Comments on: Book Review: Why Swim with the Sharks? http://www.canadiancapitalist.com/book-review-why-swim-with-the-sharks/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Canadian Capitalist http://www.canadiancapitalist.com/book-review-why-swim-with-the-sharks/#comment-10051 Canadian Capitalist Tue, 17 Oct 2006 16:23:01 +0000 http://www.canadiancapitalist.com/2006/10/16/book-review-why-swim-with-the-sharks#comment-10051 I am more hopeful that CPP will be there for me but who knows what will happen to the OAS 30+ years in the future. If it pays great, I'm just not counting on it. I am more hopeful that CPP will be there for me but who knows what will happen to the OAS 30+ years in the future. If it pays great, I’m just not counting on it.

]]> By: James http://www.canadiancapitalist.com/book-review-why-swim-with-the-sharks/#comment-10041 James Tue, 17 Oct 2006 16:01:10 +0000 http://www.canadiancapitalist.com/2006/10/16/book-review-why-swim-with-the-sharks#comment-10041 CPP and OAS are a pretty good basis for any retirement. CPP will give you an inflation indexed salary that should cover your monthly food bill and then some. OAS I am more concerned with, as it is paid out of government revenue. As the retirees go up so does the cost to the government. Thats the plus side to CPP it comes from a completely seperate pool of funds, that the government cannot pilfer from. CPP and OAS are a pretty good basis for any retirement. CPP will give you an inflation indexed salary that should cover your monthly food bill and then some. OAS I am more concerned with, as it is paid out of government revenue. As the retirees go up so does the cost to the government. Thats the plus side to CPP it comes from a completely seperate pool of funds, that the government cannot pilfer from.

]]> By: Northern Tim http://www.canadiancapitalist.com/book-review-why-swim-with-the-sharks/#comment-10035 Northern Tim Tue, 17 Oct 2006 15:08:04 +0000 http://www.canadiancapitalist.com/2006/10/16/book-review-why-swim-with-the-sharks#comment-10035 Did everyone just finish reading this book? I just finished two days ago. Overall I found the book very similar to Free Parking, Stop Working, etc. I like these books because they point out that depending on what you really want to do in retirement you may not need a lot of cash and can get started years earlier than most people. I think people assume they need to golf daily in retirement for some reason. I agree that having a all GIC/ bond fund is not very smart, but you should have a higher amount in lower risk investments as you get older. As to the risk of starting very early. Yes there is a risk, but I think that you have to be honest with yourself and ask. Can I live on only CPP/OAS if I have to during my later years? If the answer is yes, leave early. If not, put in more time and build up that fund. Really the choice is yours. Did everyone just finish reading this book? I just finished two days ago.

Overall I found the book very similar to Free Parking, Stop Working, etc.

I like these books because they point out that depending on what you really want to do in retirement you may not need a lot of cash and can get started years earlier than most people. I think people assume they need to golf daily in retirement for some reason.

I agree that having a all GIC/ bond fund is not very smart, but you should have a higher amount in lower risk investments as you get older.

As to the risk of starting very early. Yes there is a risk, but I think that you have to be honest with yourself and ask. Can I live on only CPP/OAS if I have to during my later years? If the answer is yes, leave early. If not, put in more time and build up that fund. Really the choice is yours.

]]> By: traineeinvestor http://www.canadiancapitalist.com/book-review-why-swim-with-the-sharks/#comment-9922 traineeinvestor Tue, 17 Oct 2006 06:30:40 +0000 http://www.canadiancapitalist.com/2006/10/16/book-review-why-swim-with-the-sharks#comment-9922 There are quite a few books with this sort of theme in print. The ones I have read contain a mixture a very good and (in my opinion) very awful advice. Typically the "good" parts of the advice are ideas for cutting fees living expenses, ways to increase your income after ceasing to work full time and, above all, a reminder that there is a lot more to life than the standard 80 hour working week. The bad advice is, in my opinion, advice which I view as being highly risky. Retiring too early with too little capital leaves retirees extremely vulnerable to things going wrong with reduced prospects of recovery. Not making adequate allowance for your personal rate of inflation is a common weakness to a lot of these early retirement plans. Another deficiency is assuming that you can continue working part time - age and health issues may prevent this. The central message I take from reading these sort of books is that if everying goes well, it is possible to retire sooner and on less than a lot of financial planners recommend - but you take some serious financial risks in doing so. I prefer the peace of mind that comes with working a few years longer and saving a bit more capital. There are quite a few books with this sort of theme in print. The ones I have read contain a mixture a very good and (in my opinion) very awful advice.

Typically the “good” parts of the advice are ideas for cutting fees living expenses, ways to increase your income after ceasing to work full time and, above all, a reminder that there is a lot more to life than the standard 80 hour working week.

The bad advice is, in my opinion, advice which I view as being highly risky. Retiring too early with too little capital leaves retirees extremely vulnerable to things going wrong with reduced prospects of recovery. Not making adequate allowance for your personal rate of inflation is a common weakness to a lot of these early retirement plans. Another deficiency is assuming that you can continue working part time – age and health issues may prevent this.

The central message I take from reading these sort of books is that if everying goes well, it is possible to retire sooner and on less than a lot of financial planners recommend – but you take some serious financial risks in doing so. I prefer the peace of mind that comes with working a few years longer and saving a bit more capital.

]]> By: James http://www.canadiancapitalist.com/book-review-why-swim-with-the-sharks/#comment-9856 James Tue, 17 Oct 2006 02:26:29 +0000 http://www.canadiancapitalist.com/2006/10/16/book-review-why-swim-with-the-sharks#comment-9856 I read this book also, its pretty good. I've read a lot of financial advice books like this and I find that they all have pitfalls. But, I'm almost always able to glean some morsel of valuable advice from every book and this was no different. My personal recomendation is go to your library, there is usually a shelf or two of books just like this. Keep taking them out until you've read them all. Make note of the ones you like, and reread them. I read this book also, its pretty good. I’ve read a lot of financial advice books like this and I find that they all have pitfalls. But, I’m almost always able to glean some morsel of valuable advice from every book and this was no different. My personal recomendation is go to your library, there is usually a shelf or two of books just like this. Keep taking them out until you’ve read them all. Make note of the ones you like, and reread them.

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