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
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 Umm... no, downsizing your home and extending your vehicle's longevity are two great ways to lower expenses.
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!
dI 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.
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
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...
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
"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
Thank you for your points about success and how it 'may' be measured.
Our house is in full agreement.
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
It's surprising to see that sort of huckster advertised here as worthwhile reading.
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
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.
Fair enough. I’ll delete the
dinklink to Amazon in the OP and replace it with this more objective book review.