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Savvy Saturday Session – “Die Broke” by Stephan Pollan

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In “Die Broke”, Stephan Pollan challenges readers to rethink their ideas of workplace, money, retirement, and inheritance. Most of us are rooted in thinking that’s out of sync with the realities of today’s economy. The “job” is not what it used to be–there’s no such thing as corporate loyalty. Putting your own interests first, not your company’s should be the standard. You should do your best at work, but make sure you’re getting the best deal financially. If you’re not, find another one. After all, it’s only a job.

“Die Broke” is organized into two sections: the first lays out the principles for dying broke. The whole argument relies on these four maxims:

1. Quit today and work for yourself, not your company.

2. Pay cash, melt your credit cards, and don’t even think about using your ATM card

3. Don’t retire, retirement is a relatively new concept created during the Depression, instead plan to work all your life.

4. Die broke, after all, you can’t take it with you.

The author is a financial and legal consultant and the specific instances in the second part are example from his own practice. The Chapters cover everything from “Automated Teller Machines and Cards” and “Umbrella Liability Insurance” to “Mortgage Loans” and “Real Estate Investment Trusts.”

Many of us comply with two or three of the ideas. As realtors we work for ourselves with several owning their own company. This business does allow its members to work beyond the normal age of retirement. Ebby Halliday is 98 years old and still goes to work each day. As for myself, I never use an ATM card and basically pay cash…. one credit card that is paid off at the end of the month. As for maxim number four, I like the idea of spending my money on those that I love and for causes and organizations that spark my passions. So, let enjoy life together!

Provided by VaLois Hounsel

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