Diary of a Wimpy 401(k)

OK, here we go. One of the things I have done so far in the publishing process was to read a book titled "The Well-Fed Self Publisher" by Peter Bowerman. Mr. Bowerman has some very good & practical ideas on why it is better to self publish instead of going through a publisher.

Kudos to my good friend, Nikki Stauffer who recommended the book. Nikki always seems to come through for me when I really need some advice. If her firm was willing to promote the book, I'd hire her in a heartbeat.

Bowerman told several "horror stories" about publishing houses. Most people have a fantasy that they can simply write a book and sell a gazillion copies and then live like John Grisham for the rest of their life. Needless to say, I am pretty grounded in reality. The truth is, many authors have a hard time getting it published. Jack Canfield, author of the "Chicken Soup" books has a favorite word when he was getting multiple rejections - "Next!"  

Anyway, even if you finally do get a publisher to take on your book project, and a promotion agent to write a press release, you will still end of doing the promotion leg work yourself. also, the publisher gets to keep most of the money. He shows examples of authors who wrote books that sell for about $15 and their cut is about .50 per book. Now THAT is wimpy!

According to Bowerman, once they write the press release, the publisher is done. On to the next Stephen King wannabe. There is only one person in the whole world who really cares about making sure that your book is promoted regularly - the author. So if you have to promote it yourself, why not publish it yourself.

The whole reason for this book was that I was meeting many people in this area who really weren't getting the most from their 401(k). Northern Indiana is one of the hardest hit areas for unemployment, and many folks simply cashed it in, in spite of taxes and penalties. Others who didn't cash in stopped contributing to their 401(k) especially if their company stopped matching contributions. There is no doubt in my mind that people need to have a much better understanding of how the 401(k) works.

Someone needs to say - This is your retirement plan. It may also be the only savings you have, so you'd better stop being 'wimpy' about it and start saving.

"Help! My 401(k) Has Fallen - And Must Get Up!" reveals little known secrets about 401(k) plans and IRAs. If you read the book, you will understand them and get more from them.

That's all for today. I really apreciate those who have been reading this, and those who have been supporting me. Also thanks to those who have been listening to "Improving Your Financial Health" on either Blog Talk Radio or WHME-FM.