I recently had the opportunity to read the book Outsmarting the System: Lower Your Taxes, Control Your Future, and Reach Financial Freedom by Anthony C. Campidonica. Campidonica reached out to me directly and supplied me with a copy of the book to review. He has also offered a copy to one of the reader of Debt Discipline. Please see giveaway at the end of this review. I could not refuse this offer. Campidonica’s book is a quick read. There are 125 pages in total and I was able to finish this book in less than 2 hours. It is helpful to have access to the internet while reading as the book makes reference to several tax forms that can be found online and looking them up as you go will enhance the reading experience.
Philosophy behind the book
The basic principle behind the book is to give you some tips and tools on how to achieve retirement comfortably or as Campidonica defines it financial freedom. Financial freedom being the day you are no longer required to work as you have enough money saved to support your lifestyle for the rest of your life. This sounds good to me. I’m all for increasing my financial knowledge, and achieving this sooner rather than later.
What I didn’t like
Campidonica outlines three steps to reach financial freedom. Becoming a Landlord to take advantage of tax benefits is one of them. But he suggests you should mortgage these properties putting down as little money as possible and use the bank’s money to make up the difference. This is not something I agree with or recommend. Typically a home purchase for rental or not is your largest single cost, so financing it is not something most personal financial bloggers would suggest.
What I loved
Campidonica challenges you to look at the way you currently make money. He offers three different steps to achieve this goal with real life models to follow. He gives you easy to understand tax information, outlining step by step overview of tax forms and how to accomplish the same benefits rich people have been taking advantage of for years.
Why you should read “Outsmarting the System”
If you are looking for different ideas on improving your personal finance situation and reaching financial freedom this book is for you. I had not considered how taxes were impacting my overall net worth before. “Outsmarting the System” will give you a great overview how to improve your tax situation and keep more of the money you earn.
Campidonica is a former tax auditor with the Internal Revenue Service (IRS), a Certified Public Accountant (CPA) in California. He holds a Master of Business Administrator (MBA) and a Master of Science in Accountancy (MSA).