Terhorst Book

[Whisper9999]

Guys,

Is the Terhorst book, which I know is a classic, worth spending $20-25 on? Am I really going to learn that much that I couldn't just learn on this board?

Can you get it at the library?

[Whisper9999]

Quote:

Can you get it at the library?

Believe it or not, I never thought about it!

I first found it at the library. I now have my own copy.
It is worth the money.

JG

[unclemick]

Hmmm - Don't know about the Terhorst book - BUT I have my fourth copy(in thirty years) of the 4th ed, Ben Graham's The Intelligent Investor - kept under lock and key with dollar bills bookmarking selected sections for those occassions when I suffer 'irrational exuberance'.

The book has achieved talisman status - reading a library copy just won't cut it. Not that I'm irrational or superstitious or anything - heh,heh,heh.

[Bob_Smith]

Whisper9999, it is a great book, but based on your posts I think you are way beyond it.

[Whisper9999]

Quote:

Whisper9999, it is a great book, but based on your posts I think you are way beyond it.

Thx for saying that, but I'm only 50% of the way there psychologically. I can tell that I think differently than the great majority of my peers, but I still sucked into the "rat race" too easily.

So I'm always looking for inspiration and pointers...

[Whisper9999]

Quote:

Hmmm - Don't know about the Terhorst book - BUT I have my fourth copy(in thirty years) of the 4th ed, Ben Graham's The Intelligent Investor - kept under lock and key with dollar bills bookmarking selected sections for those occassions when I suffer 'irrational exuberance'. The book has achieved talisman status - reading a library copy just won't cut it. Not that I'm irrational or superstitious or anything - heh,heh,heh.

You know I'd like to buy that to see how well it corresponds to my current investing methodology. I buy only the best of the best but on a much shorter time frame than Graham/Buffett. I'd like to know how much the fundamental part of my style corresponds to his way of thinking...

[ordway]

Quote:

Thx for saying that, but I'm only 50% of the way there psychologically. I can tell that I think differently than the great majority of my peers, but I still sucked into the "rat race" too easily. So I'm always looking for inspiration and pointers...

Then the Terhorst book would probably be worth it for you. A lot of it is about being motivated to ER, figuring out what you want to do other than work for pay, learning how to opt out of the rat race, etc. I got it out at the library and thought it was an OK read, but for me it was 99.99% "Yeah, I already feel that way, no need to convince me, what's next?"

If you think perpetual traveling sounds like a fun idea, then that's another plus for the book. I am the kind of person who considers time off from work a perfect opportunity to stay home, read books, watch movies on DVD, drink coffee, and pet my cat. Traveling is fun once in a while, but I would not enjoy *always* traveling.

[hocus]

Is the Terhorst book, which I know is a classic, worth spending $20-25 on? *Am I really going to learn that much that I couldn't just learn on this board?

I say you should buy the book. It's not that you will pick up any one piece of information that you could not pick up from reading this board. A book is a different communications medium than a discussion board, in some ways superior and in some ways inferior. Information re how to retire early is taken in through a different process when taking in through the reading of a book.

One difference with reading the book is that you will learn about the Terhorst case in greater depth than you would learn about any of the cases you see described at this board. There are great benefits in gaining horizontal knowledge of a topic. But there are also benefits in gaining vertical knowledge of a topic.

Another difference is that, in organizing the material presented in his book, Terhorst had to integrate his understanding of different ideas and concepts so that his treatment of one led naturally to his treatment of another. On a discussion board, the conversation jumps from Topic A to Topic B to Topic C. You experience a collage of insights. That's fun. But there is a different sort of fun to be had in pulling the various information bits into an integrated whole, and that is better accomplished by reading a book.

I am a big fan of discussion boards. If you had to choose between participating at this board and reading the Terhorst book, and you had enough free time to be able to devote a good bit of it to reading a discussion board, I would advise you to participate at the board. But you don't have to choose. You can have the best of both worlds. I have spent lots of time on Retire Early discussion boards in recent years. But I also have read the Terhorst book three times and would probably benefit from going back to it for a fourth run-through.

This is new stuff. It is not possible for your mind to take it all in quickly. You need to go to the well, drink a bit, go away and ponder for a time, and then return to the well for a new drink. Your understanding of the material will expand after your first read of the Terhorst book in such a way that you will pick up things on the second that you just didn't see were there on the first.

You have a lot riding on getting this right. The tiny number of dollars it will cost you to obtain the Terhorst book is insignificant compared to the gain you will experience by being a little more sure that you did not make any big mistakes in development of your plan.

[unclemick]

Talisman/good luck charm to keep you motivated --

You can rub the cover - when the urge to spend hits.

[Nords]

Whisper,

Try a library copy, or get your fix at the Terhorst's website. Vicki calls the used-copy prices "outrageous". http://www.geocities.com/TheTropics/Shores/5315/ I don't think they have any plans to write another book since it'd be a lot of promotional work.

But I think the Kiplinger's & Money articles (look at the links at the bottom of the Terhorst's page) are at least as valuable as the book... maybe more so.

The Terhorsts' book was a great start on the topic, but their website articles give a much more balanced & considered approach. For example, their retirement portfolio is much heavier in equities now than when they retired.

Actually the Terhorsts had no equities when they retired.
They caved. I, OTOH, have kept the faith

JG

[ESRBob]

Whisper,
Don't buy Terhorst for the financial side (basically it boiled down to buying 8% 10 year treasuries -- tell me if you find any!)

But on the psychological side, the book galvanized me to 15 years of planning for ER, and got me into it whole. It ranks as the most influential book in my life, short of the Bible.

It may be preaching to the converted now for you, but some days we all need a bit of that.

Terhorst is funny, breezy and credible.

Having said that, try to get it in the Library to save the money. If you aren't successful, and promise to return it, you can PM me and I'll lend you mine.

ESRBob

Let me add my voice to the chorus--Terhorst's book provides a very insightful perspective on ER from one who apparently left a very high-achieving career and chose ER.

The book is best when it comes to the 'whys' and 'how' of ER for those who have accumulated modest but significant wealth.

The overall financial advice is still relevant, even if the portfolio choices are no longer optimal...

Finally, be sure to ask your local reference librarian about inter-library loan. I'm sure they can find one for you somewhere, at a minimal cost! In my case I got it from a local Bay Area library and made myself a personal copy at Kinkos!

[Hyperborea]

Quote:

In my case I got it from a local Bay Area library and made myself a personal copy at Kinkos!

That wouldn't be the Campbell library would it? I've borrowed it a couple of times in the begining of planning for FIRE and when I needed an inspirational boost.

I wonder how much the library would charge me for replacement if I "lost" the book by selling it on eBay?