I reviewed an early draft copy of Rob Bennett’s Passion Saving: The Path to Plentiful Free Time and Soul-Satisfying Work. I called it a blockbuster then. I call it a blockbuster now.
Passion Saving tells you the other side of the early retirement story. My research helps you manage your retirement investments. Rob Bennett’s book tells you how to get your nest egg in the first place.
Passion Saving is a powerful new approach. It works. Your transition into a better future starts right away. You benefit immediately. Today.
The key is to dream. What do you really want to do? Once you figure that out, you can get there. Make all of your goals short-term goals. Always make sure that you will reach a major milestone within five years. Reap the benefits of saving right away. You will be able to satisfy your retirement needs as a side benefit.
Even if you are happy with your job and wouldn’t change a thing, your job may change. It may disappear. Being able to get by without a paycheck is a mighty good thing. If nothing else, it improves your negotiating position.
Consider this: each time that you set money aside for investments, you are buying an income stream that pays for one of your expenses forever. You are buying a piece of financial freedom. Identify those income streams. Identify what they pay for. See tangible results.
Each chapter comes with a new and powerfully explosive insight. For example, have you thought of what happens if you plan your retirement based on maintaining fixed percentage of your income? You might have to turn down a raise! It costs too much! You can’t afford it.
Each raise lifts the amount of money that you need from investments. With each raise, your previous savings become a smaller and smaller percentage of what you need. The more money that you make, the farther behind that you fall.
[Run the numbers. It makes great entertainment.]
The fallacy comes from focusing on income. You should plan based on your spending needs, not on income.
You can get a taste of Rob’s insights at his web site. It is up and running. Notice that it is Saving, not Savings.
Rob Bennett's web site
Read this review to get a second opinion.
Passion Saving Book Review by Writer’s Helper
John Walter Russell
I wrote this on June 17, 2005.
Updated: September 4, 2006.