Review and Giveaway: That Thing Rich People Do

I don’t talk about retirement much around here. That isn’t because I don’t think it’s important but primarily because I actually don’t know much about retirement planning. I know that one needs to save so they can eventually retire but that is pretty much the extent of my knowledge on the subject..until now.

I had the chance to read a really great book on the subject  that was just published this year. It’s called That Thing Rich People Do: Required Reading for Investors (affiliate link) and the author touts the book as “short enough to read in odd moments while warming leftovers or waiting for a computer to reboot, yet include the essentials that every investor should know.” I read it in one sitting and agree that it does not lack in terms of solid information.

The author has written several books on specific retirement account such as Go Roth!, but this book covers much more than just types of accounts. It covers every topic related to retirement and investing such as what kind of investment options you have within your 401k or IRA, what index funds are and how to use them, as well as the pros and cons of different  investment and account types. The book also spreads light on some of the misconceptions about certain investments such as term life insurance and annuities.

The author clearly lays out a foundation to start from, teaches how to manage investments, deal with losing money, and helps create a long-term strategy.

What I personally liked best about the book is that, although it is a brief book, not even crossing the 150 page mark, it has enough information to build a solid plan for retirement. He even goes through each and every step you should take when building your retirement/investment plan during the closing chapters of the book. It really is required reading for investors that actually want to make money 🙂

The book has a great list of resources after the final chapter closes as well.  The author lists very specific and categorized resources for you to find exactly what you need on each investment subject if the book left questions unanswered. Obviously these suggested readings are the opinions of the author but considering his background, I trust these resources to be worth checking out.

I learned a ton from this book and now have a pretty solid plan for my investments and retirement.

About the author

Kaye Thomas is a 1980 graduate of Harvard Law School where he was a member of the Harvard Law Review. He spent two decades as a tax lawyer with prominent firms in Rochester (New York) and Chicago but left the full-time practice of law in 2000 to focus on writing, consulting and public speaking. Kaye is the founder of Fairmark Press Inc. and author of the material on as well as the books offered there:

  • Go Roth!, a book explaining Roth IRAs and Roth accounts in 401k and 403b plans.
  • Consider Your Options, a book for individuals who receive stock options and other forms of equity compensation
  • Equity Compensation Strategies, a book for professionals who offer advice on how to handle stock options and other forms of equity compensation
  • Capital Gains, Minimal Taxes, a book for investors who buy and sell stocks, mutual funds and options

The Giveaway

I’m giving away a copy of his book. Whether you are a weathered investor or just starting out, I think this is a great book. It covers the generals of the topic very well without getting into too much unnecessary jargon. The author does a great job of cutting away the fat and getting right to the necessary information to help you build a solid foundation for investing, all the while keeping you entertained as he injects his own personality and sense of humor into the writing which I think is a feat in and of itself with this topic.

To enter the giveaway:

  • Leave a comment letting me know if and how you are planning for retirement.

For an extra entry, tweet about the giveaway. Here’s a sample tweet, but feel free to be creative!

  • @pffirewall giving away a copy of That Thing Rich People Do(a great book on investing)!chkout the review

The contest will run from today, till Sunday the 12th at midnight. I will use to pick a winner and post the results Monday.

A special thanks goes out to the author, Kaye A. Thomas for providing a copy of his book for this review. You can check out his website to learn more about him.

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19 People have left comments on this post

» YanaNo Gravatar said: { Jun 9, 2010 - 09:06:12 }

Our planning for retirement is all about savings and funds management, which is the basic financial plan of this household. We want to preserve what we have and get value for the dollar that goes out.

I tweeted 🙂

The book looks great.

» KevinNo Gravatar said: { Jun 9, 2010 - 04:06:47 }

I'm stashing money in my 401k and roth. I'm hoping to never retire because I want to build a business I love doing but won't take up all of my time when I'm older
My recent post What Is Your House Worth To You?

» wyojeffNo Gravatar said: { Jun 9, 2010 - 04:06:31 }

I'm currently planning for retirement in a few ways, some conventional and some not. I'm saving in my 401k, and when I'm debt free, I'll start funding my Roth-IRA again. I've also been defining goals for my retirement, and deciding what I will need and want in retirement. This is difficult as im in my mid-20s, but still fun to imagine.
Im also planning my retirement by beginning to do more things for myself instead of paying someone else to do them. Time isnt really a factor now, and it wont be in retirement. Plus, I dont mind changing oil in the car! I plan on learning other skills too.

My recent post Saving Money with Alternative Fuels

» Jason @ MyMoneyMinuteNo Gravatar said: { Jun 9, 2010 - 10:06:51 }

Sounds like a great book!

I’m in the same boat as you, where I don’t know much about investments since I’m in debt repayment mode. We have a 401k going modestly for now.

» Car CoachNo Gravatar said: { Jun 9, 2010 - 12:06:32 }

I've done a little in Roths over the years and mostly contribute to a SEP since I'm self-employed. As an entrepreneur, income ebbs and flows, but whenever I can I contribute I do so as much as I can.
My recent post Slash your monthly car payments in 10 minutes

» FinEngrNo Gravatar said: { Jun 9, 2010 - 03:06:21 }

Living a lifestyle 75% of what I could and saving/investing the delta.

Finding a good primer on any subject will either make or break your efforts. Reading something quick, engaging, & relevant most likely will end up with you putting those ideas into practice.

» Dan GazarekNo Gravatar said: { Jun 10, 2010 - 12:06:15 }

Planning for retirement by living below my means, having zero bad debt, and maxing out my RRSP (Registered Retirement Savings Plan, up here in Canada). 🙂

» JackieNo Gravatar said: { Jun 10, 2010 - 11:06:06 }

I'm planning for retirement by keeping a handle on expenses, working to get our house paid off by the end of 2011, and putting away a bunch into my 401k & IRA.

» Money ReasonsNo Gravatar said: { Jun 11, 2010 - 02:06:44 }

Sounds like a great book!

I'm torn, I'd like to enter but I already had a 401K and a Roth…. Perhaps the book has some hidden jems that I could benefit from… so I'm game!!!
My recent post Red Box Review

» SaveThePigNo Gravatar said: { Jun 11, 2010 - 10:06:16 }

I know it's a great book. I'm saving more along side 401k and Roth for retirement. Even the money I saved on receiving this giveaway book from you.

» RedbeardNo Gravatar said: { Jun 12, 2010 - 07:06:13 }

I'm planning for retirement by maxing out my 401K, contributing to a Roth IRA, paying off the mortgage early and avoiding all other debt.

» Bucksome BoomerNo Gravatar said: { Jun 12, 2010 - 11:06:06 }

I'm saving for retirement but also eliminating all debt so I'll be ready to retire.
My recent post Debt Collectors: I am not Antonio S.

» kseahagNo Gravatar said: { Jun 13, 2010 - 03:06:53 }

I'm planning on retiring at 62, I'm 48 now. Put away the maximum in my 401k where I use to work for 23 years. And I'll do the same when I find another job. Hope I win the book!

kellyNo Gravatar Reply:

Need to sock it away! Can I invest concurrently in a Roth 401K and a Roth? What are the mix and match options/limits? I need to get smart fast. Maybe this book can help?

Jesse MichelsenNo Gravatar Reply:

Ya can invest in a 401k and a Roth IRA at the same time, completely separate, the options and limitations are also separate. This book does have info on that and may be able to help you!

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