Chris Hogan – Retire Inspired
Chris Hogan – Retire Inspired
My book review of Retire Inspired by Chris Hogan. This book is a financial book written by one of the Dave Ramsey’s hosts Chris Hogan. I tend to read most of the Ramsey family of books. As I get older and we had our son I seriously consider the future of retirement and also leaving a legacy behind when we/ I pass.
A lot of the book is about the Dave Ramsey baby steps from The Total Money Makeover. Save a $1000 emergency fund, pay off your debt, save 3-6 months of expenses for emergency, 15% savings in retirement, School funding for kids, Pay off your mortgage early and then the last step of just building wealth and giving. I found a lot of this repetitive since I have read a couple of the Ramsey books and they all push the baby steps. (They do work btw, The debt snowball was fantastic)
Chris has a R-IQ tool. Where you input your current annual income, what kind of lifestyle you would like at retirement, how much money you would each month for that dream and how many years until retirement. This is a very simplified retirement tool but I guess gives you an idea of what you should be saving monthly to hit your goal. For me it says we need to invest $2100 per month to hit our goal in 20 years.
One of my favorite things about the book was his analogy that life financially is like a baseball game.
Retirement Planning in your 20’s (1st and 2nd Inning)
Basically this is when you are figuring out your future, spouse, where will you live, buy a house and your career. In baseball you are feeling out the game, the stadium and learning the pitcher’s pitch’s. Although the game is early you are still playing to win and should start setting up to win.
Retirement Planning in your 30’s (3rd and 4th Innning)
Your 30’s are where it starts getting serious, you should be settling in nicely. (getting rid of the nerves of the 1st and 2nd inning aka your 20’s) There should be some runs on the board by now in the game aka some money invested. If your investing try investing more, and look towards the end game (retirement aka end of the baseball game)
Retirement Planning in your 40’s (5th and 6th Inning)
Now the pressures on, retirement is coming. You are halfway done the game. You need to hold the lead and keep doing what your doing or make a change and try harder to win. Don’t make any stupid purchases to throw things off. Keep funding your kids schooling and contributing to retirement (or increase contributions if your behind)
Retirement Planning in your 50’s (7th and 8th Inning)
The end is near, give it all you got. Bring in the relievers and pull out all the stops. The outcome of the game is getting pretty clear, you are going to be set for retirement/win/lose the game. If your losing the coach is going to give you some great talk to motivate you. If you haven’t started retirement planning go as hard as you can these innings.
Retirement Planning in your 60’s Plus (9th Inning)
Bring in the closer! Lets finish this game. If your winning its all about defense. Don’t do anything stupid you are going to be fine. If your losing, now is the time. Get the pinch hitters in there and try to force overtime. Its playoff time we need to win or force overtime.
The following pages talk about forming your dream retirement team, Lawyers for wills, accountants to maximize tax planning, insurance agents for life insurance and home and auto. It also shows the importance of talking it over with family and helping them know what to do If you pass away.
The book was a great read and definitely is highly recommended if you don’t know about the Dave Ramsey baby steps. If you listen to the podcasts like I do and like Chris’s personality, I think you would enjoy this book. If you would like to view it on amazon and read some other peoples reviews click here —> Chris Hogan – Retire Inspired
Have you read his book? What did you think?
Hey I’m Rob, creator of Passive Canadian Income.
In 2011 me and my wife had almost $60,000 in debt and a negative $7,000 Net Worth. Through hard work and financial education we paid all that off. Now we are focusing on increasing our Passive Income Streams to make the money work for us. Feel Free to Follow along the Journey by clicking the Social Media links below or subscribing to get notified of new posts on the sidebar.
Very cool. Thanks for the book review. Looks like an interesting read, especially since I love baseball. Did you make any changes to your finances leaving the book?
Hey Bert thanks
No not really like I Said alot of it is the baby steps which is in every ramsey book. Haha we hAve already been doing them.
Baby steps it is. But, I get overwhelmed by looking at the big picture. I am looking at 340$ in forward dividends (long way to go), but 2 years ago it was zero forward dividends …. progress is always welcome
Slowly but surely. Those pyramids didn’t get built in a day!
I haven’t read this book yet, but I love the baseball analogy. In terms of success in investments, I try to do extra things to score some runs (make more money) like taking free money from the government (walk), hit and run (borrow to invest), stealing bases (buy on margin).
Your analogies are great as well Leo. Just need a home run in the mix. (Teck resources last yr)
I’ve heard Chris Hogan speak but I’ve never read his book. I love the baseball references and I think it totally makes sense. I’ll definitely have to pick up and take a read. Thanks for sharing!!!
The part I’m confused about is where you are supposed to keep the emergency fund they just say to have it ‘on hand’. It seems a waste to have 10k sitting around in an account not making any interest. Should it go into a TFSA?
Right now there really isn’t many options with interest rates this low. Personally we just keep 5k in our chequing account. I wouldn’t keep idle cash in a tfsa. The tfsa should be all about investments as all the money in there would be tax free whenever you take it out.
Personally I wasn’t a fan of the emergency fund until last year when the govt locked everything down and me and my wife both couldn’t work. While mathematically the idle cash isn’t good it does kinda help you sleep at night.
Hope that helps
Hi Rob, thanks for the reply, I think I’ll cut back the emergency fund a bit and throw the extra into retirement savings instead.