Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Other Sellers on Amazon
+ $3.99 shipping
+ $3.99 shipping
We're Not In Kansas Anymore: Strategies for Retiring Rich in a Totally Changed World Hardcover – April 20, 2004
|New from||Used from|
See the Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.
From Publishers Weekly
Likening the befuddlement that most investors feel in the post-stock-bubble era to the confusion that Dorothy experienced when she fell into the unfamiliar Land of Oz, Updegrave leads readers away from retirement planning myths and straight down a realistic path to financial security. A senior editor at Money magazine and a columnist for AOL Personal and CNNMoney.com, Updegrave manages to enlighten readers without pandering to their fears or overstating the complexity of accumulating wealth. And he shares the most important revelation at the start: its not how skillfully you invest, but how much and how routinely you save that ultimately matters. While this book is of obvious value to younger readers, the under-saved and over-50 receive substantial attention in sections that provide detailed strategies for catching up on savings. Throughout the book, Updegrave highlights the pitfalls and the self-delusions that undermine so many retirement plans, such as the fact that "40 percent of Americans are counting on the lottery, sweepstakes, getting married or an inheritance to fund their retirement." Social Security, the tax code and insurance coverage are demystified without ever evoking nightmares of the Wicked Witch. And though the Oz imagery might make some readers wary, the references fade as the book progresses, so they never get too tiresome or cutesy. Updegraves explanations and frequent referrals to useful online tools will help readers figure out exactly how to begin and exactly how to get to where they want to go, with far less difficulty than Dorothy herself experienced.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
The trend of applying metaphors to the business world has just about run its course. Take, for instance, financial columnist Updegrave's application of the Wizard of Oz analogy to new retirement strategies. After one or two references to Dorothy, Toto, and her companions, the literary allusions fall flat. But don't let that detract from the content, which emphasizes today's realities--that we can no longer count on social security and corporate pensions to carry us through retirement. Featured are worksheets, charts, simple explanations of complicated financial instruments (such as the different types of annuities), and great advice. Some examples: 10 tips to boost savings, from "put it on autopilot" to "keep an expense log," or the 7 strategies to follow if your savings aren't robust enough. A money counselor for the millennium. Barbara Jacobs
Copyright © American Library Association. All rights reserved
Browse award-winning titles. See more
If you are a seller for this product, would you like to suggest updates through seller support?
Top customer reviews
By George Fulmore
The subtitle of this book reads, "strategies for retiring rich in a totally changed world." Maybe I've been at this personal finance stuff for too long, but for me that subtitle means that I'm about to learn something new. In reading "We're Not in Kansas Anymore" I did not find that to be true.
To me, what this book is saying is that the old world of retirement pensions is gone and cannot be depended upon. Many of us have known that for decades. In my case, the defined benefit program where I worked was converted to a defined contribution (401K) program by the mid-80's. This is not big news. And this would seem to be one of the many books now coming out that warn Baby Boomers that they need to take this savings stuff serious or else. Again, I'm not sure that this is new stuff. (And I'm not sure that all those state, federal and county government workers need to be sweating out any of this. Their pensions will hopefully be there for them.)
The bulk of the book talks about standard personal financial stuff that has been printed for decades elsewhere and that you can find in endless current books: start early, think long-term, max out deferred options, don't think it's too late, don't be too conservative or too risky, live within your means, review your overall plan at least once a year, yada yada yada. This takes us to page 244 of this 277-page book.
Sure, if one follows all this, he or she or they build up a nest egg that will prove its worth in retirement. And that will be wonderful. But if we don't do all this, then we will be in the soup, unless we somehow catch up in time. What the author does not spend much time with are the real world reasons why these things do not work out. That's not his concern. And, of course, he never really defines how much is enough. Nobody knows all the variables of the future, so nobody really knows the answer to that one.
The final 33 pages are why I bought the book, but they do not contain enough insight or information for me to urge others to do so. He talks of a "longevity risk," which is all that stuff about running out of money because one lives too long, but he also says, "there's no way to know in advance exactly what mix of stocks and bonds will make your portfolio last the longest or how you can set a withdrawal rate just high enough to give you the most income without your nest egg expiring before you do." Thanks a lot, buddy. That's a big help!
There are about 14 pages on annuity strategies, which I was hoping would be the bulk of the book, as I think converting illiquid assets into income over time is the name of the game in retirement. And he is generally talking about that in this brief section. (No mention of charitable trusts annuities, which I generally prefer.) The final pages urge the retiree reader to make periodic reality checks on how things are going, mixed with advice about how not to get too caught up in all this finances stuff in the first place: "don't let the planning get in the way of living a happy and fulfilled life." You get only one retirement. Enjoy it while you can."
I you are looking for a good book on personal finances leading to a sufficient retirement nest egg, I guess this is as good as any; although, I'd think you could save yourself some money by going to a used bookstore to pick up one of the many books on this subject that have been around for years. If you are looking for a book that deals primarily in retirement financial strategies in today's world, I'd keep looking. This book is not it, in my opinion, and my guess is that there will many, many more to follow in the next