Required Reading 9/08

The Great Consumer Crash of 2009

In "The Great Consumer Crash of 2009" James Quinn begins by saying, "I hate to tell you, but the storm has reached your location and it is a Category 5 hurricane. The levees are leaking. Ignore it at your own peril. The 6,000 sq ft McMansion buying, BMW leasing, $5 Starbucks latte drinking, granite countertop upgrading, home equity borrowing days are coming to an end."

And just who is James Quinn? He is a senior director of strategic planning for a major university. Mr Quinn has held financial positions with a retailer, homebuilder and a university in his 22-year career. Those positions included treasurer, controller, and head of strategic planning. He earned a BS in accounting from Drexel University and an MBA from Villanova University. He is a certified public accountant and a certified cash manager.

The Millionaire Next Door
The Millionaire Next Door: The Surprising Secrets of America's Wealthy is a book which shows how many people who would be considered ordinary are indeed ordinary in most ways but are extraordinary in the way they manage their finances. They appear to be like the people next door but have accumulated significant wealth by the manner in which they live.

Retire on Less Than You Think
According to Fred Brock, you can Retire on Less Than You Think. Mr. Brock was a business editor at the New York Times for over 10 years. This book explains how people can if they are inclined to do so, retire on less than you think and still have a quality lifestyle.

These books and this article are a good read. Although I do not agree with each and every point , they have many excellent money ideas and financial strategies.

Enjoy.