Summary of How to Retire Young and Rich

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How to Retire Young and Rich book summary
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Rating

6 Overall

7 Applicability

4 Innovation

6 Style

Recommendation

Joseph S. Coyle offers basic advice for people pondering retirement. The book outlines straightforward strategies for saving and investing, and urges investors to start early and to put as much as they can into 401(k) plans and IRAs. So much for the obvious. Coyle also offers specific and useful guidelines for buying mutual funds and allocating assets. He realistically presents issues you may face in retirement, such as the emotional difficulties involved in leaving a career and having enough money to support your lifestyle (so buy a bond instead of that snazzy watch). Some of the book’s basic advice will seem redundant to sophisticated investors, but the more detailed information will intrigue even them. getAbstract.com recommends this book for anyone looking for guidance about saving and investing for retirement. [getAbstract.com note: The investment advice here - tax laws, stock markets, and what not - is extremely U.S.-oriented, although the lifestyle information is broadly applicable.]

In this summary, you will learn

  • Why early, consistent and aggressive saving is the key to retirement planning;
  • Why your investments should become less risky as you get older;
  • why America’s hyperconsumer society stops people from effectively preparing their retirement; and
  • How to invest to make your money work for you.
 

About the Author

Joseph S. Coyle is the longtime editor of Money magazine, a personal finance expert, and an award-winning journalist.

 

Summary

Start Saving Early
Basic tenet of truth Number One: To live well in retirement, start saving early. If that is all you get from this book, and you do it, you are already ahead of the game. If you’ll retire in thirty-five years and you save ten percent of your earnings a year, you’ll have...

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