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America, Welcome to the Poorhouse (Intro & Chapter 1): Why You Can't Retire from a 401(k) Plan: You Won't Have Ten Times Your Salary in Your Account at Age 65 Manufacturer: FT Press List price: $2.99 |
This is the eBook version of the printed book. If the print book includes a CD-ROM, this content is not included within the eBook version. Read the following excerpt from America, Welcome to the Poorhouse, Introduction. The nationally broadcast debate in 1980 between President Jimmy Carter and would-be President Ronald Reagan was summed up in 10 short words: -Are you better off than you were four years ago?- For Carter, the situation was dire. Iranian radicals had held 52 American hostages for nearly a year. The economy had nose-dived while inflation skyrocketed. Nothing Carter said could counter Reagan-s rhetorical question. It was Reagan-s debate and a week later it was Reagan-s election. Today if you ask yourself, -Am I better off than I was growing up?- the answer may very well be no. This time it-s not a war or hyperinflation that-s threatening America (although we-re still paying through the nose for gasoline prices), but financial stress. Despite the fact that many Americans may appear to be wealthy, too many have been -living on leverage--over their heads in debt-unless they-ve got -chief- and -officer- in their job titles because most of what they own is paid for with borrowed money-whether it-s credit card debt or home equity loans-not with rising wages. While in 1980 the average CEO wage was 42 times that of the average worker, in 2008 it was 208 times, averaging $7.7 million. At the same time, the average weekly earnings for Americans has actually decreased in the past 30 years, from more than $325 in the early 1970s to about $280 in 2005 (in 1982 dollars). To continue reading, purchase and download now. |
America, Welcome to the Poorhouse (Intro & Chapter 1): Why You Can't Retire from a 401(k) Plan: You Won't Have Ten Times Your Salary in Your Account at Age 65
Customer Reviews / America, Welcome to the Poorhouse (Intro & Chapter 1): Why You Can't Retire from a 401(k) Plan: You Won't Have Ten Times Your Salary in Your Account at Age 65
| I pushed back my review on Jane White's America, Welcome to the Poorhouse because I wasn't really sure how to review it.
On the one hand, I wish I had read a book like this about two years ago. As preventive measure, it has a lot of information. Of course, one could find this information on their own via the Internet. That's kind of the problem. The information in the book might be dated in a few years. It is kind of dated now since the problem has already crested for most people. In other words, it is a book describing a problem that has come to pass. Not how to avoid the problem. Everyone can get information on how to avoid the problem now. Still, it did have good information. Even for people who already find themselves in trouble will find some info that is of help. |
| I can't think of anyone I know that hasn't been adversely affected by the current economic climate. I know dozens of real estate investors who lost their life's work as they watched the value of their investment properties tank. I know families - young and mature alike - who have struggled to keep their homes or pay for the higher education of their children after losing the equity in their homes that had been earmarked for that purpose. I have witnessed foreclosures and bankruptcies. These are all good poeple who work hard to provide for their families - not robber barons looking to make a quick buck! It's a heart breaking world out there and it can be very difficult to understand how we all got to this place.
America: Welcome to the Poorhouse can be a difficult read if you have witnessed first hand some of the economic tragedies that have resulted from the current crisis. You are likely to become angry as you learn just how things "went down" - how did we get here and where are we going? This book will help anyone who s committed to rebuilding or protecting their financial portfolio. This is a wake-up call that the things we all did even just 5 years ago to plan for our retirements have changed and we need to go back to the basic fundamentals. While the author does take the opportunity to get up on her soapbox to talk about economic reform, the arguments and theory here make interesting reading even if one looks elsewhere for further insight. |
| This book is a must for every 16 year old to read, if hoping to go on to college, if not then for every 18 year old. The author covers (1) how one needs to invest in order to save enough money to retire: Start by age 25 investing 10% of your salary in a 401(k) or an IRA account, preferably Roth IRA, invest in broad Index funds and stay invested through highs and lows. If one waits until one is 35 one will have to save 18%, 40: 23% and 50: 48%.(2) What to look for in a house and how to finance it: No ARMs or interest only mortgages. (3) How to make a college education more affordable. What to look for in a college and college financing. (4) What to know about and how to use credit cards.
Is any of the information provided novel? From what I know, only her spelling out exactly what percent of income one needs to save. However, she has consolidated all the information and boiled it down to make it available in one place and very readable. By the way, my summaries are just that: summaries. There is more detailed information to be found in the book. Of less interest to me are her long-term solutions to which she devotes a significant part of each chapter. While I do not disagree with any of them I do believe that it is naive to think that writing our Congresspeople to support these ideas will get their support. This can only work if big money, i.e.,special interests, don't oppose the proposed legislation. Hardly likely. I have four college age children and step-children and I will be giving each a copy of this book. I wish that I had read something comparable when I was their age. |
| As someone whose student loan debt makes up a good 80% of what she owes, I was eager to get my hands on //America: Welcome to the Poorhouse//. Especially since my review copy was free. Gotta start saving now; I've only got 40 years until retirement, after all.
And while the book has a lot of good information, I was disappointed to realize that none of it is exactly new. About the only update to the familiar script is the rant against big banks. Otherwise, guess what, America? You charge too much, spend too often, and don't save what you should. And even though I have a 401(k) and a couple of savings accounts, I put down the book feeling like no matter what I did, my financial future was out of my hands. In other words: don't expect this book to make you feel empowered. The most you'll want to do is stuff all of your money in a mattress and go live off the grid in a forest somewhere. After all, grizzly bears don't care if you have bad credit. Reviewed by Amanda Mitchell |
| When I first got this book I have to admit it was the picture and title on the cover that caught my original attention. I put it aside for about a month and the other day I had a flight with a small layover down to Houston, TX so I took this book along. The moment I started reading the introduction I got hooked -- and by the time I got to Houston about 3 hours later I had read all 190+ pages. Let me just say this -- by the time you get 5 pages in you will be angry; by the time you get all the way through the book you'll be mad as h-e-double hockey sticks!
The author tells us the way things are and how we got here -- and let me tell you it isn't a pretty picture. She doesn't hold any punches back. This isn't an anti-Republican book, nor is it anti-Democrat. She puts the blame where it belongs. She traces the corruption of our political system that helped create the groundwork that let a lot of the financial mess happen in the first place. If you ever thought for one minute Senators care about your interests -- you got another think coming. This is the kind of book that I'd recommend as a gift for friends and family who are concerned not only about their immediate financial situations, but also their long-term financial futures. It's such an engaging read that no matter who you give this book to (unless they are a lobbyist) they are going to enjoy reading it cover to cover and hopefully learn a few things they can do to turn around their own situation, slowly but surely and get on better footing for the long-haul. |
America, Welcome to the Poorhouse (Intro & Chapter 1): Why You Can't Retire from a 401(k) Plan: You Won't Have Ten Times Your Salary in Your Account at Age 65
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