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Die Broke : A Radical Four-Part Financial Plan Paperback – Bargain Price, October 1, 1998
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Die Broke is organized into two sections: the first lays out the principles for dying broke. Pollan bases his whole argument on these four maxims: quit today and work for yourself, not your company; pay cash, melt your credit cards, and don't even think about using your ATM card; don't retire, retirement is a relatively new concept created during the Depression, instead plan to work all your life, and; die broke, after all, you can't take it with you.
The second part looks at specific instances of how to put this philosophy into action, covering everything from "Automated Teller Machines and Cards" and "Umbrella Liability Insurance" to "Mortgage Loans" and "Real Estate Investment Trusts." The book draws on Pollan's experience as a financial and legal consultant and includes many examples from his own practice.
Some may find Pollan's views extreme. However, if you're starting to think about retirement or are at all worried about your financial future, Die Broke is worth a look. Even if you think you've got it all figured out, this book could change your mind. --This text refers to an out of print or unavailable edition of this title.
Top Customer Reviews
Those reviewers who criticize the book as a case against retirement planning miss the point. Whether or not you plan to "die broke", you'll need substantial assets to provide a comfortable income in your seventies, eighties, and beyond, God willing. Die Broke is about how to accumulate those assets, and how to make the best use of them, not at all an excuse for not saving.
Regarding their views on retirement, Pollan and Levine are preaching the not-so-heretical idea that many of us will find both fulfillment and income working past the standard retirement age, and should take that into account as we plan for that time. Indeed, social scientists are starting to find that people who keep working (often part-time, or as volunteers) are happier and live longer than those who "retire".
I highly recommend this book to people thinking about their careers and finances. Even if you disagree with its conclusions, it will stimulate your own thinking and planning. Be sure however to check with a qualified advisor before undertaking any of the detailed strategies mentioned, as tax and other rules are constantly changing.
You know the bumper stickers you see that say "We're Spending Our Children's Inheritance"? This book is based on that theory, although with a kinder philosophy behind it. The authors recommend you
1) Quit Your Job. (virtually,not actually)Rather than leaving your job, start thinking of yourself as an independent contractor - and make sure you do what you like, get what you want) The work world has changed, employers complain about lack of employee loyalty, but will 'right size' you tomorrow
2) Pay Cash - Get rid of credit card thinking and credit card debt. This is not your father's credit card system anymore!
3) Don't Retire - The idea of putting yourself out to pasture at a given age is as dated as the concept of thinking you have to grow your inheritance to leave to your kids.
4) Die Broke. Spend your money wisely now, use legal ways you can take care of your parents and your kids while you are still alive.
The idea is not to live poor or foolishly, but to rethink entirely why you are struggling so hard now for a tomorrow that may or may not come. Use your money today, to take care of yourself and your loved ones. This book is easy to read without talking down to the reader, is full of good advice with possible to practice wisdom. A good investment!
Many people, including myself, worry continually about how to raise the money needed to survive for thirty years after retirement. Pollan's ideas help us to break out of the outdated concepts that give us these feelings so that we can feel better about ourselves and our current financial state.
1) Quit Your Job. Pollan recognizes that the vast majority of businesses don't care about their employees. When push comes to shove, anyone that isn't vital is gone with no regrets. Many readers already know that. Pollan argues that since your employer is no longer your protector, you should treat the relationship as a relationship of equals. That means doing what your employer is doing......by putting your needs first. Give him or her an honest day's work, but think always in terms of where you're going and what skills you need to get there. You are a free agent. You are responsible for your professional growth, not the person in the corner office. For some, this may mean stepping out on their own. For others, it may mean staying on the job but approaching it differently. Whatever it means to you, recognize that when things go bad for the company, nobody's going to care about your mortgage, credit card bills and braces for the kids. You need to make sure that you've got that covered by developing a set of skills and attitude that can't be replaced. That's what free agents do.
2) Pay Cash - Bingo. I stopped buying on credit years ago. I won't even buy a car unless I can pay cash for it and have accelerated mortgage payments and will soon have paid off the house. This is extreme behavior modification for many of us, but it is the true path to freedom in life.Read more ›
Most Recent Customer Reviews
A very good comprehensive book. A bit outdated information for this generation though.Published 2 months ago by LL
Work forever? Nearly 50% are forced to retire earlier than planned...layoffs, caretaking, health issues etc... Read morePublished 11 months ago by Jeff Harring
Solid advise that anyone can apply. The book is a classic and written in the 90's, but the advise applies perfectly today in the so called global economy, For most of us who work... Read morePublished 13 months ago by Mark B
I think this book offers some good financial advice. It strays from the traditional view of retirement.Published 16 months ago by Paul
Some thought provoking ideas. In the end long on anecdotes and short on facts. I Read a book by Ric Edelman at the same time, in contrast it was concise factual and to the point... Read morePublished 18 months ago by Nicholas walsh