 |
A Message from Nancy Margolis, Senior Editorial Director
of MsMoney.com:
After 10 years in the book business, I still feel about
books the way I did as a 12-year-old, whiling away the
hours, lost in the pages of a cherished novel. Books
were captivating because they had the power to convey
me to a world where my mind was stretched, provoked,
and entertained and where I felt anything was possible
and learning was infinite. As an editor, I have become
a more discriminating reader, but my criteria for what
makes a truly great book haven’t changed--the best
authors are those who share their knowledge in a way
that stimulates readers and makes them aware of their
limitless capacity for learning and discovery.
Each week in Editor’s Pick, I will introduce
you to a book that meets these criteria--a book to jump-start
or extend your financial education and put you one step
further on your path to financial health and independence.
Happy reading, and please feel free to contact me at
editor@msmoney.com.
The Average Family's Guide to Financial Freedom
By Bill and Mary Toohey
 How
would you define financial freedom? If you asked Bill and
Mary Toohey, they would say "a family has achieved financial
freedom when they are able to pay for all of their living
expenses, for the rest of their lives, utilizing all their
assets and 10 to 15 hours of work per week, per spouse."
And that's precisely what they did. It took them 8 years,
lots of planning, reading, and creativity. In 1991, they had
a daughter about to start college, a son with severe disabilities
and health problems, and another daughter in elementary school.
Their total income amounted to $34,000, they were carrying
a mortgage, car payments, and their $63,000 in savings was
tied up in home equity and retirement plans.
Fast forward to 1999: the Tooheys' eldest daughter had completed
4 fully paid for years of college, the couple owned their
home and two cars, free and clear, and their joint assets
totaled $467,000.
Are the Tooheys professional financial planners? Did they
win the lottery or inherit a bundle? Did they each take on
additional jobs to feed the family's bottom line? No. They
are average people, working jobs that pay modestly (he's a
vocational rehabilitation counselor, and she manages a small
professional office). What makes them different is their decision
to save as much as they could as quickly as possible in order
to secure their family's financial fate. Their goal? To accumulate
enough money to cover most of their basic living expenses
for the rest of their lives. How did they do it? They started
by taking a week off, reading exhaustively, and making smart,
careful decisions that would build assets while allowing them
to continue to enjoy life, their family and friends.
The message of The Average Family's Guide to Financial
Freedom is simple: you don't need a huge fortune to gain
financial freedom. And you don't need to sacrifice or suffer
in order to reach the same goal. What's required is grit and
determination, backed up by education and thoughtful decision-making.
It may seem unrealistic that a couple earning modest incomes
and raising three children can achieve financial freedom in
a matter of years, but the Tooheys devised a formula that
works. Like an informal conversation with friends, The
Average Family's Guide to Financial Freedom starts with
building a money-saving mindset and suggests how to spend
less, be your own financial expert, invest wisely, and plan
for a comfortable retirement.
Without changing jobs, relocating, or working around the
clock, the Tooheys added half a million dollars to their net
worth and saved enough money to enjoy the rest of their lives
even if they never receive another paycheck. Now that's
financial freedom.
Read more and buy a copy today!
|
|
