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- Oct 13, 2010
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Not a five star in my opinion. It's got some Zelinski-esque stuff in it about happiness (core pursuits), but many of the conclusions are based on a survey where I question the direction of causality. For instance, the author, Wes Moss (who has a radio show, but I've never heard of him), says that you should have more income streams because in his survey, people with more income streams self reported higher happiness level. But since it's not adjusted for total income, he's comparing unhappy "only Social Security" people with people who have investment income, rental propery income, plus SS. This isn't the only example like this...the book is filled with them. "Happy retirees take at least two vacations per year, and when they do vacation, they spend more than unhappy retirees." Ya think maybe the unhappy ones might be a little short of cash and so take shorter vacations and are less happy? !?! Because the people who self-reported as the happiest also say that they socialize a lot, Moss prescribes that retirees go out and socialize. Probably a good idea, but again, the causality: depressed people don't feel like going out, so they report "not happy" and "don't go out". That doesn't mean that going out will be the solution to their depression.Have not read it yet, but requested it from the library (even though I'm already retired):
You can retire sooner than you think : the 5 money secrets of the happiest retirees
The first review on Amazon is a 5 star from Ernie Zelinski.
On the financial side, Moss tends to simplify stuff. That's good for people that don't concentrate on their finances, but rules like "you'll get $1000 per month for every $240,000 you have invested" don't seem very helpful to me. He's big into interest and dividend paying investments, saying that keeping money out of growth will smooth the bumps, which I think is probably true.
I'll end with the thing that he and I agree on. An interesting take on the whole "pay off the mortgage or not" thing. He says that if you can pay off your mortgage with less than 1/3 of your after tax savings, then do it. That seems like a reasonable rule of thumb. But even there, if doing so would take you from 3 years of ACA subsidies to 2 years of ACA subsidies, maybe it isn't such a great idea.
There are a lot of good and interesting things in this book, but not too many that were new or fresh to me. It is a quick read, and I'm glad I read it, but glad I just borrowed it from the library...not one for the personal bookshelf!