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“No Worries: How to live a stress free financial life” - by Jared Dillian

edited June 9 in Other Investing
Interesting take on money. I’ve enjoyed the Audible edition for late night listening - a habit that leads to hearing different parts in bits and pieces, not necessarily sequential. The style is “in-your-face” (somewhat arrogant sounding) perhaps heightened in the Audible edition by a different narrator than the author.

It’s a book more about attitude than investing skill or knowledge. If you’re looking for how to invest, this isn’t the right book for you. I don’t necessarily agree with all of Dillian’s assertions (Some appear even clownish). But it is a refreshing different take on money.

Some assertions (as interpreted / rephrased by me)

- The only two sources of financial stress are risk and debt.

- A home is not an investment.

- Trying to get ahead by cutting down on expenses is a loser’s game.

- Increasing income is the key to financial happiness.

- A dwelling under 1250 sq. feet represents a meager existence / lack of success in life

- Driving a 10-15 year old (rusty) vehicle also represents a lack of success in life

- Never finance a new vehicle. Always pay cash.

- Don’t skimp on insurance.

- Always give large outsized tips for services well rendered.

Like I said, the style is confrontational and I do not necessarily agree with all the assertions. But if you’re looking for something that challenges some commonly held notions about money, I recommend it.

Review of Jared Dillian’s “No Worries”


(I haven’t researched the author. He claims to be a highly successful self-made millionaire of humble origin.)

Comments

  • beebee
    edited June 6
    - Trying to get ahead by cutting down on expenses is a loser’s game
    Trying is one thing... succeeding is a other!

    I have continually lowered my expenses in retirement by having the time to pursue cost saving incentives that I had little time to chase while working.

    Some examples:
    - Homesteading property taxes
    - Playing the internet/cable provider game
    - Understanding ACA/HSA insurance incentives
    - Learning & understanding tax code
    - 1099E - rental income
    - 1099C - Self Employment income and related deductions (HSA/Insurance premiums/TIRA)
    - Traveling at low cost times
    - A dwelling under 1250 sq. feet represents a meager existence / lack of success in life

    - Driving a 10-15 year old (rusty) vehicle also represents a lack of success in life
    Umm... no, downsizing your home and extending your vehicle's longevity are two great ways to lower expenses.
  • edited June 6
    +1 @bee / Great ideas! Thanks.

    Despite the arrogance throughout, I did benefit from the author’s “risk” discussion and pulled back a bit on my overall investment stance. It’s a fun read or I wouldn’t have mentioned it. But yes - Dillian’s 180 degrees off on the cost-cutting issue: A dollar’s a dollar whether saved or earned. Indeed, that which is earned gets taxed!
  • edited June 6
    I hate to say this but Jared Dillian's tone reminds me of someone here on MFO.
  • edited June 7
    d
  • edited June 7
    I agree that risk and debt are the two major stressors. I have no debt, and de-risked substantially at the end 0f 2024. Downsizing my home doesn't present much of a savings once I consider the costs involved in selling/buying/moving, mainly because I have no intention of relocating somewhere else. I have no problem with keeping a vehicle a long time, if it is properly maintained. But, I do my own automotive work, so big difference. There does come a point of diminishing returns though.

    I think that for most, managing expenses, is very important. Some of the bullet points in the OP suggest to me that the author is trying to rationalize keep up with the joneses.

    Learning to be a DIYer can be a big help too. Financing makes sense if the rate is 0% and MMF pays 4%. Another source of financial stress can be related to healthcare. It being such a big unknown.
  • edited June 7
    I agree with @bee about aspects of the linked book and some of the brief descriptions. There is nothing wrong with prudence in financial matters, and this doesn't necessarily equal to someone being a miser and sad about the their choices.
    One may readily discover that aside from the aspects of compounding investments to the positive; that the opposite exists for many people with the compounding of debt to the negative side of personal finance. Tis the same principle.
    Prudence and how to create a household budget also allows for a positive learning curve.

    Also fully agree with @DrVenture . Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?).

    The Millionaire Next Door book

    --- The book....its not always one's income, but how one's income is spent.

    We've presented this book several times over the years as part of a wedding gift.

    Remain curious,
    Catch
  • I agree that living comfortably below one's means is a decent strategy. I did that for decades. Driving nice well-maintained older vehicles and saving for education and retirement and unknowns. Now that it is no longer necessary, I am finding that increasing spending can be difficult.
  • Lucky others. I found that as my anxiety about money and obligations decreased, my anxiety about the little and, sometimes, trite issues increased. I learned to curse at myself for such petty anxieties but, alas, they don't seem to want to go away. I joined the ranks of the unwantingly stupid in a big way as my bankrole grew.
  • "Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?)"

    For sure. Being able to DIY in my younger years has been a major factor in accumulating enough to be able to pay others now that I''m 85. I do have to say that I find it very painful though, to pay obscene amounts to have stuff done that I used to be able to do for free. G'rrrr...
  • O_J +2
  • edited June 8
    OJ - You mean connecting 12-2 inside a gang box isn’t as easy with arthritic hands and fingers as it was 25 years ago?

    Re The book - It does appear the author has a chapter devoted to his “simple and highly effective” way to invest. I dozed off listening last night. Will try again tonight and eventually share his “secret” in an update to the OP. Yes - he is beginning to resemble a resident poster.

    Somniferous
  • @hank- 12-3 is even worse...
  • I tried to read this guy for a while but gave up. All hype. (One of his partners in crime John Maudlin is hawking "Longevity Clinics" apparently based on chelation infusions or something.)

    "A dwelling under 1250 sq. feet represents a meager existence / lack of success in life"

    I just checked. Our house from 1987 to 2020 was 1152 sq feet.

    We sure must have failed:

    We raised two kids who graduated Cum Laude from Ivy League schools with no debt and have great but lower paying jobs ( English teacher and development officer at small non profit) but they can do jobs they love because they have no debt.

    wife and I both worked in health care, geriatrics and primary care but never made even the average for a general internists or Nurse practitioner.

    We drove old cars, took cheap vacations and saved our money and certainly didn't spend it on a big fancy house, expensive furnishings or elaborate meals



  • Old_Joe said:

    "Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?)"

    For sure. Being able to DIY in my younger years has been a major factor in accumulating enough to be able to pay others now that I''m 85. I do have to say that I find it very painful though, to pay obscene amounts to have stuff done that I used to be able to do for free. G'rrrr...

    I agree and well said.

  • Hi @sma3
    Thank you for your points about success and how it 'may' be measured.
    Our house is in full agreement.
  • edited June 8
    Old_Joe said:

    "Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?)"

    For sure. Being able to DIY in my younger years has been a major factor in accumulating enough to be able to pay others now that I''m 85. I do have to say that I find it very painful though, to pay obscene amounts to have stuff done that I used to be able to do for free. G'rrrr...


    Yup... I just gave up going on the roof this year to trim trees or clean gutters. In the back of my mind I'm thinking you're going to feel real stupid in the hospital with all the money you have in the bank. Talking to myself-> Use your brain, it's time to pay somebody else to do this stuff.
  • Yes indeed... I've had exactly the same conversation with myself.
  • You’re singing a familiar tune. Living in New York City and parking our car on the street during the winter usually required digging out after being plowed in after snow storms. No more. Happy to pay a young’n for it.
  • edited June 8
    On the internet it's not hard to find people that challenge "commonly held notions about money." Mainly their goal is to separate yours from you. One of their old tricks is to make you self conscious about your social status. They aren't much different than the religious hucksters giving you doubts about the fate of your soul.

    It's surprising to see that sort of huckster advertised here as worthwhile reading.

  • edited June 9
    HI WABC

    I’m sorry you found this thread a waste of your time. I hope the moderators do not consider book reviews or discussions tantamount to advertisements, which are against board rules. Should this thread be determined to constitute an Ad, I’ll take it down.

    My Audible library contains a dozen or more other investing books I’ve purchased and listened to over several years - or am in the process of listening to. Some get repeated. I’ll listen to a book by Howard Marks, John Templeton or Ray Dalio at least once yearly. It’s a fascination with hearing and learning about as many different viewpoints as possible that keeps me motivated. Below is the complete list from my Audible library. I’m hopeful you’ll find one or a few worthy of your time & consideration. Perhaps you’ve read some yourself and would care to comment?

    Rating these authors for investment merrit:

    1. Ben Graham
    2. Howard Marks
    3. John Templeton

    A FEW NOTES:

    - ”The Snowball” by Alice Schroeder is a lengthy and engaging biography of Warren Buffett - timely one might say.

    - The one by Bob Pisanni is “light” on investment wisdom but does an excellent / colorful job depicting legendary investor Art Cashin, who recently passed away.

    - The book by Andrew Tobias (The Only Investment Guide …) is the first investment book I ever read. A simple yet comprehensive introduction to the investment process with plenty of cautionary notes for novices.

    - Copeland’s The Fund is a somewhat sensationalized look at Ray Dalio’s unorthodox management style and questionable relationships / morality very early in his career.

    THE LIST:

    Templeton's Way with Money
    By Alasdair Nairn and Jonathan

    Keys to Investment Success
    By John Templeton

    Fundamental Analysis, Value Investing, and Growth Investing
    By Roger Lowenstein and Janet Lowe

    The Millionaire Next Door
    By Thomas J. Stanley Ph.D. and William D. Danko Ph.D.

    The Intelligent Investor Rev Ed.
    By Benjamin Graham

    The Fund
    By Rob Copeland

    The Only Investment Guide You'll Ever Need
    By Andrew Tobias

    Gold, Hard Money, and Financial Gurus
    By Michael Ketcher and Gary L. Alexander

    What Works on Wall Street
    By James P. O'Shaughnessy

    No Worries
    By Jared Dillian

    The Humble Investor
    By Daniel Rasmussen

    The Most Important Thing
    Howard Marks

    Principles
    By Ray Dalio

    Crashes, Booms, Panics, and Government Regulations
    By Robert Sobel and Roger Lowenstein

    The Snowball
    Alice Schroeder

    The Psychology of Money
    By Morgan Housel

    Guide to Financial Markets (6th edition)
    By Marc Levinson

    Bargain Hunters, Contrarians, Cycles, and Waves
    By Janet Lowe and Ken Fisher

    The Art of Investing: Lessons from History's Greatest Traders
    By John M. Longo and The Great Courses

    Shut Up and Keep Talking
    By Bob Pisani

    Up Close and All In
    By John Mack
  • At Hank. A big +1 for Morgan Housel The Psychology of Money.
  • hank said:

    HI WABC

    I’m sorry you found this thread a waste of your time.

    Hi hnk,

    I never said it was a waste of time. Never hurts to elucidate the tactics of grifters. And I enjoyed the various responses enough to be motivated to post my own reaction.

    Our first house was a little over 1250 sqft. OTOH, I currently enjoy motoring around town shifting the gears on my 2008 Honda Fit. It only has 150000 miles on it. At my current rate of use I doubt I'll ever need another one. Whether the kids will want it after they take my keys away will be up to them. The 2003 Accord may have worn out by then.

    BTW, you did link to the book at Amazon. I'll let you puzzle over the meaning of advertise.
  • edited June 9
    ”BTW, you did link to the book at Amazon. I'll let you puzzle over the meaning of advertise.”

    Fair enough. I’ll delete the dink link to Amazon in the OP and replace it with this more objective book review.
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