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The Best Kept Secret of America
Type: Business
Author:William A. Stanmeyer, J.D.
My rating: 4
Book introduction:
This book talks about how and why pension system was created in the 1960s. How the aging population is dragging the social security system down. How the technology revolution and process automation have helped to permanently eliminate many many jobs. e.g. since the ATM machine was invented, half the bank tellers are gone. How Toyota by automating it's production line using advance technology can use a smaller space, shorter time and fewer people to make a car than General Motor. This has forced General Motor to do the same thus further cutting available jobs. Since the 1980s, corporations have been downsizing. We can no longer rely on the job security that was enjoyed by our parents' generation and the generations before them.
The book predicts unless radical measure is taken, the social security system will collapse and whatever measure is taken, the losers are always the current tax payers. It also predicts the trend of running home-based business will continue to raise, because people are sick and tired of the high cost of living in mega city or the lengthy time to commute. Owning your business, the author reckons will be the new revolution that will save our own financial future. We must rely on ourselves.
My review:
The figures and predictions presented in the book arevery compelling, even shocking if you have not done the maths yourself. This serves as a "wake-up" call to many. Have you ever wonder how much you need to save for retirement? Does the future look bright for you? I recommend anyone who cares about his/her future finance and the family finance should read this book and get into action.