The author suggests financial strategies involving real estate investment for those seeking to build true wealth – and then explains why you should work to spend all your wealth before you die.
Stanley Riggs became very upset while watching his mother spend her old age quietly in a nursing home – for which she was paying a full fee while other residents had their fees paid by Medicaid. So he decided that his life’s work, of encouraging people to build wealth that will support the lifestyle they enjoy best, should have another chapter added to it, to encourage people, once they have built wealth, to spend it all or give it away to chosen causes before it can be taken from them by government or be drained by old-age care. So here he offers a plan that will help those with enough money to invest properly do exactly as the title says – BUILD WEALTH AND SPEND IT ALL!
This is a clear and straightforward book that makes two essential arguments and makes them vigorously. The first is that stocks, 401Ks, and other such investment options are unreliable and liable to crash once the Baby Boomers leave the investment market, while real estate, particularly in the small, energy-efficient houses and small-business office buildings favored by the Millenial generation, will endure and continue to produce a reliable and dependable passive income stream. The second is that government will be forced or pressured to redistribute wealth in the near future, so the best thing that you can do with your money is to spend it while you can still enjoy it, rather than seeing it taken from you or used to support a declining old age in a retirement home which would be paid for by Medicaid anyway if you were destitute. His advice is tested by his own experience, and he has not been afraid to follow the strategies he recommends for others, which have worked quite well for himself.
Riggs’ data on welfare and income redistribution is skewed substantially towards a right-wing perspective – he gets much of his data from the right-leaning Cato Institute, and it shows. His advice is geared towards those who already have enough income not only to support themselves, but to buy additional houses and buildings for rental as well: this is not advice, in short, for most average people. He also overlooks important facts on occasion, as when he threatens that “If just the top one percent of earners, who pay over 51 percent of the federal income tax revenue, were to quit work and pay no taxes for three years, America the Great would be back in the Stone Age”, overlooking the fact that others would soon swarm to be hired for their positions and take their places in the higher income brackets.
For readers who are wealthy enough to invest substantial sums of money in real estate, and daring enough to want to risk spending it all before they die, BUILD WEALTH AND SPEND IT ALL! will offer you both justification and advice.