5 stars for Retire Inspired: It's Not an Age, It's a Financial Number by Chris Hogan.
I have at long last read Retire Inspired. This book has been on my reading list ever since my significant other read it last year. I promise myself that I will read it this year and read it soon. Now that the deal is done, I can finally upgrade the status of this book from unread in my reading list to read in my read list.
Be inspired!
Plan for your future
Invest in your dreams
Retirement will no longer be an age thing
Goodbye to the have-to stage of survival and welcome to the want-to stage of living
This is one amazing book on retirement, retirement planning, budgeting and investing. It is educational, encouraging, empowering, inspirational and insightful.
Real-life examples are included, by way of illustration, to bring across the meaning of high-definition retirement dream clearly. Concepts are presented with easy to understand explanations and calculations. Strategies are shown on how to retire well. Basically, this book is written to inspire us and to help us avoid the pitfalls that can set us back from the retirement of our dreams.
One thing to note is that this book is written with the U.S. market in mind. Many of the items covered on the topic of legal, tax, estate planning, insurance and real estate issues that surround the subject of retirement cater specifically to the U.S. market, but even so, I feel that the advice given is very much practical and easy to relate in countries with similar applicable rules.
I like that Chris Hogan explains everything in layman's terms. One excellent example which stands out among the rest is his comparison of the stock markets with supermarkets - the concept of the market where things are being bought and sold. He explains that when it comes to investing, "the market" which comprises different types of markets say, the stock market, the bond market, the capital market, works the same way. Investors buy and sell the investments and prices of these investments go up and down all the time, just like the products in a supermarket. To further illustrate his point, he talks about buying strawberries, a small juicy red fruit that everyone is familiar with. Hogan says that he notices that the price of strawberries goes up and down throughout the year and that they are more expensive during off-season months, but cost a lot lesser when they are in season. This is one excellent example of fluctuation in the value of strawberries which a consumer will take into account in the buying decision. And that is also how the stock market works; stocks go through similar fluctuations. I am not new to the stock market having worked in a stockbroking firm before. But I have never thought of it in such a manner by way of explanation. Hogan has shown that it is so much easier to illustrate an abstract concept by analogy with something so everyday such as strawberries. His writing style impresses me so and gives me the feeling that he is working with us not only to help us reach a good understanding but also to see things the way he wants us to.
There are many things to like about this book. Perhaps what I like most is that it is not purely about money, figures and wealth building, it is also about family and relationships. It stresses the importance of managing family and relationships, the most important investments in life. Because if these precious investments are not managed the right way, then all of the retirement planning will have been for naught. To put this point across, Chris Hogan even goes to the extent of sharing his personal stories and life experiences with us.
To sum it up, this is a book about budget, dreams, plans, goals, efforts, sacrifices, commitment and even boundaries. It is about so many things. But really, at the end of the day, it is about spending retirement years doing what you want to do instead of what you have to do. For that, Chris Hogan poses some questions for his readers, questions that pretty much recapitulate the bottom line of Retiring Inspired and provide food for thought.
What are your priorities?
Who is important to you?
What do you want your legacy to be?
What do you want to leave your loved ones with?
Having read this book, Chris Hogan has convinced me that it is possible to retire inspired. I am grateful and thankful that my significant other has also read this book (in fact, he read it first). So now, we both have the same understanding about retiring well and are taking action to work towards achieving the retirement of our dreams. I certainly do not want to retire broke, tired or stressed. I want my retirement to be a normal one at least, not the burden or nightmare retirement. And I know it can be done.
You can do it too! You can make a real difference in your life, in your family, in the lives of your children and possibly even in the lives of your children's children. Read Retire Inspired. Be inspired. Take action. Retire well. Retire inspired.
Publisher: Ramsey Press; 1st edition
Publication date: 12 Jan 2016
*** Favourite quote 1 ***
Retirement is not the end of your life; it's the start of what could be the last third of your life. If you're going to live a few decades without working, your only income then depends on what you are doing now.
*** Favourite quote 2 ***
.. this journey toward your dream, your retirement, is completely up to you. You cannot depend on winning the lottery. You cannot depend on the government. You cannot depend on your children. You shouldn't depend on some big inheritance from a parent or distant relative. It is 100 percent in your hands.
***Favourite quote 3 ***
The truth is, there is more to debt than basic math. The really terrifying downside to debt is risk. In addition to borrowing from your dreams, debt places you at risk. No matter what is happening in your life, no matter what life deals you, that debt will always demand a payment each month.
*** Favourite quote 4 ***
There is no such thing as getting rich quick. There is no magic formula for building wealth overnight. You know what the secret ingredient is for wealth building? Patience. Fear, anxiety and impulsiveness are the enemies of patience, and they'll all lead you into retirement broke. Don't let them! Keep your eyes on the goal and keep moving toward your dream - slow and steady.
*** Favourite quote 5 ***
Boundaries clarify what is important to me and my wife, show me what I am willing to do and how far I am willing to go to accomplish my dreams, and define what I'll do to protect the dreams we've agreed to. Boundaries aren't about saying no to everything; boundaries are about saying yes to what really matters - whether or not your family and friends understand or agree.
*** Favourite quote 6 ***
..the thing to remember as parents and as grandparents is that the greatest expression of true love is actually time and attention - not cash and prizes.
*** Favourite quote 7 ***
Your greatest investment in your kids and the next generation isn't your money; it's passing down who you are and making an investment in who they are becoming. That's what really lasts generationally.
~ Retire Inspired
Chris Hogan
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When you hear the word retirement, you probably don't imagine yourself scrambling to pay your bills in your golden years. But for too many Americans, that's the fate that awaits unless they take steps now to plan for the future.
Whether you’re twenty-five and starting your first job or fifty-five and watching the career clock start to wind down, today is the day to get serious about your retirement.
In Retire Inspired, Chris Hogan teaches that retirement isn’t an age; it’s a financial number—an amount you need to live the life in retirement that you’ve always dreamed of. With clear investing concepts and strategies, Chris will educate and empower you to make your own investing decisions, set reasonable expectations for your spouse and family, and build a dream team of experts to get you there.
You don’t have to retire broke, stressed, and working long after you want to. You can retire inspired!
*Blurb from Goodreads*
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