Book Review: "Stop Working: Here's How You Can!"

So I'm a big fan of the major blogs in Canada with regards to personal finance. I like reading people that are going through the same things that I do. Some are older, some are younger, however I definitely think they are worth reading.

I will mention which ones in a later post, however for now, I want to share my thoughts on a book I just finished reading called 'Stop Working: Here's How You Can!' by Derek Foster.

I was very excited to read this book, and as I started to read the book, I got even more excited to finish it. Derek employs a strategy in which he relies on dividends and distributions to live on, without really worrying too much on the over-all price of the stock itself. Truthfully I think this strategy makes a lot of sense. I mean, why spend every day looking at stock prices and market fluctuation, when you could be doing the things you enjoy every day and getting a steady income while doing it? That's the power of dividends.

The book is good. I will be recommending that my girlfriend reads it, as well as other people I know. Derek is now retired, and although the book was written and published (by him btw, so I'm sure there is some extra income for him!) in 2005, the information is very relevant and if someone was looking to invest in todays market.. well, we're quite down over-all as I write this. Perhaps a good time to look at some solid companies with great dividend growth and outlook? This was why I was excited to read it and finish it. Which I did in about 2 days. (I'm not much of a reader, but doing more and more of it)

The writing style is one that I personally enjoyed, he's not much on BS and gets down to business and facts. The only downside I would bring up would be the fact that I found myself readying to page forward in order to find out where he has the money invested, and how much is he drawing in? As I wanted to know would this work for me? Could I live on this? Etc, etc... but that isn't really even a drawback as it makes the book interesting and a little bit 'suspensful'?

Anyhow, I do recommend reading this book, it sort of emphasizes the importance of a steady stream of income in retirement moreso than a nest egg that you sit on. And personally, I agree with that.

If you'd like to pick up a copy, feel free to at http://www.stopworking.ca

Energy Audit - Booked for Mid-August

So I booked an Energy Audit on my house for mid-August, and am really looking forward to it. The way I see it, every little bit helps, and if they can find some 'leaks' or means of improvement on my house, then I am all for it, and as far as I'm concerned, it's money well spent.

It costs on average $150 for Islanders to have their homes audited, and as CBC reports, it's a very busy start to the 2008 season.

I'm really not sure what to expect for this audit. I've heard a few different things like they will 'suck out all the air out of your house'? Ok, I don't think they can actually even do that.. but I know what I believe they are getting at. Basically, they are looking for the 'leaks' in the house where air is getting out. That's GREAT! I would love to know, so that I can get some weather stripping or whatever it's called and put it on! No leaks = no heat escaping!

It's also the starting point if you're interested in any of the Eco-Energy initiatives that the federal government is offering. That's how I got started, somehow I stumbled across that site and said, "hey! what a good idea!".




Here are the steps listed on the site as to how to apply and get 'eco-energied'. heh heh (yes, I made up that word)

1. Hire a qualified energy advisor to perform an energy evaluation of your home. (booked)
   
2. Select the improvements from your home energy action checklist.(not expecting miracles, but every little bit helps)
   
3. Implement the recommended energy upgrades within 18 months.(I should start saving)
   
4. Call your energy advisor to perform your post-retrofit evaluation, to confirm your new energy rating and to submit your application on your behalf.(not sure about this step.. we'll see)
   
5. Wait for up to 90 days to receive your cheque based on the eligible upgrades performed! (Show me the money!!)
   

I'll keep you posted.