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| Category: Business:Personal Finance and Investing |
(requires Adobe Reader)
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| About the Book | |
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Getting to 40, Career Management and Other Financial Insights For My Children is a continuation of Mr. Geib’s previous book, Getting to 30, Financial Advice For My Three Sons. The author believes the millennials are dramatically reducing the wasteful consumption that has plundered the world’s environment and are eschewing a debt fueled lifestyle that has driven so many of their parents into financial distress. The author knows a massive deleveraging of the world’s balance sheet is going to plunge the American economy into a deep deflationary spiral as demand plummets. He applauds their vision but he knows the coming calamity will be tragic for many. His goal is to help his children navigate through the new environment that they are helping to create. Advice that will help them be agile and not fragile as the world around them spins into chaos. Creating an atmosphere that feels more like a fireside chat than a lecture, the author introduces R~I~P~P~L~E~S, a new social-economic model that he believes will better help his children understand why communities prosper or fail. In turn, how these environments shape them and how they ultimately shape their communities will dictate their path to financial independence and future happiness. The author’s advice is not mainstream. He doesn’t want his children saving for or worrying about retirement during the decade of their 30s. He believes that if there were more competent career mentors and fewer conflicted financial advisors the millennials retirement years could be much brighter. Mr. Geib shows that most careers can be divided into performance-based (PB) or activity-based (AB) jobs. He highlights the trade-offs between the two and shows why PB and AB jobs present entirely different career paths. To help his children optimize their career earnings he introduces a novel approach to increase productivity through a better matching of their talents with a market-driven skills portfolio. He tells his children he wants them to be rich, but more importantly he wants them to understand what being rich really means. He discusses how negative arbitrage is a significant destroyer of wealth for the middle class. The author points out that property taxes are a more important variable in assessing the affordability of their home than the interest rate they pay on their mortgage. He walks his children through a typical real estate purchase and identifies the traps that lenders, sellers, lawyers and others have set for the typical homebuyer. He shows how many government sponsored savings vehicles actually destroy wealth and that pursuing returns in the stock market during their 30s is essentially equivalent to seeking a prize in a fantasy football game. As the embers glow and the dialogue continues into the evening listen in on the wisdom that a father shares with his children in the hope that their lives are filled with joy and happiness.
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| About the Author | |
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Mr. Geib was a Senior Executive VP, Board Member & CFO with FirstCom Corporation. In 1999, FirstCom was Bloomberg’s #1 fastest growing U.S. publicly traded technology company. He was a Partner with EY and graduated from The University of Chicago and The Ohio State University. He is a CPA. |