The Die Broke Complete Book of Money: Unconventional Wisdom about Everything from Annuities to Zero-Coupon Bonds

The Die Broke Complete Book of Money: Unconventional Wisdom about Everything from Annuities to Zero-Coupon Bonds

by Stephen M. Pollan, Mark Levine
     
 

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From America's most trusted financial advisor comes a comprehensive guide to a new and utterly sane financial choice. In Die Broke, you'll learn that life is a game where the loser gives his money to Uncle Sam at the end. There are four steps to the process:

Quit Today

No, don't tell your boss to shove it...at least

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Overview

From America's most trusted financial advisor comes a comprehensive guide to a new and utterly sane financial choice. In Die Broke, you'll learn that life is a game where the loser gives his money to Uncle Sam at the end. There are four steps to the process:

Quit Today

No, don't tell your boss to shove it...at least not out loud. But in your head accept that from this day on you're a free agent whose number one workplace priority is your personal bottom line.

Pay Cash

You should be as conscious of spending as you are of saving. Credit should be a rarely used tool for those few times (buying homes and cars) when paying cash is impossible.

Don't Retire

Your work life should be a journey up and down hills, rather than a climb up a sheer cliff that ends with a jump into the abyss.

Die Broke

It sounds terrifying, the one intolerable outcome to your financial life. And yet, in truth, dying broke might be your best option for a life without fear: fear of failure and privation now, fear of impoverishment in the long run.

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Editorial Reviews

Publishers Weekly - Publisher's Weekly
This comprehensive reference from the authors of the bestselling Die Broke and Live Rich covers every imaginable topic from living wills and insurance to mentoring. While much of the advice is sound and helpful, the book covers so much ground that it may prove daunting to readers. In addition to specific subjects related to money, such as debt, real estate and investing, there's also a great deal of advice on career issues, including buying a franchise, selecting office equipment, hiring temporary help and more. There's even help on such specialized subjects as budgeting for garden and pet care. The most useful sections are the advice boxesDincluding "secrets of dealing with cranky creditors," "saving money on moves" and "learning the lingo," which defines college aid financial terms. Here, readers are given concrete steps they can act on. However, with so many other sources of helpDboth online and offDmost people would be better served by a book offering more focused, detailed advice on specific topics rather than the brief summaries here. (Jan.) Forecast: Given the success of Die Broke as well as the extensive 25-city public radio campaign, online promotion and other publicity planned for the authors, this is likely to sell briskly initially, especially at larger chains. Copyright 2000 Cahners Business Information.
Library Journal
In their two previous best sellers, Live Rich and Die Broke, Pollan and Levine offered a fresh approach to money and careers. In this encyclopedic follow-up, which includes extensive see also references, they provide concise, practical advice on a broad range of issues. Among the topics addressed are dealing with professionals; the pluses and minuses of various investment options; factors to consider when contemplating whether to rent, lease, or purchase property; how to manage various personal life challenges; and factors to consider before making the decision to start your own business. Their comments regarding asset allocation, financial planning, time management, retirement planning, the need to prioritize, problems associated with credit cards, fraud, gambling, and pyramid schemes will be especially useful. Recommended for public libraries. Norman B. Hutcherson, California State Univ., Bakersfield Copyright 2001 Cahners Business Information.

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Product Details

ISBN-13:
9780062039101
Publisher:
HarperCollins Publishers
Publication date:
04/10/2012
Sold by:
HARPERCOLLINS
Format:
NOOK Book
Pages:
608
Sales rank:
958,288
File size:
5 MB

Read an Excerpt

Unconventional, Wisdom: Live Rich and Die Broke

Unconventional wisdom. That's what I've been offering my clients and readers like you for more than three decades now. Some have even called my ideas heretical. So be it. I come by my heresy honestly.

Unlike most of the authors of personal finance, small business, and career books, I'm a hands-on practitioner. I practice what I preach. I have a coterie of dedicated clients, individuals just like you, who pay me to help them with their legal, financial, career, business, and consumer problems.

After careers as a real estate developer, venture capitalist, banker, and college professor, I launched a private legal and financial consulting practice on New York City's Upper East Side. Most of my clients are baby boomers from what used to be called the upper middle class. While only a few of them can be counted among the new breed of e-millionaires, most aspire to that level of financial success. They have combined incomes of well over $150,000, live in apartment buildings with doormen or rural homes on more than an acre of land. They take vacations to Europe or St. Bart's, go out to restaurants at least once a week, buy wine by the case, and drink single-malt scotch. They belong to gyms and spend most of their few free moments doting on, and catering to, their spouses and children.

Unconventional Because It's Practical

While there are some uniquely New York elements to my clients' personas and while they may be more affluent than the average, in the most important ways they're just like most successful Americans, including you. They've acquired more possessions and experiences thantheir parents had at their age. They hold down decision-making and policy-setting positions in corporations, they are running their own successful small companies, or they have made a name for themselves in a competitive creative field. And they lead complicated lives filled with a variety of financial obstacles, from the monumental to the mundane. They've taught me, and continue to teach me, the real money problems that people face. I know how vexing seemingly ordinary tasks -- like deciding on a child's allowance, dealing with office politics, selecting an answering machine system, and shopping for a checking account -- can be.

Unconventional Because It's Effective

Not only do my clients regularly teach me what matters most to real people like you, but they also hold me to a high standard: my advice must work; otherwise they won't continue as clients.

That means I can't be doctrinaire about money issues. My clients' money problems aren't hypothetical exercises; they're real-life dilemmas. So my approach to issues can't be theoretical and abstract; it must be pragmatic and practical. That holds true for my books as well as my consultations. I know the advice I'm offering you in this book works because it has worked for hundreds of my clients. It has helped people win employment contracts, negotiate business loans, finance post-retirement careers, and purchase weekend homes.

Unconventional Because Its Direct

Because I work with clients my advice also needs to be unambiguous. I've found that when people are paying for advice, they want to be told what they should do. They come to me to get an answer, or at least my opinion, not to engage in a Socratic dialogue. In both my consultations and my writing, I'm direct about issues. You won't have to read far into an entry in this book to learn my opinion on a topic. You may not always agree with me or like what I have to say, but it's my best advice. Giving my clients-or you-any less would be unconscionable. I say you should always be looking for another job, you should lease rather than buy a car, you should never buy whole life insurance, and you should terminate any employees you possibly can.

I don't abandon clients who don't agree with me; if they wish, I continue to help them pursue their goals in the manner they've chosen. Similarly, in this book I'll provide you with enough information and guidance that you can follow paths other than those I recommend. If things work out, bully for you. If they don't, you can start over. I promise I won't say I told you so.

Unconventional Because It's Holistic

Dealing with real people day in and day out, I've learned that money issues can 't be neatly divided and filed into separate categories like investing, career, real estate, business, shopping, and personal life. Most authors limit their scope to one of these topics because their experience is more conventional than mine. This is understandable: having been trained as specialists, they focus on their area of expertise. I'm not a specialist. My clients have trained me to be a generalist. Through them I've learned that all the areas of our money lives must be viewed as a unified whole. When clients come to me for help in buying a home, I need to learn about their career status, investment portfolio, marriage and parenting plans, and even their health, before I can give them sound advice.

I've counseled clients to have physicals before undertaking a job search and to have children before buying a summer home. I've taught clients how to be savvier when shopping at supermarkets and when buying mutual funds. I've helped clients pick out engagement rings as well as real estate. In my practice I deal with any and every area of a client's life that is touched by money because I've learned that all these areas interact. That's why you'll find the first truly comprehensive approach to money in this book, with entries on legal, financial, career, business, consumer, and even some personal topics. You'll find entries on things you never think of in financial terms: topics like listening, reading, garb, and pets.

Unconventional Because It's Cutting Edge

Finally, working with clients has led me to appreciate just how much the money world has changed. It's one thing to read survey results or view stock market tables. It's quite another to have a real-life embodiment of the information age sitting across the table from you, asking for your help.

During the past ten years many personal finance authors and pundits have been discussing Roth IRAs as if they were still state-of-the-art in financial planning, talking about refinancing your mortgage as if it was daring, and offering tips for landing a grand title and a corner office. They've been bending and tweaking and jury-rigging the conventional financial wisdom of the industrial age (in some cases, even the agrarian age) and trying to make it work in the information age. Another set of authors have been focusing on the lifestyles of the superwealthy, either self-made or accidental, suggesting that these silicon sagas are today's Horatio Alger tales.

During that same time I've been talking with my clients about viaticals, d4C trusts, prepaid tuition plans, and headhunters. I've been offering practical twenty-first-century money advice.

The Die Broke Complete Book of Money. Copyright © by Stephen Pollan. Reprinted by permission of HarperCollins Publishers, Inc. All rights reserved. Available now wherever books are sold.

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Meet the Author

Stephen M. Pollan, one of America's most trusted and admired financial advisors, is the author of more than a dozen books, including the national bestseller Die Broke. He presently lives in New York City and Litchfield County, Connecticut, with his wife, Corky, and in close proximity to his four children and nine grandchildren.

Mark Levine has been Stephen Pollan's collaborator for sixteen years. He lives in Ithaca, New York, with his wife, Deirdre, and his Newfoundland, Molly.


Mark Levine has been Stephen Pollan's collaborator for more than eighteen years. Together they have authored numerous books, including the national bestsellers Lifescripts, Live Rich, and Die Broke, and most recently, Second Acts. They have been nominated for three National Magazine Awards.

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