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Average rating: 4/5

Based on 63 ratings

STOP WORKING: Here's How You Can Using the Strategy of Canada's Youngest Retiree

by Derek Foster

Foster Publishing | January 1, 2005 | Trade Paperback

Stop Working, Here's How You Can smashes some common myths and shows the reader exactly how anyone can achieve early retirement following a simple, proven strategy. The book raises provocative questions such as, "If your financial planner has some special investing skill, why isn't he rich already - and retired?" And "If he can't create an early retirement for himself, how will he do it for you?"
Written in common-sense English, the book challenges conventional "wisdom" and provides a real-life strategy that the author followed to escape the rat race decades earlier than many people ever thought possible.

About the Author

Derek Foster was born in Ottawa in 1970 and graduated with a Bachelor of Commerce (Honours) degree in 1993. He later completed the Canadian Investment Funds Course developed by the Investment Funds Institute of Canada.
He has travelled and lived in many countries including Canada, The U.S., Europe, Asia, and Australia.
Determined to have time to pursue his dreams, Derek devised a simple strategy to retire very early. At the age of 34, he accomplished his goal - he's now retired.
He currently lives in a resort community north of Toronto with his wife and two children.
He spends his time striving to accomplish his list of "Things to do before I die!"

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  • Community Reviews
    • Was this review
      helpful to you?

    Rating: 5/5

    Excellent Investment Book !

    dave t

    4 years ago

    Great book packed with loads of useful information from the first page to the very last. Perfect strategy which applies to Canadians - finally!

    • Was this review
      helpful to you?

    Rating: 1/5

    Terrible advice

    James Givens

    4 years ago

    The book is pretty primative as far as investment books are concerned. If you have no idea what you're doing, this book may prove helpful to give you a basic knowledge of investing.

    His numbers didn't add up at times and that for me sends up serious red flags.

    I was very disappointed.

    • Was this review
      helpful to you?

    While reading this book, I was fascinated by author's talent to clearly articulate his investment strategies. Common sense language and pretty convincing reasoning make it an easy and enjoyable ride from the very first to the very last page. Being written for Canadians, the book's focus on Canadian markets' specifics further contributes to its attractiveness and usability.
    HOWEVER, after having done some further research, I came to conclusion that such strategies have rather limited applicability. For most companies (including those referenced in the book) with average dividends yield of 2-3% of their stock price, one has to have about $1.5 million in such investments to generate $50,000 a year in dividend payments that are necessary for an average family to survive if there's no other regular income. So, either the author is kind of lying when he says he has far less than $1M invested or doesn't tell the whole truth about other sources of his income like, for example, capital gains from regular stocks trading.
    So, in conclusion, my advise would be to use this book with caution and a fair portion of healthy skepticism. In any case, don't make mistake and "stop working" by solely relying on the author's strategies (unless, of course, you have $1M+ , but in that case you would do well even without Derek's recommendations :-)).

    • Was this review
      helpful to you?
    Danny Attridge

    Rating: 3/5

    An interesting read

    Danny Attridge

    7 years ago

    I found Derek Fosters book to be a very interesting and somewhat informative read. It had some good ideas and a different slant than most financial planning books and I am putting them to use now. The only problem I have with the book is the fact that his numbers do not seem to add up. Putting away $200 a month for approx ten years and he has dividend income from these companies that totals in excess of $20,000. The stocks he has listed in the book and the number of shares of each of these stocks needed to obtain this income is far, far out of reach of someone at just $200 a month.

    Comments on this review:
    mike davey

    This is the reason for the importance of purchasing stock when it is down. If you can get the stock at a fifty percent discount, that is equivalent to $400 a month. I can't (and Mr. Foster didn't say enough) say how important this is. It makes a huge difference. It is also important to get stocks that have very good dividend growth. Put together and the math can add up.

    • Was this review
      helpful to you?
    Micheal Newman

    Rating: 5/5

    STOP WORKING

    Micheal Newman

    7 years ago

    Great book, my only comment is, if I were to stop working I would like to live on a little more than $25,000 a year. Otherwise very well written and entertaining.

    • Was this review
      helpful to you?
    FRANK COSTELLO

    Rating: 5/5

    STOP WORKING

    FRANK COSTELLO

    7 years ago

    Great book very enjoyable. Being the same age as Mr. foster, I certainly too would love to retire, but I don't think I could on live on only $30000 a year . Otherwise a very good read.

    Comments on this review:
    mike davey

    For those saying they can't live on 25000 or 30000, remember that for the most part, that is almost tax free money and is equivalent to 35000 to 45000 when you consider what would be removed from your paycheck, cpp, ui, income tax, etc. , had you been earning the same amount at a job. Plus, you don't have to pay to drive to work, parking, work clothes, etc. It really does make a big differance. Besides, isn't working even part time, doing whatever you want the majority of the time better than working full time? I say yes.

    • Was this review
      helpful to you?
    James O'Connor

    Rating: 4/5

    Rich in lessons

    James O'Connor

    7 years ago

    I found this book very rich in lessons. This book reminds me of rich dad, poor dad. Easy to read, great ideas, and ways to get your feet wet.
    It would be cool if Derek wrote a follow up book one day.

    • Was this review
      helpful to you?

    Stop working is by far the best do it yourself book I've read in a long time. I couldn't turn the pages fast enough. Derek uses real life examples for people who don't just want to hear about numbers. He also gives some advice on tax and different types of investments and why they may or may not be a good choice for you. Very easy reading.

    • Was this review
      helpful to you?
    Lou

    Rating: 3/5

    Cautious Investor

    Lou

    7 years ago

    As are many books on investing these days, this book also tries to make simple a concept that is rather complicated and, in the case of Income Trusts, very risky. The concept described here is called "Value Investing" - a long time practice for which Warren Buffett is famous.

    Although simple in principle, as the book says, it is a long-term approach that takes many years to achieve, and years to get out of, if you want to get out. Ask questions like: If I re-invest dividends, won't I lose part of them if the stock market drops as a whole? By all means read the book for interest sake, but create an annual plan on how to achieve your goal before you buy into the concept. Remember that there are brokerage costs. And read the book "Canadian Income Funds" by Peter Beck.

    • Was this review
      helpful to you?
    Kent & Teresa

    Rating: 5/5

    Kent & Teresa

    Kent & Teresa

    7 years ago

    Excellent book! Great strategies and ideas. Must have for early retirement. Simple to read and understand. We are actually putting his plan into actions!!

    • Was this review
      helpful to you?
    Polaris

    Rating: 5/5

    Great Book

    Polaris

    7 years ago

    Excellent, concise, and easy-to-read book. I feel so lucky to have come across this book early in my life. My goals for a conservative method of finding financial freedom are addressed clearly in this book. I can't wait to start investing! If there's anyone out there that has read this book, feel free to email me! purplegreensky@yahoo.com

    • Was this review
      helpful to you?
    Joe Dangy

    Rating: 5/5

    Great Book

    Joe Dangy

    7 years ago

    Great book to become retired early.

    • Was this review
      helpful to you?
    Hanah

    Rating: 5/5

    One of the best...

    Hanah

    7 years ago

    It was simple even I understood. It Made me to try what he did( STOP WORKING )

    • Was this review
      helpful to you?

    This book is a bore - the author has nothing original to say, and even the title seems to be copied from a book by another Canadian author, Dianne Nahirny, who retired at age 36 and wrote about it. ( Stop Working, Start Living - which is out of print, but worth a read if at your local library)

    Mr. Foster tells us he used David Chilton's Wealthy Barber to get started in investing, and uses Peter Lynch's stock-picking books to pick stocks. Here's a tip - read their books instead of this one, since he simply reiterates their advice in detail. (Most of the book talks about the author's bouts of working and backpacking through his 20's, along with his own personal list of thing to accomplish in life.) There's not much to be learned from this book!

    • Was this review
      helpful to you?
    Jane Hamilton

    Rating: 5/5

    excellent resource

    Jane Hamilton

    7 years ago

    Stop Working is a book that is easy to read and easy to understand. It explains every facet of investing in a way that is simple enough for anyone to comprehend. It outlines the benefits that the author himself received. His recommended investment plan is clear and concise.

    • Was this review
      helpful to you?
    Hannah

    Rating: 5/5

    Pretty simple to follow

    Hannah

    7 years ago

    I loved it. Easy to follow. Good examples and analogies. I wish I had read it sooner

    • Was this review
      helpful to you?
    Hannah

    Rating: 5/5

    Easy to understand book

    Hannah

    7 years ago

    Simple. Plain English. Two thumbs up!! I wish I would have read this sooner.

    Comments on this review:
    David Skinner

    Plain English indeed! Corecct English is "I wish I had read this book..."

    • Was this review
      helpful to you?
    Hannah

    Rating: 5/5

    Good simple investment book

    Hannah

    7 years ago

    Very easy to follow. Simple examples. Unique investment ideas. Two thumbs up! This book is ideal for people who don't want to read a 300 page investment textbook, but still want to learn how to achieve a comfortable retirement.

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