THE Book

[retiringby50]

I couldn't really find any specific threads regarding the book itself by Bob when I did a search. I'm planning to check out the book in the library but wonder if I need the workbook as well. Should I just outright buy it instead? Is this what many/most of you used to reach FIRE?

Any other info you can provide will be great. Best chapters. Most valuable section. Etc. Thanks!

 

[Sarah in SC]

I seldom buy books (I'm a big fan of the library), but I bought this one. I keep re-reading it for inspiration. Well worth it in my opinion, because he covers the philosophical and financial topics you need to know in order to prepare for FIRE. Well presented material.

 

[Rich_by_the_Bay]

If you're referring to Bob Clyatt's book, I'd go buy it outright. It is one of the better books about retirement, IMHO.

Bob's approach is more mature and realistic than most of the others. While his investment approach sounds sensible to me, I think there are a few other approaches that may be equally sound and perhaps a bit less cumbersome; do your own research on that area.

One of the things I enjoyed about Bob's overall tenor is the balanced perspective regarding how much of FIRE happiness is related to money and how much is related to other life choices. Without getting preachy, he acknowledges that you can't do this without at least basic financial security, yet he reminds you that money is not the goal.

 

[Nords]

I couldn't really find any specific threads regarding the book itself by Bob when I did a search. I'm planning to check out the book in the library but wonder if I need the workbook as well. Should I just outright buy it instead?

Welcome to the board, RB50.

I could understand asking this question for lump-sum purchases like a Hummer or a second home. I could understand asking this question for chronic wallet leaks like a $40/week cigarette habit or a $10/day latté addiction.

But questioning a $20 book purchase related to analyzing your ER, which will undoubtedly be be a six-figure lifestyle change, may be crossing the line from frugality to deprivation. I doubt that this $20 is going to adversely affect your ER portfolio or your grocery budget, either, and it'll pay for itself when you learn how to avoid being misled or even defrauded. It's not as though Bob is selling $3000 "Secrets of the ERs" seminars with Kiyosaki & Trump.

Unless you prefer not to use a computer, you'll want the workbook for its CD of spreadsheet files (over two dozen of them) and its assessment surveys. Samples are in the book but you can edit & personalize the CD copies as many times as you wish. There are also a couple of bonus audio interviews with Bob & Dory which, I'm surprised to learn, haven't yet zoomed to the top of any podcast websites. Maybe they're saving their big push for YouTube?

Reading the book without the workbook is like carving a canoe out of a tree with a stone adze. You'll have the bare minimum required to get the job done but you'll wish you'd spent a bit more for the power tools. Anyway you can read the free library copy and then make your own decision.

Is this what many/most of you used to reach FIRE?

Some of us got to ER before the book, but many of its contributions came from the members of this board.

What distinguishes this book from earlier ER guidance is the idea of semi-retirement (not cold turkey like Dominguez or the Terhorsts) with a variable spending plan (not a fixed spending plan with inflation adjustments). Very few ER calculators are built to handle changes in spending.

That's just my opinion of Bob's books, but I can't keep a copy in the house. I"ve bought over a dozen of the first edition for shipmates' retirements and another dozen for people to "borrow". I suspect the workbook is going to set the same trend...

 

[tightasadrum]

Hey Nords,

Could I borrow your current copy of Bob's book?

 

[fisherman]

"Work Less Live More" is a great work for considering ER or SER. I have read it through several times and still refer to it regularly. It provided the final push for me to SER in 16 more days at 43 years old! DW and I have worked and planned for this day for over 21 years but the book provided the confidence through good analysis methods that we really could do this. Like Nords I have given away several copies and recommended it untold times. If you are seriously considering ER buy the book you will not regret the purchase.

 

[One-Zero]

I bought the 2005 edition shortly after learning about it from this board in SEP, but not long after the 2007 edition & workbook were released!!! Which I bought as well...I've used the 2005 to lend out to various family/friends and if the borrower gets the bug they cough up for the later versions - I'm keeping mine!

I'm not an excel-master, so the workbook gave me good base docs to modify some of my particular needs vice starting from scratch.

It has provided a really good start point (albeit later than I'd like) to structure my ER plan. It was worth the purchase.

cheers,
1-0

 

[Nords]

Hey Nords,
Could I borrow your current copy of Bob's book?

I'll tell you what I tell everyone else-- "Sure, stop by anytime!"

 

[retiringby50]

Thanks for everyone's thumbs up about the book/workbook. Just want to make sure it wasn't one where we'd buy, read once, and never refer to again.

But questioning a $20 book purchase related to analyzing your ER, which will undoubtedly be be a six-figure lifestyle change, may be crossing the line from frugality to deprivation.

Yeah, I do that sometimes (cheap about the silly things), but actually my local Barnes and Noble is out of the workbook and/or book, so I have to visit the library for now. I'll check on amazon.com... I think the link on this site is to the old book, so it keeps showing up as no longer available.