Money Magazine Retirement Article

[ShokWaveRider]

All:

Check the inside back page of December's Money Magazine. I was interviewed a month or so ago and to my astonishment, they published a one page article on "How I Retired Before 50". It was quite an interesting experience. I would say they are about 85 - 95% accurate, they got the Place my wife worked wrong, our current accomodations, my salary at 35 was not very accurate, even if you included investment income, and a few other numerical discrepencies. That is probably what I averaged in my higher earning years with bonus'. Some years up some years down, you ex sales folks know how it goes. Otherwise the general idea is there. They are perfectly correct when they say we are into capital preservation now.

I mentioned this web site many times and requested they gave it credit along with the book "The Millionaire Next Door", but they did not. I also asked them to publish my web site, they omitted that also. I will be putting our story up there in a more accurate format, given time.

Your comments?

SWR

 

[justin]

I'm interested in reading it, but too agoraphobic lazy to go to a bookstore to look at the article. Can someone scan it and post it here? Is there a link to the Money article online? I googled for it, but to no avail.

 

[73ss454]

Justin,

Wait till next month and you can drive down to the bookstore in the new mustang.

 

[justin]

Nah, I'd sell it and buy me a spiffy new Honda Civic. Maybe with the money left over I can buy the Dec. issue of Money. Or I could wait till someone from work brings in the Dec. issue for our "bathroom reading basket" at work. The dow needs to gain 111 more points before I'm "in the money".

 

[grumpy]

I subscribed to Money magazine many years ago when I was first trying to get educated about investing. I dropped the subscription after a few years because I was seeing the same advice over and over again. Last month I got an offer in the mail for a one year subscription for $10. I figured for that low price I might get my money's worth so I sent in the subscription card. I should be getting the Dec. issue as my first one so I will check out the article.

Grumpy

 

[KB]

I looked for the December issue at the library earlier this week but they still had November on the rack.
Will check again, pretty cool to have your interview published......even with the errors.

If they didn't credit the places you asked, I certainly hope they didn't credit any other books/sites. Wonder if it's a policy thing to not make mention.

 

[kz]

I read the article last night. Cool!!

FWIW several years ago I was also interviewed by a national magazine. They messed up our income, also, and a recent purchase we made. Instead of mentioning that I recently purchased a scooter they stated an Explorer! haha Hubby and I got a kick out of that.

Congrats!!

 

[maddythebeagle]

congrats. It makes you wonder if they have such a hard time getting the facts straight, how accurate the rest of their stuff is.

 

[LOL!]

I have dealt with journalists over the years and they have never gotten the facts completely straight even one time. Why should your case be any different? So based on my experience, I have a pretty low opinion of reporters. Are these the folks who plagiarized and cheated in school? Are these the folks always looking for the easy way out on a deadline?

Anyways when talking to them, you have to keep to one or two major points. Anything more makes their minds lock up.

Your post suggests that things haven't changed and probably will not change going forward.

 

[lazyday]

It makes you wonder if they have such a hard time getting the facts straight, how accurate the rest of their stuff is.

Agreed. Even true for data services like M*. I'm often astounded at the reprehensibly poor quality of data and other information.

swr said

I mentioned this web site many times and requested they gave it credit along with the book "The Millionaire Next Door", but they did not. I also asked them to publish my web site, they omitted that also.

Just curious, did they say or imply they would include the web sites? Avoid the issue?

 

[justin]

Remember that reporters look for sound bytes (tv) or quotable quotes. Most of them aren't good at math, science or finances (even financial columnists) and that is why they are journalists. Facts aren't as important as selling papers. Small details like your income or what you drive aren't "material" in their minds, so they can change them or modify them or get them wrong, and it doesn't matter. Not to demean, just my personal experience.

 

[GTM]

I have the magazine and see the article SWR.

Shorts and a T-shirt most the time are the way to go but it looks like you dressed up a bit for the article.

 

[ShokWaveRider]

I have the magazine and see the article SWR.

Shorts and a T-shirt most the time are the way to go but it looks like you dressed up a bit for the article.

Yeah! The bloody photographer insisted on business casual! I was sweating for most of the photo shoot. He took about 300 photos, all for that one shot....

SWR

 

[Michael]

Nice article Ian. Congratulations on your accomplishment. When I first read the article, I wondered if it were someone from one of the RE forums I visit.

 

[Martha]

Cool. I'll have to look for the article at Barnes & Noble.

My experience with the press is similar to what the rest of you are saying. Years ago I foreclosed on a ship and had to have the federal marshalls "arrest" the ship. The newspaper printed an article about it and had at least half the facts wrong.

Another time a lawyer publication wrote an article about lawyers and their motorcyles and I was in the article, along with a few other people I knew. No one had the right motorcycle.

My only good experience with the press was an article our local paper did on my flower garden. All the fact were right. Not that there were many facts to get wrong. The pictures were nice too. Oddly, the article ended up being picked up by a number of affiliated newspapers, even as far away as Arizona. What does someone in Arizona care about northern garderners? Weird.

 

[Mr._johngalt]

Cool.  I'll have to look for the article at Barnes & Noble.

My experience with the press is similar to what the rest of you are saying.  Years ago I foreclosed on a ship and had to have the federal marshalls "arrest" the ship.  The newspaper printed an article about it and had at least half the facts wrong. 

Another time a lawyer publication wrote an article about lawyers and their motorcyles and I was in the article, along with a few other people I knew.  No one had the right motorcycle.

My only good experience with the press was an article our local paper did on my flower garden.  All the fact were right.  Not that there were many facts to get wrong.  The pictures were nice too.  Oddly, the article ended up being picked up by a number of affiliated newspapers, even as far away as Arizona.  What does someone in Arizona care about northern garderners?  Weird.

I think the answer may be in that there is a lot of space/air to fill, and it is easy to pick up stuff already written.
No one writes about me any more, but back in my "captain of industry " days they did. I don't recall any major errors. On photos,
I always tried to get veto rights on what they could use.
Also did some TV. That was pretty interesting.

JG

 

[73ss454]

Leasing a car is never a good idea since the write off's are the same weather you lease or buy. Well at least in NY.
Over a period of time leasing will cost you many times over as much as buying a 2 year old car and keeping it 8 more years. Vanity is a bad part of this equation.

Your biggest savings according to your post is not having kids.

So you may be able to help some vane salespeople who don't want to have kids.

To each his own!

 

[Mr._johngalt]

Hello SWR. One of the smartest guys I ever met
(other than myself) would never lease anything
under any conditions. He said, "If they can lease it to me and make money, then I can buy it myself and pocket the difference."
I have gone both ways and typically I never spent much time on the math, but like I said, this guy was very sharp.

JG

 

[Nords]

When one is selling a $350k + software solution, you cannot really turn up in an old Ford Bronco II now can you?

I resent your vanity comment. Some of us simply like nice cars.

Well, if you like the car then buy the damn car whether or not it comes with a vanity. But don't try to claim that the expensive car is necessary because you have the customer's best interests at heart.

A neighbor of ours, a carpet cleaner, lost a lucrative contract when he turned up in his Lotus Triumph. The business owner decided that his contract fees were subsidizing the Lotus so he went with a competitor driving an old Ford Bronco II. Now our neighbor drives to the job site in his beat-up ol' pickup truck and gets all the business he wants.

There's a reason that the Super Geek TV commercials use VW Beetles instead of James Bond cars.

 

[ShokWaveRider]

Well, if you like the car then buy the damn car whether or not it comes with a vanity. But don't try to claim that the expensive car is necessary because you have the customer's best interests at heart.

A neighbor of ours, a carpet cleaner, lost a lucrative contract when he turned up in his Lotus Triumph. The business owner decided that his contract fees were subsidizing the Lotus so he went with a competitor driving an old Ford Bronco II. Now our neighbor drives to the job site in his beat-up ol' pickup truck and gets all the business he wants.

There's a reason that the Super Geek TV commercials use VW Beetles instead of James Bond cars.

Point Taken, I like nice cars, no issue with that, Just if I was working and could write it off, I would lease it, providing the lease was under $500 per month of course, I forget to mention that bit. Also I would NEVER buy a NEW car if I was not leasing it. 2 - 3 years old would be my starting point.

SWR

 

[73ss454]

SWR,

Nothing wrong with liking nice cars. Can't a 2 year old car be nice and still reliable?

Leasing is a rip off no matter what. Deprecation in the first 2 or 3 years of a cars life is what kill the leasing deal. Cars will deprecate
about 50 to 55% in the first 3 years. When leasing or owning a car you can still use it as a write off. There's still a large % that it's going to cost you out of your pocket.

I have no idea how your going to help sales people by teaching them to spend more.

Like I said, the vanity part still stands. Sorry if I hurt your feelings.

 

[ShokWaveRider]

SWR,

Nothing wrong with liking nice cars. Can't a 2 year old car be nice and still reliable?

Leasing is a rip off no matter what. Deprecation in the first 2 or 3 years of a cars life is what kill the leasing deal. Cars will deprecate
about 50 to 55% in the first 3 years. When leasing or owning a car you can still use it as a write off. There's still a large % that it's going to cost you out of your pocket.

I have no idea how your going to help sales people by teaching them to spend more.

Like I said, the vanity part still stands. Sorry if I hurt your feelings.

I do not want to dwell on this point as we all are entitled to our own opinions, that is what is great about boards like this. You did not hurt my feelings, I simply resented the remark. It was a bit of a blinkered optinionated comment, and you know what? That is OK. But Vanity is not really the correct description. If you are a vain person then yes it would be.

In Southern California, where we were, the addage "You are what you drive" is more prevevelent (sp) than people who do not live there may realize, especially in Sales. We were members of groups that met regularly and discussed sales tactics etc. More often or not you would find 50% of the cars in the parking lots were Mercedes or Lexus or Infinity the rest were pretty much less than 3 years old. We used to Joke that they were the Sales Cars of the 1990's, that along with the Rolex watch . That said, I do not know if they bought versus leased but I still at the time preferred to lease.

There is NOTHING wrong with a 2 - 3 year old car, I never said there was. What I DID say is if you change your car every 2 - 3 years like I was doing by choice at the time, and ALL THINGS BEING EQUAL Interest rates, buying the same car NEW not used at the same price, financing the whole amount etc. Leasing is not as bad as it is made out to be. You still loose the depreciation amount if you buy, or am I missing something, does buying by some miracle reduce the depreciation? Are interest rates lower when you buy? I would argue, you can negociate preferred interest rates if you shop well when you lease (Assuming GM and Ford are not giving away their cars for 0% financing of course) But look where that tactic got GM, they loose money on every car they sell according to CNBC anyway. I personally prefer European cars and the Up market Japanese cars, probably because of my upbringing in Europe, I just think they make better looking cars, but that is another story. Bottom line is shopping well for whatever you buy.

SWR

 

[Martha]

SWR, I went to your website. When are you going to post your ten rules for ER?

What happens when you drop the clutch going full power in a Jetta turbo?

 

[73ss454]

SWR,

Sounds like a good question for the next poll.

Lease or Buy

Where's Dantein when you need him?

 

[unclemick]

Interlude

I like vanity - just counted 9 'Jimmy Buffet' aloha shirts I rescued from Katrina when we evacuated.

It's bright sunshine and 41 degree's while I'm waiting for arrivals to come and consume the 'bird'.

heh heh heh heh