This one sat on my shelf for a while, probably due to a concern that I might have to change my mind on something if I read it!
Well, just because something is unpleasant to consider, doesn’t mean it’s wrong.
Besides, I can handle bad news.
Fortunately, there wasn’t much bad news inside this book and it was an excellent read.
Nearly everyone will be working into their 70s, at least part time. This is a result of success, not failure.
- Success in following a healthy lifestyle and benefitting from modern medicine => much longer lifespans.
- Success in financial well being => implies our baseline spending at 50, 60, 70… is higher than anticipated.
A working life of 50+ years implies:
- We will be technically out-of-date before we’re halfway done!
- Multiple careers, unexpected transitions, continuous technical education
- Start with something the enables you to get paid well on an hourly basis and become world-class in a niche market
- If you spent your early career not doing a whole lot then you still have many decades left in your working life. Hit the reset button and get yourself educated without borrowing a ton of money.
Despite “retiring” 3x (!) since my 30th birthday, I’m still working part-time. I had been expecting this to end at some stage. This is not going to happen, and I shouldn’t wish for it to happen.
I should be on-the-lookout for attractive part-time employment and training myself for my next career(s).
As you’d expect from a bestselling personal finance book in its 7th edition, there are excellent sections:
- Six self-assessment questions (p 80-81)
- Living under your means as a form of savings (p 161)
- Annual personal review questions (p 197-198)
- Contributing time, talent and money to your community (p 227)
I was also reminded of my personal weaknesses as an investor by the author’s advice to “give compounding time to work.”
Across a 50-year working life, that is a lot of time!