Customer Reviews

Wealth on Minimal Wage

5 star:		(1)
4 star:		(0)
3 star:		(0)
2 star:		(1)
1 star:		(1)

 

 

I was disappointed in the book. Perhaps I've already read too many financial books, but I honestly didn't get any new good ideas from this book. One of his ideas really concerns me - Mr. Steamer offers that if one is fairly young, in good health, and has no family history of health problems, he/she could consider going without health insurance (in effect, they become self insured paying their own costs out of pocket). He doesn't explictedly recommend this, but he does offer it as a potential cost saving. I believe this is a bad idea, since a major medical emergency (although perhaps remote), would lead to financial ruin. It's just too great a risk in my opinion. I should add I'm in no way affliated with the healthcare or insurance industry. I also believe that most financial planners would agree with me that this is a bad idea.

The other thing that bothers me about the book is that we're to believe Mr. Steamer somehow managed to sock away $250,000 over a ten year period with a cumulative gross salary of only $220,000 for a family of three. At one time, I tried to live by myself on an annual salary of less than 17K and it was difficult (and I consider myself a pretty frugal person). The book offers cost savings tips and financial advice, but I don't see how you could achieve what Mr. Steamer claims he has even if you used all of his ideas. I guess that was the biggest problem I had with the book. That fact kept bothering me as I read more of the book. Perhaps Mr. Steamer should have included some more factual information on how he himself achieved all that wealth. I wouldn't have been so bothered if he claimed to have gotten real lucky in the stock market, bought a house at auction for next to nothing and fixed it up himself, etc.

Mr.Steamer's suggestions imply that in order to become a millionare, one must be essentially perfect and alone- that is, having no health problems, minimal bills, no family, and find the cheapest place to live. I think it can be assumed that if one were to live alone and have perfect health in the cheapest city in the world and not spend their money on frivelous things, they too could be a millionare. Personally, I would rather sacrifice the millions of dollars that James Steamer claims I can make, and rather have a family, accept my imperfect health (and treat it with the backing of health insurance), and spend money on fast food or an occassional movie once in awhile.

This is an excellent book for families to read. Especially husbands! Jim Steamer takes a common-sense approach and I'm impressed that he's actually achieving financial independence in spite of low-paying jobs. It just proves to me that it CAN be done. It was inspiring to me to know that sometimes a low-paying job can be seen as a "temporary" choice if it gives you control of your time and your life. The only reason I didn't give this book a "10" is because the one thing I didn't find in Jim Steamer's book was more background about what motivated him or his wife's comments or input. However, I was glad to find this in "Woman's Day" magazine, the September 1, 1997 issue. I still cannot figure out why the article doesn't seem to mention his book