Cogently written and ideal for those beginning their careers who are not averse to risk; some may find this fiscal plan too...
A debut financial guide offers a novel approach to wealth creation.
Reports of the demise of the middle class have led to a spate of financial and investment books targeting the “average Joe,” a label often used in this work. Clearly, Trench intends the manual for a specific audience, “the full-time median (around $50,000 per year) wage earner who has little to no initial savings but wants early financial freedom.” The author’s three-stage formula focuses on the notion that creating and building wealth is about developing a “financial runway,” or the ability to live a desired lifestyle without relying on a traditional job. But rather than promote a get-rich-quick scheme, Trench lobbies for a period of self-sacrifice followed by bulking up on savings and investing in income-producing assets. The author lays out his proposition elegantly, using a strategy that moves from zero personal wealth to an initial accumulation of $25,000, growing that to $100,000, and culminating in fiscal independence. Much of the book emphasizes a do-it-yourself mentality and disciplined practicality. Trench chides the reader to be sensible and accept less than “the best.” The finest will cost a lot more but probably not be much better than “quite good.” This goes hand in hand with the concept of living “efficiently.” These are tenets of a kind of self-reliant, pragmatic philosophy that forms a foundation for the well-constructed book. Tactics abound: when it comes to housing, for instance, the author’s solution is to start by living in an inexpensive apartment close to work and, after saving some money, become a “house hacker”—purchase a multifamily unit, live in one part, and rent out the other. This is a key to wealth creation, writes Trench, but it may not be desirable or feasible for everyone. Other unconventional ideas, such as seeking out a performance-based job to generate higher than average employment income, are provided throughout.
Cogently written and ideal for those beginning their careers who are not averse to risk; some may find this fiscal plan too audacious, but others will likely embrace its spirit and pursue it with fervor.Pub Date: April 23, 2017
ISBN: 978-0-9975847-1-4
Page Count: 236
Publisher: BiggerPockets
Review Posted Online: May 2, 2017
Kirkus Reviews Issue: June 1, 2017
Review Program: Kirkus Indie
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection...
A Dumpster diver–turned-CEO details her rise to success and her business philosophy.
In this memoir/business book, Amoruso, CEO of the Internet clothing store Nasty Gal, offers advice to young women entrepreneurs who seek an alternative path to fame and fortune. Beginning with a lengthy discussion of her suburban childhood and rebellious teen years, the author describes her experiences living hand to mouth, hitchhiking, shoplifting and dropping out of school. Her life turned around when, bored at work one night, she decided to sell a few pieces of vintage clothing on eBay. Fast-forward seven years, and Amoruso was running a $100 million company with 350 employees. While her success is admirable, most of her advice is based on her own limited experiences and includes such hackneyed lines as, “When you accept yourself, it’s surprising how much other people will accept you, too.” At more than 200 pages, the book is overlong, and much of what the author discusses could be summarized in a few tweets. In fact, much of it probably has been: One of the most interesting sections in the book is her description of how she uses social media. Amoruso has a spiritual side, as well, and she describes her belief in “chaos magic” and “sigils,” a kind of wishful-thinking exercise involving abstract words. The book also includes sidebars featuring guest “girlbosses” (bloggers, Internet entrepreneurs) who share equally clichéd suggestions for business success. Some of the guidance Amoruso offers for interviews (don’t dress like you’re going to a nightclub), getting fired (don’t call anyone names) and finding your fashion style (be careful which trends you follow) will be helpful to her readers, including the sage advice, “You’re not special.”
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection or insight.Pub Date: May 6, 2014
ISBN: 978-0-399-16927-4
Page Count: 256
Publisher: Portfolio
Review Posted Online: June 22, 2014
Kirkus Reviews Issue: July 15, 2014
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