Rating: 
Summary: Fifteen Years Later, He's Still Retired
Review: This book, along with Your Money or Your Life, changed our lives. By following the advice outlined in these two books, we were able to quit our jobs in our forties and pursue other interests. We have been free of the daily grind for over four years now, thanks in part to Paul Terhorst, Vicki Robin and Joe Dominguez (authors of YMOYL).In a conversational style, Terhorst explains how he realized his job was sapping the life out of him, and how he used his skills as an accountant to devise a plan that would enable him to retire at 39 years of age. Unfortunately, the specific financial advice he gives (invest in high-yield certificates of deposit) is no longer possible. But number-crunching is not the most important message that Terhorst has. Cashing in on the American Dream advocates a no-nonsense approach to determining just what you want in life. Do you want to be free of working for others? Then it might mean giving up your car and dinners out. But it doesn't have to mean giving up what you really love (or need). Terhorst and his wife, Vicki, have been retired almost twenty years now and have spent much of it traveling the world. They have health insurance abroad, because it's cheaper than U.S. insurance, and better. The Terhorsts have their own website and I like to check in on them once or twice a year. The fact that they have made their plan work all these years is more important than any advice they have. Cashing in on The American Dream is an inspiring book. If they could do it, why can't you?
Rating:
Summary: A Classic on Early Retirement
Review: Tired of life on the corporate treadmill, Paul Terhorst retired from his Accounting career at age 35. The main premise of this book is that by tapping into equity you may already have (like your house), and keeping your expenses at a reasonable level, you may find that you are closer to retirement than you think. A key component of Mr. Terhorst's philosophy is appropriately entitled "Don't work for your Assets". When you consider the amount of money that many of us spend on property taxes, car payments, car insurance, expensive toys, swimming pools, etc., who are we really working for? Are we working for ourselves or simply supporting our assets? His solution to this situation is to calculate how much those assets would be worth if they were converted to cash. When he went through the exercise for himself, he realized he had enough money to retire at age 35. Many years after retiring and writing this book, Mr. Terhorst and his wife are still retired, doing what they want each day, instead of slaving away from 9 to 5 for someone else, which is a testament to the effectiveness of his early retirement philosophy. An excellent book. Highly recommended. John L. White, author "I'm in Debt, Over 40, With No Retirement Savings, HELP!"
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