The Idiot Millionaire by Derek Foster – Review and Giveaway
Derek Foster is back again with his fifth book – The Idiot Millionaire (link). This book follows a common theme about investing,with the focus on “idiot proof” stocks rather than exclusively dividend achiever type stocks. To Mr. Foster, idiot proof stocks are those that have global brand recognition and have a distinct competitive advantage.
For those of you who follow Derek Foster, you may know of the most recent “controversy” surrounding him where he sold all of his long term positions just before the market bottom in 2009. As he’s been asked about this many times over the past couple years, he dedicated a section in the book to explain what happened, and what he did after he sold. It turns out that he didn’t make out so bad (more on this in the next post).
Who is Derek Foster?
Derek Foster is known as Canada’s Youngest Retiree when he retired at the young age of 34. How did he do this? Through starting young and sticking with his investment plan of buying strong dividend paying stocks. He feels very strongly about his strategy and rightly so as he has achieved great success. His first book Stop Working: Here’s How You Can is a Canadian Best Seller.
Foster currently lives off and supports his family through dividend distributions, book sales, and a rental property (sold). Note that he retired before publishing his first book. You can read more about him in my book review of Stop Working: Here’s How You Can.
About the Book
As previously mentioned, this book focuses on stocks that have a long term competitive advantage by pointing out and explaining the authors favorite stocks in each sector. The chapter outline includes:
- Why you should invest in idiot proof stocks
- Bank Stocks and other Financial Companies
- Pipeline Stocks
- Tobacco Stocks
- Food and Drink Stocks
- Consumer Stocks
- Hygiene Stocks
- Oil Stocks
- Entertainment Stocks
- Transportation Stocks
- Business to Business Stocks
- Education Stocks
- Buying Bargain Stocks
- Where to Look for Idiot Proof Stocks
- Taxes and an update on the authors portfolio
While this book did give me some ideas on stocks to add to my watch list, Derek’s first book is still my favorite. Perhaps it’s because I’m a little more experienced now with investing and that I’ve read about a lot of the same concepts before. I would say this book is geared for someone just starting out in their investing journey and looking for ideas on which companies to look into.
Want a Free Copy?
The author is offering Million Dollar Journey readers the chance to win a free copy of the book. The details are below:
- New and Existing Money Tips Newsletter Subscribers will be drawn at random for a free book (you can subscribe here). (+1 entry)
- Leave a comment in this post by clicking here. (+1 entry)
- Only one comment entry per person (valid email addresses only please – privacy policy).
- Contest will end Sat 5pm EST Jan 29, 2011 and the winner, drawn randomly, will be contacted shortly after!
Here’s my comment to enter.
p.s. Authoring all of these books, it is becoming more evident that Derek has a different definition of “retirement” than most people.
I’m excited to see what this book is all about! Let’s hope this comment allows me to win!
Sounds interesting. Would definitely like to read it.
I would like to spread your idea and the message of the new book in Europe, especially in Germany.
I’m happy to read this book.
Greetings
Alexander
Wouldn’t mind reading this!
HAve a list of dividend stocks I want to invest in, but could use some more ideas.
I have always recommended derek’s first book to my 20 something clients. Not so much because of any specific strategies but more to show them it can be done. Too many books focus on 40 something age group and the younger crowd can’t relate.
Would definitely be interested in giving this book a stab!
I’d love to retire that early
Looks like an interesting read!
Good luck on the Giveaway for everyone.
Retiring at 34? Sounds like a dream! I wonder what he does to keep busy!
I’m looking forward in reading this, thank you for the review!
I would love reading this book so I could retire at 34 too!!!
I hope I win!
Opps. my comment was too short. Re-posting.
I think it’s too late for me to hit 34 but I’d certainly be happy with 43! :)
Ugh. Pick me, I guess. :-P
I recently “retired” at 36. It would be nice to compare notes.
Sounds like a neat book
Sounds like an interesting book
I read his Stop Working book… and would be interested in this one.
Sounds like a good read for me. I am 23 and just getting rolling in the investing world. It seems that he has a similar investing strategy to me but much more experienced and knowledgeable.
Will be definitely interested to read as I feel that I fall into the category of getting to understand investments..
I read his other books. Mostly good reads. Must be read with some skepticism but all have some good ideas that can definitely get you in the right direction/frame of mind for investing.
This would be a great start for me….appreciate what you do
Sounds like a great book!
that means I’ve only fot 4 years left to become the new yongest retiree.
Having a variety of different investments, I think it is time I start to look at dividend producing stocks for the long term.
Sounds like the booke for me!
Looks interesting.
i secretly feel like an idiot invester…would be great to see if i can retire by 64 not 34!
Should be an interesting books. Have read all of his others.
Read his other books. Would be interested in reading this one as well.
I had a chance to read his first book and loved it. I am pretty sure that this book is even better than one before.
Hurray Derek , Hurray Wasaga beach, Love to do cross country ski right there
:)
Interesting list of stocks, we have some but need to diversify a bit more so its a good starting point.
Should be interesting
Interesting book, sign me up
thanks
FrugalTrader,
Just two minor points…I had a rental property a few years ago, but don’t (so there is no rental income). Also, this is my fifth book, not fourth.
Cheers,
Derek Foster (author)
Love to read about different investment strategies and ideas. Would be a great read for the new year.
Enjoyed his first, curious to see what he has to say in this one.
I think giveaways like this are a great way to promote your site. Kudos.
I would like to read Derek’s latest book . Knowledge is Key !
It’s my birthday today and winning this book would be a nice present! I’m very interested in investing but still have a lot to learn.
It would be great to win this book and read about Derek’s ideas on where to invest.
I’m new to investing. This sounds like just the ticket to get me rolling!
Enjoyed his first, curious to see what he has to say in this one.
count me in for the giveaway
Looking forward to another great read by Derek. His books are very simple and easy to read, great for me!!
Glad you reviewed this! I just read it myself (from the library… I do read this blog, and am working towards increasing my net worth). It’s a great book, but it had a number of spelling and grammatical errors; just saying. I have read all of Derek’s books.
Sounds interesting; I’d love to read it.
FYI, your link to Foster’s first book “Stop Working…” is not functioning properly.
Cheers!
I can’t wait to read your post on how he turned out after selling everything.
I like Derek’s first book. This one is on my list…
How fantastic that Derek is willing to share his process.
Can’t wait to read this new book + gain a wealth of information that could get me outta here sooner rather than later.
@Jaymus – agreed – when I retire you will never hear from me again…
Sounds like an interesting read.
Free book! Woo!
I’d love to give this a read
I’m several years behind on retiring by 34. Better late than never! I could really use this book.
I love free stuff. I can’t get his book from the library
Will be looking forward to reading both books.
I read Derek’s first book and would love to get a free copy to read! I am curious to know the stats about how many people are able to implement the advice received from this kind of books and achieve their goal of retiring by say 45?. Looking at the demographics of working and retired people around me it seems not that many!!
Hook me up, yo.
In for what sounds like a decent read!
I’m in. I would love to see what he has to say. Very curious what he has to say about he big sell off.
I’ve been told I’m an idiot…therefore i’m halfway there! I just need this book!
Sounds interesting! Looking forward to reading it.
I have enjoyed all four previous reads, and would love to read the follow up.
Looking forward to reading this book. Read most of the others and have put many ideas into practice! I’m a big fan.
I would like to read this book to get advice for some future dividend stock purchases.
Thanks for your book reviews! I read David Foster’s first book and found it really opened my eyes. I would love to get my hands on a (free) copy of this book.
I enjoyed Derek’s previous books and could use this one as a resource since I’m just starting out as a DIY investor.
put me in the draw
I’ve read/own 3 of his 4 books. ( I didn’t know he had a fourth book) I would like to add this to my collection.
Would love a copy.
I’m looking forward to reading this book. I have just recently gotten involved in finances as a career and have been soaking up as much information as possible.
Thanks!
I think I live near this guy. Draw me up!
Would be nice to retire at 34.
Just starting out in investing and plan on reading his book.
Count me in. After reading Enough Bull from Trahair it would be interesting to see Fosters take on ‘the other side’ and how it should be simple to pick winning a combination. I wonder if I take half my money and put it in either plan how it would turn out in the end. Then I wonder how it would stand up to the magic formula :)
Count me in for the giveaway. Thanks.
Please enter my name in the draw. I have 2 of Derek’s books and would really enjoy reading his latest. Thanks!
I’ve read/own 3 of his 4 books. ( I didn’t know he had a fourth book) I would like to add this to my collection.
He’s a bit of a snake oil salesman – but for a free copy, what do I have to lose?
(I hope said insult doesn’t automatically disqualify me!)
Love the Posts from M$J and your Featured Writers. Very helpful in getting many of us on the right track. Thank you so much.
would like the free book!
I’d be interested in reading this book.
Retire at 34?! How early did he start? He must have begun with a serious “nest egg”? Or had a seriously high paying job over the course of his wealth building. Haven’t read the book but I’ll have to check it out.
Need to re think my investment philosophy. Would be a good read.
thanks! sounds like a good one
I’ve read a couple of his other books, would be interested in this one too. Thanks
I would be interested in giving this book a read…thanks.
As someone who has just started in dividend investing, I would definately be interested in reading his book.
Yeah, my bread and water might be enhanced with this book.
I am so inspired by Derek
I’m going down south and need a good book to read, this one sounds great .
Count me in for the draw.
I’ve read all of his previous books, so would love to win this one!
I’ve just started dividend investing and would love to read this book too! Thanks!
I’m interested
Would love to win this book. Thanks for the giveaway!!
Long time lurker here.
Please enter me for the draw.
Sounds like another good read.. Looking forward to it!
I’d love to read this book.
I seen Derek on The Hour awhile back and never did end up picking up his book, would love to give this one a read sounds interesting.
Thanks for the review. Always good to get another book referral.
Looks like an interesting read.
I’m always interested to read about what Derek Foster is up to!
Pick me. Pick me.
Idiot Millionaire … just what I want to be!
Very interested in his latest book, would love to get my hands on it. Count me in!
I’m a Derek Foster fan & would love to have this book!
I need this book!
I want, need, gotta have this book!
I would like to have this book, thanks
Sounds like another book written for me!
I am idiot and future investor. As a result, this book should be given to me!
So I left a job several years ago and know have a new one. I guess I’m retired.
I’m an idiot and not a millionaire :( Maybe this book can help!
would love to read dis book & learn!~
Would love to rerad it and pass it on to others who will also benefit
I’m a big Derek Foster fan and have read his 1st & 2nd books & have followed some of his advise re: buying stock through discount brokers & enrolling in DRIP’s and would really like to read this one too.
Who wouldn’t want to read anything that could help them retire at 34?
Count me in! I’m not a Derek Foster fan, but I’m willing to keep an open mind.
Excellent Trusted Author
Wouldn’t mind giving it a read.
I’d love to have the book, thanks!
Would love to read this book. Hope I can win it.
Really keen to see how he picks his stocks.
Looking at my latest mutual fund statements I now have the same balance that I had five years ago. Lots of money through fees, etc. for the fund companies and my so called “advisor” – they can’t afford to have me retire.
I could use the advice! Hope I win!
Would love to read this book as Derek’s first book is your favourite! I’d also like to read his first book too.
His first book was the one that got me started in investing, really interested in reading what he’s up to now!
Always like the opportunity of reading a new book.
Thanks again.
I liked his first book, but was a bit disappointed when he cashed out. He frequently post on the canadian business forum.
Haven’t read it yet, I look forward to it
Count me in! Seems like derek is an interesting fellow
I’d love to win the book and I’m signed up for your RSS feed :)
Thanks for taking the time to review the text. I always find reading reviews of a new financial book motivates me to consider further options. I would should love a copy. Thanks.
Looks great! Would be nice to win a copy!
Yep – I’d like to win. Pop me into the contest please.
Read his other books, and really liked them.
Is it me or is your blog getting better and better? For sure I’ve always enjoyed it, it’s just that now I’m appreciating your contributions more and more with the passing of time … and of course your incremental experience in blogging.
Thanks
Looks great! Would love to win a copy!
Look Interesting
i need to read more about derek foster and how he continually beats most other investors –
Looks to be great opportunity
Seems like Derek funds his retirement with all the books he writes….
my first comment on this site
I want one! Even though I agree the first one must be the best.
Here’s hoping I’ll win – and learn about Derek’s strategies.
Sounds like an interesting book to read. :)
Attended a Derek Foster seminar here in Sarnia. Interesting fellow. Would love to read his latest book.
Good day FT,
Thanks for this blog. It is really useful for us interested in investing.
I read Derek’s first book. This one seems quite interesting. I hope I’ll win a copy!
Thanks for this great opportunity.
Looking forward to become an “idiot millionaire”.
Would love to read about all the stocks the author talks about.
Thank you for the chance to win!
I have researched Derek and he has an interesting take on this space and I look forward to learn more. Thank you!
Sounds like an interesting read, count me in!
Thanks for the opportunity to win !
Sounds like it should be good. Thanks for the chance to win. :)
Would love a copy, thanks!
Here’s my entry
Would love a copy, thanks
And here I thought this guy had disappeared. What a joke….first he preaches one thing, does another, tries to re-invent himself and all the while doesn’t disclose positions until “after” the fact with nothing material to prove he’s made any money off anything aside from his books. This guy is selling the same information that is commonly available for free in lots of great resources. His interest is continuing to make money off these books rather than contributing anything worthwhile to the knowledge of new investors.
Please send me a copy
I would really like to win the book, thanks for the opportunity!
I’m always interested to read personal finance books. Thanks.
At 20 years old I’ll put it to best use.
Looks very interesting!!
He sold at the bottom which has to be the worst decision ever but his books are interesting.
Thanks MDJ
Looks like an interesting book. Would be nice if I could get a hold of this free copy. Thanks.
Id read this! Love to get the copy!
Would be very interesting reading about the now controversial Mr. Foster and his definition of wealthy and retirement !
I have bought one of his books and borrowed the others and I’ll probably read this one at some point. It would be great if I could win it!
I am 41 and only invest in Mutual Funds so far, would love to read this book.
K
Derek Foster is an inspiration to all.
Count me in! Would love a copy!
it looks like a very good book for all.
It looks like an interesting book.
Derek Foster’s awesome!
Count me in…
I want to read about him!
IT SEEMS TO BE A GOOD BOOK TO READ IF IT IS NOT ‘COUNTRY SPECIFIC’. I WANT TO READ IT IF I WIN A FREE BOOK. GOD BLESS.
Thanks for this chance to win the book.
I’m just getting into personal finance and I have so much to learn yet it’s daunting but I’ve been enjoying and been inspired by so many PF bloggers it’s wonderful! Thanks for putting all this great info out there!
I really enjoy your blog. I am just getting into personal finance, and I am trying to learn as much as possible to make sure I can retire, sometime.
I would love to win a copy of this book!
Thank you for the opportunity to enter to win this book – looks like a great one.
sounds like it will be another winner
I’m just starting my investing journey and am always looking to read easy-to-understand books that can help build my knowledge base. This one sounds like it’d be great!
looks like a nice read
I’d like to read it.
Thanks for the book review Frugal, I didn’t know he came out with a new one. Please add me to the list for the free book draw.
Jungle.
I read his other books and liked them. I want to read this one too!
Sounds great, would love to read it!
Always interested in read ways to invest smarter.
Sounds like an interesting read!
Way to go Derek! Congrats on the new book and congrats to MDJ for reviewing it….
Wouldn’t mind reading this!
Sounds like an interesting book. I hope I win!
I’d love to read this.
Sounds like a good yarn
Just getting into divided investing. This would be an interesting read.
I would love to read his new book
Would love to have this book!
Let’s see how he is different from Jarislowsky, the canadian Warren Buffet
The book sounds very useful.
love to read it :)
I loved the one about dividends so I am looking forward to this one.
I would like to win the book so that I can learn to discuss investing with my husband!
Would be interested in reading it.
I need all the help I can get with starting to invest in the stock market; I find it overwhelming.
Hey … thanks for the opportunity. I am very interested in all Derek’s writings and advice.
Would love to win this book!
I want to know different ways of investing.
Read all Foster’s books before this one, would like to get hold of this one as well.
I want to know more.
I have his first book, ‘Stop Working, Here’s How You Can’.
I wnat this one as well.
I have his first book, ‘Stop Working, Here’s How You Can’.
I want this one as well.
Derek Foster’s books have been interesting so far. I look forward to reading this one.
Wow, lots of comments.
Hoping to win for a change.
let’s hope for another winning book
Can’t wait to read it
Sounds good to me – I’d love to have a look-see!
Interested to read the new book my Mr. Foster. One of his previous actually prompted me to start acting.
Would love to read it!
I would love to win this book
Hopefully, pick up some great ideas
Derek’s strategy of picking dividend paying stocks is truely the correct way to invest in the stock market. Simply trying to buy low and sell high is very similar to playing the lottery, and usually has the same results.
I like to win the book
It is awesome that the book covers so many types of stocks. But I’d love to read Chapter 1, 13 and 14 most imho.
I read his previous book. It was well written. Hopefully this is in the same style
Looks like I have a 1 in 122 chance of winning so far. Hey, that’s pretty good :)
What is your net worth when you retired? What do you think the minimum NW needed for retiring in Canada?
Big fan of Derek Foster!
Would love to read this book. Thanks!
Derek Foster shows how the average individual can become wealthy by paying yourself first and using this to make your money work for you.
Your books aren’t available here in Mexico, so I have to beg my visiting friends to bring me your latest. Can’t wait to read “The Idiot Millionaire”
Cheers, your an inspiration.
I want to win the book!
Nice site for a very new small budget investor. Posting for first time. Would help to learn from a book like this. Thanks.
I liked his book ‘The lazy Millionaire’ best!
The book sounds great, I hope I win!
Give it to me! ill probably never be able to retire without it! ;)
Sure, I like free stuff.
I’m in for the draw!
Count me in for the free book please; I’m a big fan of MDJ.
Would like to read your next book have read the others. Currently I am collecting just over $100 per month in dividends.
Thank you
Would love to read this inspiring (Derek Foster) author’s book with an inspiring title.
Would love to know how Derek thinks by reading this book and also like free stuff..:-)
A man who thinks – strategises
Looks like an interesting read!
Send me that book!
Looks like an interesting book. Had a chance to look through it at a book store. Can’t wait to read it soon.
I’ve read lots about him but never anything by him, would love to read this.
I enjoyed Mr. Foster’s first book “Stop Working”. It was a light read, made some good points, laid out a simple and actionable plan, and provided inspiration from a young Canadian who achieved early financial independence.
“The Lazy Investor” was redundant, in my opinion. “Money For Nothing” is a good addition to his overall strategy and I’ll probably end up buying “The Idiot Millionaire” for a friend even if I win one here. The books are inexpensive and are easy to digest for people who, unlike myself, don’t read a lot of financial books or forums.
Yay, free book!
Sounds interesting.
This morning I heard Derek saying: “People brush their teeth every morning”. It actually gave me an idea about his “idiot proof stocks”. I was getting more and more interested about dividend paying stocks, but needed just basic knowledge from person who actually started from scratch and successfully built his fortune without high-paying job. Would be really nice to read this book.
interesting, yet simple. genius!
Good title…considering the author is a massive idiot himself. After Derek completely contradicted his entire investing philosophy in 2009, why would anyone listen to a single word that he has to say?
Confidence in yourself. You must have a plan and comfortability, veer too much away is not good. Ultimately, in and out before herd…..are you smarter than the buyer when selling and smarter than the seller when buying.
I agree. Derek’s first book is also my favorite. I’ll be picking up this book mostly to learn how he fared in the 2009 bottom and his decisions to sell. I think the biggest “controversy” around Foster is how he can claim to be retired while cranking out investment books which give him more income to invest. Regardless, I love reading his books.
Richard
i 2 invest in cos and live off the income am disabled get pension i own this house so they work well for me
if everyone in the whole world did this…could we all “retire”?