I enjoyed the book, it is an easy read. In today’s economy it is very easy to loose all the money you worked so hard to keep. Two times in less than ten years hard earned money has been lost in the equity markets. Don’t listen to the financial pundits they’re on the payroll. Do something different, buy the book, you will protect your hard earned money and your future. Thanks Brett.
The Title Says it All
This is a short, concise book that you would be wise to own and follow its teachings. The authors have done a great job of detailing why the status quo advocated by many of the popular “Financial Gurus” is wrong and will endanger your financial well being. It then goes on to detail what you must do to start on the path to become truly wealthy.
Although it lacks a formal bibliography, the articles and books cited in the Endnotes are excellent and would serve you well for further research. A better introduction to this topic does not exist.
Easy Read but Profound Insights
This book was easily read in a few hours but it had a very profound impact on me. I learned in a few hours what I hadn’t learned in over 30 years elsewhere. None of the current or past literature you pick up (or at least none that I have read) tells the story of the living benefits of life insurance in such a concise manner.
I am definitely taking the advice Brett and Ethan give. I am tired of the roller coaster of the market. I used to be a stock market registered representative and I have totally become disenchanted with the myth of saving in the market to make money. After over 30 years of investing in stocks, I have lost everything three times. The third time was not a charm…it was enough. Until I read this book, I really didn’t understand just how simple and profitable investing in a safe manner can be.
WOW tons of insightful information. A must read for anyone who wants to have surplus money or retire well!
These days its hard to know what to do with money. Savings accounts don’t even outpace inflation. The average American thinks that the 401K is the answer but I see more and more old people working. I see 70 and 80 year olds working all the time now in drug stores and at Walmart as greeters. Most of them are there b/c they HAVE to be. Most of them didn’t know where to put their money to out pace inflation and/or because their 401k didn’t do what it promised.
This book taught me where to put my money so I know that my husband and I will have a retirement we can live on and that we cannot outlive (even if my husband lives until 104 like his grandpa). Reading this book may be the difference between working at 70-80 or living a long and prosperous retirement. Highly recommend reading!
Finally tells the truth
I enjoyed this short read because I’ve seen my money disappear in the market over and over again.
Everyone still says to ‘max out your 401k’ but then your 401k gets trashed in the market, and then it gets crushed by fees and taxes…not such a good plan after all.
Guru’s say that when you are young you should ‘risk’ your money to get it to grow, but then when it disappears, you could be left with nothing left!
Anyway, this book was good in showing how to keep your money safe and keep it growing.
Over the last month, I’ve been talking to financial advisors who have given me reasons to keep money in a 401(k) fund and not to pull it out even when chaos breaks loose in the economy. About two weeks ago, though, I read the book “Safe Money Millionaire”by Brett Kitchen and Ethan Kap, and heard a different side to the story.
Kitchen and Kap are both in the field of insurance – but not just any insurance. They market cash value insurance plans, and that is the message they deliver in their book – if you put your money into a cash value insurance plan, it is safer than it would be in a 401(k), and you would have access to your money in case of an emergency.
I admit that I am not any kind of expert when it comes to insurance or retirement funds-that’s why I’ve been asking questions and pulling together information, so I can figure it out and my husband and I can decide what would bring us the most benefit. This book is written simply enough that I could understand the concepts and the reasoning behind the advice given. At the same time, it was written intelligently enough that I didn’t feel patronized.
If you visit the Safe Money Millionaire site, you can take a quick quiz that will help you determine at what age you can retire. I haven’t taken that quiz yet – I’m sort of afraid to, to be honest … (I wonder if it ever say, “You can never retire, or for that matter, ever die!”) but I’m going to ask my husband to sit down with me this next week and we’ll both take the quiz. I’m also going to ask him to read the book, and together we’ll see if this is something we want to do.
Making financial decisions can be stressful, especially when it seems that every expert has something different to say. I’m a firm believer in getting all the information you can, and then following your gut. I liked what I read in this book, and will be investigating further, although I haven’t made a solid decision yet as to what course I will take.
Brett Kitchen’s “Safe Money Millionaire” gives readers a new insight about safety in the financial world by actually avoiding Wall Street. The book provides different ways on how to be smart with money without risking it all. Its honest advice about financial security and not maxing out your 401K makes its audience stop and think about their financial future. With a positive attitude and steady planning, this book does exactly what it intends… making anyone into a successful safe money (maybe one day) millionaire.
Q. Thanks for the interview. Can we begin by having you tell us a little bit about yourself and how long you’ve been working in and writing about this topic?
A. I’ve been an entrepreneur ever since I could ride a bike. It’s in my blood, in fact entrepreneurship has been in my family for the past 100 years going all the way back to my great, great grandfather off the coast of England on Jersey Isle.
I got started selling licorice and bubble gum to the neighbors, then manufacturing taffy and cinnamon stick. Now, I love the idea of being able to create financial security for ourselves as humans.
Q. What’s your new book about? Why did you write it? What main message will readers take away from it?
A. Safe Money Millionaire is about growing your wealth without losing your money in the Wall Street rollercoaster. There are tons of money myths out there about how to grow your money because they’ve been lead to believe that investing in the market is the only way to do it.
That’s just not true. That’s what Wall Street wants you to believe, but it’s not true. People will walk away with their eyes open, learn why they aren’t getting ahead financially and get a plan to make it happen.
Q. What inspired you to write this book?
A. In my efforts to build my wealth I ‘bought in’ to the financial myths that are sold by most Americans by the Wall Street Propaganda machine. During that process I lost about 35% of my savings in the market and I decided I wasn’t going to do that again. That’s what led me to discovering what I share in the book.
Q. What were some of the greatest discoveries, lessons, or findings you came across while doing research and writing this book?
A. One of the biggest discoveries was the ‘hidden theft’ going on right in front of people’s faces in 401K plans. People mistakenly believe that because they are ‘maxing out’ 401K contributions they are building a retirement. Unfortunately, that just isn’t the case.
Another major “ah ha!” moment was in discovering their wealth. Too many people wait too long, and they aren’t even going in the right how little people really know about how to build direction. They are going backwards, they need a little direction and there is a simple way to grow wealth even if you don’t have a clue about investing.
Q. What do you feel sets your book apart from others in the same genre?
A. First it’s fun to read. It’s story based and it’s a quick read so people can get in, get out, and learn what they need to know. It’s definitely not a boring financial book.
Second, I’ve never seen anyone write about this topic of growing wealthy without market risk, and that’s what excites me…you don’t have to be a ‘stock’ or ‘mutual fund’ investor to make this work for you.
Q. What are 5 things everyone should know in your area of expertise?
1. The wise man builds his financial house on a rock; the rock is safety, not risk.
2. The foolish man builds his house on the sand, the sand of risk. When the rains come, the whole house can fall, because the foundation fails.
3. You don’t have to be a financial wiz or really even know the first thing about investing to make this work for you.
4. Don’t believe what you hear out of finance guru’s, money magazines and Wall Street, they have an agenda…an agenda that is geared to keep them rich.
5. The building a ‘safe money’ foundation is the key to financial security; once you have a strong safety net of money that will always be there for you, then you can move on to more risk.
Q. What does your typical day look like?
A. I wake up next to my wife and usually have a couple kids banging on the door to get breakfast. I drive to the Safe Money Millionaire headquarters and run my two businesses and work on spreading the word of the Safe Money Millionaire message. I will often do a radio show interview throughout the week, talk with clients, manage my staff of about 10 employees, and work hard to promote our message.
Q. If someone were a complete newbie when it comes to the topic of your book, what are some steps they could take to dive in and get more educated in this area. (Besides reading your book of course!)
A. I would go watch the videos on our YouTube channel or website. You can go to www.safemoneymillionaire.com and get free access to them. We take the concepts, keep them simple and then you can even give us a call and talk with us if you have further questions, or just want to just cut to the chase.
Q. If you could write 1 Golden Rule to take away from your book, what would it be and why?
A. “The wise man builds his financial house on the rock of safe money, and foolish man builds on the sands of risk.”
I believe this is critical to building wealth, because when you have a secure foundation you know that money will always be there for you when you need it. If you lose money because of risky investments when you need your money most, it could be gone, causing all kinds of financial and family problems.
Q. What other resources in addition to your book would you recommend to people to learn more about this area?
A. There’s a great book called “Pirates of Manhattan” it’s a glaring indictment of Wall Street and banks, it’ll open your eyes in a way nothing else does.
Q. What are some of your current projects you’ve been working on in this field?
A. The biggest project is our consumer education area of www.safemoneymillionaire.com it’s an entire resource center dedicated to helping people learn more about this concept, and even more importantly getting personal help.
We can actually do some free coaching sessions with folks who want some personal direction and I think that is very valuable.
Q. Thank you for the interview Brett! Would you like to share where we can find you on the web and how we can buy your book?
About the Author: Brett Kitchen has been in the insurance and finance industry for a decade giving professional advice on financial devastations and how to turn those obstacles into a stepping stone for success. He developed a strategy on how to save money and keep it growing in a safe and effective manner through tax benefits. Brett founded http://truefinancialage.com and is the host of the Savvy Money Radio Show. Brett is also an author of two books, including “The Financial Fountain of Youth”. He and his wife Tiffani have been married for 9 years and have two kids Joshua and Elianna.
For more information about the author: www.brettkitchen.com
I like money books. I have a section of a shelf with money books. This may seem strange, since I don’t (yet) actually have any money, but I believe in visualizing my way to success, and someday I will have money and will need to know what to do with it. At least I hope so. And up until recently, I thought I knew the best things to do with money, should I ever come into some. But I just read a book that counters the advice in most of those other books, and most of the advice I’ve ever heard from financial gurus, like Dave Ramsey and Suze Orman, and I must say, I’m intrigued.
Safe Money Millionaire is a quick, easy to understand, engaging book. You don’t have to be a math or finance or accounting whiz to get it. Basically, the premise is this: all the advice and “wisdom” we are programmed with about investing our money on Wall Street or in 401(k) plans is designed to turn a profit, but not necessarily for the one who is actually doing the investing. It happens time and time again, where well-intentioned, hard-working, responsible people max out their 401(k) plans, thinking they are doing the smartest thing, only to be actually losing wealth and valuable time in the volatile market. The authors, Brett Kitchen and Ethan Kap explain what a rate of return is and why a higher rate of return doesn’t actually mean that you are getting wealthier. They also debunk the myth about tax savings and 401(k) plans with a great analogy about paying tax on seeds or on crops.
The book does read a little like an infomercial, spending the first half explaining why conventional financial advice is really not wise at all, and then the second half explaining what they believe to be the best and safest way to grow your wealth, which is with cash value life insurance policies that are carefully and strategically set up with a Safe Money Millionaire Advisor. You can grow your money with the “ups” in the market, while protecting it against the “downs”. You can borrow against your policy, paying yourself back with interest to grow your wealth, instead of paying banks and finance companies, and earning interest on your balance as if you never borrowed against it. And, in the event of death, benefits are paid to your loved ones.
I liked the chapter about real people who have grown wealth through life insurance policies. People like J.C. Penney, Doris Christopher (founder of Pampered Chef), Walt Disney, and Ray Kroc (McDonald’s). I also liked the examples of regular, not-famous individuals who have chosen to grow their money through Safe Money Millionaire principles and how it worked for them. Yes, you do have to go to their website, and yes, you do have to work with one of their advisors, but chances are, if you’re serious about your money, you’re doing that anyway, and that advisor is offering you options that may not be the best after all.
I am intrigued. I really enjoyed the chance to preview this book, and I actually do plan to go to the website and do more research. Because, you know, I plan to have money one day, and I’d like it to be safe! And growing! And in my pocket, instead of someone else’s!
The book “Safe Money Millionaire” is a short (120 pages) little “How To” book written in a conversational tone for the average person. In it BYU trained Brett Kitchen and Ethan Kap from Utah debunk widely accepted financial wisdom. They lay out a step-by-step method for individuals to protect their assets and make gains WITHOUT risking savings in the volatile unpredictability of the stock market.
Through stories and examples Kitchen and Kap propose a few very basic ideas.
1) wanting to get rich is a worthy goal.
2) much of the popular financial advice for how to do that is flawed.
3) there is a better way.
4) follow us.
One of the basic premises of this book is that investing money in a 401K retirement plan is a bad idea. Kitchen and Kap definitely have an uphill battle to get every day Americans to believe that 401K’s are unwise. Even after the horrendous financial meltdown of 2008, MANY people are still very much committed to the idea that 401K’s are one of the best ways to plan for retirement. But like salmon swimming upstream, tearing down that ides is exactly what they set out to do, going against the current council of many popular money folks with a lot more name recognition.
That being said – just because a person gets famous in financial advice circles does NOT mean the advice they give is sound. There are plenty of Dave Ramsey Bashers or people who hate Suze Orman out there. I LOVE the quote from Bertrand Russell that Kitchen and Kap included on page 25: “Even when the experts all agree, they may well be mistaken.”
Understanding the problems with 401K’s was pretty easy for me. Where I balked was at the alternative they offered: Cash value insurance plans. I’ll admit right up front, I have a VERY STRONG personal bias against most forms of insurance. Getting past that bias was all but insurmountable for me.
Ideas are tenacious little buggers. Once a person has latched on to some idea, opinion or value they tend to burrow deep into our psyche, with roots deeper than a mallow weed. In a world full of ever shifting, complex information, most of us are more likely to notice the things that CONFIRM what we already believe rather than giving our attention over to the things that contradict. We are constantly on the lookout for the bits and pieces that tell us what we already know to be true IS true, so we can continue to hold on tight to our ideas, feeling confident we are right. We are human deleting machines… we go around daily ignoring or refuting the data from our lives that suggests we might just be going down a wrong path (no matter how valid that information may be).
So no matter how clearly the book explained the merit of having a 101 Plan, it just didn’t appeal to me. While I do begrudgingly fork out money each month to insure my life, my home and my car, I resent what I see as a “fear tax”. I believe ALL insurance companies operate on focusing people’s fear and worry.
Personally, I’d rather have a chunk of cash in a safe, interest bearing fund and rely on THAT to help me get through the difficulty I would face in the unforeseen event of my pipes bursting or my car crashing or my house burning down. I long for the day when I can be 100% self insured. I’m not there yet. But I really do want to be able to forget about any insurance policy at all (other than medical care) at some point in the future.
So wrapping my mind around the notion that using cash value life insurance as an alternative investment was a leap that I had more than a little difficulty wrestling with. Also, wanting to know a little bit about the backgrounds of the authors I did some digging. I found Brett Kitchen’s FaceBook page and see there that he is in insurance sales. Oh really? Having an insurance salesman tell me that buying a cash value life insurance policy is a wonderful idea just feels a bit like having a fox guard my hen house. He may have some very valid points to make, but my skeptic brain wonders how much of the advice here will benefit ME and how much will benefit HIM if I should take it.
However, I kept reading.
Even if I disregard that part of the book all together, there were several other little gems along the way.
I was impressed by the part that explained that getting a fat income tax refund is NOT in your best interest. (I’ve never understood why people feel so good about letting Uncle Sam use their money all year long for free.) I totally agree with the concept of structuring deductions so the amount you pay IN to the IRS comes as close as possible to amount you will be billed. If I want to have a cushion “just to be sure” I will put that amount into a separate bank account THAT PAYS INTEREST TO ME and then have it available to pay any remaining tax bill that may come due.
There were also a few other things that were worth the read.
When I was done with the book I cruised over to take the online quiz at the authors’ website to find out my TRUE FINANCIAL AGE. (This is supposed to assess how many more years I will have to work before I can securely retire.) I must admit, I plugged in all the required numbers with a bit of trepidation. I was pleasantly surprised, however, when it said I could retire at 64. REALLY? Huh, I figured I’d be working AT LEAST another 15 years which would put me closer to 70. But no matter…. truth is I will work for the insurance benefits whether I need the actual pay check or not.
Bottom line for me, this book is worth picking up. It is a quick, easy read that has some useful information. Even if you don’t agree with or follow all of their advice (like me), I think it is a good stepping stone in becoming more educating about financial matters and goes a long way to demystify the investment world.
I admit, I don’t read many financial help books. About the closest I get is listening to Dave Ramsey on the radio occasionally (whom I like and respect, even if I want to yell at him that he does deserve how he’s doing). So, with curiosity and a touch of trepidation, I opened the cover of Safe Money Millionaire by Brett Kitchen and Ethan Kap, and dove in.
A sales pitch makes me wary and I get the inclination to rebel (ask me the story of how I got rid of the Kirby salesman sometime), so after the intro titled “For Skeptics Only,” I found myself even more skeptical.
Then I began reading the first chapter and was pleasantly surprised.
The chapter opened by telling a story, and this conversational style continued throughout. I liked this a lot, because I learn best that way and could better relate to the information. I really enjoyed the quotes given at the beginning of each chapter. The true stories of people such as Walt Disney, J.C. Penney, and Ray Kroc (the man who made McDonald’s an empire) were fascinating. The advice was presented in a straightforward, simple manner and was nicely written.
I admit that my eyes glazed over a bit while reading about the stock market and the charts didn’t mean much to me. Then again, I have never been interested in the stock market. However, what I did get out of this book was that it’s very important to explore different options and that putting money in a 401(k) is generally not the best idea. After discussing some of the information with my husband, we had a good discussion which has led to some interesting avenues to check out. I told James (the major source of brains in this family) that he should read this book so it can help us decide what to do about our financial future. He is currently doing so.
Since I live in the Show Me state, I want down-to-earth, common sense financial advice. This book gives that–mostly. The only real issues I had were some of the legit reasons given to borrow money. In one of the stories, a man and his wife who have just lost their retirement through their 401(k) “desperately” need a kitchen remodel, and during their financial planning found they could borrow some for that reason. I found that a bit of a turnoff. A kitchen remodel would be nice thing to have, but it’s far from a pressing need for most people I know. Another reason included borrowing a couple thousand dollars for a vacation, or for a car. If I borrow money, even if it’s a relatively safe way to do it, I need a good reason. Otherwise I’m stuck with an unnecessary monthly payment, and I’d rather save up to pay for things that aren’t emergencies. I would have liked to see the advice given to be prudent and use discretion on what a person borrows money for and how much–no matter how easy it would be to pay back.
The basic information on how the program works is given in the last half or so of the book–and I do mean very basic. The book recommends contacting special advisers, found through the website, who can help you make the most out of your financial decisions.Getting more information is vital to having the full benefit of the program. The information given is like artichoke dip at Olive Garden–it whets your appetite for more! I had never heard of options like these before, and they do sound intriguing.
I plan on checking further into the information presented in this book and on learning about more financial planning options in general. The best thing this book did for me was make me curious about learning about all the different options out there. Oh, and a great chocolate analogy came at the perfect time in the chapters to help me understand what the authors were saying. I definitely want to enjoy my chocolate bar and have plenty for my kids as well. Read Safe Money Millionaire to find out more about an interesting plan for obtaining more “chocolate” of your own!