- Publisher: Foster, Underhill Financial Pr (2005)
- Language: English
- ISBN-10: 0973696001
- ISBN-13: 978-0973696004
- Product Dimensions: 8.3 x 5.5 x 0.7 inches
- Shipping Weight: 8.8 ounces
- Average Customer Review: 3.9 out of 5 stars See all reviews (7 customer reviews)
- Amazon Best Sellers Rank: #1,364,628 in Books (See Top 100 in Books)
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Stop Working : Here's How You Can!: Using the Strategy of Canada's Youngest Retiree Paperback – 2005
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"Stop Working" also talks about 'simplifying' your life so you can free up some money to invest. The simple fact is that most Americans, (Canadians as well) spend every dime they get and live paycheck to paycheck. They often purchase things they don't really need, and can't really afford. They go into debt to fund a more extravagant lifestyle. They absolutely have to have that flat panel wide screen LCD TV. And put it on a credit card at twenty-four percent interest, then pay monthly payments.Read more ›
After finding the book "Stop Working" from Derek Foster on Amazon, I feverishly read it from cover to cover in about 3 - 4 hours. To those of you who haven't heard anything about the book before, it's written by Derek Foster, who is touted to be Canada's youngest retiree.
Apparently the author of this book was able to "punch out" of the workforce at the tender age of 34. He was able to do this by investing a fixed amount of money every month for a period of about 12 years. Initially he bought only mutual funds, and later focused exclusively on dividend paying stocks.
Personally I thought that the book was very inspirational, because it shows the reader that they might not need as much as their financial advisors tell them to save for retirement. It also tells in a way the story of a dividend investor, gives a couple of dividend stock picks, and explains how dividend income is a better source of income compared to earnings from one's job. The book strongly focuses on cash flow, in particular cash flow from stable dividend companies with long history of dividend increases. I also how he compared taxable income from wages to taxable income from dividends. If you check out his "sample portfolio", you will notice that it was yielding about 6% in 2004/5, which is not unachievable. He did mention however, that you need to buy the stocks when they are trading at bargain prices. He also mentioned that had you bought the stocks in his sample portfolio at their bargain prices you would have paid about $100,000 for them, rather than $300,000 in 2004/5. And thus your yield on cost would have been 18%, rather than 6%.Read more ›
I am very confident that even if you only had a vague interest in investing, you would enjoy reading it, and you would learn money management and investing principles which you would be grateful you have acquired.
This book has much useful information and is entertaining but the end result may surprise you ... I went to his website, noted the phone number and called ... no answer ... but surprise surprise he called me up a while later - I had called him at his home and I suppose he used his call display to track me. After reading the book I did some additional research and found out that yes, he had retired at 35 but his wife works full time while he plays Mr. Mom to his growing family and makes extra money selling this book and is preparing a forthcoming book. He also extolls the virtues of simple living ... by this token almost anyone can claim to be work-free ... this is not a case of sailing-my-yacht-in-the-south-of-france type wealth but rather one of simple living with someone else (his wife) bringing in the bacon - his investments providing a steady if modest income. Yes, anyone can retire young but many people(such as myself) are sole breadwinners and aspire to greater wealth when buying such literature. Is a street person financially independent? Think about it.