retirement REVIEW |
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pension advice early retirement |
due early health ill retirementIt would be great if we could all retire with a nice portfolio of savings and pension income, without having to worry about paying the bills most retired people pay.
1. Get rich by scrimping and saving (eg, "The Money Diet") The automatic millionaire is very much of the first flavour (scrimping and saving). In fairness, the author does a good job of disguising the fact that his approach amounts to little more than scrimping and saving by making his particular process "automatic" (I won't spoil the book too much by explaining what that means). At the start of the book, the author describes a meeting he once once had with a couple of retired automatic millionaires, whose names escape me. He describes in depth how happy this married couple were now that they had held down steady (apparently low paid) jobs all their lives and were now reaping the benifits of many decades of savings and conservative investments. We learn about how they have two homes (one that they live in and one that they rent out) and how the husband drives a second hand car. We also are reminded over and over about how joyful and full of romance and wide eyed wonder this ageing couple seem to be now that they're cashing on their healthy pension schemes. Whilst, I do not question that the automatic millionaire process has clearly paid off for these people, I was struck with a distinct feeling of disappointment as I read their story. Personally speaking, I find it very difficult to get excited about the idea of saving for the rest of my working life in the hope that I can life off a pension some day and drive second hand cars, like our happy couple described in the book. For me, this couple were precise examples of how I absolutely do NOT want to end up- maybe my expectations were too high going into this book! Anyway, for what it's worth I have one or two other issues with the book that are of a slightly more academic nature. Although I'm no economics professor, I have read credible predictions of an impending stock market crash in the future when a tidal wave of elderly retired workers try to cash in on their pension schemes. Here in the UK, the government is on the verge of forcing everyone into signing up for pensions schemes. You don't have to be a mathematical genius to realise that the figures don't add up- surely we can't ALL get 10% interest rates on our pensions, as the author insists we can. Can we? I also think that his approach is dependant on you and I being able to generate a steady income (i.e., hold down stable jobs) until we retire in our fifties and sixties. Again, without trying to lecture too much or sound too negative, I think we live in an age where life long job security is something that is no longer on the table. So, personally I would put the case that the automatic millionaire process may not be as stable and as surefire as the author would lead us to believe. Anyway, on a more positive note, the book is very well written and the author does a great job of keeping the subject both interesting and educational. In particular some of the mathematic models he presents are extremely eye opening and well presented. In conclusion I would say this is a good book is you're a conservative, non risk taking, worker ant. However, for a faster, more exciting and (admittedly!) more risky road to richness I would be tempted to look elsewhere.
This latest book, however, is a huge disappointment for anyone who is an experienced 'follower' of Kiyosaki. There is very little new and it appears that the series is becoming a cash cow for him to milk money out of in return for repeating previous material. The amount of content regarding the key topic (the financial impact of the change in the US population make up) is tiny and adds little to what is available free through simple internet searches. The tendency to use the text to advertise other "Rich Dad" products is increasingly annoying and adds to the feeling that the author is not really interested in adding value, except to his bank balance. For newcomers to the series, though, the book could be useful as it combines topics from all of the previous four texts; a low cost way of getting the most for your money. I still reccomend the original "Rich Dad, Poor Dad" as an outstanding stand alone work (for its attitude alone). This new book would add to that nicely as a pair, saving the need to purchase the intermediate series or numerous attached products. For those of us who have awaited Kiyosaki's output with anticipation, this is depressingly bad and verging on a deliberate rip off. Stick with the original and look for answers to the questions about the coming decade elsewhere.
I've been told it covers every aspect of sailing and would be a bible for the serious planner - .... and hopefully will be enough to fuel the fire as they are the in-laws and I want them to sail off and take the kids with them!!! (I'll let you know .....!)
1. Ill-health-related early retirement | Business Link
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Bookham Technology Plc Chief Financial Officer Takes... | Article 21-DEC-00 - The Board of Bookham Technology plc (Nasdaq: BKHM; LSE: BHM) ('the Board') regrets to announce that due to ill health, Stephen Cockrell... | Free With Signup 15. BBC News | HEALTH | The ill effects of retirement ... week about the number of public servant leaving their work due to ill health. ... One incident early on in my occupational health career taught me a big lesson ... 16. Report: Arafat plans to retire due to ill health At least 60 killed ... Report: Arafat plans to retire due to ill health At least 60 killed, 180 injured ... poor health, Palestinian leader Yasser Arafat plans to retire as early as ... 17. EARLY RETIREMENT/ VOLUNTARY REDUNDANCY/ EARLY RETIREMENT, REDUNDANCY, ILL HEALTH, LONG SERVICE AND FLEXIBLE ... permanently unable to work due to ill-health. Any retirement on the grounds of ... 18. Retirement on grounds of ill health: cross sectional survey in six ... 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