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Here you find additional information about early retirement as well as more information on How to Retire Early. In Fall 2000, Gillette answered questions about early retirement on four AOL primetime chat rooms. To read transcripts of those chats, click the "Smart Money Chats" button to the left. To read additional interviews with Gillette, click on the "Interviews" button. Gillette recommends that you use all your life experience to establish your asset allocation. To learn more about this process, click on the "Experience Counts" button. The "$400,000 Enough?" button shows one early retiree how to determine if she can remain retired on the returns from a nest egg of $400,000. Those who are late to the retirement savings process should read "Late-Starters Retire" to learn how to catch up. If you do not yet own the book, you can order it now. To order How to Retire Early and Live Well With Less Than a Million Dollars online from Amazon.com click here. To order from BarnesandNoble.com click here. After you have read the book, please return to Amazon.com or BarnesandNoble.com and write your own online reviews. The Retire Early Home Page gave How to Retire Early its highest rating: five stars. To read their review, click here. To order copies directly from the publisher call or contact: Adams Media Corporation To order directly from the publisher via the web, click here or go to BusinessTown.com, and then click on Book Store. This fun to read guide will show you how to:
The author retired early and has more than tripled his net worth during retirement. Now you too can retire early and grow your nest egg during retirement. This is the first guide to a prosperous retirement written by an author who has more than prospered in retirement. This book sets out simple and advanced strategies, and includes funny and touching anecdotes from the author’s life, that show the benefits and perils of investing in stocks, bonds, international stocks, real estate, private businesses, and more to achieve outstanding, steady returns every year. The author, an outspoken critic of the financial services industry, speaks to the retired investor, both novice and seasoned, from the inside perspective of having done what he advocates rather than theorizing about what retired investors ought to do. The book is written by an early retiree-an expert consumer of financial products-not by a mutual fund group or promoter looking for commissions and fees. Excerpts From the Book From the Introduction: Today there are an estimated 30 million retired Americans and 15 million with more than $500,000 in assets who are approaching retirement. It is time a book is written from your point of view about preparing for and investing during retirement. Myths about income stocks, municipal bonds, and annuities being the best investments for you exist today just as they did in 1981. It is time these myths were smashed. From Chapter 2: Don’t cut back on your lifestyle in order to live off your investments. There is no point in giving up the day job if it means not skiing or going to Hawaii or the theater or shopping. You do not want to feel deprived and miserable. In fact, I don’t know of anyone who has successfully made the transition to living off investments who did it by severely reducing their lifestyle. Concentrating on your investment returns will have a bigger impact on your financial well being than concentrating on your spending. More people have gotten themselves in trouble from poor investments than from excessive spending. From Chapter 4: You already have an asset allocation and chances are someone sold it to you. Every money manager, financial advisor, insurance salesperson, Wall Street firm, financial journal, and other investment group sells asset allocations. Most do not even realize this. They are selling what sells. In 1996 the typical investor actually had 40% in U.S. stocks, 30% in bonds, 30% in cash, 0% commercial real estate, 0% foreign stocks. This speaks well for the sales power of the financial services industry and creates an opportunity for you to invest in stocks of many financial service companies but it is not an allocation you will be interested in yourself. This is a bad allocation for those saving for retirement. It is a terrible allocation for anyone living off his or her investments. The vast majority of products out in the market are U.S. stocks, bonds, and money market funds. These products are heavily promoted and sold every where. That does not make them appropriate for you. The Miracle on 34th Street was not that Kris Kringle was Santa Claus. The miracle was that Macys sent a customer to Gimbals. The miracle on Wall Street will be when a stockbroker turns down a retired person’s money and suggests they buy a small apartment house instead of stocks. From Chapter 5: Even if boomers continue to save for 20 years I would not bet my money that U.S. stocks would be the best place to be that whole 20 years. For one thing, it is easy right now to make 10% or better in real estate and foreign stocks. If it becomes harder to get good returns in U.S. stocks a shift to other assets can occur quickly. Baby boomers are uneducated, undisciplined lenders of their capital. They are less educated and less disciplined than the lenders who fueled the real estate boom and bust of the 1970s and 1980s. Money market funds or foreign stock funds can be bought over the phone or the Internet and real estate deals can be closed in a month. There is no reason to believe that U.S. stocks are a better retirement savings investment than real estate or foreign stocks. A big shift could occur quickly. From Chapter 10: In the U.S., a whole generation of desperate retirement savers has piled almost everything into the 500 stocks of the S & P 500 index. Many savers do not realize this. They have bought mutual funds but do not realize that half or more of their mutual fund holdings are in the S & P 500 stocks. The desperately seeking savings investors fail to look at the loads and expenses they are paying for assets. Retirees usually take their time and shop for no load funds, discount brokers, low expense ratios, under priced real estate, used cars and other bargains. The desperate savers buy anything that is put in front of them. Readers comments: As a CFP, a CFA, and twenty-year professional investor, I know about every thing you could know about investing. Gillette’s genius is his ability to translate all his knowledge into an easy to read, simple step-by-step plan for living as a retired investor. This book explained to me, for the first time, how to set up a portfolio in retirement and live without worries for the rest of my life. I and most professionals focus on making the highest returns with the least risk while Gillette shows us how risk and return effect lifestyle decisions. Gillette’s two decades of living off his investments opens up a whole new way to look at investment policy, asset allocation, expenses, taxes, and, most importantly, the emotional component of spending part of your nest egg every day of every year in volatile markets. I have altered my own retirement portfolio after working with Gillette. Thank you Gillette for your insights. Jim Keene, CFP, CFA. Argonaut Advisors Group
Gillette showed me how to set up my portfolio so I can still retire early if I want despite a recent divorce. I was convinced that I was set back ten years and would need a minimum of a million dollars. My plan to retire is now in better shape than before. I now know what I need both financially and emotionally to make it. Dr. David Nasca Claremont, CA.
This book contains good news-you may be closer to living off your investments than you think! Edmunds presents excellent information in a clear, non-intimidating style using both humor and emotional sensitivity. How To Retire Early is necessary reading for those of us who are smartly strategizing for our financial freedom. I will recommend this book to clients and colleagues alike. Carol Solomon Ph.D. San Francisco, CA
Gillette gives clear, simple, yet sage advice. Having witnessed the positive results of his investment skills over a number of years, I know the plan outlined here will work for me just as it has for him. Al Hirshen, JD, Senior Policy Advisor, US AID, Jakarta, Indonesia.
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