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Title: Die Broke : A Radical 4-Part Personal Finance Plan by Stephen M. Pollan, Mark Levine ISBN: 0-88730-867-8 Publisher: Harpercollins Pub. Date: 01 November, 1997 Format: Hardcover Volumes: 1 List Price(USD): $25.00 |
Average Customer Rating: 3.81 (48 reviews)
Rating: 4
Summary: Makes you rethink conventional wisdom
Comment: The main point of the book is that it is silly to aim to leave a large estate to your heirs. Instead of that, spend your money, or give it to the people and causes that you care about while you are alive and able to enjoy seeing the gifts put to use. Since this type of plan raises the spectre of running out of money (i.e. "outliving your assets"), Pollan and Levine's work is full of practical advice on how to insure a sufficient life-long income, using annuities, insurance, etc.
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.
Rating: 3
Summary: Some good insight, but overall seems too drastic
Comment: The authors have plenty of good ideas but I just don't buy their thesis completely. The "pay cash" and "don't retire" ideas have lots of merit, "die broke" definitely made me think about our estate plan, but I definitely question the "quit now" mentality. As a manager I see the "free agent" attitude the authors describe in the Gen-X crowd and I cannot for the life of me want to promote that attitude. I would hope when people spend 40+ hours a week someplace they would enjoy what they do and want to be part of a team effort there, not just struggling through it and seeing it as the part of their life that is solely for producing money. We all know careers and jobs are not guaranteed any more, but this "looking out for number one" attitude you see so much these days does not help the corporate work environment. I know my company may boot me whenever they feel like it, but that doesn't mean I have to act with that same callous attitude to my peers or subordinates. Then to have some bestselling book promote this selfish attitude in the workplace really scares me.
Rating: 5
Summary: Great for Bankruptcy Recovery
Comment: As baby boomers that lost it all and is in the process of rebuilding our life, we found this book to be very helpful. In addition, it points out the hardest lesson that we've learned - your employer is not loyal to you and you can't count on them to take care of you.
This book isn't going to make you wealthy, and that is not its intent. This information in this book, paired with info from Suze Orman, are powerful tools for protecting yourself from future crises.
It isn't always right on the money, but it offers food for thought and practical advice. You won't find any book that has all the answers - if that were true, we'd all be rich.
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