shows how financial planning in order to retire wealthy isn't rocket science, just a simple exercise in math, time and commitment that anyone can follow, regardless of how much you make. The unexpected part of the book is where Bach discusses how to "turbocharge" your retirement savings by increasing your income, via starting a home-based or other business. First, Bach shows how a mere $1,000 a month in additional income, if invested, could generate $1.3 million in 25 years, or $2.2 million in 30 years. But can you really start a business to make more money, while keeping your regular job? Bach believes so - and his enthusism is rooted in the reality that, as he puts it, "The amount of opportunity out there for your to make money is positively mind-boggling. And for those of us lucky enough to live in a free, prosperous country like the United States, there is no ceiling to what we can and should achieve." You'll have to buy the book to read all the various ways Bach suggsts for making additional money. Unless you already have a few million set aside for retirement, I suggest you read it - and if you have children in high school or college, I suggest you get them a copy of The Automatic Millionaire. Posted in Books
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Thanks for the recommendation. I'll have to check it out. I also recommend "The Richest Man in Babylon" and "The Wealthy Barber." Both are excellent, common sense books on personal finance. Posted by: Blake at February 8, 2005 09:49 AMI have heard of, but have not read, both of those. Posted by: Bill at February 8, 2005 10:14 AMI don't think "attainably" is a word - "attainable." Sounds interesting though. I was listening to Roger Hedgecock sub for Rush yesterday when he said the following (roughly): "I am about to repeat the most controversial thing I have said on any radio program; If you are 40 years old in this country and you are not earning $100,000 a year, it is because you have chosen to live that lifestyle." In other words, it is your own fault. I can't say that I agree with that, although I do think most people could do better by making better choices. What a hopelessly arrogant and pompous judgement on other human beings. I guess in this speaker's world there is no need for nurses, teachers, salespeople, policemen, firemen, and hundreds of other occupations which normally pay less than $100,000 a year in most regions of the country. True such workers have a choice of occupation but to a certain extent that choice is limited by normal human considerations and individual potential for development. Posted by: jane m at February 9, 2005 02:02 PMJane M, his statement is not pompous and arrogant at all, but a statement of fact: if you are 40 and make less than $100,000 in America, it is because you have chosen to make less - i.e., you have chosen a career that doesn't pay $100K. That's pretty self-evident, of course. With few exceptions (such as people born with severe handicaps or who through no action of their own comes down with a disabling illness), a person's life is entirely the product of their own choices. Posted by: Bill at February 9, 2005 02:07 PMPost a comment
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