The Average Family's Guide to Financial Freedom How You can Save a Small Fortune on a Modest Income

Toohey, Bill

ISBN 10: 0471352284 / ISBN 13: 9780471352280

Editore: Wiley, 2000

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Dati bibliografici

• Titolo: The Average Family's Guide to Financial Freedom How You can Save a Small Fortune on a Modest Income
• Editore: Wiley
• Data di pubblicazione: 2000
• Lingua: Inglese
• ISBN 10: 0471352284
• ISBN 13: 9780471352280
• Rilegatura: Rilegato
• Condizione: Acceptable

Descrizione articolo

Riassunto

Bill and Mary Toohey are average middle income people from a small Iowa town. Bill has been employed for 23 years as a Vocational Rehabilitation Counselor and Mary has worked for 20 years as an Office Manager for a small psychological firm. They started saving and investing in 1991 when their net worth was $63,000. Eight years later their net worth was $467,000. In other words, their assets increased by an average of more than $50,000 per year during that period while their income (not counting dividends and capital gains) averaged about $65,000 per year. But it wasn't always easy. They have three children, Colleen (24), Tim (22), and Meghann (14). Tim has been severely disabled since birth and despite the challenges of helping Tim cope with his chronic illnesses, the Toohey family has been able to achieve financial freedom on a modest income. They were able to build a sizable nest egg in eight years while encountering some of life's biggest expenses during the period. They helped to pay for their daughter's college education and wedding, paid cash for a new car, and made several expensive home improvements. Despite those major expenses the Tooheys still managed to save 46% of their gross income and were listed among the "Best Personal Finance Managers in America" in the December 1994 issues of Money magazine. The Tooheys' story, in an article written by Bill, appeared in the April 1997 issue of Money magazine. Mary co-authored an article published in the February 1998 issue of McCall's magazine. In May, 1997 Bill was invited to speak at Money magazine's Elgin Project seminar series. Money magazine "adopted" Elgin, Illinois and brought in speakers with expertise in personal finance. Former President Bush kicked off the event.

How did they do it? How do they think? How do they live? Is it possible to save so much and still have a decent life? Can my family do this? Get the answers to all these questions and more in a book written specifically for families with children who don't earn big bucks.

Dalla quarta di copertina

Like most average American heads-of-household, Bill and Mary Toohey found themselves increasingly stressed by their financial responsibilities, with no real job security, their standard of living in constant jeopardy, and little promise of ever having enough time for their children or each other. The realization that their family?s financial future was entirely dependent on benevolent employers, a lifetime of full-time work, and the fate of social security was a disheartening condition they wanted to change?quickly. Unlike most Americans, in eight short years, the Tooheys managed to save nearly half of their modest annual income?and add almost half a million dollars to their net worth. They now have enough money to cover most expenses for the rest of their lives?even if they never earn another paycheck. With a daughter headed for college and a son with costly health problems, do the Tooheys claim this was easy? No. But it was doable. And it can be for you, too.

Named among the "Best Personal Finance Managers in America" by Money magazine, the Tooheys have taken their story, and their strategies, public in the hopes of helping others achieve the financial independence to enjoy their lives?and even their work.

Easy-to-understand and conversational, here is the Tooheys? groundbreaking formula for building assets without earning more money, relocating, or changing jobs?and without suffering. In addition to practical planning and investment suggestions, covered here are crucial issues in developing a money saving mindset, including:

• The impact of money on relationships--featuring the Tooheys? personal "Killer of Love" list
• The value of work beyond a paycheck
• The importance of a varied reading in order to build a network of ideas and stimulate creative thinking
• Maintaining normal family routines in times of crisis
• Deriving comfort, satisfaction, and beauty from your home?your most inexpensive place to be
• The simple truth that spending less is easier than saving more
• How adapting an "attitude of gratitude" can help break the spending cycle
• Defining financial freedom

. . . and more, to help you turn your average income into above-average wealth.

BILL and MARY TOOHEY lecture widely and have written several magazine articles on their sound money strategies. Bill is a vocational rehabilitation counselor, and Mary is an office manager. The couple live in Iowa and have three children.

HOW ONE FAMILY QUICKLY WENT FROM "GETTING BY" TO FINANCIAL FREEDOM?AND HOW YOU CAN, TOO

"If you?ve got the grit, determination, and vision, the Tooheys? astonishing plan will lead you to financial security."?Jeff Davidson, author of The Joy of Simple Living

"If you think you can?t build wealth on what you earn, read this book. Bill and Mary Toohey will show you exactly how to achieve financial freedom for yourself and your family. Inspiring!" ? Gerri Detweiler, coauthor of Invest in Yourself: Six Secrets to a Rich Life

"The Average Family?s Guide to Financial Freedom is an excellent resource for people who are serious about changing their financial lifestyle. Moderation is the key. The point is that it doesn?t require a huge fortune to achieve financial freedom. This book teaches the reader in a sensible, realistic fashion how to control spending by reducing needs. As the authors say, it?s not easy, but doable." ? Kerry Hannon, author of Suddenly Single: Money Skills for Divorcees and Widows

"Hooray for the real-life version of getting financially fit. All of us coping with families, middle income, and mortgages can relate to this energetic, practical book. If they can do it, so can we!" ? Janet Luhrs, author of The Simple Living Guide and editor/publisher of The Simple Living Journal