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Becoming a Millionaire Former Dream but Future Need: The $15,000 Solution

John Plashal, Betty Plashal

ISBN 10: 1600260144 / ISBN 13: 9781600260148
Published by Gabriel Publications, 2008
Used Condition: Very Good
From Better World Books (Mishawaka, IN, U.S.A.)

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Bibliographic Details

Title: Becoming a Millionaire Former Dream but ...

Publisher: Gabriel Publications

Publication Date: 2008

Book Condition:Very Good

Edition: First.

About this title

Synopsis:

Being a millionaire in America used to mean belonging to a small, elite financial group, but today it has become more common. About 3 percent of Americans are currently worth a million dollars not including the equity they have in their primary residence. The people of America must understand that planning for retirment has changed over the last few decades. Becoming a millionaire is no longer a lofty dream but a necessary goal for younger people who want to have a comfortable and finanically stress free retirement. The author discusses the major change that is occurring in retirement plans as corporations and government entities switch from Defined Benefit Plans to Defined Contribution Plans. In other words the primary responsibility for accumulating sufficient funds for retirement is increasingly up to the indiviudal. The author describes the eroding impact of inflation on one's long-term financial interests. For example he points out that if a 21 year old starts a 401(k) and accumulates $1,000,000 in it by the time of his or her retirement, those funds will be worth $250,000 in today's purchasing power if inflation averages 3%. A 6% annual return on those funds would result in a yield of just $15,000 per year in today's purchasing power. The impact of longevity on one's long term financail health is also discussed. John Plashal's message is clear without being alarmist, and his ideas will compel readers to start saving not only for their own future but also as an investment in their family. In this book, he gives readers realistic, attainable steps for acheiving the million-dollar goal. The importance of saving even modest amounts in the early years of life is emphasized and this important point is used to complement additional approaches towards securing a comfortable retirement. The security and financial benefits of owning real estate is discussed, and approachable suggestions to buying a first or second home are given. Also, the author recommends that Congress pass legislation to allow KIRAs - Kids Individual Retirment Accounts - giving the parents, grandparents and other relatives the opportunity to invest in such an account for young people -- even a newborn. These accounts could set the youth of America on a slam-dunk course for joining the millionaires club.

About the Author:

John Plashal's long-term interest in investing started with buying stocks while he was in college. He has invested in stocks and residential real estate over the years. He has a masters degree from the University of Wisconsin-Milwaukee. John was on the staff of the Appropriations Committee of the House of Representatives for many years and speicalized in national security issues. He is the coauthor of a book titled From Vietnam to 9/11: On the Front lines of National Security. It is curently in its fourth printing and the latest addition includes two epilogues on the Iraq War. Betty Plashal is a Realtor in the northern Virginia area. Betty and John wrote a book about real estate in that area, Buying of Selling a Home in Northern Virginia. Betty's main contribution to this book is the section on real estate.

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