Wednesday, May 7, 2014

Review: Paycheck Independence Day Learn How to Use Your Paycheck to Stop Needing a Paycheck by Thomas P. Rood


SUMMARY FROM NETGALLEY.COM:
Paycheck Independence Day is a book that answers the question “What should I do with the money I have left over every month so I don’t have to work a job to pay my bills?”
Most people are going to work 40 or 50 years just hoping they saved up enough money to retire. Paycheck Independence Day shows them that the average person only needs to work 10, maybe 15 years before they no longer need a paycheck to pay their bills. And, they don’t have to wait 10 or 15 years before they enjoy the rewards. They can start enjoying them immediately.
The author introduces the Paycheck Independence Day Categories of Bills. He explains why the old categories like utilities, automobile, home, etc. are useless for managing your money. Then, he walks you through the very simple logic behind assigning your bills to the Paycheck Independence Day categories.
Once your bills are assigned to the correct category he shows everyone the right way to pay each bill based on the category it belongs to. Each bill is eliminated one-by-one until none your bills are being paid out of your paycheck any longer.
The Paycheck Independence Day money management system is simple, easy and fun. It was designed for the average person who works a job to pay their bills.

MY TAKE:
The title of this book was enough to intrigue me to request for a copy.

In Paycheck Independence Day Learn How to Use Your Paycheck to Stop Needing a Paycheck, readers are given tips and tricks they can use in order to save more money and be able to pay their bills without using money from their paycheck.

I wasn't even halfway through the first chapter when I got the feeling that I was reading the transcript of a financial seminar. That's not necessarily good or bad thing. It's just an observation on my part as the tone of the writing is similar to the dialogue and tone I've heard in such seminars.

There were a number of interesting tips here. It certainly got me thinking about looking at stocks that pay dividends. My mom has some stocks that pay dividends and I've been meaning to get some of my own but I wasn't sure how to go about it. The idea of categorizing bills according to their priority is a good idea too.

As expected, there are computations within the book. The book also includes information on calculating inflation rates, which is very useful.

There were quite a few concepts in this book that were different from how I view it, but the explanations here make sense in their own way.

However, this book is obviously aimed at the American market so while you can still use most of the things in this book, if you're from outside the United States, there are things here that you won't be able to relate to or use.

The book itself doesn't have worksheets, which would have been useful, but the book's website has tools you can use. At the time I wrote this review, however, the tools section was still under construction.

Thanks to NetGalley and Smith Publicity - Plainview Products, Inc. for the e-copy.

THE GOOD:

  1. It makes you think about your finances in a whole new way.
  2. There are helpful tips for things you need to calculate.
  3. There are plenty of helpful tips. 

THE BAD:

  1. Some may prefer a more straightforward writing tone.

FAVORITE QUOTE/S:
As my father always told me "Tom, it's not how much you make. It's how much you save." 
READ IT IF:

  1. You're interested in learning about ways to invest.
  2. You want to feel more secure about your future.
  3. You want to not feel dependent on your paycheck. 

RATING:
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Note: This post may contain Amazon affiliate links.

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