...
And so it was Head 2 that I was wearing the day I picked up 'How to retire 10 years early'. I have to fly a fair bit for my job, not for much longer though, my pregnant stomach is becoming more and more noticeable and then my evil boss will no longer be able to send me away…ha-ha!!! Anyway ... Read review
Advantages: Good advice, clear plain english, accessible to all Disadvantages: none
...Our author.
How does the book work?
*****************************
The book comprises 11 chapters and I will just explain briefly what each one contains.
Chapter 1 - What is early retirement.
The first chapter seeks to explain how one mans early retirement is late to another. It explains the current state pension position and how unless we make suitable other provision for ourselves most of ... ...although uncomfortable to broach, determine how they intend to make their own retirement and possible long term care needs work.
Chapter 3 - Budgeting for an early retirement
This chapter is devoted to the importance of budgeting in the long term planning process. Some useful stuff in here if you are not the sort to enjoy sitting down with an excel spreadsheet of an evening.
Chapter 4 - Debt Destruction more
Anyone who has read any of my reviews in the past will notice a clear personality defect emerging. I like the high life of top notch restaurants, but crave the security that being in charge of my financial destiny brings. Like the white stripes once wrote 'the two sides of my brain need to have a meeting'.
And so it was Head 2 that I was wearing the day I picked up 'How to retire 10 years early'. I have to fly a fair bit for my job, not for much longer though, my pregnant stomach is becoming more and more noticeable and then my evil boss will no longer be able to send me away…ha-ha!!! Anyway I was at City airport in London, home of the apprentice reject, the blackberry addict and the if I talk loudly enough into my blue tooth someone will surely realise my importance deluded fools.
Wandering amongst the bags and designer nit wits I thought I'd take myself off to WH for a nosey. Having glanced at the tabloid fodder women's mags and decided that I really didn't care about Jordan's latest boob reduction or Kerry Katona's fondness for nose candy I moved on to the business section. I noticed a red book with a cover showing lots of clocks with their hands in various positions, and the tantalising title that you now know. The cover also said 'your plan for less work and more life' and in small print the authors name, Martin Bamford. I turned it over to look at the back and a quick scan read told me all I wanted to know. This sounded like a good book to have for an overnight trip, and at £9.99 wouldn't blow the budget. So I bought it.
Hands up now fellow Ciao users, I was expecting the author to be an older gentlemen, perhaps someone with 40 years experience in finances passing on the fruits of their well learnt knowledge, but no Martin Bamford is apparently a shocking 28 years old. So who is this pip squeak and is what he had to tell us worth listening to?
Martin Bamford ****************** It tells us in the blurb at the beginning of the book that Mr B is an IFA with 5 years experience and currently holds the positon of MD of professional advisory firm Informed Choice Ltd. He is already a published author having written 'The Money Tree' and regularly contributes to various top quality newspapers and trade journals. Martin lives in Surrey with his wife and daughter and enjoys walking in the countryside, scuba diving and fly fishing.
So there you have it. Our author.
How does the book work? ***************************** The book comprises 11 chapters and I will just explain briefly what each one contains.
Chapter 1 - What is early retirement.
The first chapter seeks to explain how one mans early retirement is late to another. It explains the current state pension position and how unless we make suitable other provision for ourselves most of the people of my generation wont see much change out of 70 before we retire. It talks about various myths regarding retirement and then seeks to explain that none of us are average and so we need bespoke plans for our own retirements
Chapter 2 - Getting ready for early retirement
In this chapter the book looks at what might be stopping you personally from your goal of early retirement. One of the topics I found interesting was about the 'sandwich generation' people who through no fault of their own are paying for their childrens education, their own mortgage etc and then also paying for their parents retirement care. It talks about the 60 year old Kid, the position that many retired folk are now in of having both parents still alive, kicking and draining the pocket if they have no resources of their own. Martins advice on this is to make sure you talk to your parents and although uncomfortable to broach, determine how they intend to make their own retirement and possible long term care needs work.
Chapter 3 - Budgeting for an early retirement
This chapter is devoted to the importance of budgeting in the long term planning process. Some useful stuff in here if you are not the sort to enjoy sitting down with an excel spreadsheet of an evening.
Chapter 4 - Debt Destruction
I am sure that most people are familiar with the terms of good debt and bad debt, Martin recaps here on what these are, and explains about how to use the insights of good budget control and will power to smash your bad debts and move towards your early retirement goal.
Chapter 5 - Financial vehicles for a smooth ride to early retirement
I think my main take out here was that the P word as he terms it has had some terrible press of late. Governments and now deceased former Daily Mirror owners and all of that. But Martin points out a key truth that is, pensions are a wrapper. Its up to us what we put into them. And when was the last time you reviewed that? I am guilty, and I hold my hands up, of having a contribution company pension that offers 6% to my 2% so I tend to think, great free money each month without truly understanding what its funding. I know that its mainly equities based given my 30-40 years until retirement time frame, but I don't know much more than that. Inspired by this book I am just going through a review with an IFA so thank you Martin.
Chapter 6 -Taking risks
As previously mentioned above, if you have 5 years to go till retirement the shape of your pension plans should be markedly different from my own with 30-40 years to go. Risk is all about personal comfort levels and also time frames for investments to grow without affecting your possible returns when that fund is required. A useful and interesting chapter
Chapter 7 - Slash your costs
One of my favorite chapters I think. I love penny pinching tips and tricks and this chapter has over 20 of them. Fab stuff. I think the one I'll be looking into is fitting a water meter, as the point Martin makes on this is, if you are a small household living in a bigger property you are probably paying the average usage for your house size rather than what you are actually consuming. Makes sense to me.
Chapter 8 - A helping hand from the taxman
This chapter is about avoiding tax in a good way, not like Wesley Snipes has recently been in the press for. Martin advocates the use of index linked tax free products, and ISAs as well as pensions, to give a mix of funds available at time of retirement.
Chapter 9 - Staying on track
This chapter advocates having a family financial plan which gets properly documented each year and reviewed annually, like a company report. Full of other useful tips too.
Chapter 10 - - The alternatives to early retirement
Of course, you may not want to retire early if at all. Many seriously weathly people have made the decision to keep working up to the day they die, but the whole point here is that they could stop at any time if they so wished. Martin asks that you consider what would happen to you if one day you realise aged 65 that actually working another 5 years is a bloody long time and you feel unable to do so. Again, its all down to personal choice, and thinking now about the future will give you that choice.
Chapter 11 - Your early retirement checklist
I wont give the game away on this last chapter but suffice to say its about you and your commitment to creating a better future for you and your family.
My thoughts ************** Well, I went into the book expecting something along the lines of the TV show pay of your mortage in 2 years, and this book is nothing like that. There are no thunderous suggestions that being a millionaire is within everyones reach, and Martin is not out to sell you anything here either. The premise of the book is simple, take the time to think now, whilst you can make a difference and then do it. At 204 pages you are left feeling like it could have been a little longer, but you got the building blocks to go away and do something useful with, plus ideas for wider reading should you wish to. I think Martin would be the sort you could definitely enjoy a pint with. Good book!
Similar products and search queries by other users »
How Early, How to Early, How Retire Early, How 10 Early, How Years Early, How to Retire Early, How to 10 Early, How to Years Early, How Retire 10 Early, How Retire Years Early, How 10 Years Early, How to Retire 10 Early, How to Retire Years Early, How to 10 Years Early, How Retire 10 Years Early
Are you the manufacturer / provider of How to Retire 10 Years Early - Martin Bamford? Click here
