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“No Worries: How to live a stress free financial life” - by Jared Dillian
I’ve updated the OP to include his investment recipe for “no worry” and some other observations. The author is arrogant throughout and even contradicts himself completely late in the book regarding a home as an investment. At least he’s honest about his motives saying bluntly that he wrote the book “to make money.”
I have enjoyed the listen but probably wouldn’t choose him for a next door neighbor. The book did get me to consider and adjust how much risk I was taking with my IRA investments. And led to increased appreciation of what owning a home means. So not a waste of time IMHO. Even if you learn nothing new, some books provoke you to think which this one does.
This thread motivated me to research the author of the book being discussed. His website is of course an exercise in self promotion. I am by no means a watch expert but he appears to be sporting a Richard Mille watch which makes any of his advice questionable. Any watch experts here?
I have a couple of Citizen watches along with a Seiko watch. Inherited an Omega gold watch that my father earned in 1976 for 25 years of service with his employer. This watch is in mint condition and has never been worn. Might be worth a decent amount but I think I'll keep the Omega for sentimental reasons plus it's a very nice looking watch.
Took a quick look at Richard Mille watches on an internet shopping site. There were 50 examples ranging from $132,250 to $1,380,000. Frankly, I thought none of the watches were aesthetically appealing.
- The only two sources of financial stress are risk and debt. FD: It depends. Risk is in your head; change your thinking or maybe change your style. The right debt is healthy and welcome. Example: buying a house with a loan.
- A home is not an investment. FD: Home is the best investment for most Americans. Most retirees have small portfolios.
- Trying to get ahead by cutting down on expenses is a loser’s game. FD: Cutting expenses is one of the best choices for most people because Americans spend too much money and have small portfolios at retirement.
- Increasing income is the key to financial happiness. FD: If income is a higher salary, probably. Increasing investment income isn't the key. If someone makes $150K annually, is she happier than another who makes $100K? If someone's portfolio is worth 10 million, is she happier than another who has "only" 5 million?
- A dwelling under 1250 sq. feet represents a meager existence / lack of success in life FD: Again, if you are a student or just started working in NYC, you are doing fine.
- Driving a 10-15 year old (rusty) vehicle also represents a lack of success in life. FD: Really? So, why did Sam Walton drive an old vehicle?
- Never finance a new vehicle. Always pay cash. FD: Know how to negotiate new vehicles and always finance it when the rate is low at 0-1.99% while your investments do much better.
- Don’t skimp on insurance. FD: too generic. You need the proper insurance. We always had Home, Auto, and Umbrella. When we had young kids, we had term life insurance. As retirees with grown kids, we stopped it years ago.
- Always give large outsized tips for services well rendered. FD: Please define "well rendered."
Wait, I have one. Save a million by age 35. The devil is in the details
I haven’t looked at his website. No desire to. Yes - Dillian does seem to attach a lot of importance to ostentatious displays of wealth. Probably why he likes to give big tips.
Does that Dick Millie keep any better time than a $100 Seiko? Link to one model.
The (hardcover) book isn’t holding its value very well.
“List Price”: $27.99 Amazon new with free Prime shipping: $10.54 Independent Amazon seller new: $6.30 Used in “good” condition: $4.90
I drive an M Roadster. I bought it 25 years ago. Used. Paid cash. Well, yes, we also have a Volvo, bought in 2015, At the factory. Cash. To my son's considerable distress, I don't feel a need for the most modern car.
At the end of my career, we got a new VP. She called us together for a chat. "When you first graduated, you drove a Toyota, but now you would certainly drive a Lexus." I was driving a Honda. Yeah, I didn't think much of her other ideas, either. This is the part where having a larger investment portfolio came in. Picture my hands in a weighing motion. I was fairly sanguine with the conclusion - I don't need this (the VP experience).
@FD1000: Concerning your comments (just above), I am in close agreement.
Thank you. We should concentrate on investments and money on this site.
=======================
Watches: In the last 10 years, I kept buying cheap Chinese watches that look like Apple Watches and have about 80% of their capabilities for about $25-30. Every 3 years I threw them away and bought a new one with better technologies. I bought 2 Seikos in my life. They are just indestructible. They got banged, fell on the floor, and still work, but I haven't used them for years because I like digital and lighter watches. I also like to read my messages and receive phone calls. Seikos are great watches; anything more expensive than that is just a showoff. Just call it men's jewelry. Most people carry their phone everywhere; you really don't need a watch.
Comments
The author is arrogant throughout and even contradicts himself completely late in the book regarding a home as an investment. At least he’s honest about his motives saying bluntly that he wrote the book “to make money.”
I have enjoyed the listen but probably wouldn’t choose him for a next door neighbor. The book did get me to consider and adjust how much risk I was taking with my IRA investments. And led to increased appreciation of what owning a home means. So not a waste of time IMHO. Even if you learn nothing new, some books provoke you to think which this one does.
Inherited an Omega gold watch that my father earned in 1976 for 25 years of service with his employer.
This watch is in mint condition and has never been worn.
Might be worth a decent amount but I think I'll keep the Omega
for sentimental reasons plus it's a very nice looking watch.
There were 50 examples ranging from $132,250 to $1,380,000.
Frankly, I thought none of the watches were aesthetically appealing.
FD: It depends. Risk is in your head; change your thinking or maybe change your style.
The right debt is healthy and welcome. Example: buying a house with a loan.
- A home is not an investment.
FD: Home is the best investment for most Americans. Most retirees have small portfolios.
- Trying to get ahead by cutting down on expenses is a loser’s game.
FD: Cutting expenses is one of the best choices for most people because Americans spend too much money and have small portfolios at retirement.
- Increasing income is the key to financial happiness.
FD: If income is a higher salary, probably. Increasing investment income isn't the key.
If someone makes $150K annually, is she happier than another who makes $100K?
If someone's portfolio is worth 10 million, is she happier than another who has "only" 5 million?
- A dwelling under 1250 sq. feet represents a meager existence / lack of success in life
FD: Again, if you are a student or just started working in NYC, you are doing fine.
- Driving a 10-15 year old (rusty) vehicle also represents a lack of success in life.
FD: Really? So, why did Sam Walton drive an old vehicle?
- Never finance a new vehicle. Always pay cash.
FD: Know how to negotiate new vehicles and always finance it when the rate is low at 0-1.99% while your investments do much better.
- Don’t skimp on insurance.
FD: too generic. You need the proper insurance.
We always had Home, Auto, and Umbrella. When we had young kids, we had term life insurance. As retirees with grown kids, we stopped it years ago.
- Always give large outsized tips for services well rendered.
FD: Please define "well rendered."
Wait, I have one. Save a million by age 35. The devil is in the details
Does that Dick Millie keep any better time than a $100 Seiko? Link to one model.
The (hardcover) book isn’t holding its value very well.
“List Price”: $27.99
Amazon new with free Prime shipping: $10.54
Independent Amazon seller new: $6.30
Used in “good” condition: $4.90
Well, yes, we also have a Volvo, bought in 2015, At the factory. Cash.
To my son's considerable distress, I don't feel a need for the most modern car.
At the end of my career, we got a new VP. She called us together for a chat. "When you first graduated, you drove a Toyota, but now you would certainly drive a Lexus." I was driving a Honda. Yeah, I didn't think much of her other ideas, either. This is the part where having a larger investment portfolio came in. Picture my hands in a weighing motion. I was fairly sanguine with the conclusion - I don't need this (the VP experience).
We should concentrate on investments and money on this site.
=======================
Watches: In the last 10 years, I kept buying cheap Chinese watches that look like Apple Watches and have about 80% of their capabilities for about $25-30. Every 3 years I threw them away and bought a new one with better technologies.
I bought 2 Seikos in my life. They are just indestructible. They got banged, fell on the floor, and still work, but I haven't used them for years because I like digital and lighter watches. I also like to read my messages and receive phone calls.
Seikos are great watches; anything more expensive than that is just a showoff. Just call it men's jewelry. Most people carry their phone everywhere; you really don't need a watch.