Actually, that's a great hook that's very apropos for the times what with the plethora of 50 something white males who find themselves out of work and unable to find work in our post-recession 2010 economy.Shakespeare wrote:I "retired" on a poor pension at 50 - but I was no more "retired" than Derek; I made money on my investments. Which was "work", except I could do it from my living room and didn't have to try flogging a book.how to retire well on a good pension at ~65
Derek Foster
- scomac
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Re: Derek Foster
"On what principle is it, that when we see nothing but improvement behind us, we are to expect nothing but deterioration before us?"
Thomas Babington Macaulay in 1830
Thomas Babington Macaulay in 1830
- Shakespeare
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Re: Derek Foster
It's not a matter of "retiring", it's being able to profitably work for yourself instead of some other asshole.who find themselves out of work and unable to find work
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
- scomac
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Re: Derek Foster
Yabbut, at least if you work for yourself "unprofitably", you get to claim the losses.Shakespeare wrote:It's not a matter of "retiring", it's being able to profitably work for yourself instead of some other asshole.who find themselves out of work and unable to find work
"On what principle is it, that when we see nothing but improvement behind us, we are to expect nothing but deterioration before us?"
Thomas Babington Macaulay in 1830
Thomas Babington Macaulay in 1830
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Re: Derek Foster
I was just kidding. Anyway, you're all the more admired and respected because you've made your work available for free.According to Bruce - who's done it - first books are a lot of work and you are unlikely to make much money on them anyway.
I'd just as soon stay retired.
Re: Derek Foster
The only thing I didn't like was that he kept saying he was a millionaire.[quote][/quote]
Tiger Woods retired the moment he quitted his study and he is a billionaire. J.R. Rowling is a billionaire quitting works and so is Warren B.
As none of us is smarter than all of us, Derek becomes a whipping boy in most financial forums, period.
Tiger Woods retired the moment he quitted his study and he is a billionaire. J.R. Rowling is a billionaire quitting works and so is Warren B.
As none of us is smarter than all of us, Derek becomes a whipping boy in most financial forums, period.
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Re: Derek Foster
Thanks everyone for taking the time and explaining further. What you guys have said is what I was thinking as well, but some of the posts made me 2nd guess things a little bit.
So far I've held my portfolio to e-funds, and a small mutual fund account (because of work). But as my mortgage comes down, and investment money frees up, I've liked the idea of DRIPS, and dollar cost averaging of stocks (through stock purchase plans) the best. I'm comfortable with holding securities for a long time, and I definitely don't find myself jumping the gun at every piece of news I hear.
I remember many of the screen names on here from a long time ago (on Money Sense), and I remember many of you talking about this strategy long before I read Derek's two books, just like I remember wondering why "The Smith Maneuver" was all the rage recently, yet I've read you guys discussing it long before. I too wish there was more truth and transparency on many issues, but maybe the next world will be the perfect one. Buyer beware as always.
So far I've held my portfolio to e-funds, and a small mutual fund account (because of work). But as my mortgage comes down, and investment money frees up, I've liked the idea of DRIPS, and dollar cost averaging of stocks (through stock purchase plans) the best. I'm comfortable with holding securities for a long time, and I definitely don't find myself jumping the gun at every piece of news I hear.
I remember many of the screen names on here from a long time ago (on Money Sense), and I remember many of you talking about this strategy long before I read Derek's two books, just like I remember wondering why "The Smith Maneuver" was all the rage recently, yet I've read you guys discussing it long before. I too wish there was more truth and transparency on many issues, but maybe the next world will be the perfect one. Buyer beware as always.
Re: Derek Foster
Long live DIY. Better to just do it than to write about it!Shakespeare wrote:I "retired" on a poor pension at 50 - but I was no more "retired" than Derek; I made money on my investments. Which was "work", except I could do it from my living room and didn't have to try flogging a book.how to retire well on a good pension at ~65
For the fun of it...Keith
Re: Derek Foster
Bruce's book was 95% research and 5% opinions. It was a reference work which only people who frequent this forum would enjoy reading. It was unlikely to be bought by more than a few thousand readers, but sold to many more.Shakespeare wrote:According to Bruce - who's done it - first books are a lot of work and you are unlikely to make much money on them anyway.sell it for $20 a copy
Derek's first book had little research, lots of opinions, and there is increasing reports that it was a lot of fiction. It was written and marketed as if it was a Letter to Penthouse, and coincidently some people report that it might have had as many facts into it. I haven't read his subsequent books, but I assume it's rehashed content (i.e. the story took place in a different hot tub). Nevertheless, it's a feel-good book that was meant for mass-publishing and had mass-appeal.
I have no doubt that Derek made a lot more money than Bruce with his books. He also published and personally mailed them, probably leaving him with more profit in exchange for the additional workinconvenience. Derek earns my respect for being entrepreneurial, creative and a great marketer. Generally, he's less dangerous than some other financial porn authors, although I still cringe when I hear neophytes quoting him.
Last edited by marty123 on 10 Sep 2010 08:57, edited 1 time in total.
Re: Derek Foster
Being employed as a part-time distribution clerk appears to have earned him some extra income from his books.marty123 wrote:...
I have no doubt that Derek made a lot more money than Bruce with his books. He also published and personally mailed them, probably leaving him with more profit in exchange for the additional workinconvenience.
For the fun of it...Keith
Re: Derek Foster
Derek had a hard time [in Money Sense forum] spending time to defend himself in the sparring with all others attacking him left, right and centre. Even fools knew that he worked i.e. he was and is self-employed. He was and is denying the undeniable.HardWorker wrote:
I remember many of the screen names on here from a long time ago (on Money Sense), and I remember many of you talking about this strategy long before I read Derek's two books, just like I remember wondering why "The Smith Maneuver" was all the rage recently, yet I've read you guys discussing it long before. I too wish there was more truth and transparency on many issues, but maybe the next world will be the perfect one. Buyer beware as always.
- augustabound
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Re: Derek Foster
Maybe you should copyright that, there could be money in a true to life slogan like that.kcowan wrote:just do it
"Whenever I'm about to do something I think, would an idiot do that? And if they would, I do not do that thing." - Dwight K. Schrute
Re: Derek Foster
Yea I wish....augustabound wrote:Maybe you should copyright that, there could be money in a true to life slogan like that.kcowan wrote:just do it
For the fun of it...Keith
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Re: Derek Foster
Actually, I think NIKE copywrote that slogan (Just Do It)
Marty put it well: 95% research and 5% opinion vs . . . well, Derek's titles say it all.
Marty put it well: 95% research and 5% opinion vs . . . well, Derek's titles say it all.
- augustabound
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Re: Derek Foster
Yes, hence my winky face to Keith.JaydoubleU wrote:Actually, I think NIKE copywrote that slogan (Just Do It)
"Whenever I'm about to do something I think, would an idiot do that? And if they would, I do not do that thing." - Dwight K. Schrute
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Re: Derek Foster
Sorry. My powers of perception are weak in the morning before coffeeYes, hence my winky face to Keith.
- Bylo Selhi
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Re: Derek Foster
Why this man is an idiot millionaire
But he seemed to ignore his own rules when he sold everything in February 2009, just before the market bottomed out... Derek has a new book, The Idiot Millionaire, where he advocates an idiot-proof strategy and says he was an idiot when he sold his stocks.
Sedulously eschew obfuscatory hyperverbosity and prolixity.
Re: Derek Foster
Sigh... this guy will never giving up milking money from his books. Is there anything that morons won't buy?
Retired... my ass!
Retired... my ass!
Re: Derek Foster
He's not a millionaire, so the title should be shortened by removing the "Millionaire" word.Derek has a new book, The Idiot Millionaire
- Bylo Selhi
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Re: Derek Foster
I suspect he put "Millionaire" in the title in order to give the impression that he is one. I wonder if he used the same rationale with "Idiot"?marty123 wrote:He's not a millionaire, so the title should be shortened by removing the "Millionaire" word.
Sedulously eschew obfuscatory hyperverbosity and prolixity.
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Re: Derek Foster
Not that one precludes the other, but maybe to piggyback on the success of the 'idiot's guide to... whatever ' books?
suzy
Re: Derek Foster
How about, "The idiot's guide to being an idiot".flywaysuzy wrote:Not that one precludes the other, but maybe to piggyback on the success of the 'idiot's guide to... whatever ' books?
Re: Derek Foster
I thought the frugal living section of his first book was quite good, even if everything else is suspect.
As a self-published author myself, I have to admit that I'm quite jealous of the publicity Derek is able to create.
As a self-published author myself, I have to admit that I'm quite jealous of the publicity Derek is able to create.
Re: Derek Foster
So has anyone actually read the book?
From what I gather reading limited reviews he admits to being an idiot for selling low and has now learned form his mistakes. That in itself puts him way ahead of those who don’t realize they are idiots and keep making the same mistakes.
Does his new investment philosophy make any sense?
To the other authors on the board; how much money will he make with a self published book?
From what I gather reading limited reviews he admits to being an idiot for selling low and has now learned form his mistakes. That in itself puts him way ahead of those who don’t realize they are idiots and keep making the same mistakes.
Does his new investment philosophy make any sense?
To the other authors on the board; how much money will he make with a self published book?
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
Re: Derek Foster
I think I've heard him say he makes six-figures selling his books. Advantage of self-publishing is keeping much more of the profits. His catchy titles and blatant self-promotion seems to get him all the publicity he needs. Nobody interviewing him ever seems to challenge him on his ridiculous claims. (The claim of being retired and living off his investments, for example, when making $100k+ writing books. IIRC, I've also read elsewhere that his wife works.)deaddog wrote: To the other authors on the board; how much money will he make with a self published book?
Disclaimer: I've never read any of his books. I wouldn't waste my time, and I certainly wouldn't waste my money funding his "retirement".
- Flights of Fancy
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Re: Derek Foster
(IIRC) his wife works, they have five kids and get a significant level of child and family benefits, they keep realized income very low and I guess he adds to the family pot with portfolio returns and book sales.