You Can Retire Sooner Than You Think by Wes Moss

[nvestysly]

I've read the book by Wes Moss and thought it was useful. A friend recently told me about this youtube video. In some ways the information is similar to the Millionaire Next Door but the book by Wes Moss takes a little different angle.

 

[Palmtree]

I've read the book and found it a refreshing alternative to the "you must have two or more million dollars to retire" prognostications we see so often.

 

[LitGal]

Haven't read his book, but did enjoy his presentation. Was surprised to see how much of Moss's data confirmed assumptions/decisions DH and I shared during years of planning for ER: sources of happiness, how much money one really needs, the veracity of financial service marketers, etc.

So, yes, money does buy a certain amount of happiness; however, if all you have is lots of cash, you can't count on being happy as well.

But, IMHO, aren't those age-old adages? (After all, it was back in the 60's when Grandma encouraged all her grandchildren to go to college so we girls would have a profession "to fall back on." Yet she would also gossip about the rich lady in town who rarely said a kind word to anyone.)

During the Q and A session, I was wondering how much history was understood by the younger adviser describing ways the investment community could reach out to folks in their 20's and 30's. The principles he describes seemed pretty generic, useful for any generation.

In fact, back in our 20's and 30's, FA's approached DH and me in those same ways. But, I guess every generation wants to be told their concerns are unique.

The rhetoric of persuasion is timeless: just reconstituted, perhaps.

 

[growing_older]

Thanks for the link, but I did not at all enjoy this presentation. He took forever to get started with any useful information and the actual substance behind his book (and presentation) could have been succinctly communicated in a single written page.

He's a Financial Adviser who loves the "income stream" story and forecasts that retirees or want to be retirees need to use professional help (ideally his firm) or else they will suffer poor investment returns and he also plays on the fear of Social Security by forecasting that it will pay out ZERO in the near future.

according to Moss’ survey, happy retirees have a liquid net worth of at least $500,000; they have about three activities, hobbies or interests they love to pursue and they have a home value of at least $300,000. They also have an annual retirement income at or near $82,770. Unhappy retirees average about $53,370.

 

[nvestysly]

I agree that the presentation went on quite a long time. Certainly the same subject matter could have been covered in 30 minutes or less. There were quite a few personal interest stories woven into the presentation so the time was too long.

In many ways it was a presentation on how the book was written and evolved over time rather than a matter of fact presentation on financial matters.

After watching the video above I noticed there are several more videos from Capital Investment Advisors on the subject of caring for elderly family - trusts, etc. I think each video is about 30 minutes (there are four videos I think). I may take time to watch those.

 

[target2019]

TEL 095: You Can Retire Sooner Than You Think with Wes Moss - The Entrepreneurs Library

This is a 30-minute podcast where the author is interviewed about the book. I could not listen to the entire 30 minutes.

The points he makes are kinda obvious. If you make 30K, and on your own, you're focused on the basics of survival (in this country). If you get ahead and find a salary of 60K, you will be a lot happier. These numbers are very dependent on where you live in the US.

 

[ExFlyBoy5]

There is another post here somewhere that discusses his book at length. I tried to read it, but couldn't get past the first 40 pages. He also has a finance show here in Atlanta. I tried listening but couldn't take more than 15 minutes at a time. He's just...well, meh.

 

[daylatedollarshort]

Median household income is around $50K, lower for those 65+ (around $45K). Net worth for households (including home values, not just liquid assets) age 65+ is $232K, so I am not sure who he is interviewing or what his selection criteria is. Personally, I would pay more attention to a survey from a university, researcher or government agency with people trained in survey methods than a single financial adviser with unknown qualifications in survey methodology and a book and financial services to sell.

Source:

http://www.federalreserve.gov/pubs/bulletin/2014/pdf/scf14.pdf

 

[Choices]

I could not wade thru past the dude's yammering about his varicose veins! Hopefully his audience was not well fed otherwise they fell asleep. Seems to be a snake oil salesman but maybe just in a prev life, now he is a researcher, I guess. If I had the book I would fast forward to the good parts, like the stories of overcoming disadvantages to end up rich.