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Exit Life as You Came in It: Penniless! And Other Heretical Hints For Living Well In The New Economic Age "If you don''t read this book, you''re going to die stupid!" -- Dr. Laura Schlessinger The Baby Boomers are a generation of achievers: They earned college and professional degrees and are scampering up the corporate ladder or starting entrepreneurial enterprises that boost their egos and their bank accounts. They buy sensible "starter homes" and plan to parley them into impressive dream houses through smart real estate deals, all the while deftly juggling their home, family and business lives. If two incomes don''t cover all life''s necessities -- and necessary luxuries -- their credit cards serve as readily available genies to make wishes reality. If their ultimate rewards have always been clear -- an early and comfortable retirement and a healthy estate to leave for the children -- why are they now facing the future with fear and trepidation?In Die Broke: A Radical Four-Part Financial Plan (HarperBusiness; November 1997; $25.00), financial advisers Stephen M. Pollan and Mark Levine explain the economic realities that have rendered the old rules obsolete and offer an innovative approach to financial planning that focuses on getting the maximum use out of your income and your assets during your lifetime and renouncing the foolish (and futile) quest for financial immortality. From the startling recommendation, "quit now," to the heretical "die broke," Pollan lays out the details of a complete financial revolution. "Viewing yourself and your work as one," Pollan writes, "is a tremendous financial and emotional risk." To prove that the "Self-Fulfillment Ethic" and the false belief in careers must give way to a new work ethic, Pollan cites a ready role model -- the professional athlete. Free agents in the sports world know their tenure with any team is temporary and concentrate on getting the best financial deal they can. Adopting their attitude is the key for anyone who doesn''t want to remain on the sidelines in the next century. Pollan advises that work is not a holistic pursuit. The only way to increase satisfaction and/or income is to job hop with a constant eye toward a work setting that will increase skills (and therefore marketability) and improve quality of life with immediate advantages like premium health insurance, company day care, parental leave and telecommuting and flex time options. "Long term benefits, like pension plans," Pollan reminds readers, "are worthless. Most of you will be fired long before you are fully vested." What else is keeping people locked in the 20th century? Two little pieces of plastic: ATM cards and credit cards. The convenience is irresistible; the costs are mind-boggling. Offering a strong dose of reality, Pollan insists that spending should be difficult and uncomfortable: "You must resolve to no longer reach beyond your grasp. If you don''t have the cash on hand or in your checking account to buy something... don''t buy it." Pollan issues an equally important warning about the biggest purchase most people make in their lives -- real estate. Home-ownership remains an excellent tax shelter and a desirable form of enforced savings that can help generate income in later years. But with the unpredictability of the real estate market, the benefits of "serial ownership," or "trading up," have become less likely. Pollan''s solution is to save your money until you can "buy your second home first," by purchasing a residence that is large enough to accommodate a growing family, aging parents and even a home business -- in short, a home designed for a lifetime. Along with demanding a new perspective on work, credit and real estate, the new economic age lays to rest the American "dream" of retirement. Not only are traditional sources of retirement money (government assistance and private pensions...
Über den Autor / die Autorin
Stephen M. Pollan, one of America's most trusted and admired financial advisors, is the author of more than a dozen books, including the national bestseller Die Broke. He presently lives in New York City and Litchfield County, Connecticut, with his wife, Corky, and in close proximity to his four children and nine grandchildren.
Mark Levine has been Stephen Pollan's collaborator for sixteen years. He lives in Ithaca, New York, with his wife, Deirdre, and his Newfoundland, Molly.
Mark Levine has been Stephen Pollan's collaborator for more than eighteen years. Together they have authored numerous books, including the national bestsellers Lifescripts, Live Rich, and Die Broke, and most recently, Second Acts. They have been nominated for three National Magazine Awards.
