Finance Central

The Millionaire Maker's Guide to Creating a Cash Machine for Life: Loral Langemeier

2008-10-17T10:32:00.000-07:00

The Millionaire Maker's Guide to Creating a CASH MACHINE FOR LIFE, by Loral Langemeier

"Loral's book may be the first I have read that doesn't patronize you or keep you from making the big money I know you have the ability to make with some help, help from Loral. She, like me, doesn't make it 'easy' and 'simple.' ... / ... "You want to keep up with the Joneses, be my guest. You want to trounce the Joneses and the rest of the gang? Don't just read this book, act on it." ~ Jim Cramer, best-selling author of Real Money: Sane Investing in an Insane World and host of CNBC's Mad Money

Loral Langemeier is an indefatiguable optimist, and her enthusiasm is backed by real-life experience. She's bold, she's passionate and she knows her stuff. She'll tell it to you straight and she has a wealth of ideas to help you take yourself from living paycheque to paycheque, to enjoying financial independence.

Loral is an entrepreneur who has achieved much; wealth, independence and noteriety as an author and 'Millionaire Maker.' She has helped countless people make the transition from a 9 to 5 job to independent business owner, and her real-life smarts shine through on every page of this book. She bases her advice on the most practical of precepts: make money doing what you already know.

Loral addresses many aspects of developing what she calls a 'cash machine,' including the three most common options: buying a business, starting a business, or improving/revamping your existing business. Her aim is to have you churning out profits as quickly and consistently as possible, and she wisely discusses what she calls straddling - holding on to your current steady job while establishing your cash machine.

The business world is undergoing fundamental change. With more and more of mainstream society looking to create more flexible and personal means of income, Loral's book is a timely reality check, ensuring that whether you are considering starting a business or need help reworking your existing business, you take the right steps and make the right moves.

As Jim Cramer says, don't just read this book - act on it!

The Little Book That Beats the Market: Joel Greenblatt

2008-05-15T14:25:00.000-07:00

The Little Book That Beats the Market, by Joel Greenblatt
Foreword by Andrew Tobias

"Simply perfect. One of the most important investment books of the last 50 years!" ~ Michael F. Price

This deceptively simple book is a brilliant primer on investing. On the dustcover, Joel asks us 'Can you spare two hours to learn how to beat the market?'

Now, if that was some 'sales letter' hype, I would have relegated the book to the back shelf without even reading it, but when it comes from an industry titan like Joel Greenblatt, and is accompanied by a foreword from the legendary Wall Sreet icon Andrew Tobias, I listen up.

True to his word, Joel takes us through the basics of investing to beat the market, in a way that 'even a 4th grader could understand.' It is this simplicity that makes it plausible...the fact is that what he says in this little book makes ABSOLUTE sense.

Among the virtues Greenblatt extolls are patience and discipline, musts for any investor, and musts which are in short supply in the general investing public. Perhaps this is why we hear so many horror stories of people losing money in the markets, and thus assume - based on the media's sensationalization of these horror stories - that there is no way to beat the market.

We also are treated to a detailed 'how-to' plan in this book. Many people find certain investment books frustrating because the books either a) assume a knowledge base in the reader that is simply not present or b) use vague suggestions and testimonials but don't give solid advice. This is not one of those books. This is a great resource to get for yourself, and to share with your kids as an introduction to investing in the stock market. We all owe ourselves the joy of financial freedom, and this book will help us get there.

Rich Dad, Poor Dad: Robert Kiyosaki

2008-04-23T16:37:00.000-07:00

Rich Dad, Poor Dad by Robert Kiyosaki
What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!

Since the publication of this book in 1997, Rich Dad, Poor Dad has taken the world by storm.

By dissolving common money myths and replacing them with useful and effective financial theories for the general public, this book has had more positive impact on the financial lives of individuals than most others. It dares to ask the questions we should all be asking, such as, "Why aren't we teaching how to handle money in our schools?" "What are the options for investing my hard-earned money, and how can I make the most of it?"

From this book has come a series of Rich Dad books, all packed with valuable information. Each Rich Dad reader benefits from both Robert's experience as well as his passion, and while I don't believe these are the best-written books in the world, the caliber of information and inspiration contained within make up for this shortcoming. Robert's friendly attitude comes through in his writing, and his message is so important that one can forgive a few grammatical errors.

In his quest to spread financial literacy, Robert also created the Cashflow games, designed to teach both kids and adults about money and investing in a fun and educational format. Cashflow groups now exist in communities across the continent, and Robert's mission to increase the financial IQ of each participant is being realized.

One criticism this book and others in the series have received is that they lack specific plans of action - they don't 'tell you what to do.' As someone who has read (and often re-read) the entire series, I heartily disagree. These books were written primarily to address the mindset of someone who wants to change their financial lives around and create a better future, which includes financial freedom. Clear information is given in all of the books about how to go about this, with many examples and stories peppered throughout to support the concepts. Because we are all different, however, we all need to forge our own paths.

Robert simply puts ideas in front of us, and lets us do with them what we will. For inspirational stories from people who have taken Robert's advice and applied it to their own lives, try Rich Dad Success Stories, and see for yourself how diverse are the paths to success. No matter your age and financial status, you are certain to find some common ground with many of the case studies, and to be inspired by the successes of people who started off just like the rest of us and achieved financial freedom, sometimes within a year or two.

This is a great book - and series - to share with the whole family. It explains financial concepts in an easy-to-understand way, without ever being condescending. Rather, it aims to inspire you to action and can be the catalyst for real change in your financial situation and future. Enjoy, and prosper!

Cracking the Millionaire Code: Hansen & Allen

2008-04-10T11:10:00.000-07:00

Cracking the Millionaire Code by Mark Victor Hansen and Robert G. Allen
Your Key to Enlightened Wealth

Have you ever heard of the best selling book series 'Chicken Soup for the Soul?' This series now comes in an incredible variety, serving and taking advantage of niches that you and I may never have even considered. Even if these aren't 'your kind of books,' the stunning success achieved by the authors is both impressive and, more importantly, was no accident. Co-author Mark Victor Hansen is a smart, business-savvy gentleman and can teach us all a thing or twenty about creating wealth.

Hansen has teamed up with another co-creator, Robert G. Allen, (these two have already given us The One Minute Millionaire) to bring us Cracking the Millionaire Code. For anyone even peripherally aware of the real estate investing industry, the name Robert Allen may seem familiar, and for good reason: Allen is the extremely successful investor who has gone on the achieve further success by helping others learn the ropes of real estate investing. His 'No Money Down' approach is one of the best-known in the industry and his strategies have helped create many self-made millionaires.

Together, Hansen and Allen form a powerhouse team and give us everything we need to 'crack the millionaire code.' Their approach is wholistic, intelligent, well thought out and backed by solid experience. Anyone wishing to achieve financial freedom - whether through businesses, investing, real estate or other means - can benefit from this information. The book tells it straight from two men who have 'been there, done that.'

Cracking the Millionaire code deals with not only the nuts and bolts of creating a million dollars, but the crucial underlying mindset necessary to do so. From discovering and drawing on your own best resources to awakening to the untapped resources all around you, you will find your financial circumstances transformed from the inside out.

Throughout the book are various codes to be broken. This task alone helps the reader to use their brain in ways that involve problem solving, thinking outside the box and persisting when faced with challenges; all valuable traits of millionaires. In short, the book is chock-full of insights, and brilliant, practical advice from people who know what to do. Read it and prosper. After all, if you just think and act like everyone else, you won't become a millionaire, now will you?

"This is a powerful book. When Mark Victor Hansen and Robert G. Allen write about success and acquiring wealth the right way, we all better pay attention." ~ Pat Williams, Senior VP, Orlando Magic

Rule #1: Phil Town

2008-02-10T19:22:00.000-08:00

Rule #1 by Phil Town
The Simple Strategy for Successful Investing in Only 15 Minutes a Week!

Those of you who watch CNBC have likely heard of wealthy investor Phil Town by now. He has become well-known of late due to his numerous appearances on CNBC, including two stints as part of the millionaire panel on the popular finance show The Millionaire Inside. Phil's confident demeanor and easy-going attitude make him easy to trust and to learn from, but it's his success in the stock market that make his book worth reading.

In his informative, story-telling style, Phil takes us on a hourney from when he returned from Vietnam and spent years being virtually homeless, living in the outdoors and working for very little money as a riverguide. The compelling story of how he came to make his fortune is indeed a good read, and it contains lessons for us all. Phil does not just leave us with guidelines or platitudes. His book delivers the goods on how he invests in the stock market, from the key questions we must ask to specifics on how to analyze companies and make purchase decisions.

While Phil Town could be considered a classic value investor for the most part, his advice contains up-to-date reasoning and the tools he shows us how to use are cutting edge. Value investing can be defined as buying stocks of good companies that are 'on sale', thus minimizing or eliminating our chances of losing money. As Phil says when he quotes the legendary Warren Buffet, 'There are only two rules to investing. Rule #1 is don't lose money...and Rule #2 is don't forget Rule #1.' On the subject of certainty, Phil continues, 'Knowing you will make money comes from buying a wonderful business at an attractive price.' Such terms as 'wonderful business' and 'attractive price' are, of course, defined in detail in the book.

Phil's assertion that we have more advantages as individual investors than ever before is backed up with advice as to HOW to best use those advantages. Better yet, Phil claims that with his methodology you will enjoy the benefits of wealth creation with only 15 minutes a week of maintenance (checking on the status of your stocks).

This book is an excellent, modern interpretation of value investing. I would recommend it as a learning tool for anyone interested in a primer on company analyzation and value-type investing.

Enjoy and prosper!

"The clearest and best book out there to get you on the path to riches. This one's special!" - Jim Cramer, host of CNBC's Mad Money

The Automatic Millionaire: David Bach

2008-01-04T16:53:00.000-08:00

The Automatic Millionaire by David Bach
A Powerful One-Step Plan to Live and Finish Rich

As David Bach says, "Do it once -- the rest is automatic!"

This book is the original in the now-famous set of finance books written by Canadian bestselling author David Bach. His other popular books, Smart Couples Finish Rich and Smart Women Finish Rich are full of much of the same wisdom and are simply written with certain target audiences in mind.

Mr. Bach, who speaks internationally to large audiences about personal finance and controlling one's financial future, has become wildly popular for taking smart and simple money advice and bringing it to the masses. He was recently featured on CNBC's hit TV show The Millionaire Inside.

Part of the appeal of this book is that it gives examples of clients who have overcome adversity and ignorance and put themselves on the path to automatic wealth. The examples cited are very common, and we can easily see ourselves in many of the stories. We can therefore take it one step further and feel encouraged and motivated to take control and create a fantastic future for ourselves - after all, if they can do it, so can we! In fact, Mr. Bach tells of a time when he himself was a financial advisor, yet he had a less than successful record and secretly marvelled at people who were doing well.

In this book, we learn why much of the conventional wisdom we are taught leads us into debt, fear and ignorance, and we learn which gems will lead us to stability and wealth. We are given important perspective on how to 'find' money in order to begin our savings/investment program. Most importantly and yet often overlooked is the credo 'PAY YOURSELF FIRST.' By now, we have all heard this, but few of us do it. This book will give you the encouragement and the tools to do just that, and to reap the sizable rewards that come with taking the small, important steps. Enjoy!

The Warren Buffet Way: Robert G. Hagstrom, Jr.

2007-12-18T11:28:00.000-08:00

The Warren Buffet Way, by Robert G. Hagstrom, Jr.
Investment Strategies of the World's Greatest Investor

This iconic book, originally written decades ago, covers the rise in fame and fortune of arguably the most famous investor of our time, Mr. Warren Buffet. While many over the years have speculated as to the strategies and mindset Buffet used to build his lucrative empire of stocks and companies, Hagstrom gave the public their first look at the inside of Buffet's world.

Buffet, as you may know, was a student of professor Benjamin Graham, whose published works The Intelligent Investor and the now-famous and difficult to find book Securities Analysis, inspired Buffet to attend Columbia Business School, where Graham taught. Graham's work, and Buffet's example, show us how well someone can do financially by following the principles of the concept known as Value Investing.

Hagstrom has updated this book several times over the years, and the latest edition carries more recent stories, but any copy you can get your hands on will contain the important basics of value investing, and of Buffet's story and strategic style. It is difficult to summarize the concept of value investing without simplifying it too much, however some of the basic tenets include:

Look at your investments as companies, not as stocks or pieces of paper. Do in-depth analysis (also known as homework), and never buy a piece of a company if you would not also, resources permitting, be willing to buy the entire company. Buy on strong fundamentals, including books, management, competitive edge and growth potential.

Be informed. A company's fundamentals can change, and the price will fluctuate based not only on this, but on varied market conditions and sentiment. Money is to be made by buying only when the stock price is considered a bargain - or on sale - and held at least until it has risen to fair market value ie. the market prices it properly.

Never put your money at risk by speculating or buying when you are uninformed. Rule #1 is 'Don't Lose Money.'

Of course there is more to it than the simple points mentioned above, including learning how to read a company's financial statements and to compare it to its' peers in a given sector or industry, as well as to the stock market as a whole. There is also more to the Buffet story than just value investing, as not everyone knows. He has leveraged his wealth by making intelligent decisions such as becoming involved in the insurance industry, and to study the man's mindset is to increase your own financial intelligence.

You may consider as a companion book to this, written only a couple of years ago and extremely popular, Phil Town's Rule #1. Town's easy-going attitude and understandable explanations of what can be a very dry subject make for easy reading and application. Enjoy, and prosper!

Outsmarting The Smart Money: Lawrence A. Cunningham

2007-10-24T10:38:00.000-07:00

Outsmarting the Smart Money by Lawrence A. Cunningham
Understand How Markets Really Work and Win the Wealth Game

In this book about the stock market and the forces which move prices, Lawrence A. Cunningham gives us an insider's view of the system and the flaws which can affect how well we do when investing.

Written in 2002, the book details the ways in which investors can 'trick' themselves into making poor decisions, and is every bit as applicable in today's market. There are many human factors which go into how the markets react to news and changes, and these are explained with patience and intelligence. The market, ultimately, is made up of people making investment decisions, and understanding what moves people to act - or react - can help you make your own decisions with intelligence and knowledge rather than guesswork and emotion.

Cunningham helps us by laying out the ways in which institutions work, describing psychological factors such as inherent biases, fear and greed, and explaining market and reactionary influences such as news items, hot tips and analyst comments. His mission seems to be to help the individual investor act rationally and not be blinded by said tips, fancy marketing or fast-talking 'professionals'. A professional himself, Cunningham is a Professor of Law at Cardozo Law School, and is an expert and sought-after lecturer in corporate governance and securities law.

This is a smart read for anyone who feels they need a better handle on their investment decisions and wants to manage their own portfolio. Even for those dealing with professionals, there is valuable information here on how to be an intelligent, calm and informed client.

Cheers to your financial intelligence!