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Getting Rich in America Book Review and Summary, Part 3

griaThis is Part 3 of my review and chapter summary of Getting Rich in America: 8 Simple Rules for Building a Fortune and a Satisfying Life by Dwight R. Lee and Richard B. McKenzie.

You can read the first two parts of this review by clicking the following links:

Getting Rich in America Book Review and Summary, Part 1

Getting Rich in America Book Review and Summary, Part 2

Rule #5. Get Married and Stay Married

“Marriage is like life in this - that it is a field of battle, and not a bed of roses.” - Robert Louis Stevenson

Contrary to all the bad press, marriage can lead to greater wealth accumulation.  The evidence points to married people earning disproportionately more and having disproportionately more wealth than single people living separately or together.  While marriage is not essential to making it in America, it can greatly improve your chances of making it.

Married men earn up to 26% more than unmarried men.  Married women earn more than unmarried women, as long as they remain childless.  Married couples have an income that’s 15% greater than the median income of all families.  Due to their higher incomes, married couples have more wealth later in life than unmarried couples.

The cooperation required by marriage can lead to economies of scale and specialization.  This specialization leads to efficiency, which allows for more time to do other things, among them work, which brings in more income.

Married people have the advantage of not having to look for a life partner (unless they want to get in trouble with their spouse).  The time and money invested in this endeavor can be enormous, as clubs and dating services have their own distinct costs.

Divorce often occurs because spouses devote insufficient resources to developing and maintaining the marriage contract.  An extended dating and engagement period affords the partners the time to test each other beforehand.

Marriage can extend the life expectancy over that of single people.  The most general reason is that married couples have better health than single and divorced people, as highlighted in the following research findings:

  • Divorced men have twice the lung cancer rate of married men;
  • Divorced men have three to four times the rate of other cancers;
  • Divorced and single men and women have from two and a half to three and a half times the married men’s rate of death from heart disease;
  • Married people have fewer problems with anxiety and depression;
  • Marriage increases the likelihood that women will have children, and women who have given birth tend to have a lower rate of breast cancer.

Children can be expensive.  Many couples delay their savings until after the kids are out of the house.  This could prove disastrous to your accumulation of wealth, as college costs take precedence over retirement savings.

The key to a happy and successful marriage, not surprisingly, is to find someone who is both emotionally and financially compatible.

My Take

Not to get too sappy, but marriage was probably the best choice that I’ve ever made, so I have to second the authors’ advice.  I think it’s key to take the time to get to know each other thoroughly, just so there are no surprises (look at me acting like Dear Abby).  It’s also nice to know that at least one person in this world has your back, and will miss you when you’re gone.  From just a financial perspective, having a compatible partner allows you to both follow the same goals of wealth accumulation.  It’s been working for us so far. ;-)

Rule #6. Take Care of Yourself

Why accumulate wealth and destroy your health in the process?  Healthy people miss less work, are more productive at work, and are more likely to be promoted and earn larger salaries.

Taking care of yourself increases the odds of living to a ripe old age, but we Americans aren’t taking full advantage of our opportunities.  The average life span of an American is ranked twenty-third in the world (must be all of that supersizing at Mickie D’s).  Wealth can increase the opportunities for indulgences that are unhealthy.  Resisting these unhealthy temptations will pay long-term dividends both physically and financially.

The good news is that you can choose to live a longer, healthier life.  Consider these facts:

  • A male who smokes forty or more cigarettes daily will lose eight years of his life.
  • 90% of premature deaths can be attributed to smoking cigarettes, overeating, misusing alcohol, failing to control high blood pressure, not exercising, or not wearing seat belts.
  • Death is seventeen times more likely on a motorcycle, motor scooter, and motor bike than in a car.
  • 40% of traffic accidents result from speeding, failing to yield right of way, or tailgating.
  • A 20mg/dl drop in blood cholesterol reduced deaths due to heart disease by 16%.
  • An active life and a long life go hand in hand.  Those who exercise can expect to live longer than couch potatoes.

The longer you live, the better return you’ll receive on defined benefit plans such as Social Security, pensions, and annuities.  The definition of retirement is also changing.  Many people are retiring on the “Installment Plan” for various reasons:

  • Satisfaction derived from work;
  • Work is becoming less physically demanding;
  • Career shifting will become natural;
  • Technology has allowed working from home and flexible hours;
  • Companies have shifted from defined benefit plans such as pensions to defined contribution plans like the 401(k).

The chapter offers some practical advice for taking care of yourself, such as exercising every day, making exercise fun, controlling your weight, eating healthy foods, not smoking, moderate drinking, not doing drugs, getting enough sleep, being careful, doing volunteer work to feel good about yourself, and staying mentally active as well as physically active.

My Take

I’d like to stick around to enjoy my money, too.  I’ve taken better care of myself this year, changing up my diet and exercise routines.  I’ve even tried to eliminate caffeine from my life.  The “be careful” message reminds me of the movie Along Came Polly, where Ben Stiller tried to get insurance for a Richard Branson-type daredevil who enjoyed dangerous hobbies like BASE jumping.  Maybe “dangerous” things like skydiving or motorcycle riding make life worthwhile for some people, so you can’t generalize and have us all live in protective cocoons.  I think I’m on board with the new kind of retirement, too.  I don’t think that I’ll have the patience or the money to play golf for thirty years, so I’ll continue to work in some manner.

Don’t miss Part 4 of this review.  Click this link for email updates: Email Updates

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  • griaGetting Rich in America Book Review and Summary, Part 2 This is Part 2 of my review and chapter summary of Getting Rich in America: 8 Simple Rules for Building a Fortune and a Satisfying Life by Dwight R. Lee and Richard B. McKenzie. You can read Part 1 of this review by clicking the following link: Getting Rich in......
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Your Weight is Costing You Money

U.S. News & World Report shows us that our bodies are costing us more than ever.  This equates to a “Unhealthiness Tax”, based on our poor eating and exercise habits.  I know taxes have increased on my Rocky Patels, and organic food isn’t exactly cheap.  It’s enough to make me reach for another donut. ;-)  But I came up with some cheaper alternatives.  Here are the areas of concern, followed by my two cents:

That gym habit could cost you thousands - gym memberships and personal training sessions are pricey.

Solution: Work out at home.  It costs nothing to go for a walk, provided you have sneakers.  Pick up some used weights at a yard sale.  Used weights still weigh the same as new weights, maybe a little more when you consider the accumulated dust.  If you don’t think that you can lift heavy weights, and think you have the patience, try the SuperSlow method.

Diet advice is a regular drain on your wallet - fitness magazines, diet books, and infomercials cost money, as does Weight Watchers and Jenny Craig.

Solution: The internet is full of free websites that offer diet and fitness tips, aimed at novices on one end of the spectrum, to more hardcore sites like Testosterone Nation on the other end.  Rather than paying a diet counselor, do your own research for free.  It’s how I found out about the Metabolic Diet.

Health insurance isn’t a cure-all - co-payments for medical care, deductibles,  and premiums are the additional costs of insurance.

Solution: Staying in shape and watching your diet should do wonders for your health, and help avoid diseases and conditions associated with obesity.  Don’t overlook the benefits of vitamins to strengthen the immune system.

Some airlines charge weightier passengers more - some airlines, such as United and Southwest,  require that you pay for two seats if you can’t fit into one.

Solution: This should be a wake up call that you need to improve your fitness and diet.  Follow my solutions in the first two items.

Vices are another way you’ll pay - taxes on cigarettes and cigars and alcoholic beverages have increased.  This is a ripe target for governments looking for extra revenue.

Solution: Quit smoking, or if you’re not addicted, reduce the number of cigars that you smoke.  I’m down to one cigar per weekend.  The sacrifices I make…

The good news is that companies have figured out that preventing disease is cheaper than treating disease.  Incentives are being offered to get healthier, from cash payments to lower health insurance premiums.  I know that my company has a fitness center on premises that you can join for a small amount each week.

Me, I work out in my basement.  No health club dues, no waiting for a machine or treadmill, and all I have to do is walk downstairs.  My weights are an eclectic mix of concrete-filled plastic weights from my youth, newly-purchased steel plates, and some used weights picked up at Play it Again Sports.  I did invest in a good bench about 15 years ago, and it’s served me well.

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Bad Weekend for My Fitness Goals

Well, the weekend started off strong.  I reseeded the bare spots on my front lawn, and kept up my exercise routine.  On Saturday, however, one of my buddies came over, and I had a few beers, a jumbo-sized cheeseburger at Applebee’s, and too many chocolate donuts.  I forgot to mention the coffee to wash down the donuts.  The same coffee that I attempted to give up here and here.  I’m tempted to try this weight loss combo that a reader suggested in a comment about an exercise post.

Although I didn’t take care of my physical self, I worked hard on improving my intelligence.  At least I educated myself somewhat.  I finished reading Rich Dad, Poor Dad by Robert Kiyosaki, and started re-reading Getting Rich in America by Dwight R. Lee and Richard B. McKenzie.  I’ll be writing reviews about them in the near future.  I’m especially intrigued by Kiyosaki’s advice about investing in tax lien certificates.  I’ll have more research to do on that subject also.  Kiyosaki recommends The 16 Percent Solution by Joel Moskowitz as good reading on tax liens.

My pick (Friesan Fire) didn’t win the Kentucky Derby.  Hell, he finished next to last in eighteenth place. He beat only one other horse, which is only one more than I beat, and I didn’t even race! ;-)

My kids saw the new Wolverine movie with their friends, and said it was awesome!  My sons started watching the X Men cartoons when they were little, and got me hooked on them, too.  I’ll probably catch the movie when it comes out on DVD.

Well, tomorrow starts another week.  I’m going to get back on the program, and really stick to my diet.  I hope to have better news to report next week.

Follow me on Twitter: CorpBarbarian

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