Summary of Mel Lindauer, Taylor Larimore, Michael LeBoeuf & John C. Bogle's The Bogleheads' Guide to Investing
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Please note: This is a companion version & not the original book.
Book Preview: #1 The government will not let you starve, but it is not committed to making your golden years golden. That is up to you. The majority of Americans who are about to retire will depend on government handouts for their retirement.
#2 The Borrowers’ financial future is headed over a cliff. Not only are they failing to build wealth, but they are building negative wealth, or debt. They rob tomorrow to pay for today.
#3 The American lifestyle more closely resembles that of Chad and Cathy Consumer than that of the Borrowers. Instead of borrowing to the max, Americans spend to the max based on their combined net incomes.
#4 The Consumers’ financial lifestyle is all about earning to spend. They never stop to consider how much they’re adding to the cost of the purchase or how long they will be paying for it. They believe they own their lifestyle, but in reality they are just renting it.
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Summary of Mel Lindauer, Taylor Larimore, Michael LeBoeuf & John C. Bogle's The Bogleheads' Guide to Investing - IRB Media
Insights on Mel Lindauer, Taylor Larimore and Michael LeBoeuf & John C. Bogle's The Bogleheads' Guide to Investing
Contents
Insights from Chapter 1
Insights from Chapter 2
Insights from Chapter 1
#1
The government will not let you starve, but it is not committed to making your golden years golden. That is up to you. The majority of Americans who are about to retire will depend on government handouts for their retirement.
#2
The Borrowers’ financial future is headed over a cliff. Not only are they failing to build wealth, but they are building negative wealth, or debt. They rob tomorrow to pay for today.
#3
The American lifestyle more closely resembles that of Chad and Cathy Consumer than that of the Borrowers. Instead of borrowing to the max, Americans spend to the max based on their combined net incomes.
#4
The Consumers’ financial lifestyle is all about earning to spend. They never stop to consider how much they’re adding to the cost of the purchase or how long they will be paying for it. They believe they own their lifestyle, but in reality they are just renting it.
#5
The third group of Americans has a different financial mind-set than the first two. They focus on accumulating wealth over time, and they have no higher income than the Borrowers and Consumers. They make a minimum of 10 percent of their take-home pay monthly payments toward their future financial freedom.
#6
You want to learn the basics of sound investing to achieve important life goals, such as living in a nice home, paying for your children’s college education, and having a comfortable retirement.
#7
The most important measuring stick of financial independence is not how much you make, but how much you keep. The measure of wealth is net worth: the total dollar amount of the assets you own minus the sum of your debts.
#8
If you have high-interest debts or revolving credit card balances, you should pay them off before you start investing. This is the highest, risk-free, and tax-free return on your money.
#9
The final prerequisite to investing is having a readily accessible source of cash on hand for emergencies. This means having a cash cushion of at least six months’ worth of living expenses in case you are suddenly unemployed or suffer a financial emergency.
#10
The example above demonstrates that with consistent saving and investing, you can accumulate a small fortune over time. However, very few people choose to do this, as it is a difficult process.
#11
The Rule of 72 states that to calculate how many years it will take an investment to double in value, you simply divide 72 by the annual rate of return. For example, an investment that returns 8 percent doubles every 9 years.
#12
The Rule of 72 is a mathematical equation that helps you understand the benefit of getting an early start on investing. It states that if you want to have a million dollars by age 65, you only need to deposit $4,000 a year in a Roth IRA beginning at age 25 and get an average annual return of 8 percent.
#13
The Bogleheads approach to