- Quit Today: Not necessarily literally, but quit the notion that you can derive satisfaction directly from your job. Your job is a means to generate income so that with that income you can derive satisfaction from life.
- Pay Cash
- Don't Retire
- Die Broke
The book is geared largely toward baby boomers. Demographically, it just doesn't make economic sense for people to retire anymore at age 65. The world is too uncertain, there are too many baby boomers retiring all at once, and people are living much longer than they used to. So, this is a paradigm shift. To learn to use work to generate income. Enjoy life throughout your life. This notion of leaving an inheritance to your children is not helping anyone out. Spend money on your kids while you're still alive. And of course, to keep out of debt will provide you the sense of security throughout your life, and will allow you to live flexibly.
In the book, he also talks about why we should avoid this notion of buying starter houses that we can quickly flip into a dream house after two or three house upgrades. Rather, he suggests to make your first house the dream house by saving longer for the down payment, and spending more time to find the house that will meet your needs throughout your life.
One final suggestion was the reverse mortgage, this notion that toward the end of life, after the house is paid off, to take out another mortgage that will allow you to generate income off of the house through the remaining years of your life. When you die, the bank gets the house...
But why leave the house to your kids anyway, it wasn't their dream house it was yours. Let them figure that out for themselves.
All very innovative ideas if you ask me.
3 comments:
Jeeezzz, can't even get the house. Glad I'm not your kids. :-)
-ST
Hey, the idea is they get the house, little pieces of the house slowly over time...
The idea is to give them (and me) everything before I die not after...
My mom and I joke everytime that she takes me out to lunch or on a trip that she is just spending my inheritance. I LOVE IT!!! Sadly, there are kids out there that would rather their parents stick that money in a high yield whatever so they can have it when their parents die. Not for me, no thank you! Mom, I want to enjoy you while you're here, not spend your money after you're gone. I'd get he that book, but it sounds like she knows what she's doing already.
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